Exempt report of the Shareholder Representative.
Minutes:
The Committee considered an exempt report from the Shareholder Representative that detailed the Quarter Four management report, year in view for 2021/22 and an update on Quarter One of 2022/23.
The Shareholder Representative explained his role in the context of the Committee for the benefit of the new Committee members, and introduced the Graven Hill representatives.
The Chairman explained that due to the decoupling of the shared services working with Oxfordshire County Council, the Shareholder Representative would be changing from Steve Jorden to Nathan Elvery. The Chairman expressed his appreciation to Steve for his work during his time as Shareholder Representative, on behalf of all members.
The Managing Director – Graven Hill Village Development Company gave a detailed presentation regarding the management report and update on quarter one.
Regarding priorities during quarter four, the Managing Director – Graven Hill Village Development Company explained that six had reported amber and eight were green. The amber priorities all related to planning applications and S106 discussions, all of which were under discussion with the local planning authority.
For the benefit of new Committee members the Managing Director – Graven Hill Village Development Company explained the current situation regarding the original outline planning consent and subsequent reserved matters applications.
The development had seen 104 completions across the 2021/22 financial year, with early figures for 2022/23 showing 92 reservations in the pipeline.
In relation to employment land, the Managing Director – Graven Hill Village Development Company advised that a planning application had been submitted for one area and it was now progressing through the process. In relation to another area, the existing lease had been terminated and options were being discussed.
Regarding the retail centre, two units were at legal discussion stage with interest in the remaining two.
The Finance Director – Graven Hill Village Development Company gave a brief overview of the management accounts for the 2021/22 financial year. The financial audit had been completed prior to the meeting and an unqualified opinion had been issued. The Finance Director – Graven Hill Village Development Company advised that final accounts would shortly be presented to the Graven Hill Board for final sign off, after which they would be released to the Shareholder Representative.
In response to questions from the Committee the Assistant Director – Finance confirmed that there was a very good working relationship between the council as Shareholder and the Graven Hill companies, with regular updates being given. The Finance Director – Graven Hill Village Development Company explained that she would be meeting with Councillor Nell in his role as Portfolio Holder for Finance to go through the financial details of the companies.
Regarding the ‘year in review’ summary, the Managing Director – Graven Hill Village Development Company explained that it had been designed as a standalone document that could be circulated to all members as a progress update on the development.
In relation to upcoming work for 2022/23, the Managing Director – Graven Hill Village Development Company explained that discussions were ongoing with the Shareholder Representative to arrange a date for strategy day, which it was hoped would be as soon as possible. Dates were also being arranged for Shareholder Committees and update sessions during 2022/23.
The Chairman thanked the Graven Hill representatives for their comprehensive update.
Resolved
(1) That the quarter four update be noted.
(2) That the Committee be minded to approve the Quarter Four Management Accounts
(3) That the current status of the 2021/22 Financial Statement and Audit be noted
(4) That the Quarter One flash update, priorities and escalations be noted.
(5) That the update from the 31 March Strategy Session and site visit be noted.
(6) That the Strategy session being arranged be noted.
(7) That the Forward Plan be noted.