The Committee, in its capacity as shareholder of Reading Transport Limited (RTL), considered a report setting out at Appendix 1 a Shareholder Update Report and 2023/24 Annual Review submitted by RTL.  Provisional Management accounts were attached to the report submitted by RTL at Annexes 1-3.

The cover report set out key points arising from the Shareholder Update including operational performance, financial performance, government funding, fleet replacement, staffing and the pension scheme.  Approval was sought to close the Reading Transport Pension Trustees Limited company once the transfer to a Master Trust was complete.

Resolved –

(1)       That the content of the report and the Shareholder Update Report and 2023/24 Annual Review attached as Appendix 1 be noted;

(2)       That RTL’s provisional management accounts for the year ended 31 March 2024 be noted;

(3)       That the investment plans for 28 new vehicles in 2024/25 (plus a further three delayed from 2023/24 order) in line with the agreed fleet replacement strategy be noted;

(4)       That the dividend position as set out in sections 10.13 to 10.15 of the report be noted;

(5)       That RTL be required to bring forward a Dividend Policy for the Council as shareholder to consider, as part of the interim shareholder report for 2024/25;

(6)       That the closure of the Reading Transport Pension Trustees Limited company following the transfer of the Reading Transport Staff Retirement Scheme to a Master Trust be approved.

(Exempt information as set out in Paragraph 3).