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Shareholder Committee Report of the Head of HR and OD |
15 June 2022 |
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City of York Trading Ltd Update
Purpose of Report
1. To consider the City of York Trading Ltd performance update June 2022, including the draft final outturn for 2021/22 (subject to audit) and budget 2022/23 provided as confidential Annex A.
2. To approve the recommendation in the report of the City of York Trading Ltd Remuneration Committee provided as confidential Annex B.
3. The performance update is private due to the commercial sensitivities and the report of the Remuneration Committee is private due to it containing personal details.
Recommendations
4. Note the performance update from City of York Trading Ltd attached at Annex A to this report.
Reason: To ensure the Council is updated on the performance and financial circumstances of City of York Trading Ltd.
5. Approve the recommendation from City of York Trading Ltd’s Remuneration Committee attached at Annex B.
Reason: To ensure the Company appropriately and fairly remunerates its staff.
Background and analysis
6. City of York Trading Ltd (trading as WorkwithYork, WorkwithSchools and WorkwithYorkshire) was formed in 2011 with the intention of supplying temporary staff to City of York Council (CYC), to schools (in and around the York area) and to other outside organisations.
7. Through City of York Trading Ltd, CYC makes a saving compared to the cost of agency staff on the open market.
8. In addition, the payment of an annual dividend from the Company’s profits is designed to assist CYC’s financial position.
Key Company Matters 2022/23:-
9. The Company’s Board of Directors currently comprises :-
· Karen Bull (Managing Director)
with Non-Executive Directors
· Cllr Ian Cuthbertson (Chair)
· Cllr Kallum Taylor
· Cllr Simon Daubeney
· Oliver Wright
· Ann Vickers
10. The Company’s Management Accountant prepares financial reports and the Managing Director prepares performance reports on a monthly basis. Company Board meetings are held monthly to coincide with this reporting.
11. The Company’s draft financial outturn for 2021/22 is positive with both turnover and profit above budget, however the Company’s accounts are currently subject to Audit and so statutory accounts have not yet been prepared. The Company’s Board of Directors agreed a budget for 2022/23 on 25 March 2022. Further information is provided to the Shareholder Committee within the performance update June 2022 (confidential Annex A).
12. The Company’s Remuneration Committee (comprising Non-Executive Directors only), has prepared a report containing recommendations to the Shareholder around pay (provided to the Shareholder Committee as confidential Annex B), however this contains information relating to individuals and the financial affairs of particular persons and is not for general circulation.
13. Key Performance Indicators are monitored on weekly and monthly basis.
14. Marketing activities continue, including utilisation of the Company’s websites and social media channels.
Procurement
15. The Company’s main procurement is of temporary staff to provide to clients including CYC. Owing to the nature of the Company’s business, other procurement is very modest by comparison and so the Company has no formal procurement policy – offices and IT systems/equipment are supplied at market rate by CYC, and the majority of general expenditure (mostly stationery, office consumables) is with YPO. Where new services are required, at least 3 quotes are obtained, with local SMEs utilised where feasible.
Sustainability
16. Due to the nature of the Company’s business, it runs no fleet of vehicles or large plant or machinery. The Company has just moved into new offices leased from CYC. The building has undergone a programme of repair and refurbishment and all old fluorescent and filament bulb lighting were replaced with environmentally friendly LEDs, which use less energy and last longer. Staff will work on a hybrid basis and many candidate and client meetings will continue to be virtual, reducing travel. The building is close to bus routes and the railway station and staff cycle and walk to work where they can. The Company will again source a Green Energy supplier for this new building in line with its previous arrangements at Kings Court.
Risk Management
17. There are no specific risk issues arising from this report.
Implications
18. There are no financial, legal, HR, equalities, crime and disorder, information technology, property or other implications arising from this report.
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Author: |
Chief Officer responsible for the report: |
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Karen Bull, MD CYT Ltd
Helen Whiting Head of HR and OD |
Debbie Mitchell Chief Finance Officer |
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Report Approved |
X |
Date |
7 June 2022 |
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Wards Affected: |
All |
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For further information please contact the author of the report |
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Annexes
Annex A – CYT Performance Update June 2022
Annex B – Report of the City of York Trading Ltd Remuneration Committee