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Role of Trustee of Tayside NHS Board Endowment Fund Board of Trustees

Role of Trustee of Tayside NHS Board Endowment Fund Board of Trustees. Colin J Masson Director of Finance – Operational Unit Lead Officer. Background and Context. Members of NHS Board Appointed Trustees ex officiis of Endowment Fund Endowment Fund separate from Exchequer Funds

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Role of Trustee of Tayside NHS Board Endowment Fund Board of Trustees

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  1. Role of Trustee ofTayside NHS Board Endowment FundBoard of Trustees Colin J Masson Director of Finance – Operational Unit Lead Officer

  2. Background and Context • Members of NHS Board • Appointed Trustees ex officiis of Endowment Fund • Endowment Fund separate from Exchequer Funds • Trustee role separate from NHS Board Member role

  3. Endowment Fund • Recognised by OSCR as Scottish Charity • No Trust Deed or Constitution • NHS (Scotland) Act 1978 • Not accountable to OSCR, but • Acknowledge OSCR reflects current public thinking

  4. Purpose of Endowment Fund • Support any service which is NHS Board’s function to arrange, administer or provide • Objectives and Activities include patients, staff, equipment, research, pioneering services end environmental • Trustees responsible for ensuring funds under their stewardship are safeguarded and administered accordingly

  5. Trustees Responsibilities • Impartiality – public or private interests • Declaration of interests – minuted • Personal liability – breach of duty • Not covered by CNORIS • Duty to consult each other • Right to be consulted • Right to participate in decision taking • Effective decision may be taken by majority

  6. Endowment Advisory Group • Remit determined by BOT • Assist Trustees with stewardship • 8 Non-Executive Members • Consider expenditure proposals • Consider fund raising proposals • Monitor I&E v Budget approved by BOT • Business Reports to BOT • Annual Report to BOT

  7. Endowment Fund Value • Unrestricted Fund £11m • Unrealised Gains £7m • Restricted Funds (>500) £11m • TOTAL £29m • Of which: • with Investment Manager £28m • Cash etc £1m

  8. Income Profile

  9. Unrestricted Fund • >99% income from investments and rent • Review investment performance, and • Performance of Investment Manager • Advised by WM Company • Adherence to asset categories • Performance v indexes • Portfolio : Income : Recurring spend • Reserves Policy

  10. Restricted Funds • c80% from donations / legacies • Expressed wishes of donors • Patients • Staff • Equipment • Research • Service / Department

  11. Restricted Funds • Respect expressed wishes of donors • Timely use of donations • Comply with Objectives and Activities • Discussion with donors • Not core service provision • Impact on exchequer revenue

  12. Future Developments • Possible consolidation in Board accounts • Effective 2013/14 – IAS27 • Definition of ‘Control’ • Potential reputational risk – donors • Steering Group reviewing position • Review mid year 2012/13 • IAS27 may be superseded in Jan 2013 • Change in definition of ‘Control’

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