The Monmouth Diocesan Trust (MDT) supports the religious education of children in the Church in Wales schools in the Diocese. It is responsible for managing the assets (buildings and land) that have been assigned to the trustees.
Structure, governance and management
Monmouth Diocesan Trust is a company limited by guarantee governed by its Memorandum and Articles of Association dated 19th June 1922. It is registered as a charity with the Charity Commission for England & Wales.
Directors and Trustees
At its Annual General meeting the MDT appoints an Executive committee of ex-officio and elected members to be the Directors of the Company and Trustee board of the charity. As such they are bound by both charity and company law.
The AGM is held in September and the Executive Committee meets 4 times per year.
The Executive Committee for 2020 comprises:
- The Bishop of Monmouth - The Right Reverend Cherry Vann
- The Archdeacon of Newport - The Venerable Jonathan Williams
- The Archdeacon of Monmouth - The Venerable Ian Rees
- The Archdeacon of the Gwent Valleys and Director of Mission - Vacant
- The Dean of Monmouth - The Very Reverend Ian Black
Up to 3 members are nominated from the Area Deans of Abergavenny, Bassaleg, Bedwellty, Pontypool, Monmouth, Netherwent, Newport, Raglan & Usk for election at the AGM.
2 members are nominated by the Director of Education and/or the Headteachers of the Diocesan Church Schools for election at the AGM.
Up to 5 Lay members, who must be in communion with the Church in Wales, are nominated by members of the Diocesan Trust.
The members of the Committee of Management are elected for one year from the date of the AGM.
Secretary and Executive Officer
The Secretary and Executive Officer is employed by the trustees to manage the day to day operations of the charity. The Secretary has delegated authority, approved by the trustees, for operational matters, finance and the overall operation of the charity within the approved budget.
Investment powers, policy and oversight
The investment strategy is determined by the Investment Advisory Group. It comprises the DBF Chair, Vice Chair, Diocesan Secretary, Diocesan Accountant, together with additional members of the DBF and MDT.
Under the governing document of the MDT, the charity has the power to invest in any way, subject to Trustee legislation.
The portfolio of investments is managed by an appointed Investment Manager (currently Brewin Dolphin) who meet twice each year with the Investment Advisory Group.
The Investment Manager is required to ensure that the prescribed ethical policy (as specified by the Representative Body of the Church in Wales) is followed at all times.
The trustees review the charity’s Reserves policy annually. The policy aims to maintain the equivalent of 6 months of the charity’s running costs in readily available funds.