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