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Post by Woodenose on Jun 13, 2017 15:40:24 GMT
WORCESTER City have postponed their annual general meeting which was due to be held on Thursday, June 29.
The cash-strapped club say Worcester-based auditors JFA Chartered Accountants will no longer be able to do their accounts.
City are searching for a new firm to work for them.
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Post by creaner on Jun 13, 2017 16:01:47 GMT
WORCESTER City have postponed their annual general meeting which was due to be held on Thursday, June 29. The cash-strapped club say Worcester-based auditors JFA Chartered Accountants will no longer be able to do their accounts. City are searching for a new firm to work for them. No longer able or no longer willing? And why does that prevent holding the AGM? Back to the dark ages it seems.
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Post by alwaysnextyear on Jun 13, 2017 16:37:57 GMT
Isn't it a strange co-incidence ?
Yesterday on this notice board, I ask the question about the AGM " on the 29th June ", and surprise,surprise, the day after on the Club website - there isn't going to be one after all !!!!!!! Well I never ! Fancy that . There never was going to be one. Did the auditors resign overnight then ? As for appointing new auditors ? There must be 50 firms in Worcester that carry out auditing.
The club statement stinks, and is bullshit.
As for the audit being " very costly ". Hampson's 2016 summary showed audit fees as being £ 3,500 pa. What price is that to pay for independent financial probity ? Less than what the Board authorised to be spent on Connor Hughes !
That means there is no one to audit the accounts for 31.05.17. The year of the massive 200k to 250k loss ?
As for
" The Directors wish to point out that changes to audit exemption rules for small companies,which includes the Club, means that full Audit is no longer a mandatory requirement and is very costly and the Club will be seeking advice as to the present position to comply with such regulation moving forward. "
That's shorthand for what can be the minimum financial scrutiny that the club can get away with ?
Isn't that fortunate in a year when the club has lost 200 k to 250 k ?
What are they all covering up ? Another chance for Hampson to avoid talking finances. If the Board had any decency, they ought to be ashamed. " Stuck with him " - I wonder why ?
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Post by ac on Jun 13, 2017 17:37:18 GMT
I have no knowledge of these things: is it usual for the audit to take place so close to the AGM? I'd have thought it would be at least organised a month or so before?
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Post by alwaysnextyear on Jun 13, 2017 18:05:34 GMT
ac
The cancelled AGM supposedly planned for 29th June, was for the year ended 31.05.16 - the year of the 155 k loss. As an abbreviated balance sheet has been lodged at Companies House, it is fair to assume that those accounts were fully audited. At an AGM, Hampson would have had to provide a full set of audited accounts to shareholders for perusal, and then question asking. Hence no AGM = no questions.
However one of the other duties of an AGM is usually the appointment of auditors. The question is when did JFA Accountants tell WCFC that they no longer wished to be the club's auditors ? As I have said, there must be 50 auditing companies in Worcester, so finding a replacement auditor should have been no issue at all.
Not having nominated auditors for the 31.05.17 finances is not necessarily a reason for not having an AGM re the 2016 accounts, as that task could be delegated to the Board anyway as they find the auditors for the club in the first place ! It appears as though the board has just chosen to use this as a reason for cancelling the 2016 AGM.
Obviously on the night, Hampson would also have been asked about the finances for the 2017 season just finished ( my estimated 200 k to 250 k loss ) ie the current cash in the bank figure and current state of the finances...................hence .......NO AGM = NO QUESTIONS
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dragon
First Teamer
Posts: 355
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Post by dragon on Jun 13, 2017 18:07:28 GMT
Everything about WCFC stinks ! It disgusts me and the sooner it is `no more` the better. The Trust may be clinging to their dream but they would have been better setting up a `phoenix` when the gates of SLG slammed shut !
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Post by triumphdave on Jun 13, 2017 18:19:10 GMT
Everything about WCFC stinks ! It disgusts me and the sooner it is `no more` the better. The Trust may be clinging to their dream but they would have been better setting up a `phoenix` when the gates of SLG slammed shut ! I have been looking after said gates and a few other bits of memorabilia since their removal from SGL .Mr Chairman would have been quite happy to see them scrapped along with everything else.Doubt they would have gone through the shredder as easily as much of the paperwork did!
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Post by jimbo on Jun 13, 2017 19:10:04 GMT
Everything about WCFC stinks ! It disgusts me and the sooner it is `no more` the better. The Trust may be clinging to their dream but they would have been better setting up a `phoenix` when the gates of SLG slammed shut ! Much as I agree with the formation of a 'Phoenix', the trust has made blatantly clear that their energies are targeted at the Perdiswell Planning, which they feel is the key to the future of football in Worcester. Perhaps it's time for those of you who are doubting their efforts or abilities to get on board with them, I know you'd be welcomed.
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dragon
First Teamer
Posts: 355
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Post by dragon on Jun 13, 2017 20:05:35 GMT
Say what you will, Perdiswell has always been seen as new home for WCFC. That pathetic apology of a club should have only one destination -at the bottom of the Severn.Clinging to the pitiful few bob left in the kitty under a clown of a chairman, they have been laughed out of town - and should stay there !
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Post by downthelane on Jun 13, 2017 21:16:52 GMT
I think the AGM has been shelved to avoid another public slanging match.
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Post by jupu on Jun 13, 2017 21:37:18 GMT
The AGM isn't a public meeting.
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Post by creaner on Jun 13, 2017 21:43:00 GMT
The AGM isn't a public meeting. And shareholders have legitimate questions that the board should be prepared to answer. Anthony Hampson has always stated his priorities are the shareholders. How does this reconcile with the decision to retreat into the shadows?
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dcx
Squad Member
Posts: 289
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Post by dcx on Jun 13, 2017 21:52:09 GMT
The club is well below the revised audit thresholds and as such is classed as a small company, so does not need an audit and can file reduced disclosure accounts at Companies House. In reality the company has been small for many years and the audit has been voluntary, which may come as a surprise to some of you. I can't imagine it was for financial transparency for obvious reasons, I would hazard a guess it's simply because they didn't bother to change the terms of engagement with the auditors to cease having an audit and save a couple of grand a year, cause that would be a bit too sensible.
Quite why JFA can no longer do the accounts is anyone's guess - they aren't complicated, they aren't audited, there's barely anything to audit anyway!
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Post by auldreekie on Jun 14, 2017 9:05:46 GMT
The resignation of auditors, as opposed to not seeking re-appointment at the end of their term of office, is an occasional event and there are several reporting requirements for the company and the auditor to ensure that reasons are given and understood by those that need to know. In general terms, if the resignation does not directly involve the company then reporting requirements are simple and basic. However, there are additional requirements if the outgoing auditors believes that they think that there are matters that should be brought to the attention of the company's shareholders or creditors.
The club statement gives the commercial reason for the resignation of the auditor: “…they no longer wish to undertake auditing work as it is an unviable sector of their business.” The statement implies that the firm is ceasing to practise as an auditor and not just resigning from the club audit. However, the firm’s website indicates that it still offers auditing services.
If they are ceasing to practise as an auditor as part of their business then that is an “Exempt Reason” and reporting requirements fall into the "simple and basic" category. However, The company would have additional reporting requirements itself if it does not reasonably believe that the only reasons for the resignation was an “Exempt Reason”.
Even if an audit exemption is available and taken then shareholders who hold 10% or more in nominal value of the issued share capital of the company may request that the financial statements are audited. This request must be made at least one month before the balance sheet date, by giving notice to the company at its registered office.
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Post by downthelane on Jun 14, 2017 18:11:44 GMT
Thanks. When is the balance sheet date?
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Post by Brooksiders Return!! on Jun 15, 2017 15:14:55 GMT
downthelane, what do you mean by when is the balance sheet date? What do you want to know?
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Post by alwaysnextyear on Jun 15, 2017 15:34:28 GMT
downthelane - if you read my last post.................scroll up 12 posts !
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Post by downthelane on Jun 18, 2017 13:55:54 GMT
Scrolls up. Yep got it so that time has now passed.
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Post by jupu on Jun 18, 2017 16:24:05 GMT
I don't think it would be possible to present accounts for a period that has not passed. However, in the light of the delay, I'm sure it would be feasible - and eminently sensible - to present the accounts for both 15/16 and 16/17 at the same time, when a new date is set.
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Post by alwaysnextyear on Jun 18, 2017 17:26:28 GMT
The cancelled AGM was for the 31.05.16 audited accounts. Not having an auditor to do the 31.05.17 accounts is not a reason for cancelling this AGM.
Failing to hold timely AGM's has contributed to the ruination of the club, and the decimation of the finances. Shareholders need to be able to question the Board in a timely manner armed with the appropriate facts. EGM's every 8 years is not acceptable.
The Board are using this auditing excuse as a reason yet again, to avoid facing shareholders and to avoid having to account for their actions.
Presumably we'll have to keep an eye on Companies House to see what the 2017 accounts look like.
I'm not holding my breath for any re-arranged AGM.
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Post by Brooksiders Return!! on Jun 18, 2017 19:54:31 GMT
Accounts for FY17 aren't due until February 2018.
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Post by jupu on Jun 18, 2017 20:05:39 GMT
That is the deadline for submitting the club's end of year accounts to Companies House. They could be completed, audited and submitted any time before then.
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Post by Brooksiders Return!! on Jun 18, 2017 20:09:42 GMT
Indeed, they could be. History suggests though......
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Post by B*ue dragonstander on Jun 18, 2017 22:19:21 GMT
[I have been looking after said gates and a few other bits of memorabilia since their removal from SGL .Mr Chairman would have been quite happy to see them scrapped along with everything else.Doubt they would have gone through the shredder as easily as much of the paperwork did! Well done on saving the gates. If I recall correctly they were given to the club by former chairman George Goode. They will look good on the new ground. 😊
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Post by B*ue dragonstander on Jun 18, 2017 22:25:24 GMT
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Post by jupu on Jun 19, 2017 5:54:50 GMT
[I have been looking after said gates and a few other bits of memorabilia since their removal from SGL .Mr Chairman would have been quite happy to see them scrapped along with everything else.Doubt they would have gone through the shredder as easily as much of the paperwork did! Well done on saving the gates. If I recall correctly they were given to the club by former chairman George Goode. They will look good on the new ground. 😊 The gates were erected in 1984 in tribute to George, who passed away in 1981.
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Post by Woodenose on Jun 19, 2017 9:22:48 GMT
Thank you for the link B*ue, searching for Worcester City FC will show that they are over due with the audit. Also I see that the supporters club is also listed (on another page)
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dragon
First Teamer
Posts: 355
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Post by dragon on Jun 19, 2017 9:49:24 GMT
As I understand it WCFC are under no legal obligation to conduct AGMs. It may be a PR disaster for them not to do so but when did any of them care about that ? They have reduced a once great club to a minor league irrelevance so who apart from one or two on here is going to give a flying fcuk ?
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Post by B*ue dragonstander on Jun 22, 2017 19:43:50 GMT
As I understand it WCFC are under no legal obligation to conduct AGMs. It may be a PR disaster for them not to do so but when did any of them care about that ? They have reduced a once great club to a minor league irrelevance so who apart from one or two on here is going to give a flying fcuk ? Spot on although I think it is more than one or two who do actually give a ff 😊 I
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