Agenda item

Report of the BHE Chief Funding Director and the BHE & Charities Finance Director

The Committee received a report of the Chief Funding Director and the BHE & Charities Finance Director providing a financial update on BHE Funding activities to 31 July 2023 and an updated forecast for the financial year ending 31 March 2024. The Chair introduced the item and encouraged officers to progress work with City Corporation officers to develop an appropriate level of understanding and established processes around depreciation and recharges as relevant to the charity. The Managing Director of BHE responded that this was important pan-charity work as was being progressed by members of the Executive Leadership team.

The Chair further commented that a comparison of cashflow exiting arising from grant-making would be useful for future reports. The BHE & Charities Finance Director advised that cashflow information for the whole charity was provided for the Investment Committee, and that the charity’s funding and finance teams worked closely to ensure the information was up-to-date and factored in items such as long-term grants. The Committee was further assured that aspects such as long-term staff planning, were taken into account in considering cashflow implications, and vice versa.

A Member commented that they would raise a point later in the agenda regarding the implications of recent developments in the sector.

RESOLVED – That the Funding Committee, in discharge of functions for the City Corporation as Trustee of Bridge House Estates and solely in the charity’s best interests, note the contents of the report.