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C
I'll
just
hand
straight
over
to
Maria
and
Marissa.
He
will
take
you
through
the
initial
results.
D
Thank
you
very
much
in
the
interest
of
time,
I'm
clearly
going
to
assume
that
you've
read
the
papers
where
we
are
with
the
Auditors.
We
are
very
close
to
completion
of
the
audit,
we've
included
in
our
papers
and
an
example
of
what
the
the
Auditors
report
will
look
like
the
letter
of
representation
that
we're
going
to
be
requesting
at
the
end
of
the
audit
and
a
summary
in
those
areas.
D
That's
complete
of
our
findings
at
that
point
and
what
I
think
would
be
helpful
is
if
Larissa
just
now
takes
you
through
the
three
items
that
are
outstanding
at
the
moment
and
how
we're
going
to
take
the
audit
through
its
completion.
E
Thank
you
Maria,
so
I'm
going
to
list
the
items
that
we
have
in
our
report
on
page
47
of
the
agenda
pack.
So
if
you
want
to
to
follow
that
through,
and
it's
going
to
be
a
bit
more
than
three
items
just
because
some
of
the
procedures
are
generic
procedures
with
complete
at
the
end
of
the
audit,
the
the
first
top
items
are
with
respect
to
our
audit
procedures
on
specific
accounts.
So
the
first
one
is
with
regards
to
valuation
testing,
we're
doing
for
investment
properties
and
property
plant
and
Equipment.
E
E
The
next
point
is,
with
regards
to
the
accounting
treatment
of
net
gain
a
loss
and
disposal
of
investment
property,
as
it
is
described
and
presented
in
node
3
of
the
draft
statement
of
accounts,
we're
still
to
come
to
a
common
agreement
with
the
Council
on
this
accounting
treatment
and
we're
currently
working
with
them
on
the
third
item.
It
relates
to
the
valuation
procedures
we
undertake
for
the
audit
of
the
defined
pension
liability.
E
We
are
expecting
to
receive
a
letter
from
the
auditor
of
Hampshire
pension
fund
and,
as
of
today,
we
have
not
received
that
letter.
We
are
aware
that
the
engaged
a
Specialists
to
help
with
evaluation
of
the
Pension
funds
assets,
and
that
has
been
the
reason
for
the
delay
we
are
expecting
to
receive
it
in
the
near
term.
E
The
following
item
is
with
regards
to
a
sample
that
we
picked
for
specifically
for
the
disclosures
on
future
minimum
list
rentals.
E
This
disclosure
does
not
have
a
direct
impact
on
the
face
of
the
accounts
on
the
balance
sheet
or
the
comprehensive
income
and
extended
statement,
but
it
is
a
material
disclosure
in
the
accounts
and
there
were
some
minor
differences
in,
in
dates
with
regards
to
the
basis
for
that
disclosure,
the
following
items
are
items
that
we
we
normally
complete
closer
to
the
finalization
of
the
audits,
such
as
going
concern
assessment
and
disclosures
the
completion
of
the
our
internal
reviews
for
money
value
for
money
assessment.
E
A
just
to
know
that
the
exercise
we
undertake
for
value
for
money
is
completed
until
the
last
day
of
the
audit.
When
we
sign
off,
we
have
to
update
our
risk
assessment
until
that
day.
The
agreement
of
the
final
amendments
to
the
financial
statements
need
to
be
completed,
and
we
need
to
update
our
subsequent
events
and
receive
the
signed
management
representation
letter,
and
that
takes
me
to
the
end
of
this
list.
E
We
thought
this
would
be
the
most
important
for
the
committee
in
terms
of
our
audit
status.
If
you
have
any
questions
with
regards
to
this
list
or
any
other
items
from
the
report,
we're
happy
to
take
your
questions.
F
Thank
you,
councilor
Faulkner,
just
a
quick
question
about
the
material
adjustment
for
the
Grant
income
on
the
covid
loans.
F
Reading
that
it
appeared
to
me
that
we
got
some
grant
money
from
the
government,
we
didn't
distribute
it
all
and
because
we
didn't
distribute
it
or
we're
allowed
to
take
what
we
didn't
distribute
to
the
income
statement.
I
think
it
was
490
000
pounds,
so
I
got
that
right
or
wrong
in
places.
E
Of
the
report
back,
this
relates
to,
as
you
correctly
noted,
an
unspent
Grant,
which
was
received
in
Prior
year,
and
the
council
recognized
an
accrued
liability
for
the
remaining
remaining
amount
that
was
not
spent.
However,
however,
we
have
not
identified
conditions
that
were
not
met
that
would
trigger
a
liability
for
the
same
amount.
Perhaps
the
accounting
team
would
like
to
comment
as
well.
C
So,
as
largest
explained,
it
was
a
difference
of
opinion
on
the
counting
treatment,
so
it's
still
the
same
underspend
if
you
like
against
the
grant,
but
we're
not
taking
it
to
the
income
line,
we're
taking
it
to
the
it
will
go
into
a
grant,
carry
forward
Reserve
at
the
end
of
the
year
and
it
will
be
spent
next
year
in
line
with
the
conditions
that
he
was
given
us
to
to
us.
For
so
it
will
still
be
spent
on
in
terms
of
Grants.
It's
just
it's
expect
it
was.
F
C
So
what
Larissa
is
explaining
is
that
there's
a
different
accounting
treatment
if
there
is
no
conditions
to
have
to
repay
the
to
repay
the
grant
which,
in
ey's
opinion
there
was
no
conditions
listed.
That
meant
that
we
shouldn't
approve
it
as
a
liability.
We
had
to
agree
for
in
a
different
way,
so
so
from
that
point
of
view
that
that's
what
they've
asked
us
to
do
to
adjust
the
the
accounts
to
change
the
accounting
treatment,
but
because
there
was
no
condition
we
have
to
treat
it
in
a
different
way.
C
C
H
Chairman
Jesse
small
advice
with
regards
to
I
am
a
small
recipient
of
a
small
pension
from
Hampshire
pension
fund.
Do
I
have
to
declare
my
interests.
F
I
have
a
second
question,
although
I
still
don't
understand
the
answer,
the
first
one
I
I,
had
a
the
last
meeting
we
had
here.
F
We
looked
at
the
Sip
for
position,
statement
on
audit
committees
in
local
authorities
and
police,
and
we
had
some
disagreement
about
what
didn't
didn't
apply
and
I
had
a
conversation
with
the
audit
partner
on
the
telephone
about
a
week
later
to
understand
what
the
scope
of
the
governance
review
was
as
part
of
this
audit,
because
I
know
that
one
of
the
counselors
here
said
that
I
think
the
phrase
was
already
audited
to
death
and
so
wasn't
interested
I
think
it's
quite
interesting.
Marie
has
answered.
F
Me
was
quite
interesting
that
the
scope
of
governance
that
is
audited
as
part
of
the
audit
is
perhaps
not
what
you
think
it
might
be.
So
if
I
may,
if
Maria
understands
that
question,
if
she
could
just
cover
it
for
us.
D
That's
been
brought
to
our
attention
then.
As
such,
we
would
then
raise
that
as
a
risk
as
to
whether
procedures
and
processes
were
at
risk
of
not
delivering
what
they
need
to,
and
here
we
don't
have
anything
that
has
flagged
a
concern.
So
there
is
no
risk
within
within
our
plan
or
indeed
our
report,
foreign.
F
Clarity,
that
means
no
risk,
that's
within
the
scope
of
no
risk
to
governance,
that's
within
the
scope
of
the
audit,
but
that
means
that
nobody
is
looking
at
the
risk
of
this
account
not
adhering
to
sit
for
statements
and
policy
guidance
that
are
outside
the
scope
of
the
audit
and
so
I
think.
This
is
something
that
this
committee
should
be
aware
of
and
I
think
you
should
come
back
and
revisit
as
perhaps
part
of
a
review
of
a
work
program.
F
A
I
C
It's
it's
perfectly
acceptable
for
the
draft
and
your
governance
statement
to
come
here
for
for
comment
and
noting
so
we
can
have
that
into
the
work
program.
No
problem.
F
C
So
obviously,
alongside
that,
you
have
the
Auditors
and
our
governance
procedures.
F
That's
that's
fine
thanks,
so
I
think,
okay,
let's
let's
go
into
a
bit
more
detail,
then
good
governance
has
is
a
stall
with
three
legs.
Internal
audit
is
one
leg
and
I
think
that
we
have
a
very
good
strong
leg
on
internal
audit.
F
External
audit
is
a
second
leg
and
again
I
think
we
have
a
pretty
good
strong
leg
on
external
audit,
the
third
leg
and
I
think
we
don't
always
appreciate-
or
perhaps
this
this
committee
is
the
Third
Leg
of
governance
and
it's
this
committee's
responsibility
to
follow
things
like
the
safer
rules
of
guidance
to
allow
proper
access
to
audit
Partners
to
allow
proper
unfettered
access
to
internal
Auditors
to
perhaps
co-opt
two
independent
members
and
perhaps
to
carry
out
a
regular
review
of
this
committee's
performance.
I've
been
back
through
all
the
minutes.
F
I
could
find
over
the
last
several
years
and
I've
looked
at
the
work
program
going
forward,
and
there
is
nothing
on
this
work
program
to
review
the
work
of
this
committee
or
its
Effectiveness
I.
Think
that's
a
significant
control
failure
I
think
it's
significant
governance.
Failure
I
was
disappointed
that
the
Auditors
don't
pick
it
up.
I
Now
understand
why
they
don't
pick
it
up,
because
it's
not
within
scope
of
the
value
for
money.
F
Audit
in
the
context
of
governance,
I
think
it's
a
serious
issue
and
I
would
I
would
like
it
on
the
work
program.
A
That
actually
is
not
true,
because
that's
ey
two
years
ago
we
went
through
quite
a
training
program
with
the
former
chairman
and
the
members
of
this
committee
to
go
through
all
that
type
of
thing,
but
this
I
accept
the
situation
is
now.
We've
got
several.
C
So
I
think
it's
just
worth
noting
as
well
that
previously
we
have
brought
back
the
terms
of
reference
if
you
like
for
the
audit
committee,
so
I
think
perhaps
that's
something
we
need
to
reintroduce
in
terms
of
that
review.
What's
the
purpose
of
the
committee-
and
you
know
what
the
expectation
and
outcomes
should
be.
F
J
Thank
you,
chair,
actually,
I
was
going
to
say,
although
I
agree
with
what
council
Basham
says
that
you
know
they
are
different
things,
but
personally
I'm
new,
you
know
and
I
try
and
understand
a
lot
of
this
stuff,
but
even
looking
at
this,
you
know
it's
a
300
page
document
with
a
week
to
digest.
I
know
a
lot
of
it
we've
seen
before,
but
sometimes
you
do
feel
like
you're
sort
of
as
a
layperson
really
under
qualified
to
understand.
All
this
and
training
would
be
really
appreciated
and
I
do
agree.
I
And
Council
you
made
a
reference
to
a
training
course
that
we
had
and
it
was
an
outstanding
one
and
I
attended
it,
and
it
was
very
comprehensive
and
it
was
just
before
the
section
151
officer
came
and
in
fact,
I
I
went
and
met
with
her
shortly
after
she
arrived
and
made
reference
funding
me
after
that
training
course,
and
she
was
in
disagreement
funnily
enough,
interestingly,
and
what
the
terms
of
the
course
were
so
I
think
would
be
highly
beneficial
for
us
as
a
council
to
have
a
very
detailed
training
course
like
that
again,
because
there
does
seem
to
be
a
bit
of
a
disconnect
between
how
we
used
to
operate
as
a
as
a
as
I
used
to
be
Vice.
I
Chair
of
this
committee,
and
we
had
a
fully
qualified
accountant
who
was
the
chairman,
and
we
would.
We
were
allowed
to
request
many
more
things
and
we
seem
to
be
allowed
to
request
now
or
information
that
we
were
allowed
to
go
into,
which
were
not
do
not
appear
to
be
allowed
to
get
into
now.
A
C
Obviously,
I
don't
think
it's
appropriate
to
necessarily
go
into
the
full
conversation,
but
I
think
I
recall
at
the
time
the
conversation
was
around.
Some
of
the
recommendations
that
were
made
were
not
necessarily
appropriate
for
this
Authority
and
what
we
then
did
do
was
actually
bring
back
to
the
committee
a
fully
outdated
set
of
rules
of
procedure.
If
you
like
in
terms
of
reference
for
the
audit
committee
that
was
signed
off
by
this
committee,
so
it
wasn't
that
I
was
in
disagreement.
It
was
the
fact
that
we
needed
to
apply
appropriately
to
this
Authority.
A
C
A
F
D
So
as
soon
as
we've
received
the
final
bits
of
outstanding
information,
I
know
your
team's
working
hard
to
get
those
through
us.
We
will
book
results
in
and
get
the
audit
tied
off.
G
I
Yes,
I
flagged
this
before
with
you
guys,
but
I've
always
say
the
same
thing:
I've
huge
concerns
about
our
Partnerships
that
we
have
and
the
problems
that
we've
had
with
Partnerships,
that
we've
agreed
extensive
documentation
on
and
and
then
and
then
they've
ended
up
Falling
by
the
wayside.
So
one
of
them
was
New
Rivers
and
I
raised
it
with
you
before
and
asked
whether
that
was
within
your
value
for
money.
I
Remit
and
I
also
asked
you
about
Muse
and
the
concerns
that
I
had
with
that
partnership.
That's
also
fallen
out
of
bed
now,
so
are
those
Partnerships
and
then
the
third
one
obviously
is
many
down.
Are
those
three
significant
Partnerships
not
considered
by
your
value
for
money
or
your
audit.
D
Thank
you
so,
as
I've
explained
before
from
the
point
of
view
of
the
value
for
money,
I
do
take
view
across
a
number
of
things
that
the
council
does
and
whereas
there
are
some
Partnerships
that
maybe
don't
work
as
you
expect
them
to
other
Partnerships
will
work
incredibly
well
and
at
this
stage
I
don't
have
anything
that
has
flagged
a
significant
risk
on
my
value
for
money
conclusion,
or
indeed
commentary
all.
A
A
But
here
is
the
statement
of
accounts
and,
as
you
see
from
the
front
sheet,
there
are
three
three
items
for
us
to
consider,
which
is
one
the
approval
of
the
statement
of
accounts
authorizing,
as
is
the
usual
the
chair
of
this
committee,
to
sign
the
statement
of
responsibilities
and,
in
the
event
that
there
are
any
outstanding
order,
elements
that
the
community
delegates
to
the
chair
and
to
the
section
151
officer
the
authority
to
complete
statement.
A
C
I'm
going
to
hand
over
to
you
our
head
of
Finance,
Adam
Swain,
but
I
think
it's
worth
noting
that
anything
that
has
changed
from
the
previous
version
that
was
circulated
some
months
ago.
So
hopefully
people
have
had
it
more
than
a
week.
It's
highlighted
in
yellow
in
terms
of
the
changes
that
we
have
agreed
to
make
with
the
Auditors,
but
I'm
going
to
hand
over
to
Adam
he's
going
to
take
you
through
them,
foreign.
G
Appendix
one,
which
is
the
statement
of
accounts
for
the
changes
have
been
highlighted
in
yellow
as
we
go
through.
An
appendix
2
sets
out
the
schedule
of
the
significant
amendments
and
explains
the
detail
of
those.
G
A
couple
of
those
were
picked
up
in
the
ui's
report
and
one
of
which
is
the
reversal
of
the
covert
Grant,
which
the
Amendments
and
adjustments
are
set
out
in
appendix
two
and
then
there's
some
other
kind
of
minor
changes
to
disclosures
that
were
picked
up
through
the
audit
and
some
additional
wording.
That's
that's
been
added
into
some
of
the
disclosures
to
it.
G
F
Thanks
Adam:
when
are
we
going
to
be
asked
to
approve
these
statements,
then.
G
So
their
recommendations
set
out
on
page
91
of
the
pack
is
for
for
the
committee
to
brief
and
tonight,
if,
if
appropriate,
and
to
delegate
to
the
committee
chair,
if
considered
appropriate,.
G
Well,
as
ey
have
just
explained
the
the
outstanding
items,
they
didn't
consider
to
have
any
risk
of
material
misstatement
and
don't
expect
the
the
accounts
to
change
significantly
from
from
here.
So.
F
On
the
contrary,
they
identified
lease
adjustments
which
have
a
material
disclosure
which
hasn't
even
been
completed.
Yet
I
think
is
what
they
said:
I
I,
I
I,
just
don't
well
I
find
it
incredible
that
we're
being
asked
to
approve
them
where
the
audience
not
complete.
C
So,
actually,
you're
not
being
asked
to
approve
them
this
evening.
The
the
recommendations
on
the
basis
have
the
audit
been
complete.
You
would
have
been
asked
to
actually
approve
the
actual
statement
of
accounts.
What
it's
saying
is,
in
the
event
that
there
are
any
outstanding
items
which
we
are
being
informed
by
ey,
that
they
don't
expect
that
to
have
any
material
impact
on
the
statement
of
accounts
or
to
end
in
any
requirements
for
us
to
change
the
accounts,
and
that's
why
I
asked
for
once.
C
They
actually
sign
off
the
accounts
for
the
chair
and
myself
to
be
able
to
sign
those
off,
and
what
we
have
agreed
in
the
past
is
that,
unless
there's
something
material
that
comes
to
light,
that
that
is
that
that's
how
it's
actioned.
A
K
C
So
there
is
so
in
we
should
have
signed
off
the
accounts
by
the
end
of
November,
but
under
the
regulations.
That
is
a
recommendation.
What
we
have
to
do
is
republish
our
accounts
with
a
statement
to
say
whether
the
audience
completed
or
not,
which
we
did
do
by
the
end
of
November,
as
required
as
I'm
sure
you're
aware
nationally.
There
are
a
number
of
audits
that
haven't
even
started
yet
and
some
there's
an
awful
lot
of
21
sorry,
the
previous
year,
2019
20
that
still
haven't,
haven't
been
signed
off.
C
So
from
our
point
of
view,
we're
very
lucky
that
the
Auditors
prioritized
our
audit
and
it's
likely
to
be
signed
off
in
the
next
few
weeks.
Obviously,
I
believe
the
next
audit
is
on
the
accountability,
is
March.
A
K
B
A
Yeah
the
point
is:
we've
been
through
the
vast
majority
of
this
back
in
September
and
also,
of
course,
a
lot
of
the
issues
within
it
appear
at
the
quarterly
updates
at
committee.
So
this
completion
of
the
accounts,
it's
not
sure
it's
an
unknown
quantity
we've
been
through
most
of
it
before,
but
if,
if
there
is
no
further
debate
on
the
statement
of
accounts
that
you
wish
to
go
to
a
vote
on
whether
to
accept
points,
one
two
and
three
we
can
we
can
do
that.
A
K
K
A
F
C
So
it's
an
either
or
scenario
so
what
it
had?
The
audit
been
finished
and
there's
been
a
completed
set
of
accounts.
We
were
asking
the
committee
to
sign
off
the
accounts
in
the
event
that
they're
not
completed
you're,
that
it's
then
asking
the
committee
to
delegate
that
to
the
chair
and
of
these,
so
on
the
basis
that
the
accounts
are
not
completed
recommendation.
One
is
therefore
not
valid
foreign.
K
Plan
on
that
basis,
let's
keep
one:
let's
keep
two
and
we'll
just
amend
three
so
where
it
says.
In
the
event,
there
are
outstanding
audit
elements
to
be
completed
at
the
date
of
the
committee
meeting,
delete
the
rest
of
that
and
insert
this
will
be
considered
at
the
30th
of
March
committee
meeting.
If
that's
the
date
of
it
well,
I've,
just
okay,
well,
I'll,
just
watch
right.
H
Can
you
take
it
down
on
block
because
they
are
all
all
three
there
and
if
we're
going
to
amend
it
now
and
we're
going
to
be
spending
a
lot
of
time,
so
YouTube.
A
We
do
all
three
on
a
yes
or
no,
so
I've
put
it
to
committee
all
those
in
favor.
Yes,
yes,.
A
A
A
Just
to
clarify
that
a
lot
of
the
items
we've
now
got
on
the
agenda
are
strategies
and
plans,
as
opposed
to
our
quarterly
monitoring
of
actual
activity
and
and
to
be
frankly,
most
of
these
strategies
and
plans
are
basically
very
very
similar
to
what
has
gone
before.
C
Okay,
thank
you
so
obviously,
on
the
agenda
this
evening,
you've
got
the
capital
investment
strategy
for
23
24
and
a
further
item
later
on
on
the
treasury
management
strategy
that
for
23.24,
the
capital
investment
strategy
is
made
up
of
two
elements,
and
that
is
made
up
of
the
capital
investment
strategy
itself
and
also
sorry.
Capital
investment
strategy
is
an
overarching
Capital
program
strategy,
treasury
management
strategy,
investment
strategy,
non-treasury
and
the
property
investment
strategy,
and
on
page
214
of
the
agenda,
there's
a
little
table
at
the
bottom.
C
That
explains
how
they
all
Interlink,
so
the
first.
The
first
agenda
item
covers
the
effectively
the
capital
investment
strategy,
which
picks
up
the
capital
program,
spend
and
the
non-treasury
investment
strategy.
C
In
terms
of
the
obviously,
from
a
super
point
of
view,
we
are
required
to
follow
the
Sip
as
Prudential
code
of
practice,
together
with
investment
guidance
issued
by
the
department
of
leveling
up
housing
and
communities.
Delux-
and
obviously
we've
mentioned
this
before
so.
You
may
recall
that
in
2021
we
were
given
a
revised
Prudential
code
of
practice
I.
We
referred
to
that
as
the
Prudential
code,
which
was
issued
by
sit
firm
and
it
replaced
the
previous
code.
C
C
The
council
was
also
required
by
investment
guidance
issued
by
the
previous
mhclg
to
have
an
annual
investment
strategy
for
non-treasury
Investments
so,
and
both
of
these
strategies
must
be
approved
by
full
Council
and
they
will
be
coming
to
Council
in
February
at
this
particular
eye.
To
gender
item
sets
out,
as
I
say,
the
capital
investment
strategy
and
the
investment
strategy
for
non-treasury.
We
will
then
come
on
to
a
second
item,
which
is
the
treasury
management
report.
C
In
terms
of
the
capital
investment
strategy.
The
objectives
are
to
provide
a
high
level
overview
of
capital
expenditure
and
what
capital
income
and
financing
we
have
alongside
the
types
of
Investments
that
contribute
to
the
vision
of
public
services
and
how
associative
risks
are
managed
and
the
implications
for
future.
Financial
stability
strategy
also
sets
out
the
framework
and
the
limits
within
which
officers
will
operate
in
the
delivery
of
the
strategy
and
the
indicators
which
allow
members
and
the
public
to
access
the
level
of
risk.
C
Sorry
assess
the
level
of
risk
being
taken
with
capital
and
investment
activities,
so
the
capital
investment
strategy
is
set
out
as
appendix
one
to
this
report
and
then
the
second
element
of
this
report
is
the
investment
strategy.
Non-Treasury
and
the
objectives
of
this
strategy
are
to
provide
a
high
level
overview
of
the
different
types
of
non-treasury
investment
made
by
the
council
and
how
these
Investments
contribute
to
the
provision
of
Public
Services
alongside
the
associated
risks,
how
they're
managed
and
the
implications
for
the
future
Financial
stability
of
the
council.
C
So
in
terms
of
appendix
one.
This
takes
you
through
the
the
capital
the
proposed
Capital
spend,
and
this
aligns
to
the
the
capital
program
update
report
that
we'll
be
going
to
Council
in
February.
So
that
is
a
you
know
that
will
be
debated
and
signed
off,
hopefully
by
Council
in
February.
C
What
it
then
does
it
talks
about,
whether
if,
if
we
were
as
an
authority
to
look
to
borrow
money
which,
at
the
current
time
there
are
no
plans
to
do
so,
but
we
have
to
have
a
minimum
Revenue
provision
statement
and
we
also
have
to
have
a
borrowing
requirement
and
strategy
noted
in
the
report.
So
they
are
noted
here
for
completeness,
but
at
the
current
time
there
is
no
intention
or
thought
process
around
borrowing
by
the
council
and
then
what
that
then
does
is.
C
It
goes
into
information
actually
in
terms
around
the
different
types
of
Treasury
management,
Investments
that
we're
doing
and
the
Knowledge
and
Skills
that
the
authority
and
officers
are
meant
to
have
in
place
in
order
to
be
able
to
do
this
appendix
2,
which
is
the
investment
strategy,
non-treasury
again
talks
about
those
items
that
are
not
pure
treasury
management
activities.
C
So,
for
example,
we
have
the
obviously
our
our
direct
property
investment.
We
have
the
new
current
property
investment
strategy
and
then
we
have
service-based
Investments
such
as
many
down
and
service
based
loans.
These
are
then
go
on
to
further
discuss
these
and
their
relevant
indicators
with
further
breakdown
of
the
current
investment
property
portfolio.
C
The
one
thing
that
has
been
added
this
year,
which
is
on
a
three-year
cycle,
is
the
pension
fund
prepayment,
where
we
have
the
opportunity
to
receive
a
discount
for
payment
in
advance,
which
gives
us
a
an
improved
return
on
an
otherwise
external
Investments
and
helps
to
diversify
the
Investment
Portfolio.
C
A
J
You
just
to
clarify
this
is
a
simple
question
again.
I
think
I
have
a
simple
question
today.
J
Obviously
this
is
a
strategy
and
a
strategy
is
obviously
a
way
of
looking
at
potentially
working,
but
we
have
quite
specific
figures
in
here
because
we're
looking
at
accounts
type
stuff,
so
we're
going
to
go
through
and
debate
this
within
budget.
So
how
does
that
fit
in
with
the
budget
approval
mechanisms?
Because,
obviously,
if
we
approve
it
here,
are
we
then
kind
of
like
saying
yep?
That's
we're
happy
with
that,
or
will
it
be
something
that
will
be
debated
and
it
could
potentially
change
through
the
budget
debate
so.
C
A
I
I
was
wondering
two
things.
I've
said
this
to
you
before
Sue,
when
strategies
come
forward
like
this,
it's
much
easier,
certainly
from
my
background
historically
to
have
what
the
original
strategy
was
and
what
the
changes
are.
So
I
wonder
whether
you
could
just
detail
the
kind
of
main
headline
differences
that
you've
amended
to
this
strategy
from
before
Professor.
Secondly,
I'd
I
want
to
request
of
the
chairman
that
we
go
into
private
session.
I
C
So
in
terms
of
what's
changed
in
the
main,
obviously
it
will
be
the
the
years
of
change
from
22
23
to
23,
24.
and
in
terms
of
the
numbers
in
the
report.
Obviously
they've
all
been
updated
for
the
last
latest
Capital
program.
The
main
change
is
the
addition
of
the
pension
note
to
say
that
we
will
be
pre-investing
in
the
pension
fund.
That's
the
only
changes
that
that
predominantly
been
applied.
A
F
You
sue
the
pension
prepayment
discount
thing
obviously
sounds
like
a
good
use
of
cash
to
to
pay
a
commitment
that
we've
got
to
pay
over
three
years
anyway.
Is
there
a
did?
We
calculate
sort
of
rate,
a
return
for
that
or
anything
or
is
it?
Is
it
just
it?
Did
you
just
pass
the
sniff
test,
I
guess.
C
I'd,
like
to
think,
was
slightly
more
more
professional
than
a
sniff
test,
so
we
we
will
confirm
to
HCC
that
we
should
do
the
prepayment.
They
will
then
give
us
the
specific
numbers.
Last
time
around.
C
It
gave
us
a
discount
of
in
excess
of
10
and
and
the
council
Circa
700
000
pounds
over
the
three-year
period
that
we
would
have
otherwise
not
made
if
we
hadn't
made
the
payment,
and
we
would
not
have
generated
that
in
terms
of
alternative
Investments,
and
one
of
the
reasons
why
we're
very
keen
to
do
it
again
is
because
actually
this
has
helped
us
to
put
our
pension
liabilities
are.
Our
element
of
the
pension
fund
is
now
in
Surplus
by
seven
percent,
because
we're
also
linked
to
those
ongoing
Investments.
C
The
years
which
generates
us,
obviously
a
an
instant
income
return
and
then
in
terms
of
our
share
of
the
overall
pension
pot.
Because
of
our
investment.
In
terms
of
that,
that
is
all
that
money's
invested
early,
which
means
that
those
Investments,
if
you
like,
accelerating
value
and
obviously
our
share
of
that,
is
bigger
because
we've
because
of
our
investment.
F
A
Okay,
we
need
to
go
through
this
in
order
first
sentence.
Thank
you,
yeah
yeah.
The
first
sentence
to
agree
with
members
at
the
meeting
is
now
to
become
confidential.