Shareholder Committee Report of the Head of HR and OD	19 October 2023

City of York Trading Ltd Update

Purpose of Report

1. To note City of York Trading Ltd’s statutory accounts for 2022/223 provided as Annex A.

2.To consider the City of York Trading Ltd Performance Update October 2023  provided as confidential Annex B. The performance update is private due to the commercial sensitivities.

3.Under the terms of the CYT Shareholder Agreement to recommend to the Board of Directors of City of York Trading Ltd which Council Non-Executive Director should be appointed as permanent Chair of the Board of Directors of the Company.

Recommendations

4. Note the statutory accounts for City of York Trading Ltd for the financial year 2022/23 attached at Annex A to this report.

Reason: To ensure the Council is updated on the financial status of City of York Trading Ltd. 

5. Note the confidential Performance Update from City of York’s Trading Ltd attached at Annex B to this report.

Reason: To ensure the Council is updated on the performance of City of York Trading Ltd. 

Background and analysis

6. City of York Trading Ltd (trading as WorkwithYork, WorkwithSchools and WorkwithYorkshire “the Company”) was formed in 2011 with the intention of supplying temporary staff to the Council as WorkwithYork, to local schools as WorkwithSchools and permanent and temporary staff to other outside organisations as WorkwithYorkshire.  

7. Through the Company, the Council makes a cost saving compared to the cost of agency staff on the open market, and is also able to secure staff to cover hard-to-fill roles where permanent recruitment is challenging.

8. In addition, the payment of an annual dividend from the Company’s overall profits is designed to assist the Council’s financial position. 

Key Company Matters 2023/24:-

9. The Company’s contract with the Council has been renewed and now runs to 30^th September 2028, with a further 2 year renewal option.

1.

2.

3.

4.

5.

6.

7.

8.

9.

10. The Company’s Board of Directors currently compromises Karen Bull (Managing Director) with Non-Executive Directors Cllr Kallum Taylor, Cllr Ian Cuthbertson, Cllr Jason Rose,  and Ann Vickers, and usually meets monthly to consider financial and performance reports and discuss strategy going forward. Cllr Ian Cutherbertson is current acting Chair of the Board, pending a final decision by the Shareholder.

11. Oliver Wright resigned as a independent Non-Executive Director in September 2023, owing to other business commitments, and the Company is currently advertising for a replacement. Once the Board of Directors have shortlisted and conducted interviews, the Company will seek the Shareholder’s approval for the appointment of a new independent Non-Executive Director.

10. The Company’s statutory accounts for 2022/23 are attached. They were approved by the Company’s Board on 18^th October 2023 who also declared a Shareholders dividend. The statutory accounts will shortly be filed.

11. Key Performance Indicators are monitored on weekly and monthly basis.

12. Marketing activities continue, including utilisation of the Company’s websites and social media channels.

Risk Management

13. There are no specific risk issues arising from this report.

Implications

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

Author:	Chief Officer responsible for the report:
Karen Bull, MD CYT Ltd Helen Whiting Head of HR and OD	Helen Whiting Head of HR and OD
	Report Approved	X	Date	19/10/23
Wards Affected:					All
For further information please contact the author of the report

Annex A - Statutory accounts for City of York Trading Ltd for the financial year 2022/23

Annex B– CYT Performance Update October 2023  CONFIDENTIAL