Shareholder Committee	23 October 2023
Report of the Assistant Director (Customer, Communities, and Inclusion)

Make It York Update

Purpose of Report

1. To consider reports from Make It York (MIY) on the company’s financial performance since the last report in March 2023.  Included within the MIY report is a copy of the audited annual accounts for 2022/23 and an update of financial and non-financial performance for the trading period April to September 2023. Finally, a financial forecast for 2024/25 and 2025/26.

Recommendations

2. The committee is asked to note the Make It York Shareholder Report at Annex A and the supporting documents from Appendix 1 to Appendix 7 supplied by MIY.

3. To approve the updated Service Specification (SLA) noted at paragraph 14 to 15 and as shown in Annex B

Reason: to ensure the Council is updated on the financial performance of Make It York and approve the revised Service Specification.

Background

4. In May 2022, the Council’s Executive agreed to enter into a new three-year contract with MIY.  A new service specification (or SLA as it is often informally referred to) was negotiated between the Council and the MIY board laid out under four main headings:    

· The Economy: promoting York as a business location through all of MIY’s activity

· Visitor Economy: covering destination management and tourism sector development

· City Centre: covering markets, city centre vibrancy and commercial events

· Culture: focussing on driving the Culture Strategy, major events and the UNESCO Creative City designation

5. The Service Specification sets out key deliverables, outcomes by which performance will be measured, and detailed delivery tasks.

6. Executive agreed that MIY should report to the Shareholder Committee twice a year as follows:

Business plan update

7. MIY have produced the update report shown at Annex A and appendix 6 that provides a line-by-line update against the approved business plan by Shareholder committee in March 23.

8. MIY also provide the Council each quarter with a dashboard report which is attached at appendix 7 of MIY update report, which provides evidence and statistics of the company’s performance for the period Q1 April to June 2023 and Q2 July to September 2023.

Financial update

9. The audited accounts for 2022/23 highlight MIY as a going concern. These can be seen at appendix 1.  MIY made a profit of £187,050 in the year ending 31 March 2023.

10. In the current operational year 2023/24 MIY are reporting a forecasted end of year net profit of £261,977, against the set target budget of £24,190 net profit. The main reason for this increased forecast profit is in relation to a business interruption insurance claim payment as a result of Covid-19.  The full details can be seen in confidential appendix 2.

11. In terms of looking forward, MIY have produced a forecast for 2024/25 and 2025/26 which shows a forecast net profit in both years.  £38,218 in 2024/25 and £45,324 in 2025/26.  This is shown in confidential Appendix 3.

12. MIY have worked closely with officers to monitor the company’s ongoing financial position.  A cashflow forecast (confidential appendix 5) and balance sheet (confidential appendix 6) have also been provided.

13. The shareholder committee can be reassured that officers will continue to work closely with MIY to monitor the financial position.

SLA refresh

14. Under the contract with MIY, it allows for an SLA refresh each year, to ensure the service specification remains up to date and can accommodate changes if required.

15. A number of workshops have been held to review the SLA between MIY and CYC officers, with the updated SLA shown at Annex B to ensure the new Council plan is reflected and some of the out-of-date deliverables removed.

Risk Management

16. There are no specific risk issues arising from this report beyond those highlighted in the text.

Implications

17. There are no additional legal, HR, equalities, crime and disorder, information technology, property or other implications or decisions arising from this report.

Annexes

Annex A – Make It York Shareholder Report

Appendix 1 – MIY Audited Accounts 2022-23

Appendix 2 – MIY Summary Profit & Loss (Confidential)

Appendix 3 - MIY Budget Forecast 2023-2026 (Confidential)

Appendix 4 – MIY Balance Sheet (Confidential)

Appendix 5 – MIY Cashflow Summary (Confidential)

Appendix 6 – MIY Service Delivery Plan Update

Appendix 7 – MIY Company Dashboard Jul - Sept 23

Annex B – Updated SLA

Author:	Chief Officer responsible for the report:
Andrew Laslett Strategic Services Manager (Customer and Communities)	Laura Williams Assistant Director of Customer, Communities and Inclusion
	Report Approved	✓	Date	11.10.23.
Wards Affected:  All
For further information please contact the author of the report