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The UK Equities portfolio, as now managed by the Halbis
European team, aims for 2% outperformance of the index. The
overseas equities funds are also actively managed except for North
America and Japan which are index-trackers.
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The Treasurer noted that he has now completed discussions
with HSBC Investments and Barnett Waddingham regarding the
alternative asset allocation benchmark which best meets the
objectives expressed by this Committee. An Appendix
summarising the main options put by HSBC Investments was attached
to this report.
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He noted that the Option described as Eight (4a) best
meets the Charitable Trust’s aim. This has a 83/17
split between equities and fixed interest. It offers exposure
to Global Emerging Markets (GEM) for the first time - a developing
investment market in the world economy, also offering more
diversification. Compared to the existing benchmark it puts
more into UK Equities which have a higher outperformance target and
less into the indexed funds.
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The Treasurer further reported that Barnett Waddingham
have assisted the Committee with the review. Some charities
engage independent advisors with an ongoing retention fee and
Barnett Waddingham would be prepared to offers such a service.
The Committee considered that they can now revert to taking
advice from the Investment Mangers and the Treasurer.
However, it was noted, that the Committee may wish to monitor
these new arrangements closely and may seek independent advice in
the next two years.
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3.1
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to accept the report .
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3.2
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to adopt revised benchmark Eight (4a) and authorise
the Treasurer to conclude all necessary documentation.
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3.3
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not to retain Barnett Waddingham further at this
point and to revert to taking advice from the Investment Mangers
and the Treasurer.
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4
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CHARITABLE TRUST LAND AT RHOSGOCH
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4.........The
Treasurer reported that following steps taken in 2005 to market the
Rhosgoch site expressions of interest were received. At the
meeting of this Committee held on 8 February, 2007 it was noted
that the Treasurer had written to all parties known to have an
interest in this site and to confirm details of their proposals
within 21 days. These details were forwarded to the District
Valuer together with advice sought from the Planning Department for
preliminary views on how the land use proposals would conform with
planning guidelines. Copies of the initial assessment on
planning issues were distributed at the meeting. The
Treasurer reported that under the charities act a qualified
surveyor’s report must be attained before any disposal of
charitable trust land and Mr. Carruthers has been appointed before
in respect of the Rhosgoch site.
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The Chairman welcomed Mr. Ian Carruthers from the District
Valuers Office in respect of proposals by interested parties in
respect of the Rhosgoch land.
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Mr. Carruthers addressed the meeting and noted that 4
offers had been received for the Rhosgoch site. He noted that
when assessing the offers deliverability of the schemes will also
be a major factor before any decision is made to sell the land.
Mr. Carruthers reported that again one party is unwilling to
reveal sufficient details of their proposals and this matter would
have to be resolved before any decisions can be made. He
further noted that the Planning Department of the County Council
have been asked for their views on the proposed schemes, and he
reminded the Committee that he had previously suggested that
independent planning consultants views could be sought in respect
of possible approval of the proposals for the site.
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Members of the Committee expressed their disappointment in
respect of the bids and option fees for the site. It was
agreed to request the Treasurer to write again to the interested
parties for more positive bids for the site.
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The Treasurer noted that any future planning application
for development on the Rhosgoch Site would be classed as an
economic application and would be deliberated by the full Council.
As the members of the full Council and Trustees of the
Charitable Trust a conflict of interest might arise. He
suggested that this Committee should seek delegated powers from the
full Charitable Trust to deal with the whole issue of the Rhosgcoh
site.
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Following deliberations it was RESOLVED :-
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4.1.1
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to thank Mr. Carruthers for his work.
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4.1.2
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to request the Treasurer to write to the interested
parties for more positive bids for
the site.
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4.1.3
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to recommend to the full Charitable Trust that
delegated powers be given to the
Investment and Contracts Committee to deal
with the proposed development of the
Rhosgoch Site before any planning approval is sought.
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4.2
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Submitted - a report by Mr. John Roberts, Senior Solicitor
in respect of the legal and other implications relating to the
unlawful trespassing on the Rhosgoch site.
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The Senior Solicitor reported that in considering any
action for possession of land, regard must be considered to the
statutory provisions which impose on the Council obligations
towards unauthorised campers with regard to children, homelessness
and education and to any guidelines issued by the Home Office and
Welsh Assembly Government. Failure to do so would inevitably
prejudice a hearing before the court. A decision to seek
possession must be shown to be proportionate and balanced and must
comply with the guidelines and the Human Rights Act.
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Whilst case law is still developing, the decisions to date
suggest that all public authorities must be able to demonstrate
that they have taken into account the welfare needs of unauthorised
campers who are the subject of proceedings, as such needs as
material considerations in reaching such a decision.
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The Senior Solicitor further reported that he had
requested representatives from the Housing and Social Services and
Education and Leisure Departments to visit the site last week to
evaluate the present situation on the site. He regrettably
reported that the Housing and Social Services Department had not
visited the site. Members of the Committee expressed their
deep concerns that no representative from the Housing and Social
Service Department had recently visited the site. The Chairman
requested that a letter from the Department in question was
required as to the reasons why they had not visited the
site.
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4.2.1
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to express the Committee’s disappointment that
no representative from the Housing and Social
Service Department had visited the site recently to evaluate the
present situation at the Rhosgoch
site.
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4.2.2
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that a further report be submitted to the next
meeting of this Committee in respect of the
unlawful trespassing on the land at Rhosgoch.
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