Minutes of the Annual General Meeting held at the Holiday Inn, Sheffield on May 7 2006  

Present:
Julian Kern, Terry Emmony, Phil Jones, Ann Nurse, Julie Grundy, Andrew Smillie, Gordon Moore

Apologies:
Mike Arkless, Di Gluchowski, Peter Sweeney, Debbie McDonnell, Cynthia Brooke, Steve Spence, Dan Robson.

1. As dictated by the club rules, the committee resigned.  

2. Nominations were made and seconded for the new committee and the new committee was elected. For the record: Chairman - Julian, Treasurer - Terry, Secretary - Phil.  

3. The treasurers report was made, along with an analysis of the club's performance against the FTSE100. Throughout 2005 our unit value increased by 13%, which was a little short of the FTSE100 at 17%  In 2004 we had bettered the FTSE100 with 16% compared to 8%. So far in 2006 we are keeping pace with the FTSE100 at 8%. £931 of dividends were added to the fund value in 2005, compared with £908 in 2004.
For the first time, on 4th May 2006, the fund value moved onto £30,074, the unit value at 116.9p. The fund and all members well in profit.   We had no change in membership during the year.   Thanks to Terry for his report and continual updating of the portfolio as well as website.  

4. The Accounts have been audited by our auditor, Andrew, thanks to him for his time. He reported that the accounts were fine.  

5. We then turned our attention to the regular consideration of whether we should sell any shares and buy any more.   We decided to sell Babcock, and bank the 67% profit. We considered selling Fenner, but recent increases in the price caused a debate and we decided to investigate before we sold. We considered buying BG, Interserve, Premier Farnell, Alexandris and BP.

We decided to invest £600 in each of BP and Interserve and investigate Fenner and Alexandria for the next meeting along with reviews of the high and low sell prices for all shares.

The next meeting will be a picnic on a Sunday in July. Please let me know which date out of Sunday 9th, 23rd and 30th you can make, and suggestions for avenue (as well as Wollaton Park.)

Phil