THE treasurer of Pompey Supporters’ Trust has apologised after failing to produce any accounts at the past two public meetings.
Steve Tovey said he was embarrassed the audited accounts were not ready at the Annual General Meeting of the trust at Fratton Park on Monday night. It comes after the accounts were also not ready at the previous public meeting on September 29.
Mr Tovey cited delays in getting the accounts signed off by auditors Taylor Cocks.
Mark Trapani, Pompey director, defended Mr Tovey saying it was a ‘minor blip’ and that the audited accounts would be available for the public to see as early as next week.
Mr Tovey told the AGM: ‘I apologise to my fellow board members and all the members of the trust, coming here with an empty brief case as far as the audited accounts are concerned.’
The accounts relate to the financial year of April 1, 2013 to June 30 of this year.
Before being made publicly available, they must be audited.
Taylor Cocks, of Cosham, takes two days to do this job and provides it for free in preparation for the accounts to be submitted to the Financial Conduct Authority by January 31.
Mr Tovey said he had booked the audit for November 15, but ‘for a number of reasons’ this did not happen. He said he understood the club’s accounts – which are separate – were due to be audited on November 5, but this did not happen, either. Pompey, as a registered company, does not need to submit its accounts until the end of March.
Mr Tovey said: ‘The key part not signed off is the verification of our shareholding.
‘I can only apologise. I naively led my fellow board members to believe that I would have it done, so my neck is on the block.’
Mr Tovey told the meeting the audited accounts would be available online and in hard copy for anyone who wished to see them.
Another meeting will be held to formally record the accounts being made public.
Mr Trapani said: ‘It was not as fast as it probably should have been. Steve’s incredibly upset of letting everybody down.
‘It’s a formal process that Steve was unable to do in the timescale.’ He added: ‘There’s nothing sinister. No-one should read anything into it.
‘We have to bear in mind that Steve does this in his own time.
‘He does not get paid for it. He puts hundreds of hours into the club and into the PST.’
The trust could face a small fine if the accounts are not submitted to the FCA by January 31, but Mr Trapani told The News the accounts would be ready.
The trust took over the running of Pompey in April 2013 and its 2,656 shareholders own 48 per cent of the club.