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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.
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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.
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RESOLVED to accept the report and to thank the
representatives from HSBC Investments (UK) Limited for their
presentation.
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4
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LAND AT RHOSGOCH - UPDATE
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Submitted - a report by the Treasurer in relation to the
above.
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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.
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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.
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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.
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It was further noted that a recommenadation should be
considered by the full Charitable Trust to release funding for the
cost of any study.
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Following deliberations it was RESOLVED :-
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4.1
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to authorise the Chairman to negotiate with the WAG
in respect of a contribution towards a contamination
study.
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4.2........to recommend to the full
Charitable Trust that funding of up to £20,000 be released
towards the cost of the study.
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5
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LAND AT AMLWCH PORT - UPDATE
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The item had been withdrawn from the Agenda until the
next meeting of this Committee.
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