Issue - meetings

In accordance with the Charter Trustees Financial Regulations which state:

“The Charter Trustees’ banking arrangements, including the bank mandate, shall be made by the RFO and approved by the Charter Trustees. They shall be regularly reviewed for control and efficiency.”

Charter Trustees are advised of the future banking arrangements whereby from 1 April 2022 all 3 current suppliers to BCP have been combined into one and in accordance with the Financial Regulations are asked to approve these arrangements.  

The Charter Trustees were advised that the Financial Regulations state: “The Charter Trustees’ banking arrangements, including the bank mandate, shall be made by the RFO and approved by the Charter Trustees. They shall be regularly reviewed for control and efficiency.”

The RFO reported that BCP Council had recently retendered for its banking supplier and Barclays was the successful contractor.  The proposal was for a bank account for the Charter Trustees to be set up on 1 April 2022 with the successful contractor.  The Charter Trustees were advised of the potential advantages for the Charter Trustees in using BCP Council’s banking supplier.

Charter Trustees in considering the proposals raised a number of issues including:

• was it possible to have a different banking provider from BCP Council – what was the logic in having one supplier and what was the benefit? The RFO explained that having one supplier enabled the administration process to be simpler.
• as a separate organisation should the Charter Trustees stand alone.  Issues were raised relating to the successful contractor known as one of the “dirty dozen”. The Charter Trustees should be provided with options for consideration before selecting its banking supplier whilst ensuring the security of public funds.
• making the decision based on sound financial evidence
• there were national banks with better ethical credentials
• scaling the environmental parameters and considering the size of the budget and the tender.
• that BCP Council has followed due process and the successful tender should be accepted

Councillor Slade highlighted the lack of reports for each item on the agenda and the need for the Charter Trustees to have relevant information to make informed decisions.  It was suggested that the matter was postponed.

The RFO outlined that potential cost implications for the Charter Trustees.  He explained that if the Council’s banking supplier was not used the Charter Trustees would not benefit from the economies of scale and may be subject to considerable banking fees. 

The Honorary Clerk suggested that a report be submitted to the next meeting of the Charter Trustees to outline the issues raised and the available options.

RESOLVED that a report be submitted to the next meeting of the Charter Trustees in January 2022 to outline the issues raised and the options to enable the Charter Trustees to make an informed decision on its banking supplier from 1 April 2022.

Voting: Agreed

In accordance with the Charter Trustees Financial Regulations which state:

“The Charter Trustees’ banking arrangements, including the bank mandate, shall be made by the RFO and approved by the Charter Trustees. They shall be regularly reviewed for control and efficiency.”

Charter Trustees are advised of the future banking arrangements whereby from 1 April 2022 all 3 current suppliers to BCP have been combined into one and in accordance with the Financial Regulations are asked to approve these arrangements.  

The Charter Trustees were advised that the Financial Regulations state: “The Charter Trustees’ banking arrangements, including the bank mandate, shall be made by the RFO and approved by the Charter Trustees. They shall be regularly reviewed for control and efficiency.”

The RFO reported on the future banking arrangements whereby from 1 April 2022 all 3 current suppliers to BCP have been combined into one and Barclays would be the Council’s supplier. The RFO outlined the potential advantages for the Charter Trustees in using BCP Council’s banking supplier.

In accordance with the Financial Regulations the Charter Trustees were asked to approve these arrangements.

RESOLVED that the Charter Trustees approve the above arrangements.

Voting: Agreed