2021 accounts and notice of AGM

richard@imutual
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2021 accounts and notice of AGM

Post by richard@imutual » Mon Mar 07 2022 11:32am

Notice is hereby given that the Annual General Meeting of imutual Limited will be held on 31st March 2022 7.30pm via an online Webcast at https://www.imutual.co.uk/webcast

The business to be conducted at the meeting will be to review the accounts for the year to 30 June 2021 and to vote on resolutions, including the re-election of directors. Note there is a special resolution to adjust the company's share capital, which requires at least 75% of shareholders to vote in favour. This does not have any detrimental effect on member shareholdings but is a necessary step following on from our conversion to private company status. I urge you to support this resolution.

As in previous years, the AGM will be conducted "virtually", and you are encouraged to submit your vote using this proxy form. You are welcome to participate in the webcast and ask any questions live to the Chairman i.e. me :) Although of course you can ask questions at any time during the year using our forum ;)

General guidance with regard to our AGMs can be found here

Below is my "Review of business" which is also included in the accounts:
REVIEW OF BUSINESS
During the year, our revenues were £15,960 compared with £87,323 the previous year. Total administrative expenses were £38,440 though these were offset by £20,479 in Coronavirus-related grants . The accounts show a loss after tax of £12,754 compared with a loss after tax of £4,785 the previous year.

Prior to the Coronavirus pandemic, over 90% of the company's net revenues have been generated from travel-related offers. Inevitably, the resulting restrictions on the travel sector and advertising in general had a huge affect our sources of income. This explains the fall in revenue over the past two years. In the short term, this will severely limit the extent to which we can develop new features and offers on the site.

On the plus side, the company is able to operate on very low overheads and the directors will continue to keep costs low in order to maintain a solid financial position.

FINANCIAL POSITION
The company reported a loss after tax of £12,754 and the closing reserves were £47,721. Members should note that the directors have given a written undertaking to provide ongoing financial support for the company.

Additionally, cashback balances (which represent the overwhelming proportion of company creditors) are explicitly protected by a Directors Guarantee.

PLANS FOR FUTURE PERIODS
Due to the severe impact of Covid-19 on our main sources of revenue, we have had to focus on day-to-day operations in the short term and there are unlikely to be any significant new features or initiatives in the near future. However, there are signs that market conditions are returning to normal and we hope to see an improvement in the company's fortunes in the future.

The Board wishes to thank all customer shareholders for their ongoing loyalty and support. We look forward to working with them next year to help our unique company to grow and achieve its full potential.
If you have any questions on the accounts, no need to wait until the AGM - ask away! :thumbup:
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pabenny
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Re: 2021 accounts and notice of AGM

Post by pabenny » Mon Mar 07 2022 12:52pm

I note the balance sheet says that members agreed to preparation of abridged financial statements.

Could you please remind me when we agreed to this?
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Re: 2021 accounts and notice of AGM

Post by richard@imutual » Mon Mar 07 2022 1:22pm

Changing from PLC status to a private company changes the mandatory requirements for accounting. Which is why members voted for it, to save the company money.

Is there something important that you feel is missing, which used to be in our PLC accounts?
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Re: 2021 accounts and notice of AGM

Post by pabenny » Mon Mar 07 2022 1:33pm

It's not about plc accounts vs limited company accounts. The provision in CA2006 s444 (2)(A) requires a statement that "that all the members of the company have consented to the abridgement."

I don't recall being invited to consent, still less having given that consent.
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Re: 2021 accounts and notice of AGM

Post by BeautifulSunshine » Mon Mar 07 2022 2:51pm

Voted, voted, voted.
[imutual Cashback Investment Club]

Richard Frost
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Re: 2021 accounts and notice of AGM

Post by Richard Frost » Mon Mar 07 2022 3:36pm

I suspect Richard that your first post here is incorrect. You have stated that the link is to review the audited accounts whereas they are actually unaudited and abridged.
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Re: 2021 accounts and notice of AGM

Post by richard@imutual » Mon Mar 07 2022 3:56pm

Indeed, the word "audited" was a copy-and-paste error, now corrected :thumbup:
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Re: 2021 accounts and notice of AGM

Post by pabenny » Tue Mar 08 2022 8:47am

I note the financial statements have been expanded to include some of the mandatory disclosures. Leaving that aside, we have pretty sorry state of affairs.

Revenue has collapsed - it's now less than 10% of income pre-covid and goes nowhere near covering the operating costs. Nothing much has changed since the June last year (the period the accounts cover). Unless Richard and Sue have been taking nothing at all out of IM, it looks to me like it will run out of road by Christmas.
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Re: 2021 accounts and notice of AGM

Post by blythburgh » Tue Mar 08 2022 9:15am

We are out at a church Lent thing on the night of the AGM so I have done a proxy vote. Sorry Richard but church thing is more important to us than the AGM. And I am sure there will be footie 'im indoors will be watching when we get back from church so he would not have been available anyway sigh
Keep smiling because the light at the end of someone's tunnel may be you, Ron Cheneler

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Re: 2021 accounts and notice of AGM

Post by richard@imutual » Tue Mar 08 2022 9:33am

blythburgh wrote:
Tue Mar 08 2022 9:15am
Sorry Richard but church thing is more important to us than the AGM.
Unlike John Lennon, I don't believe I'm bigger than Jesus :lol:

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