MINUTES OF A MEETING OF THE DIRECTORS OF FBHVC LTD HELD AT MOTOR SPORTS HOUSE, RIVERSIDE PARK, COLNBROOK ON TUESDAY 24 JULY 2007
(by kind permission of the Motor Sports Association)Directors Present:
Julian Ghosh (in the chair) Tony Beadle Jacqueline Bickerstaff
John Billard David Davies Colin Francis
Sandy Hamilton David Hurley Henry Lawson
Rosy Pugh Mike Young
Also in attendance: Derek Grossmark (Vice President) Geoff Smith (Vice President)
Jim Whyman (Company Secretary)
1. Apologies for absence were received from Lord Montagu of Beaulieu, Andrew Burt and Tim Holt. It was noted that Peter Mead had resigned.2. The minutes of the meeting of 27 November 2006 were signed as accurate. [proposed Mike Young; seconded David Hurley; all agreed]
3. The budget for the year to 31 May 2008 and preliminary budget for the following year that had been discussed at an inquorate meeting of the committee on 22 May 2007 was formally approved. [proposed Rosy Pugh, seconded Jacqueline Bickerstaff, all agreed]
4. The audited accounts for the year to 31 May 2007 had been distributed prior to the meeting together with the auditor’s “letter of representation”. The secretary commented that the deficit was some £500 larger than anticipated at the 22 May meeting, £400 of the difference being due to a larger than expected increase in the audit fee following changes to auditing standards. The secretary said he had found an error in the profit and loss account shortly after the accounts had been prepared and had reported this to the auditor who had taken the view that the amount (which would reduce the deficit by £320) was not sufficiently material to warrant revising the accounts. The error had been corrected for the 2007/8 accounts. The meeting approved the accounts and authorised Julian Ghosh, as Vice Chairman, to sign both the accounts and the letter of representation on behalf of the board. [proposed David Hurley, seconded David Davies, all agreed]
5. A draft set of articles of association incorporating the changes agreed in principle at the 22 May meeting had been circulated in advance of the meeting. The secretary pointed out four misprints that would be corrected before printing. With that proviso, the meeting approved the text, and agreed to recommend adoption of the new articles. [proposed Jacqueline Bickerstaff, seconded Mike Young, all agreed]
6. The meeting requested the secretary to convene an Extraordinary General Meeting immediately before the Annual General Meeting on 13 October for the purpose of inviting the membership to adopt the new articles of association. The wording of the calling notice was approved.
7. The meeting also agreed the wording of the calling notice for the Annual General Meeting and authorised the secretary to proceed accordingly.
8. After receiving a warning from Geoff Smith that the board should exercise discretion when using the power to nominate candidates for election, the board agreed to delegate power to nominate candidates for election to positions called for under the new articles to the elected committee.
P H J Whyman
………………………………….. Chairman Company Secretary