Meeting documents

Council - sitting as Trustees of the Kidwells Park Trust
Tuesday 24 June 2014 7.30 pm

      AT A MEETING OF THE BOROUGH COUNCIL SITTING AS TRUSTEES OF THE KIDWELLS PARK TRUST held in the Council Chamber, Town Hall, Maidenhead, on Tuesday 24 June 2014

      PRESENT: The Mayor (Councillor Richard Kellaway), The Deputy Mayor (Councillor James Evans), Councillors Natasha Airey, Christine Bateson, George Bathurst, Malcolm Beer, Phillip Bicknell, Paul Brimacombe, David Burbage, Catherine Bursnall, Tom Bursnall, Peter Comber, David Coppinger, Carwyn Cox, Simon Dudley, David Evans, Sue Evans, John Fido, George Fussey, Jesse Grey, Geoff Hill, Charles Hollingsworth, Mohammed Ilyas, Lynne Jones, John Lenton, Paul Lion, Phillip Love, Sayonara Luxton, Asghar Majeed, Marion Mills, Kathy Newbound, Eileen Quick, Colin Rayner, Hari Sharma, Adam Smith, John Story, John Stretton, Leo Walters, Simon Werner, Derek Wilson and Lynda Yong.

      Officers: Alison Alexander, David Almond, Shauna Hichens, Cathryn James, Maria Lucas, Mike McGaughrin, Anna Trott and Karen Shepherd.
    PART I

    7. PRAYERS

    Monsignor McGrath said prayers for the meeting.

    8. APOLOGIES FOR ABSENCE

    Apologies for absence were received from Councillors Sinead Archer, Clive Bullock, Christian Harris, Maureen Hunt, Andrew Jenner, Alan Mellins, Gary Muir, John Penfold, MJ Saunders, Derek Sharp and Claire Stretton.

    9. DECLARATIONS OF INTEREST

    None

    10. KIDWELLS PARK TRUST – INVESTMENT OF CAPITAL FUNDS
        Members considered investment of capital funds available to the Kidwells Park Trust.

        Councillor Dudley explained that a previous paper had been submitted to Council in April 2014 but had been deferred following input from Councillor Comber. Further work had been undertaken to identify the most attractive way to invest. From a risk perspective, he explained that the proposal was an investment in a diversified fund similar to that proposed at the meeting in April 2014. However, management fees were lower at 0.65% and there was no up-front fee. The recommendation was to invest £300,000. The projected return on the fund was 5% net of fees, therefore £15,000 per annum.
        It was proposed by Councillor Dudley, seconded by Councillor Burbage, and:

        RESOLVED UNANIMOUSLY: That:
          I. The Kidwells Park Trust funds be invested in the Kames Diversified Income Fund.
          II. The Kames fund is added to RBWM’s list of counterparties with a maximum investment limit of £1m
    11. MEETING