Agenda item

Report of the Director for City Services and Commercial and Director for Coventry Municipal Holdings Limited

The Coventry Shareholder Committee considered a joint report of the Director for City Services and Commercial and the Director for Coventry Municipal Holdings Limited, which set out details of the audited accounts for the years ending 31^st March 2023 and 31^st March 2024 for the Coventry Municipal Holdings Group. 

The Committee noted that the report had also been considered by the Scrutiny Co-ordination Committee at its meeting on 6^th March 2025 (their minute 80/24 refers) and the Audit and Procurement Committee on 17^th March 2025 (their minute 63/24 refers).  A briefing note from the Scrutiny Co-ordination Committee indicating its support of the recommendations within the report was circulated at the meeting.

The Coventry Municipal Holdings Limited (CMH) manages the commercial interests of the wholly owned Council investments in a number of arm’s length company investments, including:

·  Tom White Waste Limited (TW) and Subsidiaries: A&M Metals, TW(LACo) (the Teckal company)

·  Coombe Abbey Park Limited and subsidiaries: No Ordinary Hospitality Management (NOHM) Coombe Abbey Park (LACo) (the Teckal company)

·  Coventry Technical Resources Limited (CTR)

·  Coventry Regeneration Limited (CR_

·  No Ordinary Hotels Limited (effectively a dormant company)

A key legal document called the Group Governance Agreement (GGA) was developed to provide the governance framework for CMH, the parent for the Council’s wholly owned investments.  The GGA stipulates that CMH should produce an Annual Performance Report looking back at the operation of the Group to the year-end.  The Committee noted that the annual report would be presented to Coventry Shareholder Committee each year with the published accounts being presented to Audit and Procurement Committee. 

This report submitted looked at the years ending 31^st March 2023 and 31^st March 2024 for the CMH group of companies based on their audited accounts which were available at Companies House.  Tom White Waste and Coventry Municipal Holdings Group received an extension for filing granted to the 31^st March 2025 and, as such, although they have been approved by the Board of Directors, they may not yet appear on Companies House.  The accounts for all other companies would be available at Companies House. 

The accounts for the year ending 31^st March 2023 for Tom White Waste Limited Group, Coventry Technical Resources Limited and Coventry Regeneration Limited were previously presented to Audit Committee on the 29^th January 2024.

There were a number of challenges with regards to the financial position for the subsidiaries in the group with the leisure sector recovering from the impact of Covid-19 and Tom White experiencing additional operating costs, higher material disposal costs, together with the correction historic accounting practices.  These factors have affected the financial performance as set out in the report.

RESOLVED that, the Coventry Shareholder Committee:

1.  Considered and noted the comments received from the Scrutiny Co-ordination Committee and Audit and Procurement Committee.

2.  Noted the financial position as reported in the Annual Accounts for the Companies to 31^st March 2023 and 31^st March 2024.