The Senior Finance Manager for Major Projects and Corporate Activity presented a report of the Director of Finance which provided an update on the Council’s investment in the Altana Social Impact Fund. Audit and Risk Management Committee requested in July 2022 that a report be brought in regard of Social Impact Fund Investment to a future meeting of the Committee. This was in response to Grant Thornton’s, the Council’s external auditors, External Audit Annual Report 2020-21.

Members discussed the level of investment returns over the previous 3 years since investment in the Fund and the anticipated returns in the forthcoming years, the length of the investment, the types of investments carried out by the Fund and the impact of inflationary factors and bond increases.

Resolved – That the report be noted.