67thMeeting of the Board of Directors – Part I

Thursday 5th April 2012

5pm, Bracton Conference Facility

Board of Directors

Dave MellishChair

Archie HerronVice Chair & Non-Executive Director

Anne TaylorNon-Executive Director

Sally JacobsonNon Executive Director

Paul Ward Non Executive Director

James KellockNon Executive Director

Seyi ClementNon-Executive Director

Steve JamesBoard Advisor

Stephen FirnChief Executive

Helen SmithDeputy Chief Executive & Director of Service Delivery

IfyOkochaMedical Director

Ben TravisDirector of Finance

Simon HartDirector of HR & Organisational Development

In attendance

Ann RozierTrust Secretary & Head of Governance

Action

1. / Apologies for Absence
WilfBardsley / Noted
2&3 / Deferred
4. / Monitor Declaration
Further information is being gathered on the referral to treatment for admitted consultant led services target (foot surgery and dentistry) for the targets and indicators declaration to Monitor. The Board agreed to delegate the submission to DM and SF once a final figure is obtained.
The Board agreed there were no exceptions to report for Governance and that the Trust submits a declaration that the Trust will maintain a financial risk rating of 3 or greater for the next four quarters. / Agreed
5. / The Board agreed the affixing of the Trust Seal to:
Contract and Schedule of Works for reconfiguration and upgrade works at Heath Ward, Bracton – DCB (Kent) Ltd. - £285,974
Contracts and associated documents for the 2nd floor refurbishment of Highpoint House – Cosmur Construction Ltd. - £154,873 / Agreed
Any other business
The Audit Committee met on the 30th March to discuss investment options. As cash balances are now in the region of £70m, the present procedures for investment are inadequate. These are £15m maximum with each of HSBC, Barclays , Lloyds , RBS and Co-op for periods of 3months with the exception of one deposit which can be for 6 months. At present rates for 12 months are higher than for shorter periods. It was agreed at the Audit Committee to recommend to the Board the amendment of the investment rules to the following:
  • Investments in the same banks i.e. HSBC, Barclays , Lloyds , RBS and Co-op.
  • Amount to be increased to a maximum of £20m for each Bank
  • Periods to be one tranche of £20m for up to one year , one tranche to be up to six months and the remainder to be for a maximum of 3 months.
All periods to take account of agreed Board Expenditure Programmes.
The Board agreed the Audit Committee’s recommendation to amend the investment rules.
The Board also agreed that the Working Capital Facility would not be renewed. / Agreed
Next meetingof the Board of Directors
5th May 2012, Boardroom, Pinewood House

I confirm that the minutes of Board of Directors meeting Part I of 5th April 2012are a true record

SignedDate:

Dave Mellish, Chair

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