Request
Please provide details of:
A
The uses to which the properties given to the States in the Will of the late H.E. Le Seelleur have been put (P.71/1997).
B
The properties which have been sold by the States since the bequest.
C
The current status/use of the properties which remain in the ownership of the States.
D
The income generated by these properties, whether by sale of the property or by rental derived from the leasing of the property.
E
The uses to which the income from the bequest has been put by the States.
F
The arrangements in place to ensure that the funds appropriately fulfil the terms of Mr Le Seelleur's will to benefit 'the benefit of the aged, infirm and needy residents of the Island'.
G
How these funds are managed to ensure maximum benefit.
Response
A
The properties have been let to both private tenants and to staff members who have relocated from outside the Island to work for Health & Community Services.
B
• Beau Sejour, Mont Millais (Sold 18/05/2018)
• Oxford Road Workshop (Sold 03/03/2017)
• Le Boulevard Flats, La Rocque (Sold 13/10/2017)
• Sous L’Eglise, St Peter (Sold 01/10/2015)
• Claremont, Bagatelle Road (Sold 22/01/2016)
• 9 Chevalier Road (Sold 03/03/2017)
• La Pouclee Lodge (Sold 04/12/2015)
C
Stonecot, Mont Millais and 1-3 The Denes, Greve d’Azette are residential properties being let to tenants.
No 4 The Denes, Greve d’Azette is currently undergoing refurbishment.
D
| Beau Sejour, Mont Millais | 540,000.00 |
| Oxford Road Workshop | 425,000.00 |
| 9 Chevalier Road |
| Le Boulevard Flats, La Rocque | 2,355,000.00 |
| Sous L’Eglise, St Peter | 900,000.00 |
| Claremont, Bagatelle Road | 550,000.00 |
| La Pouclee Lodge | 425,000.00 |
| Property * | Rental Income
£ (pa) |
|---|
| Stonecot, Mont Millais | 67,105.32 |
| 1-4 The Denes, Greve d’Azette |
* One of these properties has lifetime enjoyment with the reversionary ownership bequeathed to the Government.
E
Income has been used to carry out maintenance and refurbishment works to the properties. Maintenance works include electrical works, plumbing works, and building and grounds maintenance.
Over the last three years significant refurbishment works have been carried out to the properties, Stonecot and 2 and 3 The Denes to enable them to achieve a higher rental return.
F
With the exception of reactive property maintenance expenditure, spending from the fund must be authorised by the Minister for Health & Community Services (HCS) by Ministerial Decision.
As Property Manager, Jersey Property Holdings are authorised to incur reactive maintenance expenditure up to a value of £5,000 per single job, and a total of £75,000 in aggregate per annum. Costs in excess of this must be authorised by the Minister for HCS.
The Le Seelleur Fund is overseen by a government wide “charitable fund oversight board” which provides an independent assurance function for all charitable trust funds (including those under HCS).
G
The Funds are managed by the Treasury & Exchequer Department and invested through the Common Investment Fund. The investment strategy has a blend of returns coming from income-producing and growth assets, and is designed to meet the Le Seelleur Fund’s objectives.
The Minister has set a strategic aim of investing 65% in growth assets (Jersey property and equities) designed to produce long-term returns; and 35% in stabilising assets (bonds, alternatives and cash) designed to provide stability and income
Performance of the Fund’s investments are reviewed by the Treasury and Investment Management Team and overseen by the Treasury Advisory Panel.
The investment strategy is reviewed regularly and revised as needed to ensure the Fund’s objectives are met.
