Karen Matthews
17th May 2004, 00:04
This is the first financial report since SU became a Company Limited By Guarantee and our accounts run from the date of incorporation on July 4th 2002 to December 31st 2003.
Financial Directors are often the bearer of gloomy news of too little income and too many expenses, so I’m delighted to report that our accounts show a surplus of £14,642, which, even allowing for the fact that this is an 18-month account, is a significant improvement on last year’s deficit. Subscriptions and donations for the period were £54,530, a sum almost unimaginable when we started SU in 1999. And thanks to Theresa Towle’s eloquence, Customs and Excise have decided we are exempt from VAT; a great relief.
The balance sheet is equally healthy. SU’s assets include an investment in United shares (Cost £11,973 – Market Value @ 31st December 2003 £15,368) and we have been able to maintain satisfactory cash reserves which would enable us to respond instantly to future threats of a takeover. We shall never ‘have enough’ and we must keep up this year’s progress, but things have certainly moved in the right direction.
Because of our encouraging results, we have been able to expand our activities, to ensure Manchester United remains independent; our message is now getting across fast, both to MU supporters and the media, demonstrated by the sharply rising numbers joining SU. The membership and recruitment team, led by Sean Bones and Duncan Drasdo, and our press and publicity team, led by Oliver Houston, have done a superb job.
The Share Scheme (SUSS) has underpinned the increased income and has been an outstanding success. Its indefatigable administrator, Duncan Drasdo, will report on its progress at the AGM.
Finally, thank you to Henry Hyatt both for his excellent work on the preparation of our accounts, again without remuneration, and for always being available for advice and help during the year. We are delighted that Henry has offered to continue as our accountant for the coming year and I hope he will be re-elected with, as they say, acclamation!
ROGER BRIERLEY
Financial Directors are often the bearer of gloomy news of too little income and too many expenses, so I’m delighted to report that our accounts show a surplus of £14,642, which, even allowing for the fact that this is an 18-month account, is a significant improvement on last year’s deficit. Subscriptions and donations for the period were £54,530, a sum almost unimaginable when we started SU in 1999. And thanks to Theresa Towle’s eloquence, Customs and Excise have decided we are exempt from VAT; a great relief.
The balance sheet is equally healthy. SU’s assets include an investment in United shares (Cost £11,973 – Market Value @ 31st December 2003 £15,368) and we have been able to maintain satisfactory cash reserves which would enable us to respond instantly to future threats of a takeover. We shall never ‘have enough’ and we must keep up this year’s progress, but things have certainly moved in the right direction.
Because of our encouraging results, we have been able to expand our activities, to ensure Manchester United remains independent; our message is now getting across fast, both to MU supporters and the media, demonstrated by the sharply rising numbers joining SU. The membership and recruitment team, led by Sean Bones and Duncan Drasdo, and our press and publicity team, led by Oliver Houston, have done a superb job.
The Share Scheme (SUSS) has underpinned the increased income and has been an outstanding success. Its indefatigable administrator, Duncan Drasdo, will report on its progress at the AGM.
Finally, thank you to Henry Hyatt both for his excellent work on the preparation of our accounts, again without remuneration, and for always being available for advice and help during the year. We are delighted that Henry has offered to continue as our accountant for the coming year and I hope he will be re-elected with, as they say, acclamation!
ROGER BRIERLEY