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

That the report be received.

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

1.2 Members will note that Premises and Transport are continuing to run outside the budgeted predictions. As reported previously, 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 both of Aegis’s gear boxes.

1.3 Further expenditure of about £7,500 has been necessary in relation to the replacement with reconditioned units of the failing raw water pumps on board Aegis.

1.4 Officers are still liasing 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.

1.5 The majority of the Committee’s funds continue to be invested with Lancashire County Council – the current rate of 5.85% per annum is very competitive compared with those offered by banks or other acceptable institutions.