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MINUTES
Minutes of the Meeting of the London Legacy Development Corporation Investment
Committee
Date:
Tuesday 17 January 2017
Time:
2.00 pm
Venue:
LLDC meeting rooms 1 and 2, Level 10, 1 Stratford Place,
Montfichet Road, London, E20 1EJ
Present:
David Gregson (Chairman)
Nicky Dunn OBE
Sonita Alleyne OBE
Keith Edelman
In Attendance:
David Goldstone, CBE, Chief Executive Officer
Gerry Murphy, Deputy Chief Executive
Rosanna Lawes, Director of Development
Ben Fletcher, Director of Communications, Marketing and Strategy
Charles Ritchie, TfL Legal
Colin Naish, Executive Director of Construction
Paul Middlemas, Director of Finance
Stephen Moore, Head of Finance - Cultural and Education District
and Development
Ray Smith, GLA Finance
Rachel Massey, Board Secretary
Sue Riley, Secretariat
1
Apologies for absence
1.1
There were no apologies for absence. The Chair welcomed Sonita Alleyne to her
first meeting of the Committee and also Stephen Moore, the newly appointed Head
of Finance for the Cultural and Education District and Development.
2
Declarations of interest
2.1
The Chairman noted that Members had declared registrable interests in line with
the relevant Standing Orders and asked Members to confirm if they had any
interests or additional interests to be declared related to matters listed on the
agenda other than those already made and included in the register.
2.2
There were no additional declarations of interest.
3
Minutes of the previous meeting held on 9 November 2016
3.1
It was agreed that the minutes of the meeting of the Investment Committee
held on 9 November 2016 be signed by the Chairman as a correct record.
4
Matters arising and actions list
4.1
The Committee noted the Actions List.
5
Cultural and Education District project management partner update
5.1
The Executive Director of Construction presented the report providing an update
on the management arrangements for the Project Management Partner
appointment between the Legacy Corporation and Mace Limited for the Cultural
Education District capital programme of works.
5.2
The detailed proposed management arrangements were set out in Part 2 of the
agenda.
5.3
The Committee noted the report.
6
Cultural and Education District update
6.1
The Executive Director of Development introduced the update relating to the
Cultural and Education District project, detailing progress with Stratford Waterfront
and UCL East projects.
6.2
Further detailed information was set out in Part 2 of the agenda.
6.3
The Committee noted the update.
7
November 2016 Management Accounts
7.1
The Director of Finance presented the Management Accounts for the period
ending 30 November 2016.
7.2
The Finance and Corporate Services capital expenditure year to date reflected a
repayment of VAT in respect of prior periods, the forecast includes an estimated
payment of corporation tax of £4.8m. All other variations with the accounts had
been outlined at previous meetings. Revenue income was forecast to be
favourable ahead of budget by year end.
7.3
Development expenditure was down, due to delays in the Eastwick and
Sweetwater infrastructure works and the rescheduling of the 3 Mills River Wall
project. Capital receipts from Development for the year were forecast to be £26m
less than budget due to slippage of projected receipts from the Chobham Manor
development but it was anticipated that the receipts would come through in the first
quarter of 2017-18.
7.4
Tables clearly setting out the LLDC’s income and expenditure, balance sheet and
GLA funding requirement were included in the report as previously requested.
2
7.5
The Chair sought clarification on the valuation methodology being utilised in
relation to E20 investment balances for the statutory accounts as at 31 March
2017. The LLDC would, as in previous years take a prudent view of its investment
in E20 and value the investment at zero. The resultant impairment is charged to
capital as agreed with the auditors. GL Hearn property consultants would be
carrying out the valuation of LLDC and E20 land and property.
7.6
The Committee was updated on the delays with Chobham Manor and its impact on
the accounts overall. Slippage had occurred early in the year moving the forecast
completion of Phase 1 to the first quarter of the new year. The development was
still at Phase 1 and Phase 2 piling had begun. The factors which had caused
Phase 1 delay were being addressed in progressing Phase 2.
7.8
The Committee noted the year to date financial position of the Legacy
Corporation as at 30 November 2016 and forecast for the financial year
ending 31 March 2017, as reported in the November 2016 Management
Accounts.
8
Stadium Relocatable Seating Contract Award Recommendation
8.1
The Executive Director of Construction introduced the report providing an update
on the outcome of the procurement process for E20 Stadium LLP to appoint a
contractor to operate and maintain the relocatable seating within the Stadium at
the Queen Elizabeth Park.
8.2
The outcome of the tender evaluations was provided in Part 2 of the agenda.
8.3
The Committee noted the report.
9
Any other business the Chairman considers urgent
9.1
There was no urgent business.
10
Date of next meeting
10.1
The Committee noted that the next meeting was due to be held on 21
February 2017 at 10.00am
11
Member suggestions for future agenda discussions
11.1
There were no suggestions raised.
12
Exclusion of the press and public
12.1
It was agreed that the public and press be excluded from the meeting, in
accordance with Part 1, paragraph 3 of Schedule 12A to the Local
Government Act 1972 (as amended), in order to consider the exempt papers.
Each of these papers contained information relating to the financial or
business affairs of a person or authority.
13
Minutes of the previous meeting held on 9 November 2016 that contain
3
exempt information
13.1
It was agreed that the minutes of the meeting of the Investment Committee
held on 9 November 2016 containing exempt information be signed by the
Chairman as a correct record.
14
Matters Arising and actions list
14.1
The Committee noted the Actions List.
15
Cultural and Education District project manager partner update - Exempt
information relating to the item on Part 1
15.1
The Executive Director of Construction presented the report containing exempt
information on the principles and approach to the Project Management Partner
appointment.
15.2
The Committee approved the recommendation as set out in the report.
16
Cultural and Education District update - Exempt information relating to the
item on Part 1
16.1
The Executive Director of Development presented the report containing exempt
information, on the key issues related to the Culture and Education District.
16.2
The Committee agreed the recommendations as set out in the report.
17
Stadium Relocatable Seating Contract- Exempt information relating to the
item on Part 1
17.1
The Executive Director of Construction introduced the outcome of the procurement
process for E20 containing exempt information, to appoint a contractor to operate
and maintain the Stadium Relocatable Seating over a five year period.
17.2
The Committee agreed the recommendations as set out in the report.
18
Close of Meeting
18.1
The meeting ended at 3.45pm.
Chairman
Contact Officer:
Date
Rachel Massey, LLDC, Level 10, 1 Stratford Place, Montfichet Road,
London E20 1EJ, Tel: 020 3288 1829, Email:
[email protected]
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