Council - sitting as Trustees of the Kidwells Park Trust
Tuesday 29 April 2014 7.30 pm
COUNCIL – 29.04.2014
- AT A MEETING OF THE BOROUGH COUNCIL SITTING AS TRUSTEES OF THE KIDWELLS PARK TRUST held in the Guildhall, Windsor, on Tuesday 29 April 2014
PRESENT: The Mayor (Councillor Andrew Jenner), The Deputy Mayor (Councillor James Evans), Councillors Natasha Airey, Sinead Archer, Christine Bateson, George Bathurst, Malcolm Beer, Phillip Bicknell, Clive Bullock, David Burbage, Peter Comber, David Coppinger, David Evans, Sue Evans, George Fussey, Jesse Grey, Christian Harris, David Hilton, Charles Hollingsworth, Maureen Hunt, Mohammed Ilyas, Lynne Jones, Richard Kellaway, Peter Lawless, John Lenton, Paul Lion, Sayonara Luxton, Duncan McBride, Simon Meadowcroft, Alan Mellins, Marion Mills, Gary Muir, Kathy Newbound, John Penfold, Eileen Quick, Colin Rayner, MJ Saunders, Hari Sharma, Derek Sharp, Adam Smith, John Story, Claire Stretton, Simon Werner, Derek Wilson and Lynda Yong.
Officers: Mark Blackshaw, Maria Lucas, Mike McGaughrin, David Scott, Helen Taylor and Karen Williams.
PART I
77. PRAYERS
Rev Swift said prayers for the meeting.
78. APOLOGIES FOR ABSENCE
Apologies for absence were received from Councillors Paul Brimacombe, Catherine Bursnall, Carwyn Cox, Simon Dudley, Cynthia Endacott, John Fido, Geoff Hill, Phillip Love, Asghar Majeed, Alan Mellins, John Stretton and Leo Walters.
79. DECLARATIONS OF INTEREST
None
80. KIDWELLS PARK TRUST – INVESTMENT OF CAPITAL FUNDS
- Members considered investment of the capital funds available to the Kidwells Park Trust.
Councillor Burbage, on behalf of the Lead Member for Finance, explained that the report recommended invest of £300,000 in the Legal and General Distribution Trust, to generate revenue returns on the capital as required by the Kidwell’s Park Trust. The value of the investment required Council approval.
Councillor Bicknell seconded the proposal.
Councillor Comber commented that the net distribution yield was stated in the report as 4.1% but on the back page of the appendix it stated that the yield net of charges was 3.2%. He was also concerned about very high initial charges and annual management charges. There were a number of alternative funds such a small sum could be invested in and he was therefore surprised at the proposal.
Councillor Burbage stated that as he was unable to respond to the issues raised by Councillor Comber, and he therefore wished to withdraw the item.
81. MEETING
The meeting, which started at 7.30pm, ended at 7.38pm.