Investments and Contracts Committee – the charity funds are now administered by the private registered charity, Y Gymdeithas, and the County Council is no longer the trustee
Friday, 10th May, 2002
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INVESTMENTS & CONTRACTS SUB-COMMITTEE
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Minutes of the meeting held on 10 May,
2002
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Mr. O. Gwyn Jones - Chairman
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Messrs. Dr. J.B. Hughes, Richard Jones O.B.E.,
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R.Ll. Jones, John Roberts, Elwyn Schofield.
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H.S.B.C. Asset Management
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Ms. Valerie Pike - Director, Client Investment
Services,
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1
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DECLARATION OF INTEREST
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Mr. E. Schofield declared an interest in respect of any
item of business on the agenda which might relate to the employment
of his daughter within the Education and Leisure
Department.
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The minutes of the meeting held on 27 March, 2002 were
confirmed.
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The Treasurer reported on the recent income projections,
which was circulated to the members of the committee, which shows
that Charitable Trust can spend the £1.8m earmarked over the
six year period towards regeneration projects. He further
noted that discussions are still taking place regarding the Trust
fund portfolio and that a detailed report will be submitted to a
future meeting of this Sub-Committee.
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Mr. Schofield wished it to be recorded that he is in
favour of the projected spending earmarked for regeneration
projects, but only if the value of the fund is
safeguarded.
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3
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H.S.B.C. ASSET MANAGEMENT - QUARTERLY
REPORT
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Submitted - the H.S.B.C. Asset Management Quarterly
Reports for the quarter to 31 March, 2002. A presentation
document was presented to the meeting.
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The Asset Management representatives reported that the
equity markets built upon the rises of the final quarter of 2001,
but progress was generally modest despite the clearly improving
economic background. The strongest performance came from
Pacific equities, while Europe, the US and UK all produced returns
of just over 2% in Sterling.
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For the 12 months to March 2002 the portfolio showed a
return of -1.2 % against a benchmark return of -1.6%. The
market value of the fund as at 1 May, 2002 was
£12,975.179.
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RESOLVED to accept the
contents of the reports.
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