EC Meeting Papers March 2018

Italy.

The election result in Italy will have been noted with concern by EC members.

Poland EC international study visit.

A report on latest developments will be given at the EC.

Just a reminder that historically these visits are funded by the Educational Trust as EC members’ international study visits. 5 Finances The annual audit is underway and the Finance and General Purposes Committee has bee kept up to date with figures and records.

The latest management accounts are attached.

A loan has been provided of a further £40k to the hotel following considerable discussion at the F&GP and the signing of a loan repayment schedule and other related agreements with the hotel Senior Management Team. This was to cover the beginning of year cash flow issue.

Our investment performance has remained steady.

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Pension Scheme.

The changes to the Trustees’ composition requested by the Executive Committee has been brought into effect by deed as of March 6 th . The pension scheme investments continue to perform well and an interim commutation factor review has been commissioned prior to the valuation which is due December 31 st 2018. The critical factor in scheme valuations is gilt yields and we have no control over these whatsoever and note that there have been some recent helpful increases. Our ambition it to keep the deficit to no more than current levels and therefore the current recovery plan of £70k a year also at that level at the very most. 7 Education Trust. The transfer of property ownership into the names of two nominated Trustees, myself and the President has been subject to discussions between our solicitors and the Charity Commissioners and is as I understand it about to be resolved. The Trust supported an exciting bid with Manchester University to look at a project on working class literature. I am pleased to say this bid has been successful. 8 New Build. Trustees’ indemnity has been increased to £1m.

This has involved substantial work over the period and is subject to a separate report.

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