Agenda item

(a)       That the work of Community Endowment Fund, and its work in Flintshire, continue to be supported by the Committee; and

(b)       That a further annual update be provided in 2016.

The Chair welcomed Mr Colin Evans, an Associate of the Community Endowment Fund and Mr Tom Barham from the Foundation to the meeting.

The Policy and Performance Manager explained the background to the report which was first considered at Community Profile and Partnerships Overview and Scrutiny Committee in October 2012.  At that time it was agreed that representatives from the Fund would be invited back on an annual basis to provide updates.

Colin Evans addressed the Committee and thanked Members for allowing them to present again at the meeting.  He was pleased to be able to provide Members with a positive picture of how the Fund was operating since its inception. 

During the first year of managing the Fund, some excellent initial grants had been made, alongside responsible, intelligent stewarding of the capital. This had seen the endowment grow whilst generating income from dividends and fixed interest to put towards future grant-making which enabled more money to be invested to help individuals and communities across Flintshire to flourish. 

Under the umbrella of the Flintshire Community Endowment Fund, two new Funds had been launched: Hawarden Trust for Sickness and Poverty Relief and the Dory Fund which was sparked by a private client with a successful Flintshire business who wanted to provide education bursaries to enable students to pursue excellence.

The Flintshire Community Endowment Fund was an excellent example of how philanthropy could bring benefits to individuals and communities in perpetuity.

The Fund was established in September 2013 and on transfer the value of the endowment was £178,998.  Controlled by specialist fund managers, the value of the assets at December 2014 stood at £184,682, a capital gain of 3.2% with a dividend income of £9,584; a total return to the Fund of 8.5%.

Flintshire Community Endowment Fund grants were awarded at an annual Grants Panel.  The input and knowledge of the panel members was invaluable and ensure that all grant decisions were made locally, informed by knowledge of local needs and priorities.  A summary and analysis of grant support provided by the Foundation to Flintshire based individuals and community groups was provided.

Councillor Ian Dunbar asked what the criteria was for applying for funding and how it was promoted.  Colin Evans explained the eight themes within the Fund.  However, at the moment, applications could only be considered for things relating to education themes as that was what the money had been donated for.  All education establishments in Flintshire had been made aware of the Fund and it was also promoted through the Flintshire Local Voluntary Council.  He added that the Community Endowment Fund had a website with the details of how to apply for funding and it was agreed that the Policy and Performance Manager would send a link to the application form to Members.

In response to a question from Councillor Brian Lloyd on risk, Colin Evans explained that the Fund would be a low / moderate risk.  It was managed by experienced fund managers who worked on forecasting into the future, in addition to managing the fund on a daily basis.

The Chair thanked Colin Evans and Tom Barham for their attendance and the excellent work that had been carried out to date.

RESOLVED:

(a)       That the work of Community Endowment Fund, and its work in Flintshire, continue to be supported by the Committee; and

(b)       That a further annual update be provided in 2016.