Agenda and minutes

Minute of 14 September 2017 to be approved and signed by the Chairman (copy attached). 

1.1       There had been circulated copies of the Minute of 14 September 2017.

DECISION

APPROVED the Minute for signing by the Chairman.

1.2       With reference to paragraph 2 of the Minute, regarding the planting of trees next to Galashiels Golf Club, Ladhope, the Estates Surveyor gave an update.  She advised that the contract for the scheme was being drawn up by Legal Services.  Tweed Forum had contracted Scottish Woodlands to carry out the planting and fencing and the aim was to complete this work by Spring 2018.

            DECISION

            NOTED

Consider report by the Chief Financial Officer (copy attached).

2.1       There had been circulated copies of a report by the Chief Financial Officer providing details of the income and expenditure for the six months to 30 September 2017, a full year projected out-turn for 2017/18 and projected balance sheet values as at 31 March 2018.  The Chief Financial Officer, David Robertson, highlighted the main points of the report and appendices. Appendix 1 to the report provided a projected income and expenditure position, showing a projected surplus of £2,630 for the year.  The first of two annual Dividends (£2,050) from the Newton Fund Investment was received in October 2017, therefore not shown in the actuals in Appendix 1.  The annual rate of interest applied to the cash deposits was expected to be around 0.3%. There were currently no requests for financial assistance from the Galashiels Common Good Fund.  On the assumption that the approved budget of £500 for grants and donations be disbursed the cash held by the Fund was projected to be £12,509 at 31 March2018. The projected Balance Sheet as at 31 March 2018, shown in Appendix 2 to the report, indicated a projected decrease in the reserves of £33,562 due to the depreciation charge.  The breakdown of the property portfolio detailing the values of the individual properties and projected depreciation charges for 2017/18 was shown in Appendix 3. 

2.2       Appendix 4 showed the value of the Newton Fund to 30 September 2017.  The Fund had delivered a negative return once more (-0.6% against benchmark of +1.1) in the quarter to 30 September 2017.  Importantly, this negative quarterly return had resulted in a 5 year rolling return that was below the 5 year benchmark, which the Fund was ultimately measured against (3.6% against benchmark of 4.4%).  The Fund had delivered below benchmark performance for the last 5 quarters.  Scottish Borders Council approved the commencement of a procurement exercise to ensure the funds were managed by the Fund Manager best aligned to the Common Good and Trust Investment Strategy.  The outcome of the procurement exercise would be reported to Scottish Borders Council on 21 December 2017 for final approval.

2.3       In the ensuing discussion a query was raised about the location of the moveable assets owned by Galashiels Common Good which were listed in the report.  As these were of historical significance and interest, there was unanimous agreement with the suggestion that they should be assembled and put on public display in the town.  Members asked for the proposal to be taken forward with Live Borders with a view to a display or exhibition being set up, perhaps at Old Gala House, and that this be discussed again at the next meeting.  Members also agreed to raise awareness at the next Community Council meeting of the budget available from the Common Good Fund for grants and donations.

            DECISION

(a)       AGREED the projected income and expenditure for 2017/18 in Appendix 1 to the report.

(b)          NOTED within the appendices to the report:-

(i)            the projected balance sheet value as  ...  view the full minutes text for item 2.