To approve as a correct record the minutes of the Investment Advisory Panel meeting held on 31 October 2023.

The minutes of the Investment Advisory Panel meeting held on 31 October 2023 were approved as a correct record.

There were no items of urgent business.

No interests were declared.

Alex Kershaw and Kitty Bhaman from Stanhope Capital LLP introduced themselves to the Committee. Alex Kershaw explained that Stanhope Capital LLP is a leading Independent Wealth Management and Advisory firm. The role of Stanhope Capital LLP has been to provide investment assurance and to oversee the work of the investment manager at Camdor. Stanhope oversee recommendations, check they are best practice and that any assumptions made are reasonable and provide challenge.

Kitty Bhaman stated that they looked at the investment recommendations in detail and validated them to ensure it was the appropriate market and the right time to sell. Kitty Bhaman confirmed that they found that the work completed was of a high standard and well considered with detailed assumptions that had been well looked into. Stanhope were able to reassure the S151 Officer that the process was robust and the prices they wanted to receive for Toucan could be reasonably achieved.

Alex Kershaw clarified that Stanhope is not completing due diligence but instead checking that the work Camdor has done is reasonable and robust and in accordance with best practice. Alex confirmed that the next project they will be looking at is the wind farms.

·       Members queried how Toucan was sold so quickly

·       Members queried the timescales for selling the rest of the investments. The S151 Officer responded that Toucan had been a major job and it was right that it was dealt with first as it was the largest investment. By March 2024 90% of the investments will be sold or in progress. The Council will be moving on to consider other investments.

The S151 Officer introduced the report. He confirmed the report had already been to Cabinet and was due to go to Council tomorrow. He stated that with regard to recommendation 1 of the report a 5 million pound limit had been put on the DMO (Debt Management Office) previously and this needed to be amended to unlimited.  It is normal practice to have an unlimited amount as this is the safest place to deposit cash. The second recommendation refers to amending the Minimum Revenue Provision Policy (MRP) and this has already been agreed by Cabinet on 21 February 2024. The S151 Officer reiterated that all sale proceeds need to be used to pay down the debt. The Council is under a specific Government direction to get the debt down.

The meeting went into closed session at 19.32

RESOLVED:

1.1      That the Investment Advisory Panel comment on the following amendments to the 2023/24 Treasury Management Strategy:

1.    That there is a revision to the Counterparty Limits in that investments placed with the Debt Management Office (DMO) are changed from £5m to unlimited.

2.     Amend the Minimum Revenue Provision policy to revert back to Option 1 in respect of supported capital expenditure in line with the Statutory MRP Guidance.

The meeting returned to open session at 20.01

The Programme Director for Asset Disposals introduced the report to members.

·       Members queried why Kemsleys manage some properties. The Programme Director for Asset Disposals confirmed that historically that is what has happened. Some Local Authorities manage everything in-house and some use just letting agents. Using a blend is not a bad thing. It is hard to get surveyors to work at Local Authorities. Letting agents can bring in extra resources if there is a spike in activity. A positive of completing rent reviews in-house is you don’t have to pay commission.

The meeting went into closed session at 20.12

No items were added to the work programme.

This item was held in closed session.

This item was held in closed session.