1. The Committee shall have the authority of the Kirk Session:
a) to manage on behalf of the Kirk Session the Fund established in April 2003, comprising the legacy of the late Mrs Elsie Stewart bequeathed to "The Cathedral Development Fund".
b) to consider how the proceeds, either income or capital, may be used in ways that are consistent with the terms of the Fund which are interpreted by the Kirk Session as being for *the development of the Cathedral's mission and outreach”, and to bring to the Kirk Session, at least annually, recommendations as to how the funds may be applied.
The phrase “the development of the Cathedral's mission and outreach" is to be regarded as permissive and not restrictive. In broad terms it suggests the priorities shall be to finance the outgoing work of the Congregation rather than projects of a more internal or domestic nature, and to support work which the Congregation could not reasonably be expected to finance alone. Accordingly, the Committee shall have the power to make a reasoned interpretation of the terms governing the use of the fund and to present its interpretation to the Kirk Session which always shall have the final say.
c) to receive representations from Organisations or Committees within the Cathedral, or from agencies within the wider Church, suggesting projects or initiatives which may be deemed worthy of support.
d) to hold the funds on deposit or to invest them in whatever way it deems appropriate, and to seek professional advice where required, in order to maximise the benefit of the fund to the Kirk Session, with the proviso that a decision to commit a significant proportion of the funds to long term investment shall first be approved by the Kirk Session.
e) to co opt further members to the Committee in addition to those appointed by the Kirk Session.
2 The Committee shall require the approval of the Kirk Session for all matters not specified above, and any significant new matter affecting any aspect of the fund shall be brought forward for full consideration of the Kirk Session.
3 The Committee shall circulate reports of its activities when appropriate, and shall give an annual report to the Kirk Session at the June meeting, at which all its activities shall be reviewed.