Issue - meetings

Annual reporting on Epsom & Ewell Property Investment Company Ltd.

The Sub-Committee received a report detailing the annual reporting on Epsom & Ewell Property Investment Company Ltd.

The following matters were raised by the Sub-Committee:

a)            Occupancy level: Following a question from a Member, the Officer confirmed that contractual occupation is the level that Regus is receiving income from, and actual occupancy is the maximum occupancy of the building if it was full.

b)           Repayments to creditors: Members noted the repayments due to creditors. Following a question from a Member, the Officer confirmed that all loans from the Public Works Loan Board are lent on the basis that the full and final settlement is repaid at the end of the agreed term, as opposed to instalments. The Council put a sum of money into Minimal Revenue Provision each year so that the repayment can be made once it reaches its agreed date.

c)            Negotiations: Members noted the proposed negotiations figure. It was noted that this fee had been tendered to ensure its best value, which sat at £10,000-20,000 less than the bids from other consultants.

d)           Residential sector opportunities: Members noted potential sites that may be used as opportunities for the residential sector, and the Officer confirmed that these would be investigated.

Following consideration, it was resolved unanimously that the Sub-Committee:

(1)      Agreed to note Epsom & Ewell Property Investment Company Ltd Report to Shareholder (Appendix 1)

(2)      Approved the Annual Business Plan 2021-2022 (Appendix 2)

(3)      Agreed to note Epsom & Ewell Property Investment Company Ltd Annual Review (Appendix 3 and 4)

(4)      Approved the appointment of the Senior Accountant, Sue Emmons as the Company Secretary for Epsom & Ewell Property Investment Company Ltd for a period of one year.