We note the WSRA Trustees have sold the WSRA’s shares in the steam locomotive BR(W) 5101 Class 2-6-2T no 4160 which have been held for a number of years, originally to help finance the restoration of the loco from ‘Barry’ condition.

For documentation please see visit the ‘Four One Six O Ltd’ files page on the Companies House website at https://beta.companieshouse.gov.uk/company/01563895/filing-history and then download the PDF for the entry made on 27 October 2015.

Under the WSRA’s Articles of Association, the Trustees may dispose of assets, such as shares, subject to correctly following the strict rules of asset disposal by a charity.

Although we believe they should consult the membership, the Trustees are not obliged to consult the membership on proposals and decisions concerning disposal and/or acquisition of assets.

The PDF reveals under Shareholding 251 the disposal of the shares occurred on 25 July 2015 (coincidentally the same date as the WSRA AGM).

The PDF also shows, under Shareholding 276 and 277, that  a total of 28120 shares were transferred to two individuals, Michael Crees and Paul Johnson (the latter was elected as a WSRA Trustee at the WSRA AGM on 25 July 2015). Both gentlemen are Directors of ‘Four One Six O Ltd’ which owns the locomotive. This article is not about ‘Four One Six O Ltd’ but very much about the WSRA.

The charity’s disposal of these shares is of great importance to the WSRA membership who as always must trust the Trustees to do the right thing on their behalf and it is only right that the Trustees fully communicate their reasoning and decisions to the membership.

The sale of the 28120 shares would seem to have raised £14060 for the WSRA.

Therefore, we sincerely hope the WSRA Trustee Board will issue a statement via the next Journal and explain the rationale behind the sale along with full details of how the required protocols concerning the charity’s assets were correctly followed.

There has been plenty of time to write the article for the next Journal and therefore no excuses for not keeping the membership fully informed.

UPDATE: 27 Nov 2015. The Journal has arrived. No mention of the sale of the shares. We consider the omission to be a significant snub to the membership. A fresh article is in draft. A copy of the draft has been sent to the WSRA Chairman and the two Vice-Chairman, along with an invite to comment before we publish the article early next week.

UPDATE: 28 Nov 2015. We now understand why the Journal made no mention of the sale of the shares. Until related matters are resolved, we will not be issuing the fresh article and we ask members to be patient.

UPDATE: 29 Nov 2015. For reasons we believe will later become clear, we have closed this article (and elsewhere on the blog) for further comments on this topic. Apologies for this.

 

 

 

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