Agenda and minutes

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Items
No. Item

1.

Declarations of Interest

Members are required to declare any disclosable pecuniary, personal or personal and prejudicial interests they may have and the nature of those interests relating to items on this agenda and/or indicate if S106 of the Local Government Finance Act 1992 applies to them.   

Minutes:

There were no declarations of interest.

2.

Appointment of Vice Chair

To appoint the Committee’s Vice Chair 2021/2022

Minutes:

RESOLVED

That Councillor Besford be appointed as the vice Chair of the Charitible Trust

3.

Minutes pdf icon PDF 63 KB

To consider the Minutes of the meeting of the Committee held 19th November 2019.

Minutes:

RESOLVED

That the minutes of the meeting of the Charitable Trust Committee held on the 19 November 2019 be approved as a correct record.

4.

Financial Update pdf icon PDF 131 KB

To consider the Trust’s financial position.

Additional documents:

Minutes:

Consideration was given to a report of the Cabinet Member for Finance and Corporate setting out the financial position for the Herbert Norcross Scholarship Fund, the Doctor Chadwick Trust Fund and the James Handley Bequest.  In relation to the Doctor Chadwick Trust Fund, Members were requested to determine using £28k (roughly 50%) of cash reserves to purchase investments whereas appendix 5 considers using £56k (just under 100%) of cash reserves to purchase investments. The amount would vary depending upon the split of investments purchased but annual income would increase by an estimated amount of £805 to £1,184 with £28k on investments purchased and £1,610 and £2,368 if £56k of investments purchased.

 

Consideration was given to the reserves policy for the Herbert Norcross Scholarship Fund, the Doctor Chadwick Trust Fund and the James Handley Bequest.

 

Alternatives considered

For the Herbert Norcross Fund, Members considered raising the reserves but determined to maintain the current position to enable awarding the maximum amount in grants.

 

For the Doctor Chadwick Trust consideration was given to the options set out within appendix 4 and 5 of the submitted report. 

 

RESOLVED

1.    That the financial position of the Norcross Scholarship Fund, the James Handley Bequest and the Doctor Chadwick Trust Fund, be noted.

2.    That the reserves policies for each Trust remain the same.

3.    That £28k of Blackrock investments be purchased for the Doctor Chadwick Trust, as detailed within the submitted report. 

 

Reason for recommendation

To ensure the financial viability of each Trust and that they are fulfilling their charitable requirements.

5.

Exclusion of Press and Public

To consider that the press and public be excluded from the remaining part of the meeting pursuant to Section 100(A)4 of the Local Government Act 1972 on the grounds that discussions may involve the likely disclosure of exempt information as defined in the provisions of Part 1 of Schedule 12A to the Local Government Act 1972 and public interest would not be served in publishing the information.

Minutes:

RESOLVED

That the public be excluded from the meeting during consideration of the following items of business since it is likely that, in view of the nature of the business to be transacted or the nature of the proceedings, if members of the public were present there would be disclosure to them of exempt information, namely information relating to the business or financial affairs of any particular person (including the person holding that information).

6.

Herbert Norcross Scholarship Fund

To consider applications to the Herbert Norcross Scholarship Fund.

Minutes:

Consideration was given to a report of the Director of Resources setting out applications received for the Herbert Norcross Scholarship Fund. 

 

RESOLVED

That each of the successful applicants be awarded £1250 each from the Herbert Norcross Scholarship Fund.