Issue - meetings

Report of the Chief Executive

The Director for Finance and Corporate Services provided the Group with a brief update of the position of Streetwise, explaining that with Cabinet approval the /streetwise services would be brought back in house on 1 September 2022. Therefore, the Annual report presented being presented for scrutiny details the performance for the previous year 2021/22.

Mr Emmerson, Company Secretary, Streetwise Environmental continued presenting the annual reports for Streetwise Environmental Ltd and Streetwise Trading Ltd, wholly owned companies of Rushcliffe Enterprises Ltd (Rushcliffe Borough Council) 2021/22.

Mr Emmerson explained some of the key figures and performance indicators provided in the appendices with the report, highlighting the improved position in respect of the balance sheets, including cash reserves and tangible fixed assets such as vehicles, equipment, stock and debtors.

In respect of performance, Mr Emmerson explained that the loss of a large contract and the impact of Covid had seen a drop in turnover. However, the company had continued to deliver in other areas which provide a favourable financial position going forward.

The Group noted that the Managing Director had left in May 2022 and questioned whether he had set budgets/targets to grow the business and had these been achieved. Members also asked specific questions in relation to the Key Performance Indicators (KPI’s) and whether these raised any concerns with Cabinet and what happens next with the Company.

Mr Emmerson explained that as the company secretary he was confident that the reports provided were a true reflection of the Company and its financial position was good with business steadily improving. The Director for Finance and Corporate Services added that the company had been through a couple of challenging years due to the Covid pandemic and that profit margins were tight due to the nature of the business.

Members of the Group highlighted that the original business plan was to create a Social Enterprise Project and questioned whether this was achieved. The Group also asked what has been learned and how is this recorded future projects. The Group requested that for future scrutiny reporting could certain elements/targets be added that reflect the Council’s Corporate Priorities, for example: Social Impact, Environmental Impact and a Carbon Management Plan. The Director for Finance and Corporate Services added that he would feedback these suggestions to Cabinet.

It was RESOLVED that the Group note the Streetwise Annual Report from the Chief Executive and provide comments to Cabinet.