Agenda and draft minutes

Minute of Meeting of 14 November 2023 to be agreed and signed.   (Copy attached.)

1.            Minute and Action Tracker

1.1          There had been circulated copies of the Minute of the Kelso Common Good Fund Sub-Committee held on 14 November 2023.

1.2       The Chairman requested that the Minute be amended to show Mr Dundas as Mr Charles Dundas and that he was the Chief Executive of the Forest Trust.

         DECISION

         AGREED to APPROVE the Minute, subject to amendment as above, for signature by the Chairman.

Review Action Tracker.  (Copy attached.)

1.3         Action Tracker

Pinnaclehill Woodland

The Action Tracker had been circulated. With reference to paragraph 1.2 of the Minute of 30 November 2023, the Chairman advised that he had met with Charles Dundas, Chief Executive, Forest Trust who had been impressed with what was there and considered it a very good local amenity.  Considering the medium to long term of the Woodland, there could possibly be a management agreement and volunteers to undertake the maintenance.  An update would be sent once the Forest Trust had time to consider a proposal. 

 DECISION

AGREED to receive an update at the next meeting on the meeting with the Borders Forest Trust.

1.4       Pinnaclehill Orchard, Kelso

With reference to paragraph 3.3 of the Minute of 14 November 2024, the Principal Solicitor advised that a draft licence had been agreed with the Association to allow them to create an orchard at Pinnaclehill. It was further explained that a licence had been agreed rather than a lease as the residents were not looking for exclusive use and would put in benches to allow members of the public to access the area to enjoy what was being created. The area would not be fenced off and would be accessible to everyone. The Licence would be for a 10 year period with the option to extend on a year to year basis.  The Association were keen to sign the Licence as soon as possible and get planting.

1.5       Further discussion was required in terms of the funding previously agreed in principle for the Pinnaclehill Orchard, Kelso in the sum of £3,151.26, following an award of £2,256.56 from the Cheviot Neighbourhood Fund.  Following discussion, it was agreed that funding to a maximum of £895 be allocated for the Pinnacehill Orchard Project, to be draw down as required, following the outcome of funding applications applied for, but not yet confirmed. 

DECISION

AGREED:-

(a)          that funding to a maximum of £895, be available to the Pinnaclehill Orchard Association, to be drawn down when required, should funding applications be refused.

(b)          That authority be delegated to Officers to release the funding, once the outcome of the funding applications was known.

            Croft Park Toilets, Kelso

1.5       With reference to paragraph 4 of the Minute of 14 November 2023, the Principal Solicitor advised that a meeting had been held at the end of 2023 with Neil Hastie, Tricia Hill, Estates, Clare Malster, Participation to discuss the rugby club’s proposal regarding the toilets. Neil confirmed that the rugby club were keen to take on the toilets. Neil asked for a copy of the condition survey as he has concerned about the condition of the toilet block and this had been sent.  Access to the toilets had also been arranged.   The Rugby Club were looking to remodel the space to create a storage area and a small  kitchen area. It was proposed that the toilets would be available for public use and training days.  There was some discussion about the Rugby club taking a 20  ...  view the full minutes text for item 2.

Consider report by Chief Financial Officer.  (Copy attached.)

2.0     Monitoring Report for 9 MONTHS TO 31 DECEMBER 2023

2.1     There had been circulated copies of a report by the Director of Finance and Procurement providing details of the income and expenditure for the Kelso Common Good Fund for the 9 months to 31 December 2023, a full year projected out turn for 2023/24, and projected balance sheet values as at 31 March 2024and proposed budget for 2024/25.  Appendix 1 to the report provided the projected Income and Expenditure position for 2023/24, which showed a surplus of £8,203 for the year, which was less than previously reported due to an increase to the Central Support Charge. Appendix 2 to the report provided a projected balance sheet as at 31 March 2024 and showed a projected decrease in reserves of £70,185. Appendix 3(a) to the report provided a breakdown of the property portfolio showing projected rental income and net return for 2023/24, and actual property income to 31 December 2023. Appendix 3(b) provided a breakdown of the property portfolio showing projected property expenditure for 2023/24, and actual property expenditure to 31 December 2023. Appendix 4 provided a breakdown of the property portfolio showing projected property valuations at 31 March 2024. Appendix 5 detailed the value of the Aegon Asset Management Investment Fund to 31 December 2023. Statutory Reporting and Treasury Business Partner highlighted the investment Fund had an 8.34% unrealised loss in capital market value since investment, an improvement on last quarter following the continuing improvement of markets and taking account of the income received the fund had achieved a total return of 24.15% since investment in February 2018.  The investment objective of the Fund was to generate income of 5% per annum with the potential for capital growth in the medium term.  This was reflected in the asset allocation of the Fund with over 50% of the Fund being Bonds whose credit returns had improved following the markets anticipation of rate cuts.

DECISION

(a)             AGREED :-

(i)the projected income and expenditure for 2023/24 in Appendix 1 as the 

          revised budget for 2023/24;

(ii)          the proposed budget for 2024/25 as shown in Appendix 1:

(b)             NOTED:-

  (i)       the projected balance sheet value as at 31 March 2024 in Appendix 2;

(ii)     the summary of the property portfolio in Appendices 3 and 4; and

(iii)      the current position of the Aegon Asset Management Investment Fund in Appendix 5.