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
Friday, 23rd November, 2007

ISLE OF ANGLESEY CHARITABLE TRUST

 

INVESTMENTS AND CONTRACTS COMMITTEE

 

Minutes of the meeting held on 23 November, 2007.  

 

PRESENT:

 

Mr. G.W. Roberts OBE - Chairman

 

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

Bob Parry OBE.

 

HSBC Investments (UK)

 

Ms. Jenine Langrish - Director, Institutional Investment,

Ms. Allison Bell - Cleint Associate,

Mr. Marcus Pakenham.

 

 

 

IN ATTENDANCE:

 

Treasurer,

Committee Officer (MEH).

 

 

 

APOLOGIES:

 

Mr. John Roberts

 

 

 

 

ITEMS TAKEN IN PUBLIC

 

 

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

 

2.1

The minutes of the meeting held on 16 May, 2007 were confirmed.

 

2.2

The minutes of the special meeting held on 20 August, 2007 were confirmed.

 

3

INVESTMENT MANAGEMENT

 

Submitted - the HSBC Investments (UK) Limited Quarterly Report for the period up to 30 September, 2007.  A presentation document was presented to the meeting.

 

The Investment Management reported that the portfolio showed a return of 0.8% (5.2%) above the benchmark of 4.4%.  The closing value of the fund on 30 September, 2007 was £15,425,330.

The value of the fund at present was £15.1m.

 

 

 

The Fund Managers reported that during the last six months the portfolio strategy has been to reallocate due to the introduction of a new benchmark.  Profits were taken from Asian and European equities.  It was further noted that due to the US housing market being weak, global market have been volatile.

 

 

 

Mr. H. Eifion Jones noted that the report shows a satisfactory result even though it has been a difficult six months in the global markets.

 

RESOLVED to accept the report and to thank the representatives from HSBC Investments (UK) Limited for their presentation.

 

 

 

 

 

ITEM TAKEN IN PRIVATE

 

 

 

 

 

4

LAND AT RHOSGOCH - UPDATE

 

 

 

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

 

 

 

The Treasurer reported that the Trust has secured possession of the site at a court hearing on 12 September 2007 (deferred until 19 September).  The trespassering obeyed the court order and removed themselves from the site.  Immediately following this, arrangements were made to place large rocks at the entrance to the site as a deterrent to access.  Letting of the site for grazing is now deferred until the 2008 season.  Mr. A.M. Jones wished to express his gratetude to the staff members involved in this issue even though it has taken a long time to be resolved.

 

 

 

Since the last meeting the Treasurer noted that Mr. Ian Carruthers, District Valuer , has met with Company ‘A’ and has sought, as instructed, an improvement in Company ‘A’ offer.  Although initially promising indications were made, this has not been followed by an improved offer despite reminders from Mr. Carruthers.

 

 

 

Two other interested parties have shown an interest in the site but purchasers are curious about potential contamination of the site and it may be prudent for the Charitable Trust to commission a contamination study beforehand.  Last year the Trust set aside £10,000 towards expenses connected with the Trust Land.  To date, £5k has been spent. A contamination study may cost up to £80k although a contribution from WAG may be attracted towards study.  It was further noted that a company has made a contamination study of the land at Rhosgoch but an agreement to use the study would have to be discussed.

 

 

 

It was further noted that a recommenadation should be considered by the full Charitable Trust to release funding for the cost of any study.

 

 

 

Following deliberations it was RESOLVED :-

 

 

 

4.1

to authorise the Chairman to negotiate with the WAG in respect of a contribution towards a contamination study.

 

 

 

4.2........to recommend to the full Charitable Trust that funding of up to £20,000 be released towards the cost of the study.

 

 

 

5

LAND AT AMLWCH PORT - UPDATE

 

 

 

The item had been withdrawn from the Agenda until the next meeting of this Committee.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MR. G.W. ROBERTS OBE

 

CHAIRMAN