URL: https://democracy.rochdale.gov.uk/ieDecisionDetails.aspx?ID=2778

Decision Maker: Charitable Trustee Committee

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Purpose: To provide an update on the current 2025/26 projected financial positions of the Norcross Scholarship Fund, the James Handley Bequest and the Doctor Chadwick Trust Fund. Also to notify trustees of the closure of the Charibond investment fund and ask Trustees to consider how they wish to proceed.

Content: Consideration was given to a report of the Senior Finance Officer (Tax and Treasury) which updated Members on the projected financial positions of the Herbert Norcross Scholarship Fund, James Handley Bequest Fund and Doctor Chadwick Trust Fund for 2025/26. These were Trust Funds, with charitable status, separate from Rochdale Borough Council monies.   Trustees were requested to consider whether changes were necessary to the maximum and minimum balances on the reserve policies for each Trust.   Trustees were also advised of the Charibond Investment Fund's closure. It was considered that the closure impacted the cash balances of the Herbert Norcross Scholarship Fund only, with a reduction in the projected annual income by £2,500. Mitigation options were outlined in section 5.2 of the submitted report.   Alternatives considered: Members could choose not to re-invest the £52,205 balances of the Herbert Norcross Scholarship Fund and not consider alternative solutions as outlined within the report.   Resolved: That the financial position of the Herbert Norcross Scholarship Fund, the James Handley Bequest and the Doctor Chadwick Trust Fund as outlined at section 5 of the submitted report be noted; That the maximum and minimum balances of the reserves policies for each Trust be maintained; That the closure of the Charibond Investment Fund be noted and the Senior Finance Officer be tasked with seeking investment advice on ethical charity reinvestment options.   Reason for the decision: To ensure the financial viability of each Trust and that they are fulfilling their charitable requirements.

Date of Decision: August 4, 2025