TrustSTFC, or its registered name ‘Swindon Town Community Mutual’, is regulated by the Financial Conduct Authority (FCA), and we follow rules laid down by Supporters Direct (SD), which are again registered with the FCA. We are a Community Benefit Society (CBS).
Rules approved by the Financial Conduct Authority (Jan 2020) : Supporters-Community-Mutual-2016
One of those rules say we must hold an AGM within 7 months of our Financial Year end (31st August), and audited accounts must be submitted to the FCA within this time period (i.e. by the end of the following March) along with an AR30, which lists all the Trust board members as at the AGM. We also must be solvent to trade, so we always have money in our bank account.
As we currently turnover less than £100,000, we are allowed to appoint an Independent Assessor to audit our accounts, who must have Accounting qualifications. This gets voted on at each AGM. If we were to turnover in excess of £100,000, we would have to pay for a full audit by a set of accountants.
Our full accounts show the board member changes in the financial year, the Chairman’s Report as well as an Income & Expenditure/Profit & Loss Account and Balance Sheet plus any notes to the Financial Statements.
From 1st September 2017, we are VAT registered, which means we have to fill out quarterly VAT returns to HMRC.