Minutes of the 9th Annual General Meeting held on 15 August 2007 in St John's Grove, Beeston, Nottingham
1. All members were present.
2. The
minutes of the 2006 AGM held on August 11 2006 had been circulated and were taken as read. There were no matters arising except to note that the final sum raised for Dilla Clinic was £1700, of which £1500 had been sent to Ethiopia.
3.
Re-appointment of officers for 2007-08:
a. Chairman: Daniel
b. Treasurer/secretary: John
4.
Financial report for the year from 1 August 2006 to 31 July 2007
a The
Assets Statement (with graphs, filed) showed a portfolio value of £19,354, a 6% rise over the year. New investment during the year had been made in First State China Growth Unit Trust, BP and Experian; Biffa had been spun off from Severn Trent. African Platinum had been taken over at a profit to us of £2440. Our other speculative stock, Island Oil and Gas, had struck gas in the Celtic Sea but their shares had disappointed. No sales had been made. We hold £2,379 in cash, i.e. 9% of our funds. The Unit Value is 124.72, i.e. 25 % above par and another 10% up from a year ago. Our total assets are worth £21,732, a decrease of 3% over the year because of a member’s withdrawal of funds, representing a capital gain (after adjustment for subscriptions and withdrawals) of £4,875 (29%).
b
Unit Valuation Report (on file). All members except one are showing profits (maximum £1,131) overall.
c
Dealings Account for the year (on file):
(i)
income: Subscription income for 12 months was £4,020; dividends amounted to £425, and interest £259 (total £588).
(ii)
expenditure: We had invested £4,236 in stock, made a £500 grant to a member for career development, and spent £161 on the annual dinner and outing at Barrow–on-Soar. We spent £88 on web-hosting for www.patrickfamily.org.uk
(iii)
loans: We had made loans totaling £900 to two members, £400 of which is outstanding.
(iv)
withdrawals: One member had withdrawn £6850 of his stake.
5.
Proposals a.
Declaration of dividend. It was agreed (a) to declare a dividend equivalent to the sum of the interest and dividends received, totalling £588, and (b) to split it between members in proportion to their share-holding on June 30 2007. It was agreed to base future calculations on the average proportional share-holding over the twelve months.
b.
Subscriptions for 2007-08. No change, each member paying at least £50 per calendar month. One member was excused subscriptions for 12 months, but these would be covered by the excess subscription (over £50) paid by other members.
c. It was agreed to make an immediate
grant of £2000 to one member.
d.
Investments agreed:
Sales: it was agreed to sell our holdings in BP, Experian, and BSkyB, the three companies with the poorest overall gain to release funds and simplify the portfolio.
Loan: £2000 loan to LorneStreetBakery.com [Daniel] in the autumn
Purchases:
• £1000 in Mission Marketing [David] when the loan was repaid
• £500 each in F&C Multi-manager Growth Unit Trust and in First State China Growth Unit Trust from the proceeds of Reuters take-over.
6.
Charitable activities: none this year as three members were still working for Chilwell Road Methodist Church’s efforts for the Dilla Clinic in Ethiopia.
7.
AGM in 2008 It was agreed to mark the tenth anniversary of the Club’s founding with an event perhaps at Tyn-y-Waen and [from 2006 AGM] a professional portrait photograph.
8. Amendments to Constitution and Rules: none had been proposed
9. There was no other business, and the family set off for Elvaston Castle for a rainy picnic.
Labels: Annual General Meetings
