Decision details

The Committee considered an exempt report from the Shareholder Representative, which detailed the in-year key performance and financial update for the Crown House Companies for Quarter Three 2023/24.

The Non-Executive Directors of Crown House reported significant progress with procedures, site appearance, and communication with the management company. They also reported that all electricity meters except four have been turned over to independent meters, which has helped relieve budget pressures. Additionally, bike racks had been installed, and communication with the commercial site had been established to address storage solutions.

In response to the Committee's questions regarding the Crown House's future options, a Non-Executive Director of Crown House advised that ongoing due diligence work must be completed between the Shareholder Representative and the Section 151 officer.

Resolved

(1) That the Crown House Banbury Limited Quarter Three 2023/24 Business Report be approved, noting that the vast majority of losses in the accounts are due to the property’s revaluation rather than an increase in operating costs.