Finance and Assets Committee Non-confidential minutes of the meeting held on Monday 29th January 2024 at 4.30pm via Microsoft Teams

1.0 Welcome and Apologies

232 Apologies were received from David Marlow, Andrew Simpson and Steve Wooler.

2.0 Declarations of Interest

233 Interests declared:

• JS
  • CEO/Principal Nottingham College 
  • Trustee and Board Members of Skills and Education Group (SEG), awarding organisation and charity 
  • Ofsted Inspector 
  • Member of D2N2 LEP Principals’ Group 
  • Member of the Performance and Quality Committee of Futures Group 

No other interests were declared.

3.0 Minutes of the Previous Meeting 

234 The Committee resolved that subject to a correction to members/attendees the non-confidential and confidential minutes of the meeting held on 27th November 2023 (distributed as F&A.290124.002/003) be approved as a true record.

4.0 Actions and Matters Arising 

4.1 Action Tracker 

235 The open action tracker (distributed as F&A.290124.004) was reviewed. All actions were confirmed complete. 

4.2 Matters Arising 

236 There were no matters arising.

5.0 Management Accounts

5.1 P5 Management accounts 

237 DN took governors through the P5 accounts (distributed as F&A.290124.005),key points highlighted: 

• Nothing to indicate full year EBITDA will not be met 
• Income down against YTD budget, driven by a number of income lines. Largest gap is AEB, since the last meeting this has been realigned to the monthly curriculum plan targets. No risk to larger income lines. Some smaller risks around HE, Advanced Learner Loans and full cost. 
• Pay overall slightly below budget, non-pay spend is below YTD budget. 

238 AC referred to the income profile point raised by the committee at the previous meeting and suggested that this is considered in further detail at the next meeting. The Chair confirmed that it would be useful for the committee to have an increased understanding, and so further assurance, where an income stream is behind the YTD budget, why management have confidence that the full year position will be achieved. (Action AC). AC noted that AEB provides a good example of understanding how profiled income is linked to curriculum planning. 

239 The Committee accepted the report. 

5.2 Enrolment and applications update 

240 CE presented the update report (distributed as F&A.290124.006). She confirmed that the college had secured another cohort of Prince’s Trust and foundation learning students increasing 16-19 enrolments back over 7000. HE enrolments are tracking slightly under target but a cohort of approximately 20 trainee teachers will move that closer to target. AEB is on track to achieve 104% with work underway to achieve the 110% target. 

241 CE advised that successful open day events have been held for 24/25 admissions. A governor asked what actions were in place to improve internal progression. CE confirmed that the process to secure progressing enrolments starts this week. She confirmed that increased rigour has been introduced with all tutors holding 1:1s with students before half term. A pre-enrolment process will be undertaken to secure places. 

242 The Committee accepted the report.

6.0 Curriculum Contribution Analysis 

243 AC explained that the curriculum contribution analysis undertaken compares the actual performance of curriculum areas against the detailed 22/23 curriculum planning targets (distributed as F&A.290124.007). He noted that this was backward looking and suggested that moving forward reports are brought to the committee inyear to enable oversight of actions being taking to close variances. A report will be brought to the next meeting. Detail is included in the management accounts. 

244 The Committee accepted the report.

7.0 Refinancing 

245 This item was minuted as confidential.

8.0 MIS 

246 RW provided governors with an update on the progress of the MIS Delivery Plan (distributed as F&A.290124.009). The committee noted the positive progress made and accepted the report.

9.0 IT 

247 The committee received the IT strategy delivery plan update (distributed as F&A.290124.010). RW confirmed that work was now underway on a new IT Strategy and that this would be brought to committee for review in the summer term. He highlighted the need for continued investment in IT and noted the successful work of the bids team to support ongoing investment. AC highlighted the potential risk to the required level of investment in IT if grant funding cannot be secured. Governors considered the rate of depreciation. A governor queried the progress towards cyber essentials, RW confirmed that progress continues to be made but also noted that the threshold continues to move. A governor reflected on the positive changes made over the last 3 years, the committee commended RW and his team and accepted the report.

10.0 Estates 

10.1 Estates and Projects Update 

248 Governors received and noted the report (distributed as F&A.290124.011). Further detail on this item is minuted as confidential. 

10.2 Transfer of Automotive Provision 

249 Governors received an update on the proposed timeline for the project (distributed as F&A.290124.012). Further detail on this item is minuted as confidential. 

10.3 Phase 2 works to 25 Stoney Street 

250 Governors received an update on the phase 2 works to 25 Stoney Street (distributed as F&A,290124.013). GM confirmed that a proposal for recommendation to Board would be brought to the next meeting of the committee. Governors noted the timeline.

11.0 Health and Safety 

251 The Committee received a report on the outcome of the recent Health & Safety internal audit together with a copy of the report (distributed as F&A.290124.014). He confirmed that the completion of the recommendations within the required timescale was being undertaken as a high priority. Completion of the recommendations will be monitored by the Adult Committee but will also be brought to this committee as it has oversight of Health & Safety. AC explained to the committee the proposal that an additional level of oversight is put in place by the creation of a new Health & Safety and Environmental Committee with ELT and governor involvement. The existing Health & safety Committee will remain in place to focus on operational matters, the new committee will hold the Director of Estates and Capital Projects, the Head of Estates and Facilities and the Health & safety Manager to account. After discussion the committee supported this new arrangement as an interim solution for 2024. The Health & Safety and a new Environmental and Sustainability link governor will join the new committee.

12.0 Insurance

252 DN asked the committee to recommend the extension of the current insurance contract with FE Protect for a further 2 years as provided by the current contract (report distributed as F&A.290124.015). Governors queried if this was the best option for the college and whether procurement regulations would be served. DN explained the limited number of providers in the FE sector market and reflected positively on the level of service provided, he also highlighted the ability to extend the contract as provided in the 2021 original procurement process. The committee agreed to recommend approval of the extension to the contract to the Board and requested that the paper be expanded to include that detail. (ACTION DN).

13.0 Fees Policy

253 The committee reviewed the 2024-25 Fees Policy (distributed as F&A.290124.016) and agreed to recommend the policy to the Board for approval.

14.0 Review of Risks

254 The committee received and noted the finance section of the risk register (distributed as F&A.290124.017). Governors confirmed that they were content with the approach.

15.0 AOB 

255 None

16.0 Date of the Next Meeting 

256 The next Finance & Assets Committee meeting will be held on Monday 11th March 2024 at 4.30pm via MS Teams.