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WELSH CHURCH ACT ESTATE COMMITTEE

 

Minutes of a meeting held on 7th April, 2014.

 

Present:  Councillor F.T. Johnson (Chairman); Councillors G.A. Cox, C.P. Franks, and R.P. Thomas.

 

 

1003   APOLOGIES FOR ABSENCE –

 

These were received from Councillor K.P. Mahoney.

 

 

1004  MINUTES –

 

RESOLVED – T H A T the minutes of the meeting held on 15th July, 2013 be approved as a correct record.

 

 

1005   DECLARATIONS OF INTEREST –

 

No declarations were received.

 

 

1006   ESTATE’S INVESTMENTS – EEA LIFE SETTLEMENTS FUND PCC LTD (MD) –

 

The Committee received a report that apprised them of the recommendations received from its investment advisor, Bluefin, regarding the Estate’s investment in EEA Life Settlements Fund PCC Ltd. 

 

This matter was last reported to the Committee on 30th January 2012 when the Committee was advised of the suspension of dealings in EEA Life Settlements Fund PCC Ltd.  The investment was subsequently restructured into 'run off shares' which it was anticipated would be sold off over a period of 5-7 years.  Bluefin had now written to advise of its involvement in a Financial Conduct Authority review on recommendations made to clients to invest in such investments.  The review had concluded that the Estate’s investment in such funds was unsuitable.  In view of the above, Bluefin was offering compensation in the sum of £2,278 and offering to buy the shares for £30,882.  This compared with that originally invested in September 2009 of £39,990 and dividends received to date of £9,108.  The 'current value' of the investment was quoted as £32,244 albeit the investment was only redeemable as indicated above.

 

Bluefin, whilst recommending acceptance of its offer, also advised that the Trust might, by leaving some of its money invested in these funds, obtain a higher return than was currently being offered.  Bluefin’s offer letter dated 21st March 2014 was attached at Appendix A to the report.  Officers had responded to this letter and a copy of the e-mail sent to Bluefin was circulated at the meeting, an extract of which read:

 

'Mindful of the small amount of compensation and that the Estate has no requirement for the funds in the next 5 - 7 years.  Could you please elaborate on why you consider it better to redeem the investment and invest the funds elsewhere, rather than continue with the existing EEA 'run off shares' which we opted for back in September/October last year.'

 

Following consideration of the report the Committee

RESOLVED –

 

(1)       T H A T the Chairman, via delegated powers, be authorised to deal appropriately with this matter following a response from Bluefin.

 

(2)       T H A T the Welsh Church Act Estate Committee be informed on the outcome of this issue at a future meeting.

 

Reasons for decisions

 

(1)       To address the issues of redress and purchase in relation to the Estate’s investment in EEA Life Settlements Fund PCC Ltd.

 

(2)       To apprise the Committee of the outcome of these issues which fall within the remit of the Welsh Church Act Estate Committee.

 

 

1007   GRAZING LAND AT LLANGAN (DR) –

 

The Committee received a report which advised that the current tenant of the Welsh Church Act Estate land at Llangan had given notice to quit and the land had become vacant as of 1st February 2014 and sought the views of the Committee in relation to re-letting the land.

 

The land referred to and shown on the Plan attached to the report had been let on a Farm Business Tenancy since 2nd February 1982 by virtue of an agreement dated 1st December 1982 between the Welsh Church Acts Committee and 'The Tenant’.  'The Tenant’ had recently decided to relinquish their tenancy and had given notice, in accordance with the requirements of the Tenancy Agreement.  The tenancy therefore expired on 1st February 2014.

 

The tenancy had been relinquished and the land inspected to ensure that the land had been vacated.  The land owned by the Committee measures approximately 62.26 acres and is located near The Old Rectory and St. Canna Church in Llangan.

 

The Committee considered the options available in respect of the future of the land.

 

Committee considered the options available and discussed whether to re-let the land and on what basis or advertise the land for sale.

 

Following discussion of the report and the options available to them, the Committee

 

RESOLVED –

 

(1)       T H A T it be noted that 'The Tenant’ had given notice to relinquish their tenancy of the land at Llangan owned by the Welsh Church Act Estate.

 

(2)       T H A T the land be advertised for re-letting on a five year Farm Business Tenancy, with consideration of an option to extend this period at the expiry of the Tenancy should the Tenant prove satisfactory at that time.

 

Reasons for decisions

 

(1)       To apprise the Committee in relation to its property portfolio.

 

(2)       In order that the Committee fulfil its obligations with regard to the Welsh Church Act Estate.

 

 

1008   EXCLUSION OF PRESS AND PUBLIC -

 

RESOLVED - T H A T under Section 100A(4) of the Local Government Act 1972, the press and public be excluded from the meeting for the following item of business on the grounds that it involves the likely disclosure of exempt information as defined in Part 4 of Schedule 12A (as amended) of the Act, the relevant paragraphs of the Schedule being referred to in brackets after the minute heading.

 

 

1009   GLEBE FIELDS, SULLY (EXEMPT INFORMATION – PARAGRAPHS 13 AND 14) (DR) –

 

Committee was provided with a report detailing the current position with this land. 

 

The Chairman read out an e-mail he had received from a member of the Committee upon the request of the member in his absence, pertaining to the land.

 

A 25 year lease had been previously granted by the Committee for the Glebe Fields, Sully.  The tenant was in breach of the lease in that they had failed to pay their rent.

 

Following consideration of the report the Committee

 

RESOLVED –

 

(1)       T H A T the Head of Legal Services be authorised to take the necessary action to forfeit the lease held by the current leaseholder at Glebe Fields, Sully and recover the outstanding rent.

 

(2)       T H A T the Director of Resources be authorised to advertise the availability of the land by way of lease for a compatible sports related tenant, as soon as forfeiture of the lease has been effected.

 

(3)       T H A T the Chairman, via delegated powers, be authorised to accept a quotation for the cutting of the cricket wicket at Glebe Fields, Sully at the appropriate time.

 

Reasons for decisions

 

(1)       To apprise the Committee in relation to its property portfolio and allow action to be taken to forfeit the current lease in order that the land could be made available for a new tenant.

 

(2)       In order that the land can be made available for a new tenant in order to secure income for the Welsh Church Act Estate.

 

(3)       In order that the land can be kept in good order to facilitate the continued use as a sports facility.

 

 

 

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