Community Savings Limited: Grant

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A decision made 15 August 2013:

Decision Reference: MD-TR-2013-0070
Decision Summary Title:	Grant to Community Savings Ltd		Date of Decision Summary:	15th August 2013
Decision Summary Author:	Treasurer of the States		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Grant to Community Savings Ltd		Date of Written Report:	15th August 2013
Written Report Author:	Treasurer of the States		Written Report : Public or Exempt?	Public
Subject: Authorisation of a grant of £50,000 to Community Savings Ltd.
Decision(s): The Minister approved a grant of £50,000 to Community Savings Ltd from the Treasury and Resources revenue head of expenditure.
Reason(s) for decision: To enable the Treasurer of the States, as Accounting Officer for the Treasury and Resources Department, to award a grant of £50,000 to Community Savings Ltd from the Treasury and Resources revenue head of expenditure.
Resource Implications: To enable the Treasurer of the States, as Accounting Officer for the Treasury and Resources Department, to award a grant of £50,000 to Community Savings Ltd from the Treasury and Resources revenue head of expenditure. This decision does not change the total amount of expenditure approved by the States.
Action required: Head of Financial Management, Accounting and Reporting to progress the grant of £50,000 to Community Savings Ltd.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision:

Community Savings Limited: Grant

Treasury and Resources

Ministerial Decision Report

Grant to Community Savings Ltd

Purpose of Report

To enable the Minister to authorise a grant of £50,000 to Community Savings Ltd.

Background

Community Savings Ltd is a Jersey incorporated company established along the lines of a UK Credit Union, and specifically exempted as a deposit taking business as defined under the Banking Business (Jersey) Law 1991. The enterprise is a not for profit organisation, funded by charitable donations.

The principal objectives are:

i) To provide self-help opportunities to those in need of financial support

ii) To educate individuals, within common interest groups, on how to budget for their everyday requirements and manage their resources, both generally and specifically

iii) To provide a mentoring and support service to its members

iv) To provide a means of saving modest amounts on a regular basis for a particular purpose or as a general discipline

v) Once a suitable savings record has been established, to consider the provision of personal loans for necessities, on a secured or unsecured basis and at reasonable rates of interest

vi) To provide emergency funding, from central funds, by way of loans on a low or no interest rate basis or grants.

The concept of establishing Community Savings Ltd in Jersey started in 1996 following the UN Eradication of Poverty initiative. A great deal of hard work has already been undertaken, leading to the concept being finally approved by the Jersey Financial Services Commission in 2001. Since then but particularly since 2007, following being allowed to operate at the Parish of St. Helier’s premises at Seale Street, business has expanded by around 100% year on year.

The Minister met with staff and volunteers at their premises which gave him the opportunity to discuss and understand their barriers and difficulties as well as see first-hand the good work they are doing.

Community Savings Ltd relies on donations and grants from various organisations and one of their donors have dropped out in 2013 as they provide funding to schemes for a 3 year period only. This has happened at the same time as their rental charges have increased.

3. Recommendation

The Minister is recommended to approve a grant of £50,000 from the Treasury and Resources Department to Community Savings Ltd to assist with their shortfall in 2013.

4. Reason for Decision

To enable the Treasurer of the States, as Accounting Officer for the Treasury and Resources Department, to award a grant of £50,000 to Community Savings Ltd from the Treasury and Resources revenue head of expenditure. This decision does not change the total amount of expenditure approved by the States.

5. Resource Implications

This decision authorises a grant of £50,000 to be made from the Treasury and Resources revenue head of expenditure payable to Community Savings Ltd. This decision does not change the total amount of expenditure approved by the States.

Report author : Director of Treasury Operations	Document date : 15 August 2013
Quality Assurance / Review : Head of Financial Management, Accounting and Reporting	File name and path: L:\Treasury\Sections\Corporate Finance\Ministerial Decisions\DSs, WRs and SDs\2013-0070 - Grant to Community Savings Ltd\WR - Grant to Community Savings Ltd.doc
MD Sponsor: Treasurer of the States