Kirby Fields Roads Fund Ltd Annual General Meeting June 7 th 2007 St Bartholomew’s Church Hall

1. Kirby Fields Roads Fund Ltd Annual General Meeting June 7th 2007 St Bartholomew’s Church Hall Main Street Kirby Muxloe

2. Kirby Fields Roads Fund Ltd AGMProgramme 7.30pm Open Meeting & Welcome 7.35pm Companies Act Meeting Resolution 1 To adopt the report of the directors and the accounts for the year ended 31 July 2006 Resolution 2 To re-elect Mrs G Baron as a director Resolution 3 To elect Mr L Bowles as a director Resolution 4 To elect Mrs C Walton as a director 7.45pm Chairman’s Report Dr Mike Reed, 8.05pm Financial Report Dr Mike Reed Apologies: Mrs Janet Whitehead (Finance Director)

3. Kirby Fields Roads Fund Ltd AGMProgramme 8.20pm Roads Status Update Steve Harris 8.25pm Tar and Chip: Where do we go from here? 8.45pm New Directors Election 8.50pm Questions from the floor 9.00pm Chairman closes meeting

4. Chairman’s Report • Winter of 2006 was mild & hence “kind” to the roads • We have few problem areas • Steve Harris will update specifically later in the meeting • Our main “Mission” remains the ongoing maintenance of the roads & keeping “on top” of potholes & cracks • Persistent hardcore of non-contributors remains one of the Funds greatest challenges! • Contribution level currently 85% (£1,225 outstanding) • 25 houses outstanding • 4 Partial Payers& 21 Non Payers • Good success in getting the Partial Payers to adjust their S Orders • BUT:Even more shoe-leather & time required to get in the maximum monies • Continuing shortfall in funds WILL jeopardise major projects going forward (More later)

5. Chairman’s Report • Moel Llys: The plot went to Auction on February 20th, but failed to meet its Reserve Price (Withdrawn at £395K) • The plot was sold as a Private Sale outside of the Auction, at an undisclosed price, to a then undisclosed purchaser (More later) • KFRF Ltd Website: this is hosted by LeicestershireVillages.com • Our shorter URL is:-www.leicestershirevillages.com/kfrf • Up to date information is posted here, as and when its available • Following our "plea“ at the AGM last October for some new helpers Mr Les Bowles & Mrs Christine Walton have come forward • Please endorse their Directorships later in the meeting & re-elect our Company Secretary; Mrs Gill Baron • Mr Bob Lucas asked at the AGM about Tar & Chipping (T & C) the other roads (More later)

6. Chairman’s Report • Mr Ken Bowden expressed concern about rising costs by delaying the T & C. • Leicestershire County Council (LCC) will not issue quotes until almost at the point of doing the work (More later) • Mr Bateson asked about un-adopted road sweeping. • Peter Cooper has had countless discussions on this topic,………but! • Drains & Gulleys continue to be a huge dilemma. • Steve Harris will cover this in his section • Mr Alex McDairmid commented on large lorry damage to verges. • KFRF Ltd has written to Neal Brothers (covered at the last AGM) & to LCC. Gill Baron has a complex response from LCC regarding Sign-Posts • Simple answer: NO! • Letter available for anyone who wishes to peruse it

7. Financial Report(Profit & Loss Account) • Hardest year of all, due to the • transition from a Volunteer Group to • a Ltd Company • - Needed an Accountant: 1 Off PRS: 690 Hall Hire: 28 Postage: 12 Co Inc Costs: 245 Bank Charge: 4 Accountant: 200 Tax Refund: (62) Corporation Tax @ 19% on Interest for 4 months Retained Surplus Introduced 27,808 Debtors for previous 3 years 2,490

8. Financial Report(Balance Sheet) Debtors: previous 3 years PLUS this current year Bank Balance + Petty Cash Figure shown at last AGM Tax: 36 Paid back to Residents: 180 Accountant’s fees: 200

9. Financial Report(Management Profit & Loss Account) Value by invoicing all Residents = Maximum Income p.a. Less Road Repairs

10. Roads Status UpdateMr Steve Harris • No major problems on un-adopted roads • Remedial work carried out by Fairefield Construction • 2006: Costs £6,201 • Standing water on the roads • On-going cause of surface erosion • 2003: £800 spent cleaning all gulleys & drains (a “one-off”) • 90% of all Householders have not maintained these areas • Householders can raise their kerbs & paths, but at their own cost • Householder notification • Rely on Householders advising KFRF Ltd of new holes • Economic reasons: Remedial work once/year (Sept/Oct) • Health & Safety: Carry out short terms “fixes” • Thank you for your attention

11. Tar & Chip Update • KFRF Ltd’s “Mission” is to maintain the surface of the un-adopted roads within Kirby Fields to the best quality that funds allow • Forest Drive • Stamford Road • Hastings Road • Portland Road • Tarmac would be the ideal, but is too costly • Tar & Chip is the best value that our funds can accommodate • Life Span 12 – 15 years: twice that of a main road • AGM March 2005: Promised to Tar & Chip Forest Drive in 2006 • Funds were insufficient to do all the roads in one go • Dependent on the following year(s) contributions • “Then” came the Moel Llys house development: Tar & Chip “on hold”

12. Tar & Chip Update - Moel Llys: The Orchard Development & Implications to the T & C within Kirby Fields • Planning Application: 1 large single house in The Orchard, within the Moel Llys complex on Forest Drive • Plot Purchased by Jamieson Alessandro Lewis • Purchase price: unknown • Build commencement: unknown • Intention for some Directors of KFRF Ltd to meet with Mr Lewis to gain a good working partnership: Going Forward • Until Mr Lewis´s plans are known, the T & C of Forest Drive cannot take place • Large lorries, Utility Companies activities etc. would destroy any new road works

13. Tar & Chip Update - KFRF Ltd Bond • Lengthy negotiations took place in Jan/Feb with LCC to put in place a Bond, to cover road repairs which could be directly attributable to the building of The Orchard house • The Value of the Bond is £40,000 & is deposited in an ESCROW account with KFRF Ltd’s solicitors; Spearing Waite • KFRF Ltd would like to “Thank” Spearing Waite for all their help & guidance in the project • Upon sale of the land by LCC, the Agreement Novated to Jamie Lewis, who is totally bound by the contents of the Agreement • The roads (all within KFRF Ltd’s jurisdiction are covered) will be examined both before & after the building process • Interim damage during the build will be dealt with as an “on-going” process

14. Tar & Chip Update - KFRF Ltd Bond con’t • Access to & from the site by all Contractor & Utility Companies traffic, has been tightly defined • Entrance & exit will be from the bottom of Forest Drive (Post Box) • The Bridge entry, Stamford Road & Linden Lane is prohibited • Signs relating to the above, will be erected prior to the commencement of the building works, at the Developer’s cost • Contractor Parking • Parking on any grass verges within the defined Roads is not permitted • Arbitration; in the event of any disputes, it is catered for • Law: England & Wales • NB: Much more detail for those who wish to read it in full. See GB

15. Tar & Chip Update • Where do we go from here? • So what is the current BIG problem? • Basically the oil price • T & C is totally driven by the oil price, as 50% of the cost depends upon this commodity, & has brought about a total re-think • Option 1: Do nothing for the short term & build up the funds & continue with the yearly repairs until The Orchard house is complete; then review the funds • Option 2: T & C the Other Roads i.e. Stamford, Hastings & Portland • This was the Directors preferred option, UNTIL, we received LCC´s current cost per sq metre quote to do the work this year! • This will have a huge impact on what & when such work could be done • Option 3: Forget all about T & Cing & look to see if there are other repair options • Unlikely to be as attractive as a new T & C • Will continue the “patch work quilt” effect

16. Tar & Chip Update http://tonto.eia.doe.gov/dnav/pet/pet_pri_wco_k_w.htm 103%

17. Tar & Chip Update What prices have we been quoted for this year? A whopping £2.70 per sq metre EXCLUDING VAT!!!!!

18. Tar & Chip Update

19. Tar & Chip Update “IF” the above is true, & we T & C the Other Roads in 2007, we can never afford to T & C Forest, without a dramatic increase in yearly contributions

20. Tar & Chip Update • Recommendation • Do not proceed with T & C activities this year for Portland, Hastings & Stamford Roads • They are in reasonable condition, & doing them would have been “cosmetic” • & been seen to at long last doing something tangible • Wait until The Orchard house is complete & review funds along with the condition of Forest Drive • Once The Orchard house is complete, the next available summer (assuming funds allow), T & C Forest Drive • Thereafter; review & decide on the “Next Steps” for the Other Roads at that unknown point in time • The Other Roads will continue to have their required yearly repairs for Health & Safety reasons

21. The Roads: Final Comment • Whatever happens Going Forward regarding the T & C & in whatever form, PLEASE be assured that KFRF Ltd will continue to work flat out on your collective interests • Regular maintenance will continue • Regular “walking of the course” by KFRF Ltd Directors will continue as we do now • As a matter of Good Business Practice we contact all Estate Agents & Solicitors concerning our involvement with the roads, so that new Householders are aware of the work we do, and their need to contribute to the costs • The Moel Llys Bond negotiations are a further example of the huge amount of “behind the scenes” work that goes on • AND Finally; should there be no T & C, we will still maintain the roads to the best of our abilities, within the tight cost constraints we work under

22. KFRF Ltd: Resolutions 1 – 4 Adopt Directors Report & AccountsNew Directors Election Resolution 1 To adopt the report of the directors and the accounts for the year ended 31st July 2006 Resolution 2 To re-elect Mrs G Baron as a director & Company Secretary Resolution 3 To elect Mr L Bowles as a director Resolution 4 To elect Mrs C Walton as a director

23. Questions from the Floor ? • Next AGM • Next March • Advise by Newsletter & the Website

24. Thank You for coming along & for your time tonight