To provide Members with an up to date summary of the Committee’s financial situation.

1.1 The report for the first month of the current financial year is attached (see Annex A).

1.2 As is usual in April, a disproportionate amount of the year’s budget is expended – this, in particular, is for insurance, subscriptions and the berthing for Aegis at Conwy.

1.3 Members will note that Premises and Transport are running outside the budgeted predictions. The main reasons for these are i) an unexpected loading of our insurance premium following the settlement of a long-running claim against the Committee by a former staff member and ii) the cost of repairs to Aegis’s starboard gear box, following a breakdown at sea.

1.4 Further expenditure of about £7,000 can be expected in relation to the port gear box which has also needed significant repair work.

1.5 Officers are still liaising with Lancaster University and with Estate Agents to try to find alternative accommodation for the Lancaster office – as previously advised, we are unlikely to find anything within our present budget.

1.6 The majority of the Committee’s funds continue to be invested with Lancashire County Council – the current rate of 5.32% per annum (increased during May to 5.55%) is very competitive compared with those offered by banks or other acceptable institutions.