1.  Apologies for Absence

Lindsey Knox (Director) and Gareth Bryan-Jones (2009 Event Coordinator).

2.  Minutes of the 2007 AGM

These were approved by the meeting.

3.  Matters Arising

There were no matters arising.

4.  Chairman’s report

Lynne’s report had been circulated prior to the meeting.  There were no questions.

5.  Financial Director’s Report and Adoption of the Accounts

Prior to the meeting, Robin had circulated a report together with accounts for the year ending 28th February 2008 (unaudited).  He made the following additional points:

(i) Virtually all the financial activity appears in 2008.  Due to the success of the 2007 event a profit had gone into reserves.

(ii) Interest is now taxable (there had been a £10k threshold).

DG asked about the company’s policy on maintaining a financial reserve.  RO replied that, in the absence of a policy, we should develop one.  The SOA has a policy of trying to use up reserves.  The 6-day event company, as a private body, is not obliged to dispose of reserves.  RO informed the meeting of the likely minimum ‘cash at bank’ figure for this 2 year cycle (i.e. just prior to the commencement of receipt of entry fees for the 2009 event).

The accounts were approved.

6.  The future of the AGM for the Scottish Orienteering 6-day Event Company Limited

Given that there is no longer a legal requirement to have an AGM a discussion of whether to continue with AGMs took place.  Shareholders are entitled to attend director meetings.  RO said it isn’t normal for shareholders to receive minutes.  It was recognised that the current mechanism is fine, whereby the SOA President attends most meetings and can raise issues of importance and express the will of the SOA.  It was agreed that there is no need for an AGM.

7.  Any Other Business.

There was none.