1. Friday 22 nd August 2014 Moray Finch, General Manager of MICT The Waterfall Fund

2. Background Garmony Hydro will generate income from selling electricity to the national grid and from the Feed in Tariff scheme – a UK government incentive Garmony Hydro will generate profits which will be “gifted” to the Waterfall Fund, free of corporation tax

3. Objectives of the Waterfall Fund To be independent and impartial To be focussed on the residents of Mull and Iona To distribute funds to island groups and projects

4. Format and composition The Waterfall Fund will be registered as a Scottish Charitable Incorporated Organisation (SCIO)

5. Format and composition It will be a single tier charity – i.e. with a board of trustees but no members The board of trustees will be appointees drawn from the community as well as two nominees from the Mull diaspora

6. Format and composition The founding Trustees recruited so far are: Convenor of Mull Community Council – Mike Shilson Convenor of Iona Community Council – John MacLean Head Teacher of Tobermory high School – Craig Biddick Church of Scotland Minister – Johnny Paton Local Councillor – Mary-Jean Devon Bank manager – Larraine Davidson John MacFarlane Dr Andrew Noble

7. Current status of the Waterfall Fund The Trustees are currently working to: confirm eligibility criteria for applicants, and to confirm priorities for projects that can be supported

8. Current status of the Waterfall Fund Best practice suggests that a Community Development Plan should be referenced when setting priorities and considering applications. Ulva Ferry and the Ross of Mull and Iona already have their own Community Development Plans MICT and Mull Community Council will work to produce a CDP for the rest of Mull

9. Thank you for listening! Any Questions?