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Date Posted: 00:05:26 03/23/01 Fri
Author: BARNEY
Subject: The case for auditors . . . . . . . .

The case for appointing auditors has never been more clearly demonstrated than by the following articles taken from South Devon newspapers this past DEC/JAN/FEB:-

Quote:
**** Teignmouth RFC - Probe promised into club's missing cash
A probe has been promised to try and discover why Teignmouth RFC - with one of the best incomes in local rugby - has suddenly been plunged into a financial crisis that could see it fold, writes John Ware.
An investigation will be launched either through accountants or the police to find out where all the money has gone over the past few years.
Nearly 100 members packed an emergency meeting last night and agreed to launch a rescue package to "buy" back the club from the liquidator.
But most agreed with former skipper and retired bank manager Dave Williams, who declared: "Before we can go forward and ask people to contribute, we have to discover why the finances are in such a mess and give an assurance it will not happen again.
"We need to win the confidence of members, businesspeople in the town and sponsors that we have put our house in order. "What has happened has left a nasty taste that won't go away. It should not be swept under the carpet. There are all sorts of rumours about malpractice, and we need an outside enquiry to find out the truth."
The club was put in the hands of a receiver in December over an unpaid VAT bill for a few thousand pounds. Now, to regain control of the club, about £30,000 needs to be found within a few weeks to pay off that debt along with outstanding tax and utility bills. Another £40,000 is owed to a brewery, Carlsberg Tetley, and the bank, but both companies have agreed it can be spread over several years.
The receiver is bound to consider all offers for the club, and members were shocked to hear that another bid is being mounted by local businessman and property developer Keith Squirrell.
The receiver has told members he will not allow the club to continue trading in liquidation for much longer.
Another former player, Pete Cross, a businessman who is also the official England RFU mascot, received a lot of support for his suggestion that a small finance committee should be set up to mastermind the raising of the £30,000.
It is hoped that members and the business community will dig into their pockets to find the money, which will be controlled by a special independent trust fund and only used to regain the club. If the bid fails, the cash will be refunded.
Chairman Bob Freshwater, a headmaster, said if they came through the crisis, the future looked promising because income from the bar and functions was so healthy. They had the support of the landlord, Teignbridge council, who wanted to see Bitton Park remain as a recreation area, especially since the Broadmeadow pitches had been closed because of safety fears.
There was a lot of emotion at the meeting, and veteran stalwart Walt Rogers summed up the feelings of many when he declared: "It has really hurt me to see the club in this situation. It is nothing to do with the new officers who inherited this mess, and I thank them for trying to turn it around."

**** Crunch Time For Teigns
ONE of the most important meetings in Teignmouth RFC's history takes place on Thursday 22 February 2001, and all members are urged to be there.
As widely reported in the press the Club is facing is biggest ever crisis.
It all results from being placed in receivership by the VAT man at the end of December 2000.
Since then more financial shortcomings have been uncovered, and the bottom line is that £30,000 is needed to "buy back" the Club from the receiver before he sells it off.
Members have been asked to pay their fees several years in advance to raise the cash, and a special clear-the-air meeting is being held in the Clubhouse at 8 p.m. to explain how the finances of a Club with a healthy cash flow have got into such a mess, and how it can be resolved.
Chairman Bob Freshwater and new treasurer Chris Ovens who have spent many hours trying to untangle the accounts from the past, will be there to try and answer any questions.
"We will be entirely open and frank about the situation, and I would like as many members as possible to come along," said Freshwater.
"I know there is a lot of bitterness about what has happened, and we have tried to unravel it as best we can. But that is in the past, and we must now look to the future to save the Club from possibility of disbanding. That would be a tragedy for all of us and the town. I hope we can be as positive as possible. If we can overcome this major hurdle, the Club has a bright future because the financial system is now on a proper footing with every penny accounted for. In fact we are doing better than ever over the bar and with bookings for outside functions. Hopefully this crisis can pull us all closer together," was Freshwater’s hope.

**** Teignmouth Rugby Club Re-Opens After Shock Closure

Teignmouth Rugby Football Club has re-opened and it's business as usual following Wednesday's shock closure by the Customs & Excise.
The closure was blamed on "a breakdown in communications" by chairman, Bob Freshwater.
Earlier this year it had been discovered that the Teigns owed £7,500 in unpaid VAT and that the Customs & Excise were to start winding-up proceedings against the Club.
After discussions a, or what was thought to be, a satisfactory arrangement was made where the Club would pay a lump sum of £4,000 and the remainder being paid £1,000 a month.
Unknown to the Club the legal proceedings were not stopped and in a Court Case on Monday, the Receivers were called in.
After frantic talks the Customs & Excise agreed that a gross miscarriage of justice had occurred and agreed to begin proceedings to have the winding-up order rescinded.
The Club will remain in the hands of the Administrator until the order has been rescinded. He is also happy to allow the Club to be run by the current Officers.

Unquote.

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