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, 26th November, 2004
INVESTMENT AND CONTRACTS COMMITTEE
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Minutes of the meeting held on 26 November,
2004.
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Mr. G.W. Roberts O.B.E. - Chairman
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Messrs. E.G. Davies, J. Arthur Jones, John
Roberts,
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H.S.B.C. Asset Management
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Ms. Jenine Langrish - Director
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Messrs. H. Eifion Jones, Aled M. Jones.
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Mr. G.O. Parry M.B.E. - Chairman of the Charitable
Trust
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1
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DECLARATION OF INTEREST
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No declaration of interest was received in respect of any
item of business.
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The minutes of the meeting held on 2 November, 2004 were
confirmed.
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Submitted - the H.S.B.C., Asset Management Quarterly
Report for the period up to 30 September, 2004. A
presentation document was presented to the meeting.
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The Asset Management representatives reported that the
fund underperformed over the quarter and the twelve month period.
For the year ending 30 September, 2004 the portfolio showed a
return of 10.4% against the benchmark return of 11.9%. The
market value of the fund on 20 November, 2004 was £12.16m.
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The representatives from H.S.B.C., noted that the economic
environment remains relatively benign with the main risk being
continuing oil price rises. It is expected that inflation
will remain low and interest rates to rise gradually with economic
growth continuing, albeit at a slower pace. The environment
favours equities over bonds. Within the equity markets
H.S.B.C., continue to favour the areas with greatest growth
potential such as Asia with the exeption of Japan.
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Concerns were expressed that the quarterly reports for the
whole year have not shown good returns for the Charitable Trust.
The Asset Management representatives agreed that this year
has not shown good returns due to the volatile markets at present.
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RESOLVED to accept the contents of the
report.
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