The 2009 AGM Agenda and resolutions

Published on Thursday 15th January, 2009 by Celtic Trust

Annual General Meeting Saturday 28 February 2009


Draft Agenda

1. Chairperson’s opening remarks. 2. Minutes of last AGM 3. Secretary’s Report. 4. Treasurer’s Report. 5 Change of Rules of Society re provision for audit. 6 Resolution to change auditing procedures for future accounts 7 Election of the Board of the Trust for 2009-2010 8 Discussion regarding the Trust’s future strategy for promoting the concept of a supporter representative on the Board of Celtic Plc. 9. Relationships with other supporters’ groups 10. Planned Trust activities for 2009-2010 – building the Trust. 11. Any other business.



Change of auditing procedures Under FSA regulations, and because of the size of our annual turnover, we are able to apply to change our rules which will enable us, in future, to submit accounts which have been independently examined rather than professionally audited. It is hereby resolved to amend the rules of the Celtic Trust by inserting new clauses in the rules concerning auditing of accounts, as laid out below: Financial audit The Trustees will in respect of each year of account ending on 31 December cause to be prepared a revenue account which: a) i) deals with the affairs of the Society for that year ii) gives a true and fair view of the income and expenditure of the Society for that year. b) cause to be prepared a balance sheet giving at that date a true and fair view of the state of affairs of the Society c) in any year of account, the Society shall not be required to appoint auditors if it is exempt under the 1968 Act and has disapplied the obligation to do so in accordance with the 1968 Act d) in any such year an Independent Examination of accounts under the guidelines of Supporters Direct shall be carried out and all references in the rules to auditor(s) and audited shall be read as Independent Examiner/Examination e) any decision to disapply the requirement for audit must be passed by the appropriate margins laid down under the 1968 Act at the Annual General Meeting prior to the Annual General Meeting at which accounts for the year in question are to be laid before members. f) no decision to disapply shall be valid if the accounts laid before the Annual General Meeting at which the decision is being taken indicate that the turnover of the Society in that financial year is higher than the specified threshold for audit exemption in the Supporters Direct policy, should such exemption be allowed under that policy.


Resolution 1

It is hereby resolved that subject to the provision of Section 4a of 1968 Friendly and Industrial Provident Societies Act the members of the Society shall not require an audit for the accounts covering the financial year ending 31 December 2009 when they are presented to the next AGM held in 2010. The members of the Society agree that the Accounts for the financial year ending on 31 December 2009 for which reports will be laid before the AGM of 2010 do not require a full audit provided that: • the total income for that year does not exceed the threshold laid down by Supporters Direct for audit exemption. (currently £25,000) • an independent examination of those accounts is carried out in place of a full audit. • an independent examination is carried out in line with best practice of Supporters Direct as set out in the Guidance notes. • a report of the independent examination is included with the account and made available to members. The Society notes that : • an independent examination does not carry the same weight as a full audit • the members of the Trust instruct the Board to identify a suitably qualified practitioner to undertake the audit. • the Board shall agree to the appointment of the examiner and shall agree to the terms of that appointment in writing. • Supporters Direct shall have no liability in respect of Trust Accounts. • Supporters Direct will use the report of the Independent Examiner when considering the Trust’s eligibility for membership against the criteria of its membership policy.


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