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In May 2019 the Council as corporate trustees (the trustees) made three awards for educational purposes and agreed the remainder of the proceeds of sale of the former school should be held in a trust interest bearing bank account in the name of the Council as Corporate Trustees.

The City Solicitor will submit a report (Document “AD”) which invites the Trustees to review the current position and consider the options and recommendations relating to the following:-

(i)         Future investment of the trust fund to safeguard its capital value      (currently stands at £223,000) and provide an income for future awards           for educational purposes.

(ii)        A constitution and name of the trust fund and its registration with the         Charity Commissioners.

Recommended –

(1)       To pursue Options 2, 3 and 6 seeking the appropriate internal and        external legal and financial advice where required and in the     meantime continue with option 1 as set out in Document “AD”.

(2)       To seek assistance from the Charity Commissioners relating to             the registration of the trust as a charity, its future constitution and its geographical area.

(3)       The City Solicitor to write to schools and other educational         organisations in the BIAD to explain the existence of the trust           funds and the option to seek awards in 2021 when the             investments of the fund have been settled.

(4)       The City Solicitor generally to publicise the existence of the Trust         Fund and seek additional donations from the residents and             businesses of the Bingley area.

(5)       To note the concerns and suggestions of the Bingley Town       Council and the Bingley Grammar school but to keep the current         arrangements for the administration of the trust fund and awards with the Council for the present time.

 (Richard Winter - 01274 434292)

In May 2019 the Council as corporate trustees (the trustees) made three awards for educational purposes and agreed the remainder of the proceeds of sale of the former school should be held in a trust interest bearing bank account in the name of the Council as Corporate Trustees.

The City Solicitor submitted a report (Document “AD”) which invited the Trustees to review the current position and consider the options and recommendations relating to the following:-

(i)         Future investment of the trust fund to safeguard its capital value      (currently stands at £223,000) and provide an income for future             awards for educational purposes.

(ii)        A constitution and name of the trust fund and its registration with    the      Charity Commissioners.

The City Solicitor gave an overview of the report, setting out the historical context and the significance of the Bingley Educational Trust. He drew attention to the current situation regarding the trust fund and that given the derisory interest rate the fund was accruing at the present time, the proposal was to invest the money in line with similar funds the Council was administering, which should yield a better return, and therefore it was proposed that no awards be sanctioned at the present time.

In addition the Trust should be set up as a charity and the mechanics of achieving this was set out in the report, with a proposal to rename it and also recommend the inclusion of Bingley Grammar School as part of the area from which applications for assistance could be considered.

A Bingley Ward Councillor was present at the meeting and he urged the Trustees to handle all applications with transparency and ensure that the governance arrangements were stringent, and he suggested that Ward Councillors should be fully consulted when applications for assistance were received.

The City Solicitor clarified that the previous award to Bingley Pool had now been returned to the Council.

The Chair of Bingley Town Council was also present at the meeting and she urged that in setting up the new charity, the money left in trust should not be diverted to cover administrative costs and she also urged local representation on the Trust, and that the Trustees work closely with the Town Council.

The Chair stressed that the Trustees would act in the best interest of the Trust and that this Committee sitting as Trustees comprised of a broad church of people.

Members were in agreement that in considering applications for assistance, that Bingley Ward Councillors and a nominated person from Bingley Town Council should be consulted as part of that process, and it was therefore:

Resolved –

(1)       That Options 2, 3 and 6 be approved seeking the appropriate     internal and external legal and financial advice where required     and in the meantime continue with option 1 as set out in             Document “AD”.

(2)       That assistant be sought  from the Charity Commissioners         relating to the registration of the trust as a charity, its future   constitution and its geographical area.

(3)       That  ...  view the full minutes text for item 66.