EC Meeting Papers January 2018

EC Minutes November 2017

4.

Financial Position.

4.1 Bro. Nicholls gave a financial overview of GFTU, E.T, nursery and Hotel accounts and the strategy to create income to pay for Education and avoid drawing from capital. 4.2 Bro. Nicholls reported on the investment opportunities that had been investigated over the last five years. Extensive due diligence into a number of opportunities had eventually concluded that investment on the Quorn site was the favourable option and this was endorsed by the BGCM. This strategy, like all others needed constant review. 4.3 EC members discussed plans and complications involved with the new development which rested on a predicted income of £70k per annum from the new nursery, £85k from the housing development and £246k from the extended hotel.

4.4 6.3 Bro. Nicholls discussed the new build of the nursery and discussions that were held at the Finance and General Purpose’s meeting 7 th November 2017.

4.5 Bro. Smith introduced Sis. Wendy Cheung (Senior Finance Manager) who reported on the current nursery performance and confirmed that the nursery was struggling to perform due to high overheads and the negative effects of government funding.

4.6 EC members discussed the possible closure of the nursery and alternative

opportunities for the building and also re-employment opportunities for the twelve members of nursery staff and children’s alterative nurseries within the local area.

4.7 Bro. Smith reported that further discussion regarding the nursery’s position would take place during January’s Finance and General Purpose Meeting.

4.8 Sis. Cheung thanked to Bro. Linn for Funding Circle recommendation given at previous EC meeting.

4.9 Bro. Lawrence questioned if the high increase of business rates had been challenged and offered potential help and advice if needed.

4.10 Bro. Smith advised a new Finance and General Purpose Committee member was needed to replace Bro. Rickhuss due to his current workload.

Sis. Easton was appointed by EC approval to the Finance and General Purposes Committee.

Bro. Nicholls to send email confirmation of the nursery decision to all EC members after the next Finance and General Purpose meeting taking place 14 th December 2017.

5.

Proposal on Affiliation Fee 2018

5.1 Bro. Nicholls reported that affiliation fees are 98p per member per year. The Finance and General Purpose committee recommended to keep the fee for 2018.

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