Meeting documents

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 28 November, 2003 were confirmed.

3

INVESTMENT MANAGEMENT

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

Ms. Jenine Langrish, Asset Management reported that H.S.B.C., have found an error which meant that rebates of fees in relation to the pooled funds had not been returned to the account.  This had now been put right with a reimbursement, including interest, of a little over £70,000 to the Isle of Anglesey Charitable Trust.   Ms. Langrish apologised for the error on behalf of H.S.B.C.

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 the rolling 3 year period.

For the quarter ending 31 December, 2003 the portfolio showed a return of 19.1% against a benchmark return of 18.1%.  The market value of the fund was £12,073,256.

It was further reported that after three years of decline equities had a good year bu are now expected to be more steady in value.  It was noted that interest rates are expected to rise slowly, but inflation is low and consumption growth is slowing.

RESOLVED to accept the contents of the report.

G.W. ROBERTS O.B.E.