WELSH CHURCH ACT
ESTATE COMMITTEE
MINUTES of a meeting held on 18th
June, 2007.
Present: Councillor F.T. Johnson
(Chairman) and Councillor C.L. Osborne.
105 APOLOGIES FOR
ABSENCE -
These were received from Councillors E. Hacker
and Mrs. M. Kelly Owen.
106 MINUTES -
RESOLVED - T H A T the minutes of the meeting
held on 16th April, 2007 be approved as a correct
record.
107 DECLARATIONS OF
INTEREST -
No declarations were received.
108 INVESTMENT REPORT
PRESENTATION -
The Chairman welcomed Ms. Marlene Shalton, the
Committee’s Independent Financial Advisor from Chambers Morgan
James Financial Management. Ms. Shalton presented the
Annual Report for the Trustees of the Welsh Church Act Trust,
copies of which were circulated at the meeting. Ms. Shalton
opened her presentation by reminding Members that the aim of the
investments was to provide income in order for the Trust to meet
its commitments and objectives. The portfolio valuation as at
20th April, 2007 indicated in capital a “paper”
loss value of £9,994.40p. Overall, however, it was
anticipated that the income target would be met over a full 12
month period. Further details relating to each fund were
contained within the report and, once again, Ms. Shalton reiterated
that it was early days to provide a true assessment of the
portfolio particularly during the time when the market for bonds
had not been good.
RESOLVED - T H A T the report be noted and
that Ms. Shalton be thanked for her informative presentation.