Agenda and minutes

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Venue: Long Room - Oxford Town Hall. View directions

Contact: Lucy Brown, Committee and Member Services Officer  email:  democraticservices@oxford.gov.uk tel: 01865 252784

Items
No. Item

60.

Declarations of interest

Minutes:

There were no declarations of interest.

61.

Scrutiny comments and/or recommendations

The Group is asked to consider any comments and/or recommendations from the Companies’ Scrutiny Panel on matters not on the agenda.

 

Representatives of the Companies’ Scrutiny Panel may also comment on substantive items.

 

Minutes:

There were no recommendations from the Companies Scrutiny Panel tabled under this agenda item, but members of the Companies Scrutiny Panel contributed to the discussion on all agenda items as minuted.

62.

SJVG Confidentiality and private session

If the SJVG wishes to exclude the press and the public from the meeting during consideration of any of the items on the exempt from publication part of the agenda, it will be necessary for the SJVG to pass a resolution in accordance with the provisions of Paragraph 4(2)(b) of the Local Authorities (Executive Arrangements) (Access to Information) (England) Regulations 2012 on the grounds that their presence could involve the likely disclosure of exempt information as described in specific paragraphs of Schedule 12A of the Local Government Act 1972.

The SJVG may maintain the exemption if and so long as, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

Minutes:

The Shareholder and Joint Venture Group passed a resolution in accordance with the provisions of Paragraph 4(2)(b) of the Local Authorities (Executive Arrangements) (Access to Information) (Enlgand) Regulations 2012 to exclude the press and members of the public on the grounds that Oxford City Council, Town Hall, St Aldate’s, Oxford OX1 1BX their presence could involve the likely disclosure of exempt information as described in specific paragraphs of Schedule 12A of the Local Government Act 1972.

63.

Commentary on the ODS Shareholder Report [private]

The Head of Financial Services will submit a report to the Shareholder and Joint Venture Group which provides an overview on a number of distinct areas outlined within the report.

Minutes:

The SJVG received a report from the Head of Financial Services which provided an overview on a number of distinct areas outlined within the report.

The SJVG discussed the report in private session.  Members of the Companies Scrutiny Panel contributed questions and comments.

The SJVG noted the contents of the report.

Cllr Katherine Miles arrived at the meeting.

64.

Oxford Direct Services Limited

Company Directors:

Tim Sadler (Non-Executive Director, Chair of the ODS Board)

Catherine Pridham (Non-Executive Director, Chair of ODS Audit

Committee)

Michael Whitwell (Non-Executive Director)

Simon Howick (Managing Director)

Gregor Budde (Finance Director)

Others in attendance:

Lindsay Cane (Company Secretary)

David Curtis (Chief Commercial Officer)

Minutes:

Present for this part of the meeting:

Tim Sadler, Chair of ODSL/ODSTL, Non-Executive Director

Catherine Pridham, Non-Executive Director

Michael Whitwell, Non-Executive Director

Tom Hook, Director

Simon Howick, Managing Director, ODS Group

Gregor Budde, Finance Director, ODS Group

Dave Curtis, Chief Commercial Officer, ODS Group

Lindsay Cane, Company Secretary, ODS Group

Anne-Marie Scott, Executive Director of People and Corporate Services, ODS Group

65.

ODS Group Performance Report [private]

Report of: ODS Group Board

Purpose of report: To provide the SJVG with confirmation of the 21/22 close of accounts; an update on 22/23 close of accounts; 23/24 budget and performance; and proposals informing the revised ODS Business Plans 2024/25 to 2027/28.

Recommendations: that the Shareholder and Joint Venture Group resolves:

1.    To note confirmation of 21/22 close of accounts

2.    To note the Board declared a dividend of £4m in October 2023 for the trading period up to March 2022

3.    To note the position regarding 22/23 close of accounts and working assumption is a profit after tax of £1,928k

4.    To note the Board will consider payment of a further dividend from 22/23 trading once the accounts are closed

5.    To note the Board approved the ODS Group budget for 2023/24 with a net profit after tax target of £2,669k

6.    To note the period 7 trading position to date

7.    To note the proposals informing the revised ODS Business Plans due to be approved by Directors in early 2024, which gives draft net profit forecasts over the four-year MTFP period of £7,440k for ODSL and £8,514k for ODSTL.

Minutes:

The SJVG received a report which provided confirmation of the 2021/22 close of accounts; an update on the 2022/23 close of accounts; the 2023/24 budget and performance; and proposals informing the revised ODS Business Plans for 2024/25 – 2027/28.

The SJVG discussed the report in private session and members of the Companies Scrutiny Panel contributed questions and comments.

The SJVG resolved:

1.    To note the confirmation of 2021/22 close of accounts.

2.    To note the Board declared a dividend of £4m in October 2023 for the trading period up to March 2022.  Following the Board’s agreement in October 2023 to pay a dividend of £4m for the trading period up to March 2022 to agree by ordinary resolution that a payment of a dividend in that sum be declared.

3.    Note the confirmation of ODS Group net profit after tax for 2021/22 is £2,783,932 and the working assumption based on draft accounts for 2022/23 is a profit after tax of £3,090,090.

4.    Note the 2023/24 trading position at period 2.

5.    Note the update regarding a potential acquisition.

6.    Note the group principal risks and mitigations.

66.

Minutes of the previous meeting [private]

Recommendation: to approve the private minutes of the Shareholder and Joint Venture Group meeting on 27 July 2023as a true and correct record.

Minutes:

The Shareholder and Joint Venture Group received the private minutes of the meeting held on 27 July 2023 and approved these as a true and accurate record.