1

DECLARATION OF INTEREST

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

2

MINUTES

The minutes of the meeting held on 21 November, 2006 were confirmed.

ITEMS TAKEN IN PRIVATE

3

CHARITABLE TRUST LAND AT AMLWCH PORT

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

The Treasurer reported that since 2002 the Charitable Trust has been in occasional dialogue with Dwr Cymru/Welsh Water in relation to their proposal to build a waste water treatment works on land adjoining the Charitable Trust’s land at Amlwch Port.  Since the acquisition by Canataxx Energy Ventures Ltd., of the former Great Lakes site, and their subsequent objection to Dwr Cymru/Welsh Water’s proposals, these plans were in abeyance.  More recently, it appears that Dwr Cymru/Welsh Water have come to agreement with Canataxx on a revised scheme.  They are now seeking to proceed without further delay to implement this revised scheme, including where relevant the involvement of the Charitable Trust.

It was reported that some complexity has arisen involving rights of access, which Dwr Cymru/Welsh Water will require to their works, and which the Council as harbour authority requires to the breakwater.  The provisions securing access to the breakwater are vested in the Charitable Trust, which appears to have been inadvertent.  

It was noted that to proceed towards any final agreement will require :-

Ÿ

an independent qualified surveyor’s report, Dwr Cymru/Welsh Water have offered to reimburse the fee for this, to expedite the process;

Ÿ

consent from the Charity Commission to these aspects of the deal which involve disposal involving both the Charitable Trust and the Council, as a connected party.  

Following discussions it was AGREED :-

3.1

to delegate authority to the Treasurer together with Chairman of this Committee and Mr. J. Arthur Jones to negotiate with Dwr Cymru/Welsh Water.

3.2

that the services of a qualified surveyor be acquired and that his report be submitted to this Committee in due course.

4

CHARITABLE TRUST LAND AT RHOSGOCH

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

The Treasurer reported that steps were taken in 2005 to market the Rhosgoch site again and expressions of interest were received.  That process was complicated by the fact that the parties’ offers were conditional and in one case the party was unwilling to reveal sufficient details of their proposals for the site for a meaningful evaluation of the offer to be made.

Following discussion with the Chairman of this Committee and consultation with the District Valuer (who has been appointed to advise on the sale previously and has given the required independent qualified surveyor’s report), the Treasurer has written to all parties known to have an interest in this site and have asked them to confirm details of their proposals within 21 days.    It was reported that these interests will be reported back to this Committee with the advice of the District Valuer.

The Treasurer further reported that the group of people who have unlawfully entered the Rhosgoch land are still on the site and he read out advice received from the legal section.  

Following discussions it was RESOLVED :-

4.1

that a special meeting of this committee be convened to discuss with the District Valuer the proposals by the interested parties for the Rhosgoch land.

4.2

that a full written report on the legal and other implications be submitted to the special meeting in respect of the group of people who have unlawfully entered the Rhosgoch site.

ITEM TAKEN IN PUBLIC

5

INVESTMENT MANAGEMENT

Submitted - the HSBC Investments (UK) Limited Quarterly Report for the period up to 31 December, 2006.   A presentation document was presented to the meeting.

The Investment Management reported that for the year ending December 2006 the portfolio showed a return of 9.1% against the benchmark return o 11.5%.  The market value of the fund was £14,921,887.

It was reported that the management of the UK equities of the Charitable Trust has been moved to the pan European team a the end of November and that there were no significant asset allocation changes in year ending December 2006.

It was further reported that in Quarter 4 significant portfolio changes were made as follows :-

Ÿ

reduced oil majors and increased E&P, oil services and energy related stocks;

Ÿ

Mining exposure increased to neutral;

Ÿ

Consumer - rationalised media holdings

The Managers outlined the new approach and confirmed that within UK Equities they were now working to a 2% outperformance target.

The Treasurer reported that he was meeting with both Barnett Waddingham and HSBC Investments to finalise details of the brief and benchmarks agreed following the managers’ re-appointment.

RESOLVED to accept the report.

G.W. ROBERTS OBE

CHAIRMAN