Issue - meetings

As detailed in the recommendations.

The Cabinet Member for Corporate Management advised of the final arrangements of the Flintshire Community Endowment Fund prior to the agreed launch. 

On 20 November 2012, approval had been given by Cabinet for the closedown and transfer of existing moribund and ineffective education trust funds to a newly established Flintshire Community Endowment Fund to be managed and administered by the Community Foundation in Wales.

The Head of Finance explained that Cabinet also agreed that any transfer of trust funds would be subject to the Head of Finance in her Section 151 statutory officer role being satisfied that the investment strategy of the new Fund did not pose a significant risk to achieving a satisfactory return on funds and value for money.

Since the last report, further information had been requested from the Community Foundation in Wales.  As a result, no fundamental matters had been identified that should prevent going ahead with the transfer of those funds to the Community Endowment Fund.  However, that was not to say that there were no risks, as set out in the report. 

In response to a question from the Cabinet Member for Education, the Head of Finance explained that as the Fund grew, there would be potential to divest additional funding for other purposes, in addition to the original trust funds which were donated for educational purposes, which reflected the County Vision aims and were in accordance with the ‘objects’ of the transferred fund.

RESOLVED:

(a)       That the closedown and transfer of existing moribund and ineffective education trust funds to a newly established ‘Flintshire Community Endowment Fund’ to be managed and administered by the trustees of the Community Foundation in Wales, be approved, given the assurances provided by the Head of Finance in her Section 151 statutory officer role, but noting the potential risks which remain; and

(b)       That the Flintshire Community Endowment Fund be launched with the working arrangements as set out in the report.