Statement from the Board of Cardiff City Supporters’ Trust
The Trust board was made aware in December last year that under the Co-operative and Community Benefit Society Act of 2014, the registration of the Cardiff City Supporters Society Ltd (the registered name for the Trust) had been cancelled because of a failure to submit annual returns to the Financial Conduct Authority (FCA) and its predecessor between December 31, 2011 and December 31, 2015.
This was a result of significant administrative and communication shortcomings. These errors arose because there were not checks in place to ensure that all accounts, AGM minutes etc, which had been completed and approved by members at those AGMs, had been submitted to the FCA. Also the board was unaware that the FCA had not been notified of a change of address of the registered office for the old society, so that any notifications of non-filing were not brought to the attention of the board.
The board wishes to apologise to members for these unacceptable errors.
We would like to reassure members that during the period in question our accounts were certified annually by qualified, independent chartered accountants and there has been no financial impropriety, which has been recognised by the FCA. There was, however, a failure under the act to submit them to the FCA as required.
As a result of the removal of registration, the board has been restructured. In addition, a new Company Secretary has been appointed.
Once we were made aware of the cancellation of the registration, we immediately contacted Supporters’ Direct (SD), the umbrella organisation for all Trusts, for advice on the way forward.
As a consequence, it was agreed with FCA and SD that the only available option was to apply for a new registration. This has been done in the new corporate name of Bluebirds Supporters’ Society Limited, although the Trust will still be known by its “trading” name of Cardiff City Supporters’ Trust.
We have met all the requested requirements of the FCA and are now awaiting confirmation that the re-registration of the society can take place.
Once registered, all assets of the old company will transfer across to the new company. There will be no need to change membership standing orders etc. as bank details will remain the same. We will then arrange a meeting of members to formalise the new arrangements. We hope that this can take place as soon as possible.
Once again, we would like to apologise for the failures identified and assure members that important lessons have been learnt. We are confident that measures are in place to ensure that this cannot happen again and we can now look forward to a positive future.