Agenda and minutes

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 - Thursday, 26th November, 2015 1.30 pm

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Venue: Council Chamber, Council Offices, Llangefni. View directions

Contact: Mairwen Hughes 

Items
No. Item

1.

Election of Chairperson

To elect a Chairperson.

Minutes:

Mr. H. Eifion Jones was re-elected Chairperson.

2.

Election of Vice-Chairperson

To elect a Vice-Chairperson.

Minutes:

Councillor G.O. Jones was re-elected Vice-Chair.

3.

Declaration of Interest

To receive any declaration of interest by any Member or Officer regarding any item of business.

Minutes:

No declaration of interest received.

4.

Minutes pdf icon PDF 26 KB

To submit, for confirmation, the minutes of the meeting held on 8 June, 2015.

Minutes:

The minutes of the meeting held on 8 June, 2015 were confirmed.

 

Arising Thereon

 

Contract for Audit Services

 

It was reported that a report on the contract for Audit Services will be presented to the next meeting of this Committee.

5.

Investment Management

To submit, reports by HSBC Global Asset Management (UK) Limited.

(DOCUMENT FORWARDED AS A SEPARATE DOCUMENT)

 

Minutes:

Submitted – the HSBC Global Asset Management (UK) Limited Report up to November 2015. 

 

The Investment Management reported that the objective of the portfolio is to grow the capital in line with inflation and generate income sufficient to meet the cash flow requirements agreed annually with the trustees.  The agreed strategy is to exceed the agreed fixed weight benchmark by 1.5% per annum over rolling three year periods.  The value of the fund as at 17 November, 2015 was £16,930,549.  At today’s meeting the value of the fund at risen to £17,100,000. 

 

The portfolio performance and long-term performance was explained to the Committee in detail.  It was noted that the Trust’s portfolio has now move into a ‘Growth and Income Fund’ following the full Charitable Trust’s endorsement at its meeting held on 13 July, 2015.

 

The Investment Management referred to the recent sale of the Rhosgoch Land for a total of £3m.  Discussions took place regarding the options available for the investment.  Members of the Committee considered that the £3m from the sale of the Rhosgoch Land should be place with the current portfolio of the Charitable Trust.

 

It was RESOLVED :-

 

·           To thank the representative from HSBC for attending the meeting and to accept the report;

 

·           To recommend to the full Charitable Trust that the £3m from the sale of the Rhosgoch Land be place within the current portfolio of the Charitable Trust.