Issue - meetings

To consider a report of the Assistant Director for Finance (Interim Section 151 Officer). 

The report provides an update on the financial standing of the Trust as at 30 September 2024. 

The Area Committee is recommended to: 

a)    Note the contents of this report; 

b)   Decide upon the amount of funding to be made available for distribution from the Trust during 2024/25;  

c)    Advise as to any changes in the investment policies adopted that they wish to make. As a reminder, the investment policies are: 

·         To maintain the value of the Trust in real terms before considering any distribution, and 

·         To reinvest the dividends received in relation to the Investment Fund back into that Investment Fund. 

d)   Approve the proposed additional guidelines for the distribution of monies from the Trust: 

·         Not to permit retrospective grant applications, and  

·         An upper limit of £5,000 be placed on the amount that can be applied for by applicants. 

Officer contact: Paula McDonald 0161 474 4708 | paula.mcdonald@stockport.gov.uk

A representative of the Assistant Director for Finance (Interim Section 151 Officer) submitted a report (copies of which had been circulated) providing an update on the financial standing of the Trust as at 30 September 2024.

The Chair outlined several proposed additional guidelines for the distribution of monies from the Trust for the Area Committee to consider:

·         Whether the fund be used to provide seed money and/or support infrastructure for the running of projects as opposed to supporting one-off events and/or activities.

·         Whether or not organisations could submit more than one application within a certain time-period, for example, a 12-month or 2-year period.

·         Whether to stipulate that applications should aim to benefit the wider community and not solely benefit a particular group and/or have a very limited number of beneficiaries.

Member were in support of the additional guidelines except for the proposed restriction on funding one-off events and/or activities, as it was felt that this provision could limit the effectiveness of the fund in benefitting the wider community.

RESOLVED – (1) That the report be noted.

(2) That the amount of funding to be made available for distribution from the Trust during 2024/25 be confirmed at £25,000.

(3) That the adopted investment policies be maintained.

(4) That the following additional guidelines for the distribution of monies from the Trust be agreed:

·         That retrospective grant applications not be permitted.

·         That an upper limit of £5,000 be placed on the amount that could be applied for by applicants.

·         That no more than one application from a group would be considered in any two-year period.

·         That applications should aim to benefit the wider community and not solely benefit a particular group and/or have a very limited number of beneficiaries.