Chess Centre Limited (The)

Debate directly related to English Chess Federation matters.
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Roger de Coverly
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Joined: Tue Apr 15, 2008 2:51 pm

Chess Centre Limited (The)

Post by Roger de Coverly » Wed Sep 22, 2021 11:47 am

There's an item on the Agenda of the forthcoming AGM
https://www.englishchess.org.uk/wp-cont ... Agenda.pdf
which says
11 Ordinary Resolution proposed by the Director of International Chess
and the Director of Membership
Council requests the Directors of Chess Centre Ltd to work with the Board to
simplify the ECF/BCF structure, to dissolve Chess Centre Ltd and transfer the assets
to the ECF for the benefit of members
In the papers for the April Finance meeting are the most recent Report and Accounts for this Company which take us to August 2019.
https://www.englishchess.org.uk/wp-cont ... 018-19.pdf

Some information from the report.

Ownership
The ultimate controlling party is stated as the British Chess Federation through the Permanent Invested Fund with the Trustees being R E Edwards and I P Keen. These individuals are also quoted as being 100% shareholders of the Company.

Directors (as of 31 Aug 2019) were G F Walsh and D Eustace.

There was, in round numbers, a bit under £ 60,000 in assets spilt approximately 50/50 in terms of stock exchange investments and cash. I did wonder why it wasn't approaching 100% in stock market investments so as to get a better return. I believe it has an obscure place in the ECF's financial management by providing the ECF with what is in effect a cheap overdraft facility for when the timings of the ECF's income and expenditure don't match. Holding £ 30,000 in cash thus makes sense in that context.

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