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2.3
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Minutes of the meeting held on 27 November, 2002, subject
to the correction to the spelling of the name of Mr. Simon Gergel,
H.S.B.C. Asset Management.
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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
Report for the period up to 31 December, 2002. A presentation
document was presented to the meeting.
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The Asset Management representatives reported that the
investment objectives is to grow the capital in line with inflation
and generate income sufficiently to meet the cash flow requirements
agreed annually with the trustees. The agreed strategy is to
add 1% p.a. above the benchmark over rolling 3 year
period.
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For the quarter ending on 31 December, 2002 the portfolio
showed a return of 3.4% against a benchmark return of 4.1%.
The market value of the fund was £10,400,880.
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The representatives reported that due to the potential war
in Iraq, the markets are volatile.
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The Treasurer reported that a report will be submitted to
the next meeting of the full Charitable Trust regarding the future
spending projections of the Trust.
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RESOLVED to accept the contents of the
report.
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Submitted - a report by the Treasurer in relation to the
land at Amlwch Port which the Trust owns. The Grade II listed
building Mona Mill stands on this land.
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The Treasurer reported that parts of the land has formerly
been used as a refuse tip. As a result there is some
contamination on the site. A study carried out on behalf of
the Council in 1996 concluded that there was no need to exclude the
public but excavation should be limited and sealing
desirable.
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In 2001 the WDA supported the refurbishment of Mona Mill
be a derelict land grant. The Trust has agreed to draw up a
25 year public access agreement which would guarantee the public
right of access onto the land. The land seems most suited to
continue as amenity land for the quiet enjoyment of the public and
is unlikely to have any commercial value.
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4........
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The Treasurer reported that agents from Welsh Water have
contacted him regarding development of a waste water treatment
works on land adjoing the Trust's land. Landscaping
associated with the proposed works may extend onto the Trust's land
and believe it would be in the interest of the Trust to co-operate
with Welsh Water and seek some improvement to the amenity offered
by the land as a result of the work. Proposals from Symonds
Group, acting on behalf of Welsh Water, outlining three possible
options for planting works was distributed to the members of the
Committee.
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Mr. John Byast noted that Amlwch Town Council have been in
preliminary discussion with Dwr Cymru regarding this proposed
Site.
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Following discussions it was RESOLVED, in principle, to seek to co-operate with
Welsh Water in order to secure improvements to the Trust's land
but that members of the Sub-Committee should visit the site
in question before expressing any views on proposed
options.
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VICE-CHAIRPERSON IN THE CHAIR
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