Meeting documents

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
Tuesday, 17th May, 2005

INVESTMENT AND CONTRACTS COMMITTEE

 

Minutes of the meeting held on  17 May, 2005.  

 

PRESENT:

 

Mr. G.W. Roberts O.B.E. - Chairperson

 

Messrs. E.G. Davies, A.M. Jones, H. Eifion Jones,

J.A. Jones, Bob Parry O.B.E., John Roberts.

 

 

 

IN ATTENDANCE:

 

Secretary,

Treasurer,

Committee Officer (MEH)

 

 

 

APOLOGIES:

 

Mr. E. Schofield

 

 

 

ALSO PRESENT:

 

Mr. G.O. Parry M.B.E. - Chairman of the Charitable Trust

 

 

Members referred to the hospitalisation of Mr. E. Schofield.  It was agreed that a letter be sent to Mr. Schofield expressing the Committee's best wishes for a speedy recovery.

 

 

ITEMS WHICH WERE TAKEN IN PUBLIC

 

 

1

DECLARATION OF INTEREST

 

No declaration of interest was received in respect of any item of business.

 

2

MINUTES

 

The minutes of the meeting held on 8 February, 2005 were confirmed.

 

3

INVESTMENT MANAGEMENT

 

Submitted - the H.S.B.C. Investments (U.K.) Limited Quarterly Report for the period 31 March, 2004.  A presentation document was presented to the meeting.

 

The representative from H.S.B.C. Investments (U.K.) Limited reported that the capital had grown in line with inflation and has generated income sufficient to meet the cash flow requirements agreed annually.  For the year ending 31 March, 2005 the portfolio showed a return of 11.8% against the benchmark return of 11.1%.  The market value of the fund was £12,330,854.  It was noted that the Japanese assets had been transferred into the Index fund.

 

It was reported that after a strong end to 2004, equity performance was mixed for the First Quarter of 2005.  Concerns regarding oil prices and US interest rates dampened investor enthusiasm for equities.  
 

 
 

The Treasurer observed that the Trust would be glad to see an improvement in performance in the latest quarter but this would need to be sustained if earlier disappointing results were to be overcome.
 

 
 

RESOLVED to note the contents of the report.
 

 
 

 
 

ITEM WHICH WAS TAKEN IN PRIVATE
 

 
 

 
 

4

LAND AT RHOSGOCH
 

 
 

Submitted - a joint report by the Secretary/Treasurer/Senior Valuation Officer in relation to the above.
 

 
 

The Secretary reported that the Property Unit was requested at the meeting of this Committee to market the Rhosgoch land, with Expressions of Interest to be submitted by 26 October, 2004.  Of the several parties who initially expressed an interest, only three confirmed firm interest and subsequently met the Trust's representatives.
 

 
 

It was noted that Shell are happy to discuss the disposal of the pipeline connecting Rhosgoch with Amlwch Shore Station.  They have abandoned the offshore section connecting it to the mainland, and the land has reverted back to the Crown Estate.
 

 
 

Due to the various interest shown in the site, and the nature of their land requirements, there appears to be a firm possibility for the Trust to maximise returns by disposing of the site in smaller lots, as opposed to the entire 200 acres in one transaction.  
 

 
 

Prior to Tenders going out to parties who have shown an interest, advice should be sought from the District Valuer and the Council's Legal Department as to the precise wording of the tender document, in offering the site as a whole and in parts, and any clawback provisions to be detailed in the sale.
 

 
 

Members of the Committee were of the opinion that leasing of the land at Rhosgoch should be considered as an option, which would allow the land to be still in the ownership of the Charitable Trust.
 

 
 

RESOLVED to accept the report.
 

 
 

 
 

MR. G.W. ROBERTS O.B.E.
 

CHAIRPERSON