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Stretton Focus AGM 2015

STRETTON FOCUS LIMITED
MINUTES OF THE ANNUAL GENERAL MEETING
HELD ON 29TH JUNE 2015.
IN ATTENDANCE:
Tom Beaumont, Richard Fillenham, Barrie Raynor, Sandie Johnson, Yvonne Beaumont,
Barbara Vickery, Pat Oxtoby, Janet Martin, Ian Dormor, Liz Strachan, Gaenor Bolton,
Glenys Young, Rowland Jackson, Ian Midgeley, Graham Ogdon, Ian Hunter, Chris Moores
1. INTRODUCTION AND APOLOGIES
The Chairman welcomed the members to the meeting and thanked them for attending.
The Chairman asked the Secretary whether any apologies for non attendance had been
received and the Secretary notified the meeting that apologies had been received from:
Mrs Elizabeth Daly Amanda Twohig
Nigel Strachan Robert Wright
Geoff Taylor Jackie Banfield
Lynn Ross Bill Ross
Gay Walker Richard Carter
Sandra Davies
In addition apologies were submitted at the meeting on behalf of:
Paul Miller Mary Smith Gwen Fillenham
Richard Sheppard Lesley Richards Barrie Oxtoby
Proxy Forms had been submitted empowering the Chairman to vote on behalf of the
following members had been received at the company's registered office:-
Margaret Voller June Smith Mrs K Johnson
Jane Bromley
The proxies were duly noted and the apologies accepted by the meeting.
2. MINUTES OF THE ANNUAL GENERAL MEETING 2014
The Minutes having been made available to the members prior to the meeting, the
members confirmed that they constituted a true record of the proceedings at the meeting.
The minutes were signed by the Chairman.
3. MATTERS ARISING
There were no matters arising.
4. CHAIRMAN'S REPORT
During this past year there have been many changes in the staffing requirements at Focus,
and pleased that we are now back to capacity with the present structure, and really
appreciate the team of volunteers in all departments of the Magazine.
A big thank you to past editors, and staff who’s contribution was really appreciated in their
dedication, and service in forwarding the progress of this community magazine.
We have tried to engage all ages to contribute to the content, and this can be seen from the
Student Journalist input from the school, and the sporting activities by the young people in
the area.
With the “cut-backs” from Shropshire Council, especially the funding to various
communities & projects which was previously funded by the L J C, it has proved most
successful with the Focus Community Awards scheme introduced just under 2 years ago.
This scheme has now made just over 35 awards, and distributed just over £11,600 during
this period.
The introduction of a hard gloss cover has proved most successful in the distribution of the
magazine, and very acceptable to readers alike.
Constructive articles on local matters are always welcome, but articles that use the
magazine as a platform for personal issues or indeed not relevant to the community will be
edited or refused by the Editorial Team.
In conclusion, I would sincerely like to thank all our readers, and indeed the contributors of
articles from the community, and always welcome constructive comments.
5. FINANCIAL REPORT
Richard Fillenham, Finance Director, presented his report on the previous financial year and
the 2014/2015 accounts were presented to the meeting.
Overview
The accounting year ending 31 January 2015 has been a sound year for Stretton Focus in
terms of sales, community initiatives, and financial performance. There is a pre--‐tax profit
of £3,957 (£1,778 after corporation tax of £2,179). This is a decrease of 50% on the
2013/14 pre--‐tax profit of £7,899. Whilst, overall, income has increased by £1,567 or
4.7%, costs and expenses have increased by £5,517 or 22% resulting in the decrease in
profitability. Reserves have increased by £1,778 to £56,681 with funds in the form of cash
standing at £86,363 as at 31 January 2015.
Income
Income from core sales offerings has increased in the year: subscriptions by 1.2%;
sale/return by 4.6%; block advertising by 4.1% and occasional adverts by 7.5%.
Advertising contributes 59% of income emphasising the key role it plays in the financial
viability of the magazine. Additionally, there has been £395 of income from the sale of 59
copies of the special Focus production of David Bilbey’s book, ‘Strettons Walkabout’.
Expense
The 22% or £5,517 increase in costs and expense is principally attributable as follows:
Core items:
£1,472 (26.5% of the increase) is printing costs from an increased no. of pages and the
gloss cover.
£137 (2.5% of the increase) is for a digital image of King John, for the Medieval Fair edition
of the magazine.
£56 (<1% of the increase) is for general administrative expense.
Extraordinary Items:
£736 (13.5% of the increase) for the production costs of the David Bilbey’s book.
£3,116 (56.5% of the increase) is for the increase in the amount of SF community awards.
Printing remains by far the largest cost item at £18,789 or 61% of total cost. This is
followed by awards made under the SF Community Award Scheme at £6,407 or 21% of
total cost; and by general/administrative expense at £4,812 or 15.5%.
Costs and expenses have been incurred in line with the budget, excepting the decision to
adopt a glossy cover. This is generally perceived by the Focus team and by feedback from
customers as having been a good decision.
All copies of the David Bilbey book have been sold and it is currently out of print.
Production costs exceeded income by £341 as broadly anticipated at the time the board
decided to proceed with its publication.
Capital Expenditure
There has been £213 spent on capital items, £143 for a mobile display stand and £70 for a
replacement printer.
Depreciation, Surplus and Taxation
Depreciation is estimated to be £530 with the net book value of all assets at £970.
Corporation Tax has been calculated at £2,179 on PBT of £3,957 giving £1,778 profit after
tax. There is only a £168 reduction in taxation from 2013/14 despite costs having increased
by £5,517. This is because £3,116 of the increase is for additional awards under The SF
Community Award Scheme and these are not an allowable expense for taxation purposes.
Stretton Focus Financial Resources
The 2014/15 balance sheet is in a strong position with £56,681 of Reserves (in the form of
accumulated funds) at 31 January 2015. The combined bank balance from our two bank
accounts plus £50 cash in hand is £86,363 as at 31 January 2015. This includes cash
received in advance for the following year’s subscription sales (£8,358) and block adverts
(£19,805). Banked funds will therefore fall until 2016/17 sales income is collected at the
back end of this year (2015/16).
Forward View
At the time of writing there are no firm plans for additional one--‐off expenditures for
2015/16. Banked income for the year ahead (recorded at 31 January 2015) is healthy with
subscriptions levels matching those at the same time last year and block advertising almost
£1,400 ahead. It is therefore anticipated that 2015/16 should be a financially ‘sound’ year
for Stretton Focus in its core activities. On--‐going expenditure under the SF Community
Awards Scheme will be subject to the directors continued support for the Scheme and on
the level of applications received from the community. The board has appointed an ‘action
group’ to review the future of the website and its possible development and the use of
social media. Focus has the funds available to invest in its long--‐term future but any
expenditure would be subject to board agreement and direction following receipt of the
group’s report/proposals. Funds may therefore be drawn down for this purpose during the
accounting period.
After a brief discussion and some further clarification from Richard the membership noted
the final accounts for the year and the meeting expressed its gratitude to Richard for all his
work and the clarity of his report.
6. APPOINTMENT OF DIRECTORS
Due notice having been given of the nominations for directors and no further nominations
having been received, the meeting resolved that:
Pat Oxtoby and Barrie Raynor be re-elected to continue as directors of the company for a
further term of three years.
Chris Moores be appointed as a director of the company with immediate effect.
7. APPRECIATION AND STAFF CHANGES
The Chairman reiterated his remarks in his report concerning the degree to which the
company is beholden to all the complement of volunteers who make creating and
distributing the Focus magazine possible. He thanked all those on the editorial team for
the work that they had put in as well as the production team who turn the editors
creativity into the reality of the printed word. He thanked the cover team for all their work
in making the front cover of the magazine so attractive and eye catching and welcomed
the appointment of Geof Taylor as the new principal cover editor ably supported by
Yvonne Beaumont. The Chairman welcomed Ian Midgeley as the new advertising
manager.
8, COMMUNITY INITIATIVES
The Chairman reported, as referred to in the Financial Report, on the continuing part that
Stretton Focus plays in assisting the community with awards to help community groups
and societies to improve the quality of life for people within the Strettons and outlined
some of the year's success stories. Barrie Raynor reported to the meeting the on-going
relationship with Church Stretton School and, in particular, the Student Journalist scheme
which had provided the magazine with a series of interesting articles throughout the year.
These articles have proved to be very popular with the Focus readership.
9. ANY OTHER BUSINESS
There being no other business the meeting was closed.

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