Accounting Irregularities

[SteveDeckchair]

I have read the accounts and the Qualifyed Auditors Report and there is no doubt that the position was far more serious than ""the books weren't up to scratch"

I haven't even seen the accounts let alone an audit report, but am merely commenting on the fact that it doesn't necessarily mean anything untoward was going on. If you are party to other information, then fair enough. You obviously have information way above what anybody completely unconnected with the club would have.

[SteveDeckchair]

I think everyone is missing the point here.

I think you're missing the point a bit too!

The fact is that 'stuff' has been going on that the Directors (christ we have enough of them!!!!) don't have a clue about. Are you saying this is an acceptable way to run a club?

As directors of our football club, it is their responsibility to ensure it is run in an appropriate manner. If you think £1.3m (over 2 seasons ffs!) owed to the Bristow family is acceptable, what if in the future for whatever reason Thea wanted out?

If I had put that amount of money into the club, I would be banging the directors heads together!

This is before she also pays the balance on our grandstand. Do you think she is going to get that back??

By the way, the figures I have quoted are taken from threads on this site and I wouldn't have a clue if they were accurate or not.

[yellow]

There was a thread recently about the professionalism at the club.

I was reminded of a line in an old textbook to the effect that “An organisation cannot be fundamentally better than its Chief Executive”.

First we had Colin Lee. I then asked the question “Who do we have now?” The silence was deafening....

Maybe Budleigh can make one of his guest appearances and enlighten us.

P.S. I just looked on the OS. We don t seem to have a Chief Executive anymore. One thing I did note is that Colin Lee is still listed as a Director.

[Southampton Gull]

Bill Phillips is performing that role I believe.

[yellow]

Thank you SG.

“Performing that role” gives me the unfortunate image of a reluctant volunteer doing it because no one else would.

I hope that is not the case.

Still at least he can refer any problems to our strong and forthright Chairman – Simon thingy off the Popside.

Any thoughts as to why C Lee is still a Director?

[ferrarilover]

Lee can't still be a Director, a big chunk of the money we paid to him was as 'Compensation for loss of Directorship'.

Matt.

[cambgull]

I'm sure someone mentioned about this during the last thread on the subject. He's still listed as a Director as the money hasn't all been paid to him yet, or something along those lines.

[Southampton Gull]

While he still has certain "expenses" paid by the Club................

[yellow]

While he still has certain "expenses" paid by the Club................

Well I imagine that the Chief Executive at the time played a part in formulating his contract. Hang on, wasn t it a certain C Lee?

Presumably the same C Lee who was also responsible for the financial management of the business? alongside his match day carving duties of course.

Thank God we have a strong set of Directors to keep everything under control. And to provide the vision, direction and communication that the club so badly needs.

Accounting irregularities eh? Makes you think... :ping:

[portugull]

I cannot understand MidDevons post of 24 June. It is clear he just does not get it.!!!
In my eyes turnover of £40k pw is not chicken feed for a Community Club like TUAFC. Since my original post I have established that finance at Plainmoor is controlled by Jon Foster and Mel Hayman. This info is on the OS.
As for never making a profit, in the foreseeable future, you just cannot be sure. We could break even in 2010/2011 according to Simon Baker and if O'Kane moved to QPR for £400k in January who is to say we will make a loss in 2011/2012.
I think the Board had a huge wake up call last year when they discovered Colin Lee was not in control and since then there is much tighter control of finance. As for naivety about how the Board may react to questions at the AGM I would say never underestimate the shareholders.
They are entitled to ask questions and to vote. At TUAFC I guess, I do not know, that a very few shareholders control the vast majority of the shares.
In the last 2 years huge companies like BP, Shell and Standard Life have been on the receiving end of a global investor backlash from their own shareholders.
I do hope a member of the forum who is a shareholder attends the AGM ,asks the right questions, and posts afull report . Finance is crucial and your complacency MidDevon is why so many people and companies live beyond their means and then wonder why the s... hits the fan.

[ferrarilover]

This AGM, what is it, when is it and can I go?

Matt.

[portugull]

The Annual General Meeting (AGM) is on 7 July. I do not know what time.
Normally only Shareholders would be allowed to attend.

[ferrarilover]

Can I have a share then, please, just the one, I'll give you 50p for it.

Matt.

[Scott Brehaut]

Can I have a share then, please, just the one, I'll give you 50p for it.

Matt.

You can attend on a shareholders behalf, however they must state you are going instead of them.

You would have to check the constitutional docs (available on Companies House Direct) - that will tell you who can attend etc.

[ferrarilover]

Anyone fancy nominating me as their proxy?

Matt.