Meeting documents

1

DECLARATION OF INTEREST

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

2

MINUTES

The minutes of the following meetings were confirmed :-

2.1

Minutes of the meeting held on 17 May, 2005.

2.2

Minutes of the meeting held on 25 July, 2005.

3

INVESTMENT MANAGEMENT

Submitted - the H.S.B.C. Investments (U.K.) Limited Quarterly Report for the period up to 30 June, 2005.  A presentation document was presented to the meeting.

The Investment Management representatives reported that the fund grow the capital in line with inflation and generated income sufficient to meet the cash flow requirements agreed annually with the trustees.   For the year ending 30 June, 2005 the portfolio showed a return of 15.6% against the benchmark return of 16.0%.  The market value of the fund on September 9 was £13,406,663.86.  It was reported that the U.K. equities were reduced and added to cash.

It was noted that a change was required in one of the funds.  The U.K. Fixed Interest Fund the Charitable Trust hold at the moment is a Luxembourg based fund which was set up for tax advantages at the time.  Due to E.U. tax regulations been changed there are  no longer any advantages to hold this particular fund.

The Investment Management representative recommended that the Charitable Trust should transfer the fund to the H.S.B.C. Common Fund for Income designed for charities.

Mr. Schofield raised questions regarding the H.S.B.C., Corporate Governance Report - U.K. Company Engagement Report and how H.S.B.C., vote on the shares held by the Charitable Trust.

The Investment Management Representative responded that H.S.B.C., vote in accordance with their Corporate Governance Policy.  If the Charitable Trust wished H.S.B.C., to vote differently due to concerns by the Trust in respect of any particular fund H.S.B.C., would always be happy to comply with the wishes of the Charitable Trust.

RESOLVED

3.1

to note the contents of the report.

3.2

that the fund held in the U.K. Fixed Interest Fund should be transfer to the H.S.B.C. Common Fund for Income.

4

ADMINISTRATION OF THE CHARITABLE TRUST

Submitted - the report by Treasurer following a request by the full Charitable Trust held on 28 April, 2005 for this Committee to consider in more detail the administration costs of the Charitable Trust.

The Treasurer reported that he has sought information on other charitable trusts which were reasonably comparable, ie. :-

Ÿ

their income was primarily derived from investments (as opposed to fund-raising, grants etc.);

Ÿ

their charitable activities were primarily the awarding of grants to different organisations (as opposed to specialist charities, direct service provision, or making grants to individuals);

Ÿ

they were neither much bigger than, nor much smaller than, the Isle of Anglesey Charitable Trust.

The information was derived from bodies which were members of the Association of Charitable Foundations, which fit the above criteria and whose recent annual reports (or sufficient extracts) were readily available on the Internet.    The amount they spend on administration and support costs, as a percentage of their spending on charitable activities varied from 7% to 38%.  The average is 21%.  

The Treasurer reported that there were no exact figures, but support the contention that an externally administered Charitable Trust might spend £30k to £100k a year on administration.  This would reduce what was available to spend on charitable activities, by 10% to 20% of annual spending.

Mr. Schofield questioned if any insurance cover was in place to safeguard Trustees and Officers with regard to potential liability on the Charitable Trust.  The Treasurer responded that the County Council is the Corporate Trustee of the Charitable Trust and the County Council is the 'body corporate' which is insured against liabilities.  The Treasurer noted however that the County Council is unable to insure against every eventualities.

RESOLVED to accept the report.  

5

PROPOSED WASTE WATER TREATMENT WORKS, AMLWCH

Submitted - a report by the Treasurer in relation to the above.

The Treasurer reported that in 2003 and 2004, that this Committee approved proposals to work with Dwr Cymru/Welsh Water as they developed a proposed waste water treatment works on land adjoining the Trust's land in Amlwch Port.  This would benefit the Trust by making improvements to its land as part of the scheme.  A copy of the report presented to this Committee on 13 February, 2003 was attached as background information.

It was noted that a site visit and further discussions with Dwr Cymru/Welsh Water and agreement was reached on the aspects of the development which would satisfy the Trust.  At that time the Treasurer was authorised to seek valuers' advice and to agree on the paperwork to put this agreement into practice.

However, following Canatxx Energy Ventures Ltd., buying the Great Lakes site (part of which would be required for the proposed works) and opposing the planning permission, Dwr Cymru/Welsh Water in August 2004 implied that the scheme was unlikely to go ahead.  It now appears that the scheme is under discussion again, with planning permission now applied for again in July 2005.  It was noted however, that there is still some uncertainty regarding the scheme.

The Treasurer reported that some matters of access rights remain to be agreed and noted that Officers will continue to act in accordance with previous decisions of the Sub-Committee.

Mr. Schofield raised issues regarding the future maintenance costs to the Charitable Trust in respect of proposed works on Trust land.  The Treasurer responded that further negotiations will need to be discuss with Dwr Cymru/Welsh Water in respect of the proposed waste water treatment works.

RESOLVED to note the contents of the report.

ITEM WHICH WAS TAKEN IN PRIVATE