Falklands : FALKLAND LANDHOLDINGS BOARD REPORT (24/07/07)
Submitted by Falkland Islands News Network (Juanita Brock) 04.08.2007 (Article Archived on 18.08.2007)
A meeting of the Falkland Landholdings Board took place in the Liberation Room of the Secretariat at 1400hrs on Tuesday, 24 July 2007.
FALKLAND LANDHOLDINGS BOARD REPORT (24/07/07)
Compiled by J. Brock (FINN)
A meeting of the Falkland Landholdings Board took place in the Liberation Room of the Secretariat at 1400hrs on Tuesday, 24 July 2007. Present for the meeting were Cllrs Hansen (Chair) and Rendell as well as Mr. Owen Summers (General Manager), Mr Chris Simpkins (Vice Chairman) Mr Stephen Poole (Farmer Representative), Mrs. Bernadette Goodwin (Financial Controller), Mr. Miles Lee (Farmer Representative) and Mrs. Christine Scipio-O’Dean (Minute Taker.
This Report is compiled from the public session of this board meeting.
MATTERS ARISING FROM THE MINUTES OF THE MEETING HELD ON 22 MAY 2007 (PUBLIC ISSUE)
(item 5.3 refers)
Helen Otley from the Environment Planning discussed with the General Manager the possibility of PWD being approached to put landfill sites on farms. It was felt that a more co-ordinated approach would be appropriate.
GENERAL MANAGER’S REPORT
Wool Sales
The General Manager reported that to date 612 bales of wool is still at Fipass to be sold and 78 bales are overseas not sold. It was advised that wool sales is very slow not only for FLH but all Falklands wool sales.
AI/ET Programmes
It was reported that part of the AI/ET programme is very disappointing this year, which may be the result of a different technique being used, this is being investigated.
Bank Mandates
The board resolved that Mrs Tracey Pearce should be removed from FLH bank mandates and replaced by Mrs Susana Faria and Ms Jane McLeod.
Secretary
The board also resolved that Mrs Christine Scipio-O’Dean become the Corporation Secretary.
FIDC Accountancy
An agreement with FIDC for £20K for accounting and secretarial duties is to be drawn up which is a reduction in cost of £4000. The Financial Controller advises that FLH no longer manages Stanley Dairy accounts, hence the reason in reduction. The board agreed that FIDC would be providing the best deal.
FLH PROVIDENT FUND
The trustees of the provident fund are Brian Aldridge, Ian Jaffray, Len Clifton and Alison Roose, as Secretary. The trustees request the FLH boards approval for the trust deed to be amended so that the requirement for an audit of the accounts is removed in favour of a report made by an independent examiner, who will be a firm of chartered accountants. The board members agreed for the removal of an audit provided that the provident fund is not linked to FLH as a statutory body
FINANCIAL CONTROLLERS REPORT
The Financial Controller presented Management Accounts and Net Cash Position to the end of June 2007. It was noted that the slow wool sales has an effect on the budget but at present there is no impact on the cash flow. It was agreed that this should be closely monitored.
STATUTORY ACCOUNTS
The FLH Report and Financial Statements for the year ended 30 June 2006 was discussed. It was agreed that on page 8 “Board members’ remuneration” should be more appropriately described. Bernie Goodwin to contact Deloitte Touché to seek permission to amend the wording “Board members’ remuneration”, or alternatively attach a note 5 explaining the breakdown of the total increase in cost of £12K.
In response to a query regarding the increase in bad debts, Bernie Goodwin explained that bad debts do include interest incurred on a late payment. It was agreed that bad debts should be reviewed and if unrecoverable, should be written off.
The Deloitte Touché audit fees for the next year was also discussed. The board approved the increase of £300 in audit fees but it was felt that the auditors should be closely monitored and that FLH should only be charged for the amount of time actually spent on auditing. General Manager to write to David Bell confirming their appointment as auditors for 2006/2007 accounts.
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