Meeting documents

ITEMS TAKEN IN PUBLIC

1

DECLARATION OF INTEREST

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

2

MINUTES

The minutes of the meeting held on 5 September, 2003 were confirmed.

3

INVESTMENT MANAGEMENT

Submitted - the H.S.B.C. Asset Management Quarterly Report for the period up to 30 September, 2003.  A presentation document was presented to the meeting.

The Asset Management representatives reported that the investment objectives for the fund is for the capital to grow 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 the rolling 3 year period.

For the quarter ending 30 September, 2003 the portfolio showed a return of 15.7% against a benchmark return of 15.1%.  The market value of the fund was £11,342,444.

RESOLVED to accept the contents of the report.

ITEMS WHICH WERE TAKEN IN PRIVATE DUE TO THE COMMERCIAL SENSITIVITY OF THE MATTER

4

RHOSGOCH SITE

4.1

Marketing Brochure

The Treasurer reported that the Sub-Committee had requested at the last meeting, that the brochure prepared by the Surveyors to market the Rhosgoch Site be updated.

Following discussions it was RESOLVED

4.1.1.

    that the four-page leaflet prepared by the Surveyors be updated  in-house to market the site.

4.1.2

     that details of the site be placed on the web site to advertise that the site is available.

4.2

Fees incurred in Marketing 2000

Submitted - a report by the Treasurer following a request by the Sub-Committee on fees paid to the Trust's appointed Surveyors and Solicitors to market the Rhosgoch Site and also to provide an independent report under the Charities (Qualified Surveyors' Reports) Regulations 1992 should this be required.

Details of the fees both paid to the Surveyors and Solicitor was reported to the Sub-Committee.  Concerns were expressed by the Sub-Committee to amount paid to the Surveyors and Solicitors.

RESOLVED to note the report.

4.3

Amenity Use

Submitted - a report by the Treasurer following a request by the Sub-Committee for more details for the proposed amenity uses of the land at Dwygyr, Rhosgoch.

The Treasurer reported that two recent applications have been received and it was considered that the provision for amenity use which may be enjoyed by the Island's residents would fall within the Trust's objectives.  In the case of similar applications which may be received, it is considered no harm in allowing access to the land on certain days for the specified activities, provided that :-

Ÿ

there is no disruption to the grazing rights tenant;

Ÿ

no cost is incurred by the Trust;

Ÿ

there is no risk or potential liability to the Trust.

RESOLVED to agree to such uses of the land being authorised by the Officers subject to the agreement of conditions to protect the Trust's interests as outlined in the report.

5

LAND AT AMLWCH PORT

Submitted - a report by the Treasurer following a request by the Sub-Committee for further information on the proposed Waste Water treatment works and the request by Dwr Cymru/Welsh Water for access through the Trust's land.

The Treasurer reported that Dwr Cymru/Welsh Water have clarified the route over which they seek access which would not conflict with the plan to install a height restriction and gate to the amenity are.  They have also confirmed that they would require a permanent right to use this access.

The Legal Section have advised that to grant such permission would count as a disposal for which a qualified surveyor's report is required under the Charities (Qualified Surveyor's Reports) Regulations 1992.

RESOLVED to authorise the Treasurer to engage a Surveyor in respect of the above.

G.W. ROBERTS O.B.E.

CHAIRPERSON