WELSH CHURCH ACT ESTATE COMMITTEE

 

 

MINUTES of a meeting held on 22nd October, 2007.

 

Present:  Councillor F.T. Johnson (Chairman); Councillor Mrs. M.E.J. Birch (Vice-Chairman); Councillors E. Hacker and C.L. Osborne.

 

 

467     APOLOGIES FOR ABSENCE -

 

These were received from Councillor Mrs. M. Kelly Owen.

 

 

468     MINUTES -

 

RESOLVED - T H A T the minutes of the meeting held on 18th June, 2007 be approved as a correct record.

 

 

469     DECLARATIONS OF INTEREST -

 

No declarations were received.

 

 

470     INVESTMENT REPORT -

 

Committee received an interim investment report from Chambers Morgan James, the trust’s Independent Financial Advisor, for the period to October 2007.

 

The summary and recommendations of the report were as follows: 

 

“Aegon, Invesco Perpetual and Standard Life funds, whilst showing small losses are in fact performing above the average in their sector.  Meanwhile they continue to provide a good level of income.  It is recommended that these funds be therefore retained”.

 

“MLC High Income Fund, and the problems with income distribution recently, given the amount initially invested in MLC compared with the others, I would like to recommend a switch of half of the MLC High Income  Fund ………… to the Invesco Perpetual Monthly Income Plus Fund.”

 

The report also indicated that Seven Investment Managers had advised they now consider the time appropriate to invest the £100k passed to them which until now they had retained on deposit.

 

The Council’s Director of Finance, ICT & Property indicated that the current value of the investments, the subject of the report, was approximately £757k compared with original cost of £785k, and that the sale of MLC as above would crystallise a loss of approximately £11k

 

Committee, having considered the interim report,

 

RESOLVED –

 

(1)       THAT Chambers Morgan James be thanked for their interim report and that Ms. Marlene Shalton, the Independent Financial Advisor, be invited to attend the next meeting of the Committee to elaborate further on its contents.

 

(2)       T H A T the interim report be accepted and the recommendation therein to sell one half of the holding in MLC High Income Fund and  reinvestment of the proceeds in Invesco Perpetual Monthly Income Plus Fund be ratified.

 

(3)       That the current value of the investments and the consequential loss arising out of the sale of the MLC High Income Fund as above amounting to approximately £11,000 be noted.

 

Reasons for decisions

 

(1-3)        Having regard to the contents of the interim report.

 

 

471     ANNUAL REPORT AND ACCOUNTS 2006/07 (DFICTP) -

 

Under the Charities Act 1993, Section 42(1) required Trustees to prepare an annual report and accounts in respect of their Trust. 

 

The Annual Report and Accounts for the year 2006/07 was set out Appendix A to the report.  It was a requirement that, subject to approval by the Committee, the document be forwarded to the Wales Audit Office for independent examination. 

 

RESOLVED - T H A T the Annual Report and Accounts 2006/07, as set out at Appendix A to the report be approved, and that the Chairman be authorised to sign them on behalf of the Trustees.

 

Reasons for decision

 

In accordance with the requirements of the Charities Act 1993, and the Charities (Accounts and Reports) Regulations 2005.

 

 

472     APPLICATIONS FOR FINANCIAL ASSISTANCE 2007/08 (DFICTP) -

 

The appendix and supplementary appendix to the report presented the applications for financial assistance from the Welsh Church Act Estates.  Attached at Appendix B to the report were details of the charitable purposes for which the fund may be applied as set out in the Welsh Church Act Trust Deed, and Appendix C to the report detailed the approved Revenue Account estimates for the current financial year. 

 

RESOLVED -

 

(1)       T H A T the following applications for financial assistance be approved:

           

Name of Organisation

Specific Purpose for Which Grant Requested

Grant Approved

Stanwell Road Baptist Church (Penarth)

St. Canna’s Church (Llangan)

St. Peter’s Church (Peterston Super Ely)

St. Illtuds Church (Llantwit Major)

Llanblethian Church

Building works to facilitate disabled access

Handrails to footpath access to church

Organ renovation

 

Disabled access works to church

 

Conversion of vestry to kitchen and conversion of storage shed in churchyard to provide toilet facilities

£500

 

£500

 

£500

 

£1,000

 

£2,000

 

(2)       T H A T consideration of the following applications be deferred pending receipt of details of the applicants’ assets:

 

St. Andrew’s Methodist Church, Caerphilly Road, Cardiff

Ararat Baptist Church, The Common, Whitchurch

Conway Road Methodist Church, Canton, Cardiff

Albany Road Baptist Church, Roath Park, Cardiff.

 

Reasons for decisions

 

(1)       Having regard to the budget available and sums previously awarded.

 

(2)       In order to have regard of the assets of the applicants.