THE TWELTHANNUAL GENERAL MEETING OF THE NUFFIELD FARMING SCHOLARSHIPS TRUST WILL BE HELD AT THE ASHFORD INTERNATIONAL HOTEL, KENT ON FRIDAY 21stNOVEMBER 2014AT 2.00 p.m.
AGENDA
2. / Apologies for Absence
3. / To stand in memory of members who have died during the year
4. / Minutes of the Eleventh AGM of the Trust held on Friday 22nd November 2013 and the EGM held on Thursday 24th April 2014
The Minutes of the Eleventh Annual General Meeting of the Trust and the Extraordinary General Meeting held on 24th April 2014 are attached to this agenda and displayed on the website. Further copies will be available at the meeting.
5. / Matters arising from the Minutes of the Previous Meetings:
6. / Chairman’s Report
The Chairman will speak to his report which is published in the Annual Report and on the Nuffield website.
7. / To Receive Accounts for 2013-14
See Note 1 below. A summary of the consolidated financial statements for the Trust is attached to this Agenda and published on the Nuffield website and will be available at the meeting. Copies of the full accounts are available on request from the Director’s office. The Vice Chairman/Chair of the Finance Sub-Committee will speak to these documents.
8. / To Re-appoint Accountants for the Trust who will also act as Independent Examiners
The Trustees recommend that Moore Scarrott Partnership LLP, who have indicated their willingness to serve, be re-appointed as Accountants and Independent Examiners to the Trust.
9. / To Elect a Chairman of the Trust to succeed Stephen Watkins NSch ARAgS
The Nominations Committee, as endorsed by the Trustees Board, recommends that Wallace Hendrie NSch,who has indicated his willingness to serve, be elected as Chairman of the Trust for a two year term.
10. / To Elect a Vice-Chairman of the Trust to succeed Wallace Hendrie NSch
The Nominations Committee, as endorsed by the Trustees Board, recommends that Julian Darling NSch who has indicated his willingness to serve, be elected as Vice-Chairman of the Trust for a two year term.
11. / To Elect Members to Serve as Trustees of the Trust
TheNominations Committee, as endorsed by the Trustees Board, recommends the following who have indicated their willingness to serve:
-Alison Capper be confirmed elected as the 2013 Returning Scholar having been proposed by the majority vote of the 2013 Year Group.
-Stephen Fell, Oliver Surman and Helen Woolley are elected/re-elected as Members/NSch Representatives following a vote at this meeting.
12. / To Elect Members of the Selection Committee to serve from 1st January 2015:
TheNominations Committee, as endorsed by the Trustees Board, recommends the following who have indicated their willingness to serve:
-Dorothy Fairburn NSch for a second three year term
-Note 2: Frank Thompstone for a three year term.
13. / To Consider a Special Resolution to Amend the Memorandum and Articles:
“THAT the articles of association of the Company be amended by deleting the wording shown in struck through text and inserting the wording shown in red text in the draft articles produced to the meeting and, for the purposes of identification, initialled by the Chairman.”
14. / To Receive the Investment Policy of the Trust.
Following a request at the last AGM the recently approved ‘Financial Objectives, Reserves Allocations and Investment Strategy’ are attached for consideration and endorsement.
15. / To Receive the Minutes of the 2014 Scholars Selection Committee.
16. / To Receive a Report on Nuffield International.
17. / Date and place of 2015 Annual General Meeting
Proposed Friday 27thNovember 2015 at the Europa Hotel, Belfast.
18. / Any other business
The Chairman of the Trust has requested that members wishing to raise any matter under Item 17 should give prior notice to the Director no later than Friday7th November 2014 by which time any resolution for consideration must be submitted..
Looking Forwards: In 2015 new appointments will be made for:
-Two new Trustees (one current Trustee eligible for re-election);
-One 2014 Returning Scholar Trustee;
-One external member of the Selection Committee (current incumbent eligible for re-election)
Notes Further to the Agenda of the 12th Annual General Meeting of the Nuffield Farming Scholarships Trust
Note 1:
Item 7. To Receive Accounts for 2013-14
The overall financial state of the Trust is sound with Total Net Assets now standing at £905,465 as at 5 April 2014 an increase of £92,296over the previous year. Furthermore, the 2013-14 financial statements show an operating surplus of £64,612 compared to a deficit of £35,512 the previous year.
Moore Scarrott have continued to oversee the in year processes. It is also expected that 2014-15 will provide a reasonable operating surplus.
Note 2:
Item 13. To elect members to serve as Trustees of the Trust – Notes on Frank Thompstone.
Frank Thompstoneis a graduate of Wye College with a wide range of agricultural businesses. He has run large dairy farms, free range eggs enterprises and a business involving a number of garden centres. He was a director of the Duke of Westminster's garden centres for 11 years, the founder director of United Milk Plc and has recently finished as the Staffordshire regional adviser for the NFU Mutual.
MJV