Agenda and decisions

Division/Wards Affected: All

Purpose: To present to Cabinet for approval the 2024/25 Investment and Fund strategy for Trust Funds for which the Authority acts as sole or custodian trustee.

To approve the 2024/25 grant allocation to Local Authority beneficiaries of the Welsh Church Fund.

Author: Dave Jarrett – Senior Accountant Business Support

Nicola Wellington – Children & Young People Finance Manager

Contact Details: davejarrett@monmouthshire.gov.uk  

That the proposed Investment and Fund Strategy for 2024/25 for the Monmouthshire Farm School Endowment Trust Fund as set by the Trust be endorsed (Appendix 1).

To note that the Monmouthshire Farm School Trust Board determined the 2024/25 grant allocation for the year in July 2023. However, this is reviewed at every meeting to ensure that the grants offered do not exceed previous years’ investment return at the end of March 2024, and any under spends carried forward from the 2023/24 grant allocation, to avoid eroding the overall fund.

That the proposed Investment and Fund Strategy for 2024/25 for the Welsh Church Fund be approved. (Appendix 3).

To delegate responsibility for the execution and administration of treasury management decisions to the Deputy CEO (Chief Officer for Resources & Section 151 officer) who will act in accordance with the Investment and Funds Strategy.

To approve the 2024/25 grant allocation to Local Authority beneficiaries to the Monmouthshire Welsh Church Act Fund of £210,000 which is to be distributed in accordance with population data in the draft Local Government Settlement 2024/25.

To endorse the policy that Monmouthshire County Council (as the Welsh Church Fund Trustee) ensures that the constituent councils that benefit from grant distributions, ensure that grants allocated are in line with charitable objects of the fund and that this fact is advertised on their Authority’s website.

To endorse the Welsh Church Fund Principles, Policy Considerations and Grant Allocation Criteria for 2024/25 (Appendix 5) as considered and approved by the Welsh Church Fund Committee in February 2024.

Division/Wards Affected: Usk & Adjoining Wards

Purpose: To consider the repurchase of a Low-Cost Home Ownership (LCHO) property in Usk following receipt of the owner’s intent to sell.

Author: Sally Meyrick, Strategy & Policy Officer, Affordable Housing

Contact Details: sallymeyrick@monmouthshire.gov.uk

To re-purchase the property using Low-Cost Home Ownership capital funds and Home Finder Loan funds and retain in the Council’s ownership on a temporary basis to provide temporary accommodation for a homeless family.

To agree to a programme of improvement works.

To approve a draw on LCHO capital receipts reserve of £209,442.92 to create a capital budget for the re-purchase of the property and refurbishment works.

Division/Wards Affected: Monmouth

Purpose: To provide details and seek approval for the acquisition and refurbishment of a property in Monmouthfor the purpose of developing an in-house residential children’s home, using existing borrowing headroom that is available to Children’s Services. Approval is sought based on a Business Case that is attached as Appendix 1.

Author: Jane Rodgers, Chief Officer, Social Care, Safeguarding & Health

Contact Details: janerodgers@monmouthshire.gov.uk

To acquire and refurbish the relevant property through drawing down up to £1,175,500 from the £1,865,000 existing borrowing headroom established at a Full Council meeting of 27th January 2022 under a 25-year term, for the purpose of developing an in-house a residential children’s home.

That officers continue to work in partnership with Welsh Government, the Aneurin Bevan Health Board, and the Regional Partnership Board to secure funding that would look to mitigate or avoid the need for the borrowing headroom to be drawn upon.

That the outcomes are reported into the next available meeting of the People Scrutiny Committee.

That Cabinet agrees that the decision is urgent and that any delay likely to be caused by the call-in process would seriously prejudice the Council’s or other public interests, and therefore it is not subject to call-in in accordance with paragraph 31.15.1 of the Council’s constitution.