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I am not a shareholder in TUAFC Ltd and i am not anti the board who, 4 years ago, saved the club from potential oblivion.

however having read the recently published accounts to 30 june 2010, which were qualified by the auditors and filed out of time, there are some very pertinent questions which need asking at the AGM on 7 July.

1. why did the board fail to ensure that there were adequate financial controls relating to non football receipts and expenditure?

2. why did the board fail to supply the information and explanation required by the auditors?

3. given the clubs turnover exceeded £2 million pa have the board now introduced financial controls including monthly management accounts so as to ensure that the receipts and expenditure are accurartely recorded and that agreed budgets are adhered to?

4. has a financial controller with appropriate professional qualifications and experience been appointed by the board? which directors are responsible for the financial controls at the club?

5. will the club be releasing a statement to shareholders and supporters concerning the accounts? qualification of accounts is a serious matter as is the failure to file accounts on time.

6. did the board carry out appropriate checks on Colin Lee`s financial experience assuming, as CEO, he was ultimately responsible to the board for financial controls and adhering to budgets set by the board?

these just a few of the many questions which really need to be raised at the AGM.

I mentioned a lot of the problems way back when our former CEO was in charge, it was no surprise to me when he was removed. I doubt the full truth will ever be made public by the Board but it's pretty abysmal when you think of the professional people that own our Club.

I've been waiting for you to make this post, I'm glad you raised the same queries I did some time ago.

A numbered receipt for every purchase, preferably with an accompanying registered vat number and all to be entered daily in the book of records. Simple.

Then there are brown envelopes thick with wonger.

Remember the days when bills arrived in brown envelopes ? They (we all know who they are) switched over to white envelopes quite some time ago.

Eerm, can this be translated for the non-accountants among the readership?

Matt.

You don't have to be an accountant to see how serious the situation was, surely?

I see a list of questions from Porta which I understand because they are written in English, but which really don't mean a great deal to me because I don't understand their meaning in context.

Have we appointed a financial controller (for example)? I can see that a financial controller would control the finance at the club, but I don't know whether not having one should illicit the same reaction as finding that the people next door are doing without blue cheese, or whether it should be akin to finding that we will line up against Burton without fielding a goalkeeper.

Matt.

A simple definition for you, Matt.

Qualification of accounts
A report by auditors that they are not, for some specified reasons, able to certify that its accounts give a true and fair view of an organisation's affairs. This may reflect either serious financial misconduct, or deficiencies in the organization's bookkeeping.

Essentially it means anyone in charge of the chequebook would have been able to spend spend spend, with nobody seemingly bothered by how much they were spending or what on!

With the amount of (cough cough) successful business men on the board, don't you find that amazingly stupid?

So, we have 'the books' but they could be complete codswhallop, no one really knows?

Eerm, yes Steve, I do. How has this happened? We only employ a handful of people, and the accounts cannot have so much money in them, or so many transactions that money could be allowed to go missing.

Is there a suggestion of impropriety on behalf of the club or is it an error of book-keeping (are the board crooks or idiots)?

Matt.

I hope in these "financial irregularities" that our late saviour has not been taken advantage of by the unscrupulous.

To be giving without want of reward is the most noble action of all human endeavour.

Trojan 67 wrote:I hope in these "financial irregularities" that our late saviour has not been taken advantage of by the unscrupulous.

To stuff Bartlett's bell up his arse is the most noble action of all human endeavour.

EFA.

ferrarilover wrote:To stuff Bartlett's bell up his arse is the most noble action of all human endeavour.

It doesn't mean anything untoward was going on, only that they can't be sure it wasn't. As mentioned by others, the books weren't up to scratch.

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"
The problem area was non football income relating to the shop/kiosk,hospitality and commercial income. The problem also applied to expenditure in the same areas. The key words used by the Auditors were "completeness of income " re non football income and "completeness and validity of non football expenditure"
What this tells me is that the Auditors were not satisfyed that all income was disclosed ie accounted for.It also implies that some expenditure was invalid. The really worrying thing is that the Directors did not provide explanations to the Auditors when requested.

I think everyone is missing the point here.

TUFC's turnever is so pathetically low that they are unlikely to be under any Government Tax radar. Do we employ a finacial controller?....quite simply of course not!,why would we?

The club make a loss, it is quite simple. The books are no doubt simpler than even those at my company. They report a loss year in year out and as long as we meet our creditors bills no-one and I mean no-one will kick off.

Those 750 season ticket holder (including me and mini mid devon) generate between £150K and £200K a year. Well that pays the wages of the top 3 earners on the playing staff and that is it.

I think some of us need to understand just how small a business TUFC is and post comments accordingly. I am not having a particular go at anyone,but this club is small fry, very small fry when it comes to turnover.We will never, in the forseeable future go into a trading profit.

Also the naivety of comments such as "will the club be releasing a statement to shareholders and supporters concerning the accounts? qualification of accounts is a serious matter as is the failure to file accounts on time" is beyond comprehension. Of course they will not. I am a shareholder of Sainsbury's and whilst they send me an annual statement of accounts, I have to rely on the board to make the right decisions. Do you really think TUFC will give a press release to pacify supporters as to how much each director has coughed up to keep this small business afloat?