Company setup
The Management of “Felpham Fields” business is “Felpham Fields Residents Association Ltd. which is a not for profit private limited company limited by guarantee. Members are provided with access to a copy of The Company’s Memorandum & Articles of Association and Annual Report & Accounts.
Every Member is a Member of ‘The Company’ – Felpham Fields Residents Association Ltd.
Felpham Fields Residents Association Ltd. Is a Limited Company set up and incorporated in June 2020 with the specific aims to protect and promote the rights and interests of the members of the company in the development and management of Ley Road (private section), Duncton Close and Tryndel Way (*) and to promote and encourage social interaction between the members of the company.
Company Structure
The structure of the company consists of –
The MEMBERS – who have the right to attend the annual general meeting (and any other general meeting) and have important powers under the articles of association and the Act; in particular, the members elect people to serve as directors and take decisions in relation to changes to the articles themselves,
The DIRECTORS (The Council) – who hold regular meetings during the period between annual general meetings, and generally control and supervise the activities of the company; in particular, the directors are responsible for monitoring the financial position of the company.
The Company can have up to seven (7) voluntary Directors on its Council at any one time. The Directors are a cross-section of “Felpham Fields” Resident Members, elected by the Membership and they retire by rotation. Directors have a common interest in protecting our assets and keeping “Felpham Fields” well managed and maintained.
Company Responsibilities
The Directors meet every 4-6 weeks (except in August) to discuss Council business and vote on a wide variety of proposals. The Council splits into working groups to focus on specific issues e.g. general maintenance, road repairs, drainage, traffic calming, planning and development.
The Company Secretary is responsible for keeping The Company’s statutory records and filing reports with Companies House; administering meetings; dealing with all Company correspondence and enquiries, formal documentation and administration, including the collection and management of Membership Fees and record keeping. Members have access to The Secretary to help them answer any Company related questions, enquiries and issues.
The Treasurer ensures the correct running of The Company finances, monitors cash flow and investments and provides a monthly report to the Council. The Treasurer also keeps The Company Books and prepares Annual Accounts.