Minutes of the Finance Business Operation - 24 March 2026

09/26. Appointment of Chair for the Meeting

In the absence of the Committee Chair in the room, it was RESOLVED that P. Adams be appointed Chair for the duration of the meeting.

P. Adams in the Chair

10/26. Declarations of Interest

No pecuniary interests were declared.

11/26. Estates Reports (Confidential Appendices – Agenda Item 5)

The Committee received an update on the progress of the new estates strategy from the college’s estates consultant, Peter Marsh of Peter Marsh Consulting (PMC).

The Committee was augmented by two governors from the former Estates Strategy Working Group that had provided insight into the previous estates strategy development in 2021.

An initial site visit took place in January 2026, with wider engagement throughout February and March. Conclusions would be presented at the Board Strategy & Development Day in April.

As part of the initial engagement, PMC presented to the Committee –

• • • A précis of changes in the whole college estate since development of the current Estates Strategy. PMC outlined that the college’s student population had grown significantly and the college was now in need of capital investment to deliver projects to improve the estate and increase capacity.
    • The outcome of consultation workshops run with the Senior Leadership Team (SLT) and Curriculum Directors to identify priorities against which to evaluate findings.
    • An analysis of space utilisation across the campuses, noting that whilst site utilisation was overall very efficient, there may be opportunities to improve capacity further.
    • An analysis of the condition and functionality of spaces across the campuses. Whilst the majority of spaces met needs, there were elements of the London Road Campus that could be improved significantly and required investment.
    • Whilst the English Bridge Campus had benefited from investment in the creation of new and refurbished spaces, there remained a need to improve some areas.
    • Regarding Welsh Bridge Campus, there had been some refurbishment but no new build and there was a particular need to upgrade and improve laboratory spaces.
    • A SWOT analysis of each campus.

Mr Marsh then presented proposals for the projects being developed with respect to –

• • • Construction Skills Capacity Fund – London Road Campus.
    • Post-16 Capacity Fund Project – Welsh Bridge Campus.

In conclusion, Mr Marsh explained the potential options for each campus would be further developed against the evaluation criteria and presented to the college as a draft implementation plan covering a 5–10 year period.

This would be considered by the Board and SLT at the Board Strategy & Development Day being held in April 2026.

The Committee thanked Mr Marsh, C. Sharp and M. Thompson for attending. They left the meeting at this point.

Land Disposal Update

Details are set out in a Confidential Minute.

12/26. Minutes of Meeting Held 10 February 2026 (Appendix – Agenda Item 3)

Resolved: That the Minutes of the meeting held on 10 February 2026, be approved as a true and correct record.

13/26. Matters Arising

None.

14/26. Period 6 Management Accounts (Appendices, Agenda Item 6)

The Committee reviewed the Period 6 Management Accounts, which provided a detailed overview of the college’s financial position and operational performance to 31 January 2026 (previously circulated).

The Committee was advised of the following key issues –

• • • Most income streams were forecast to be at or above budget.
      • 16–19 funding was higher because of the expected continuation of the NI Grant.
      • High Needs income had significantly exceeded budget due to higher student numbers with EHCPs.
      • Apprenticeships and Higher Education recruitment remained broadly on plan.
      • Adult funding had increased following improved Greater London Authority (GLA) funding rates and changes to Trades Union Studies delivery arrangements.
      • Lettings, catering and other income had increased due to additional Turing Scheme funded trips.
    • Pay costs were forecast lower following confirmation of the reduction in LGPS employer contribution rates from April 2026.
    • Non-Pay costs forecast had increased primarily due to expansion of capacity and additional routes on college bus routes and higher utility costs
    • EBITDA remained ahead of budget both year to date and in the forecast outturn. The forecast financial health grade remained Outstanding.
    • Regarding capital expenditure, additional unplanned equipment costs had been incurred which had reduced the available contingency. The solar panel and battery installation project was due for completion by the end of March 2026.
    • Cash balances were forecast to remain ahead of budget; the forecast also did not yet reflect potential positive impacts from High Needs or in year growth funding.
    • The Committee noted that major capital projects, if approved, would draw down deposit funds to ensure working capital remained sufficient.

15/26. Health and Safety Term Report (Appendix, Agenda Item 7)

The Committee reviewed the report (previously circulated) which summarised operational issues, audit outcomes, incidents, training and ongoing compliance work across the college.

The Health & Safety Link Governor had also reviewed the report and been assured that effective health and safety systems were in place.

The Committee considered –

• • • Strategic questions relating to fire safety at Welsh Bridge Campus, where a Fire Service inspection in February 2026 had identified several recommendations. In response to questions, the EDoF explained that these recommendations were being assessed with the P/CEO. A similar inspection for London Road was scheduled for May. The Committee requested an update report at the appropriate point.
    • The annual lockdown drill had taken place in October 2025, with no significant concerns.
    • Health and Safety audits continued to be conducted across curriculum and support areas; all items identified in this period were minor and had been promptly addressed.
    • No RIDDOR-reportable incidents had occurred during the period.
    • Staff training compliance remained high, with 96% of staff having completed induction or refresher training.
    • Work continued to support first aiders, including ongoing honorarium payments.
    • No changes were required to the college’s Health and Safety Policy during the reporting period, although procedure reviews were underway.

16/26. Risk (Appendix – Agenda Item 8)

The revised 2025–2026 Strategic Risk Register had been approved by Board at its December 2025 meeting.

The Committee examined those risks within its remit and agreed that they had been identified and adequately discussed at the meeting.

The key risk remained –

• • • Risk that campuses are not sufficient to meet demand.

17/26. Date of Next Meeting – Tuesday, 12 May 2026 from 5.30 p.m.

The meeting concluded at 7.22 p.m.