(1) The Chairman informed the Committee that his company had acted for minority shareholders in Digital Contact Ltd. Whilst this did not constitute a disclosable pecuniary interest, he would not participate in any detailed discussion on that company’s accounts.
(2) The Chief Accountant reported on each of the statutory accounts for those entities in which KCC had an interest and in which it had purchased shares.
(3) The Chief Accountant explained that the reason that no accounts for the TRICS Consortium Ltd were available was that it had only recently been incorporated and that its first accounts would not be due until June 2016. She also drew the Sub-Committee’s attention to two entities which did not appear after having done so in 2015. These were Business Support Kent Community Interest Company which had entered administration in April 2015 and the North Kent Architecture Centre which no longer listed KCC as a member in its articles.
Following the meeting, the Chief Accountant explained that prior to the centre being an “independent not-for-profit organisation” it had been a nominating organisation. KCC had a right to appoint a director but this was not a requirement. On formation of an “independent not-for-profit organisation” KCC’s formal association had come to a natural conclusion.
(4) The Sub-Committee asked that the Cabinet Portfolio Holder be invited to attend the next meeting of the main Committee in order to answer questions on a report explaining KCC’s investment strategy in respect of the Investment Companies in which KCC had an interest. This would include an explanation of the grounds for investing in companies which were showing a loss.
(5) RESOLVED that subject to paragraph (4) above, the latest available Statutory Accounts for those companies in which KCC has an interest be noted for assurance.