Meeting documents

1

DECLARATION OF INTEREST

No declaration of interest was received by any Member or Officer in respect of any item of business on the Agenda.

2

MINUTES

The minutes of the meeting held on 13 February, 2003 were confirmed.

3

H.S.B.C. ASSET MANAGEMENT - QUARTERLY REPORT

Submitted - the H.S.B.C. Asset Management Quarterly Report for the period up to 31 March, 2003.  A presentation document was presented to the meeting.

The Asset Management representatives reported that equity markets fell over this quarter, which was marked by high volatility as economic news competed with geopolitical events.  At the end of the last quarter, the portfolios were moved to a neutral equities allocation due to uncertainty over the war and the global economy.  

For the quarter ending on 31 March, 2003 the portfolio showed a return of -5.0% against a benchmark return of -4.9%.  The market value of the fund was £9,724,086.

The Treasurer reported that the full Charitable Trust at it meeting held on 10 July, 2001 resolved to earmark £1.8m from the past capital growth of the Charitable Trust funds toward Objective 1 regeneration schemes.  When the Charitable Trust decided to earmark £1.8m towards these schemes, the Trust long term objective was to keep ahead of inflation and at that time was well ahead of its target.  Earlier in 2003, due to substantial falls in the stock markets it was decided to freeze the money that was not committed to third parties in respect of the regeneration schemes which entailed £1m until such time the stock markets recover.

The Treasurer further reported that the figures reported by the Investment Managers related to 31 March, the balance sheet date, and would feed into the Annual Report of the Charitable Trust.  As a result, the Annual Report is expected to show that the

long-term target set out by the Trust to keep ahead of inflation has not been met, event after freezing the £1m in respect of the regeneration funds.

It was noted that the market value of the fund by the week of the meeting had recovered to £10.5m.   However, the value of the Trust fund would have to see an increase of at least a further £1m growth in the stock market before any consideration could be given to 'unfreeze' the committed funds for the regeneration schemes.

RESOLVED to accept the contents of the report.   

4

LAND AT AMLWCH PORT - AMLWCH AND LLANEILIAN WASTE WATER TREATMENT SCHEME

The Chairperson welcomed representatives from Symonds Group Limited and Dwr Cymru to the meeting in respect of the above.

It was reported that members of this Sub-Committee had visited the site on 10 March, 2003 in respect of the proposed waste water treatment works on land adjoining the Trust's land.  The landscaping associated with the proposed works would extend onto the Trust's land which would see an improvement to the area.

It was noted that the Trust wishes to retain the sporadic use by vehicles onto the highest area of the site which is used for parking to observe passing shipping, fishing and wildlife etc.  The Members wished to retain access but were cautious of their liability in formalising the existing casual access which is currently at owners risk.  A gate was suggested to be locked one day per year to legally prevent continuous access and the ensuing right of access.

The construction of the planting mound was discussed and Symonds Group felt that it would be a core constructed of the material excavated from the tank excavations within the proposed water treatment plant.  Bollards were suggested by members to provided at the top of the car park to prevent accidents by denoting the road edge.

Members of the Sub-Committee were afforded the opportunity to view a revised map of the above proposals.

The Chairperson thanked the representatives from Symonds Group Limited and Dwr Cymru.

RESOLVED to accept the revised proposals and to authorise the Treasurer and the Trust Solicitor to discuss further with Welsh Water - Dwr Cymru and their agents, and to complete necessary agreements to give effect to the proposals.

O. GWYN JONES

CHAIRPERSON