Kirby Fields Roads Fund LtdKirby Fields Roads Fund Ltd
Annual General MeetingAnnual General Meeting
March 18March 18thth 2008 2008
St Bartholomew’s Church HallSt Bartholomew’s Church Hall
Main StreetMain Street
Kirby Muxloe Kirby Muxloe
© Dr Mike Reed
Kirby Fields Roads Fund Ltd AGMProgramme
7.30pm Open Meeting & Welcome
Apologies: Mrs Janet Whitehead (Financial Director) Mr Les Bowles (Director) Mrs D Prince (Stamford Road)
8.00pm Financial ReportDr Mike Reed
7.35pm Companies Act Meeting
Resolution 1To adopt the report of the Directors and the Accounts for the year ended 31 July 2007Resolution 2To re-elect Mr Chris Buckingham as a Director Resolution 3To re-elect Mr Peter Cooper as a Director Resolution 4To re-elect Mr Steve Harris as a Director
7.40pm Chairman’s Report
Dr Mike Reed
Kirby Fields Roads Fund Ltd AGMProgramme
8.15pm The Tar & Chip 2007, plus Gulleys & Drains
8.30pm Directors Re-Election
8.35pm Questions from the floor
8.45pm Chairman’s Closing Comments
9.00pm Close of meeting
Chairman’s Report
– The Tar & Chip of Stamford, Portland & Hastings Roads was the main event of 2007 (More later)
– Winter of 2007 was mild, but rather damp, with flooding in some places, mainly due to blocked drains & un-swept gulleys (More later)
• Overall the roads have held up quite well & are in as reasonable condition noting their Victorian heritage, especially the newly Tarred & Chipped roads
• Urgent repairs are done asap when required, due to Health & Safety – 3 repairs to Forest Drive in February
– Remind everyone, KFRF Ltd’s main “Mission” remains the ongoing maintenance of the roads’ surface & keeping “on top” of potholes & cracks
Chairman’s Report
– Persistent hardcore of non-contributors remains one of the Funds greatest challenges!
• Had a “Blitz”on the non-contributors with some successes, but there remains a recalcitrant “hardcore”
• Contribution level at February 10th; 91.3% (£720 outstanding)• 16 houses outstanding
– 4 Partial Payers & 12 Non Payers
• Continuing shortfall in funds could jeopardise the T & C of Forest Drive in the future, mainly due to the escalating oil price; = uncertainty = KFRF Ltd needs all the money it can get!
– KFRF Ltd Website: • Our URL is:- www.leicestershirevillages.com/kfrf
– At the bottom of all KFRF Ltd Communications eg 2 newsletters p.a.
• 24/7 information source • Updated when there is new “News”
Chairman’s Report
– Les Bowles & Christine Walton are taking a full and active part in running KFRF Ltd
• Please endorse the Directors up for re-election later in the meeting
– We still need “new blood,” especially if they experience in doing accounts• Interested?, or know someone who may be; contact Gill Baron
– Mr Bob Lucas asked at the possibility of a T & C of the other roads & Ken Bowden was concerned about delays & the impact of rising costs
• Done
– Mr Bateson enquired about sweeping the un-adopted roads• Peter Cooper explained he had had countless discussions with the authorities;
however, more later on lessons learnt from the T & C
– Alex McDairmid commented on large lorries & damage to verges• KFRF Ltd has subsequently met with representative’s of Neal Bros & LCC• Neal Bros have changed their website advising on directions to their premises
(Conflicts with a Forest Road leading to “their” Hastings Road)• LCC; along with all UK Councils are looking at possible new road signs, &
advising Sat Nav companies on “unsuitable” roads. Work in progress
Chairman’s Report– Moel Llys
• Andy Norton was concerned that the Developer would be branded a “bad guy”• Not true from a KFRF Ltd perspective
– Bond “in place” to cover road damage due the development
– Steve Harris, Gill Baron & Mike Reed had a very amiable meeting with him on 19th June 2007
– Mike Reed subsequently has been in regular eMail contact for planning updates
– Where are we now?• The Developer has advised that Blaby DC is using “lean thinking” within the
planning process– “In English” a reduced number of planners (7 ↓ 2) = a slower process
– See Planning Application No: 07/1179/1/PXCS on BDC website for the construction of 2 four bedroom & 1 three bedroom detached dwellings with new vehicular access
– “Understand” it is with the planners now, but no timings or dates available
– Implications for KFRF Ltd & the T & C of Forest Drive• Impossible to say• “Guesstimate” earliest 2010, more likely 2011
– T & C can only take place in the Summer months
Financial Report (Profit & Loss Account)PRS: 606Hall Hire: 24Stamps, Min Book,P/Copying: 15Annual Return: 15Bank Charge: 62GB/MDR:Tel, Stamps, Stationary, ink 49 Error 2006: 60
Corporation Tax:
19% for 8 Months 20% for 4 Months
KIRBY FIELDS ROADS FUND LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31st JULY 2007
2007 2006
£ £
Turnover 8,250 8,100
Purchases 6,046 6,201
Gross Surplus 2,204 1,899
Administration Expenses 831 1,117
Bad Debt 60
891
Operating Surplus 1,313 782
Bank Interest Received 701 559
Surplus on Ordinary Activities before taxation 2,014 1,341
Tax on Interest Received 72 36
Surplus for the Financial Year 1,942 1,305
Retained surplus brought forward 31,603 30,298
Retained surplus carried forward 33,545 31,603
Financial Report (Balance Sheet)
Reduction in Debtors
Much “leg-work!”
Bank Balance + Petty Cash
Tax 06: (Never claimed) 36 Tax 07: 72GB/MDR: 49
KIRBY FIELDS ROADS FUND LIMITED
BALANCE SHEET
FOR THE YEAR ENDED 31st JULY 2007
2007 2006
£ £
Current Assets
Debtors 2,995 3,340
Cash at Bank / In Hand 30,707 28,679
Net Current Assets 33,702 32,019
Current Liabilities
Creditors amounts falling due within the year 157 416
Total Assets Less Current Liabilities 33,545 31,603
Reserves
Profit and Loss Account 33,545 31,603
Members' Funds 33,545 31,603
Financial Report (Management Profit & Loss Account)
Value by invoicing all Residents = Maximum Income p.a.
KIRBY FIELDS ROADS FUND LIMITED
MANAGEMENT PROFIT & LOSS ACCOUNT
FOR THE YEAR ENDED 31st JULY 2007
2007 2006
£ £
Turnover 8,250 8,100
Road Repairs 6,046 6,201
Gross Surplus 2,204 1,899
Less Expenses 891 1,117
Operating Surplus 1,313 782
Other Income
Bank Interest 701 559
Net Surplus for the Year 2,014 1,341
Bank Account: “Snap Shot” (February 2008)
Description Date Amount £
Savings Account February 22nd 14,373.62
Cheque Account February 16th 221.91
Petty Cash February 29th 3.74
TOTAL 14,599.27
The Tar & Chip: 2007
All photos: © Dr Mike Reed
The Tar & Chip: 2007
• Originally scheduled to commence on August 29th; BUT– Road Gang called away to Lincolnshire = delay
• Work done on September 12th – Prior to the laying down of the Tar & Chips, gulley’s swept– LCC used an “industrial” strength sweeper
• Caused significant damage to the road edges in some places!
• The Road Gang should have spotted this early & stopped; they didn’t!
• The roads were then Tar & Chipped– Overall: the main areas were OK– Problem areas:-
• Some road edges
• Excess Tar left on kerbstones
• The “take home message,” KFRF Ltd; unhappy with the outcome!– KFRF Ltd; refused payment until a satisfactory resolution of all
problems
The Tar & Chip: 2007
• KFRF Ltd met with LCC & Fairefield Construction on October 1st – Initially a difficult meeting; LCC saying remedial work prior to the T & C
was inadequate, & basically “not their problem”– KFRF Ltd advised that the remedial work was to an adequate level!– The “industrial” strength sweeper should never have been used & the Road Gang
should have stopped early & sought advice from a) LCC & b) KFRF Ltd– Much more care should have been taken re the Tar on the kerbstones
• KFRF Ltd, Fairefield Construction & LCC; “walked the course”
• Outcome – LCC were very unhappy with what they observed– Offered to return & fix a) the damaged road edges & b) remove the Tar on the
kerbstones– Date agreed: October 10th, but bad weather caused a further delay– LCC returned over various days towards the end of October & completed the work– LCC will also return this summer & fix any areas which haven’t weathered well– As a sign of “good faith,” Safety Lines at Hastings/Portland junction; FOC
The Tar & Chip: 2007
• What have we learnt from this T & C exercise?
– The road edges are friable in many locations
– Industrial strength road sweepers are NOT advantageous to the roads & shouldn’t be used
– During the years running up to the T & C of Forest Drive; KFRF Ltd will during on-going yearly repairs pay particular attention to the road edges
• Some have no kerbstones & are adjacent to soil/grass
– This will have a cost implication, as more money will need to be spent each year in order to have the best edges possible to reduce/eliminate the problems described during last year’s T & C
– Increasing oil prices & the pull through effect on m2 costs → increasing demand/drain on KFRF Ltd’s funds
• Crystallises the impact the Non-Payers can have on future progress!
Gulley & Drains• Post Tar & Chip Drain Blockages
– Loose chippings have blocked many drains– KFRF Ltd; as a one-off has had these cleared, since it was related to the T & C– Have learnt that the drains are linked up
• Even more important that Householders keep them clear & minimise flooding
• The On-Going Saga!!!
– All Newsletters & AGM’s, KFRF Ltd has stressed the need for Householders to look after their own gulleys & drains
• Most Don’t!
– Led to believe the un-adopted roads should be swept on a regular basis• Peter Cooper discussions with the authorities; but it doesn’t happen
– HOWEVER: From the the lessons learnt from the T & C, regular mechanical sweeping will damage the road edges & monies spent will be wasted & detrimental to every Householder on the un-adopted roads!
• THE REMEDY – Each Householder should clean their gulleys manually & gently with a broom on
a regular basis, as well as their drains = less flooding downstream• The guidance consistently given by KFRF Ltd
KFRF Ltd: Resolutions 1 – 4 Adopt Directors Report & Accounts
Directors Re-Election
Resolution 1
To adopt the report of the Directors and the Accounts for the year ended
31st July 2007
Resolution 2
To re-elect Mr Chris Buckingham as a Director
Resolution 3
To re-elect Mr Peter Cooper as a Director
Resolution 4
To re-elect Mr Steve Harris as a Director
Questions from the Floor
• Next AGM
– March 2009
– Advise by Newsletter & the Website
The Chairman’s Closing Comments
• I have lived in Kirby Fields since December 1994
• Quickly got “roped in” to join the then Road Fund early in 1995– Representative for Holt Drive
• Up until March 2001 when Steve Harris took over as Chairman, his wife Joyce as Secretary, it was a rather “sleepy” organisation
• Steve & Joyce soon “pulled it up by the boot straps”& began the series of changes which have in-going ever since
• November 2003, I became Vice-Chairman
• June 2004: Joyce resigned from the Committee & Steve stepped down as Chairman, but remained on the Committee. I became Chairman.
– My Thanks to both Steve & Joyce for their sterling work
The Chairman’s Closing Comments• I picked up where Steve & Joyce left off
• Following some guidance from Bob Lucas relating to Public Liability issues for both the Fund & it’s Committee members, the Fund became Ltd Company (KFRF Ltd) in July 2005, with full Public Liability Insurance
– A time consuming event
• We now operate to the full transparency required of a Ltd Co, with our own Logo, computer generated stationary, & a full series of systems & procedures
• Costs & cash flow are rigorously monitored – Janet Whitehead (FD) works vigorously behind the scenes
• The Co Secretary is in constant contact with relevant parties– Companies House, Estate Agents, Solicitors etc
• Non-Payers are declining, but those remaining are a huge challenge!
• KFRF Ltd has a simple Website
• Completed Phase I of the Tar & Chip of the roads looked after by KFRF Ltd
The Chairman’s Closing Comments
• So the time has come to say:-
AdiósAdiós
Goodbye
ΚαλησπέραΚαλησπέρα
Auf WiedersehenAuf Wiedersehen
NäkemiinNäkemiin
ArrivederciArrivederci
Au RevoirAu Revoir
The Chairman’s Closing Comments
• And Finally
A Big “Thank You” to all my colleagues
at KFRF Ltd
for their help and support
over my time as Chairman
&
Hand-over to your new ChairmanHand-over to your new Chairman
Mr Mike Lane-SpougeMr Mike Lane-Spouge
to close the meetingto close the meeting
Thank YouThank You for coming alongfor coming along
&&
for your time for your time tonighttonight