Agenda and minutes

To receive any declaration of interest by any Member or Officer in respect of any item of business.

No declaration of interest received.

To submit, for confirmation, the minutes of the previous meeting of the Isle of Anglesey Charitable Trust held on 15 December, 2016.

The minutes of the previous meeting of the Isle of Anglesey Charitable Trust held on 15 December, 2016 were confirmed subject to the amendment to the resolution with regard to Item 6 – Governance Review of the Isle of Anglesey Charitable Trust as follows :-

‘That there be 2 Independent Trustees if the Isle of Anglesey Charitable Association is established’.

ARISING FROM THE MINUTES

Larger Grants – Progress Report

The Treasurer reported that 31 applications had been received following the closing date for larger grant applications.  Officers will now evaluate the applications with regard to the qualifying criteria of the Charitable Trust and thereafter will be presented to the Regeneration Committee to be held on 10 February, 2017 for consideration.

To submit, for adoption, a report in relation to the Annual Report 2015/16.

The Treasurer reported that grants were allocated to 68 organisations using the established criteria and the Trust continues to be an important source of funding for local charities, sporting and voluntary organisations. The Trust also continued to fund Oriel Ynys Môn art gallery and the activities held at the Oriel were noted within the report. 

The investment performance of the portfolio of the Charitable Trust has realised an investment income of £585,561being £175,583 above the target of £409,978.  

The current value of the fund as at 31 March, 2016 stood at £19.070m, compared to £20.030m at 31 March, 2015.  The fall was mainly due to a fall in the market value of UK Equity investments.  The Treasurer clarified to the Committee that the value of the investment is at one point in time and since the end of the financial year the value of the investments and in particular UK Equity investments, have improved considerably and the current value of the fund now exceeds the value at 31 March, 2015.

RESOLVED to approve the Annual Report and Accounts for 2015/2016 and to authorise the Chair to sign the final version.

To submit a report by the Treasurer in relation to the above.

Submitted – a report by the Treasurer in relation to the above.

The Treasurer stated that the report is to confirm the funding allocations for 2017/18.  The current value of the Charitable Trust portfolio is £22,487,169.  The latest projection for investment income during 2017/18 is £675,000.  He noted that the Trust and its meeting held on 13 September, 2016 agreed to pay a contribution for the salaries of the Officers of the Isle of Anglesey County Council acting on behalf of the Trust.  The budget for this in 2017/18 is £30k. 

The recommended grants budget for 2017/18 is :-

Oriel Ynys Môn                                                                    £215k

Village Halls                                                                           £70k

Community and Sporting Facilities & Minor Grants      £100k

Larger Grants – Long Term Commitments :-

Anglesey Young Farmers                                                  £30k

Urdd Gobaith Cymru                                                           £40k

Ynys Môn Island Games Association                               £40k

Menter Môn                                                                         £110k

It is proposed to cut the budget for the Village Halls from £80k as awarded in 2016/17 to £70k.  This is reflected in recent take up from the Village Halls budget.

It is also proposed to cut the budget for the Community and Sporting Facilities and Minor Grants from £125k as awarded in 2016/17 to £100k.  This is reflected in recent take up from the Community and Sporting Facilities and Minor Grants budget.

The Treasurer further reported that at its meeting on 1 November, 2016, the Investment and Contracts Committee resolved that an allocation of £350k be made available for funding towards larger grants in 2017/18.

Matters raised by Members of the Charitable Trust :-

·           Questions raised as to terms of the grant afforded to Menter Môn with regard to match-funding from European resource and whether monitoring of the project takes place.  The Treasurer responded that a monitoring process has been put in place and an update report will be presented to the Committee to detail the progress of the grant funding by Menter Môn;

·           Members expressed concerns that the grants to Village Halls and Community and Sporting Facilities and Minor Grants had been reduced.  It was recommended that the grants be reinstated and that the advertisement for the annual small grants should be enhanced similar to the larger grants through the website and social media;

·           Members considered that the Regeneration Committee should carefully consider the applications received for larger grants as it may materialise that most of the applications may be worthy of support.  The Treasurer responded that the Regeneration Committee may request the full Trust to increase the allocation towards larger grants but the Trust must be aware that it depends on the growth of the Trust fund during the financial year; HSBC Investment Management will forecast the growth of the investment of the Trust fund.

It was RESOLVED :-

·           To adopt a budget for 2017/18 as follows :-

Oriel Ynys Môn                                                                        £215k

Village Halls                                                                              £80k

Community and Sporting Facilities & Minor Grants      £125k

Isle of Anglesey County Council (contribution for         £30k

the salaries of the Officers of the County Council)

Larger Grants from the Capital Fund  ...  view the full minutes text for item 4.