Financial accounts for the year to 31 May 2020 and AGM by
RAFCBLUE 26 Mar 2021 17:15(I'm going to leave this thread here and I can update the OP to cover any added points anyone else might have.)
The club's financial accounts for the year to 31 May 2020 are due to be published by Monday 31 May 2021 and an AGM called.
Usually, the club would need to publish its accounts for this year within 9 months of the year end (i.e. by 28 February 2021) but the Government have given all companies an optional 3 month extension due to Covid-19.
The club appear to be taking that optional extension even though I am sure that the financial performance for that year will be known. The prior year accounts to 31 May 2019 were signed on 3 February 2020.
Opening net assets (on 1 June 2019) were £1,360,167 and opening cash balances were £408,206. The 31 May 2020 equivalents are keenly awaited.
Whilst Covid-19 ended the season early, operationally the financial year saw:
* League 1 status retained
* 34 (of 46) scheduled league games played due to Covid-19. Of the unplayed games 7 were home fixtures and 5 away fixtures.
* FA Cup 3rd Round reached with 5 FA Cup games and defeat vs Premier League side Newcastle, including a televised game.
* EFL Cup 3rd Round reached with 3 EFL Cup games and defeat vs Premier League side Manchester United
* Dan Adshead sold to Norwich on 1 July 2019
* Luke Mathewson sold to Wolves on 31 January 2020
* Closure of the Goldbond and the launch of its replacement the Dale Lotto.
* We invested in a new pitch, though the work was done after the 31 May 2020 deadline, the financial commitment was made before.
* Craig Dawson add on monies were due from West Brom.
On the subject of the AGM:
* The AGM for the 31 May 2019 accounts was postponed due to Covid-19. It should have taken place on 23 March 2020 which was the first day of lockdown.
* An EGM, relating to the sale of additional shares and granting statutory powers for the existing board was also posted for 23 March 2020 but did not take place.
As RAFC’s Articles of Association do not contain an express power to postpone a General Meeting, legally it means that the meetings will still need to take place in order for them to be adjourned indefinitely. Therefore, on 23 March 2020, ordinary resolutions to adjourn the meetings were proposed by those in attendance. It was anticipated that this will be the only business of the meetings.
Consequently, there was no expectation of wider shareholder attendance at the meetings beyond that of the Board of directors. While shareholders or a proxy are still entitled to attend and vote, they were strongly advised not to.
As a date for the adjourned meetings has not yet been fixed, it means that fresh notices will be sent out prior to any adjourned meetings taking place. RAFC will have to provide 21 days’ notice prior to any adjourned meetings taking place. At the time of this post there has been no notice as when to reschedule the meetings, but noting that the country is still subject to national lockdown restrictions.
The last successful AGM held was on 7 May 2019.
Apologies this is a long post but will all going on at the club, I feel it needs prominence over the next 60 days.
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