CFU notes that Cambridge United FC has today filed its accounts for 2016-17 [click here for report
https://beta.companieshouse.go v.uk/company/00482197/filing- history
]. We understand this is the minimum required by law. Although the document does not include a profit and loss account, a quick CFU analysis suggests that the Club made a near £700,000 loss for the period – although this appears to have been covered by an increase in share capital. This is worrying given that, at the last shareholders meeting in March 2017, officials forecast a modest trading profit for 2016-17. The figures will, no doubt, be subject to further analysis and discussion at the 2018 shareholders meeting (the date of which has still to be confirmed by the Club).
CFU understands that the 2016-17 CUFC financial report to shareholders will be issued shortly.
Supporters may recall that CFU has been talking to Steve Chamberlain (CUFC Finance Director) about the information that is provided to shareholders ahead of the meeting in the report. As he said he would, Steve has shared with CFU an outline draft version of the report. Steve had previously undertaken to return the report to shareholders to the same level of detail that was routine up to 2013, since when only very basic detail has been provided.
The draft report that CFU has seen does, indeed, take that direction and includes additional information over and above that provided to shareholders of late. The draft, however, does not include some key detail that CFU was keen to have reinstated, most notably information around gross transfer fees paid and received, and first team playing costs. Although CFU has only asked for the same level of information that was previously included in the annual report to shareholders, Steve maintains that this detail is now considered sensitive and, accordingly, should be omitted from the report. This is disappointing. CFU considers that this will significantly restrict the ability of shareholders to fully understand business performance for the period concerned. Steve has said that some further information, over and above that in the report, will be made available at the shareholders meeting.
CFU is currently collecting questions from United supporters, to be asked on their behalf at the shareholders meeting [see email form below to submit questions]. The full list of questions will be shared with the Club in advance of the meeting.