Meeting documents

1

CHAIRPERSON

RESOLVED that Mr. G.W. RobertsOBE be elected Chairperson for the ensuing year.

2

VICE-CHAIRPERSON

RESOLVED that Mr. Elwyn Schofield be elected Vice-Chairperson for the ensuing year.

3

DECLARATION OF INTEREST

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

4

MINUTES

The minutes of the meeting held on 17 April, 2007 were confirmed as a true record.

ARISING THEREON

Item 3 - Charitable Trust Land at Rhosgoch - The Treasurer provided the Committee with a brief update on progress made by the District Valuer with regard to the Rhosgoch Site and on legal action being pursued in respect of trespassers on the site.

5

INVESTMENT MANAGEMENT

Submitted - the HSBC Investments (UK) Limited Quarterly Report for the period up to 31 March, 2007.  A presentation document was tabled at the meeting.

The Investment Management reported that the portfolio showed a return of 2.8% against the benchmark return of 2.3% for the quarter.  The market value of the fund was £14,855,192.

The Fund Managers reported that over the quarter the sustainability of economic growth had been called into question, with the US housing market dominating the economic scene.  Equity markets finished a volatile quarter positively while bond markets continued to struggle.

The UK bond market performed poorly again, as rising inflation and interest rates damaged investor confidence in government bonds.  The uncertainty and speculation surrounding the MPC’s controversial January interest rate move set a negative tone in the gilt market which continued throughout the quarter.  Although returns were negative, shorter dated stock outperformed longer dated stock.

Equity markets performed well until the end of February when investors became nervous about over-valuation in Asia and Emerging Markets and slowing global growth.  However, in March, markets managed to recover to produce positive returns for the quarter.

The fund outperformed its benchmark this quarter with both asset allocation and stock selection being positive for performance.

In March HSBC reduced US and Japanese equities following the request to pay away £375,000.

Although the US economy was slowing, elsewhere in the world economic conditions remained strong and they believed that this was a supportive environment for equities, although volatility in markets may continue.  They expected to remain overweight in equities and underweight in bonds in the near term.

Within the equity markets they expected to remain overweight in Asia, Global Emerging Market and Europe, with the US continuing to be a least favoured market.  Within the UK fixed interest markets they expected to take advantage of further rises in UK gilt yields to add more duration.

RESOLVED to accept the report.

The meeting concluded at 10.50 a.m.

G.W. ROBERTS OBE

CHAIRMAN