ECF Accounting

[Roger de Coverly]

The report shows that we got some things wrong and need to make changes to avoid a recurrence. The ECF would be foolish to ignore or hide such a constructive contribution to achieving positive improvements and we won't.

But have attitudes changed? As regards questions surrounding the 2011 British, they were asked at the 2011 AGM and fobbed off by the relevant director. Also a cheese loving national chess correspondent continues to attack the Manager of the 2012 British without, it seems, the ECF being prepared to speak in her defence.

[Matthew Peat]

As an Insolvency Practitioner and accountant I deal on a daily basis with failed companies, a large proportion of which failed through nothing more than mismanagement or even misfeasance on the part of its directors.

It says something that I am truly shocked by the contents of the finance committee report. It reads like an exam question on a corporate governance paper of an organisation where there is a total lack of adequate financial control to give candidates plenty of material to utilise in their answers.

The final paragraph "Overall, I suggest that there is a debate to be had over the role of the Finance Director in the ECF. My own view, for what it's worth, is that a Finance Director should be responsible for the setting of overall financial strategy and the review and analysis of financial statements on behalf of the Board and Council" is a bit of a diplomatic conclusion given the contents of the report. The setting of overall financial strategy and analysis of financial statements are the most basic and fundamental responsibilities of any Finance Director.

[Alex McFarlane]

The report shows that we got some things wrong and need to make changes to avoid a recurrence. The ECF would be foolish to ignore or hide such a constructive contribution to achieving positive improvements and we won't.

Andrew,

Does this mean that (a) I will be sent the full accounts for the British in advance of the April Meeting and (b) the Board are now willing to mediate with me since many of my complaints have now been accepted?

I am posting this publically since you have ignored my last two private emails.

[Roger de Coverly]

Does this mean that (a) I will be sent the full accounts for the British in advance of the April Meeting

Looking back at last year's meeting, it would be normal for the Finance Director's report to comment on the financial outrun of the British, last year it was reported that a £ 4,000 surplus was made at Canterbury. Given what's said elsewhere by the Finance Committee report, the credibility of this year's report will perhaps be doubted by the attendees.

[Roger de Coverly]

Extracted from the detail budget spreadsheet, these are the outruns for the 2011 British

GROSS INCOME
Entry fees 33,718
Sponsorship 8,233
John Robinson Trust / PIF 12,000
John Robinson Trust - Junior Coaching 2,500
Concessions 1,000
Other income 1,139
English Championship 2,000
Bequest / Donations 0
Accomodation 200
Advertising 0
60,791

GROSS EXPENDITURE
Prizes and grants 30,086
Appearance Fees 0
Controllers costs 7,971
Bulletins 1,050
Presentation and commentary 2,200
Junior Coaching 0
Entry form printing and distribution 1,445
Equipment
Office Costs 500
Other 13,576
Accomodation 0
Venue 3,346
60,175

No amount is shown for VAT, so presumably these are net of VAT. Whether this explains why the sponsorship income is not the headline figure, I wouldn't know. I would guess that "Other" is the expenditure, either wholly or in part on "conditions" for titled players.

[Peter Turner]

Question - If Income shows £2,500 from JRT for Junior Coaching why is there not an amount of £2,500 shown on Expenditure for Junior Coaching rather than the zero.

[Roger de Coverly]

Question - If Income shows £2,500 from JRT for Junior Coaching why is there not an amount of £2,500 shown on Expenditure for Junior Coaching rather than the zero.

Without knowing the answer, is it likely that the costs of coaching have been consolidated into "Other" or "Controller expenses"? I think there were the usual sessions in Sheffield.

[Alex McFarlane]

These figures make little sense to me.

What has happened to the £15600 sponsorship? This went through the ECF account at the sponsors request. There were clearly conditions offered by De Mooi from this £15600, why are these not in the accounts? Excluding VAT sponsorship should still have been £13000 excluding ANY additional De Mooi money.
The entry form seems to be £1000 more than I would have expected unless the office posted out a lot of entry forms!

David Welch produced figures showing an operational profit of £3.4K for the event (but was concerned that this could be reduced by £2000 VAT). This does not tally with the £1000 profit given in the budget.

I feared the figures presented would not show the full picture.

Again I ask Andrew Farthing or any other Director to provide me with a full set of Congress Accounts. It is obviously important that these are compared with David's figures and differences explained.

[Peter Turner]

Afternoon Roger

You could be correct. The 'Other' at £13.000+ is the 2nd largest item in the Expenditure and perhaps consideration should be given to detailing some of the larger items in 'Other'. It would also look better that in a case, such as Junior Coaching, where the money involved is from a charitable trust given for a specific purpose the corresponding expenditure should be highlighted.

[John Upham]

If someone can give me the relevant beginning and end-of dates I will post the income from CoM during that period. I can only be certain of Paypal transactions but have a good guess at the amount by other payment methods.

I assume CoM has been lumped into "Other" since the figure is not zero for sure.

[Roger de Coverly]

If someone can give me the relevant beginning and end-of dates I will post the income from CoM during that period

CoM sales are shown as £ 315 (outrun) under the management services tab of the detail spreadsheet. The relevant period is the ECF Financial year from 1st May 2011 to 30th April 2012.

[Carl Hibbard]

If someone can give me the relevant beginning and end-of dates I will post the income from CoM during that period. I can only be certain of Paypal transactions but have a good guess at the amount by other payment methods.

I assume CoM has been lumped into "Other" since the figure is not zero for sure.

It is in the spreadsheet:

£315 for 2011/12
£300 for 2012/13

[John Upham]

It is in the spreadsheet:
£300 for 2012/13

When does the 2012 - 2013 accounting period start and end?

J.

[Roger de Coverly]

When does the 2012 - 2013 accounting period start and end?

1st May 2012 to 30th April 2013 but they may propose and vote that it should be 1st May 2012 to 31st August 2013. Alternatively the 16 month year might be in 2013-14.

[John Upham]

OK, so the spreadsheet shows £300 of income for a future accounting period that has yet to start?

Now, I AM confused!

They do say that accountancy is not boring and having met a few I can only agree!