A unique £22m funding pot, which has benefited Anglesey communities for almost three decades, will be under new management next week.
On Tuesday, the Isle of Anglesey Charitable Trust endorsed proposals to transfer control of the Shell (UK) legacy fund to a new Charitable Association.
Its members backed plans for The Isle of Anglesey Charitable Association, which will provide a new governance model and flexibility needed to make the best possible future use of this vital funding.
All assets in the Shell (UK) fund will become the responsibility of The Isle of Anglesey Charitable Association from Monday, September 30th 2019.
Endorsed by the Charity Commission, The Isle of Anglesey Charitable Association will make all future decisions about how the proceeds of the fund are distributed.
Chair of the Isle of Anglesey Charitable Trust, Trefor Lloyd Hughes, explained, “Since its formation in 1990, the Trust has provided substantial grant funding to various organisations and charitable causes. The positive effect of this important financial support has been felt in local communities across the length and breadth of our Island.”
“However, we’ve been deliberating carefully for some time now how best to future proof the fund’s management structure.”
He added, “By transferring control of the fund over to the new Charitable Association model, we are confident that it will provide the flexibility needed to make even better use of this unique, and substantial, funding pot.”
The new Isle of Anglesey Charitable Association will initially comprise of elected county councillors as trustees. However, the new model will also allow the appointment of up to two independent trustees in the future.
The role of the Isle of Anglesey Charitable Trust will end once the new Isle of Anglesey Charitable Association comes into force later this year.
The Isle of Anglesey Charitable Trust was founded in 1990 to manage a capital fund negotiated with Shell (UK) after it ceased operating its oil terminal in Amlwch and associated tank farm at Rhosgoch.
It has since awarded millions as part of an annual grants programme, for voluntary and community groups, and regeneration projects. The sale of the former Shell site in 2015 also bolstered the fund by £3m, allowing it to invite applications for larger grants.