It had been anticipated that we would be writing to you this week with all the documentation for our Annual General Meeting (AGM) as required under our constitution. A key element of the AGM is to review the historic financial performance of the club and provide an outline of our finances over the coming year . We are not required to have a formal audit, but our Accountants, Hargreaves and Wood, provide members with an independent assessment of our statutory accounts for 2019/20 and comment on the club’s financial prospects for 2020/21.
As you all will be aware Football finds itself in very uncertain times at present with significant threat to the 2020/21 season given the ongoing impact of COVID-19. This has been further compounded following the recent decision by the Department of Culture, Media and Sport to retain our elite classification, preventing the admittance of spectators, and this has created significant uncertainty over the financial modelling for the coming year.
At present the Club is awaiting details of the financial support we understand that central government is prepared to provide to enable us to play our matches behind closed doors. Once we have these details we will be able to judge whether this is sufficient to cover the resulting funding shortfall (i.e. gate receipts, season tickets, hospitality, sponsorship, etc.). The Board and our Accountants feel that these things need to be finalised before we can effectively brief members about the financial position and our plans for the season ahead.
As a Board we believe that the financial sustainability of the Football Club Is a fundamental cornerstone of the AGM process and as such it would be inappropriate to hold the meeting until such a time the club and our accountants have the necessary details and can provide an informed narrative. As such the decision has been made to postpone the AGM meeting until Thursday 12th November at 19:30, which will be facilitated via the Zoom platform to comply with social distancing measures. The documentation for the AGM, including the financial report will be sent out at least two weeks in advance of the AGM.”