27th of January 2005
Mr W J Wilder
Financial Director
Coigeach Community Co. Ltd.
Tanera Mhor
Ross-shire
IV262YN
Cc. Munro & Noble
SEERAD
Neil Ross
Dear Bill,
Your Financial Report of the 24th of January 2005
Expenses incurred but not paid.
ITEM
1. Munro & Noble, legal fees - at its most critical time, (the start up period), this Company has been denied any further legal advice from the Company Secretary until their overdue account is settled. This state of affairs has been extremely detrimental to the management of this Company's business.
2. Our suppliers - outstanding supplier's invoices - it will be very difficult for this Company to recover from a growing reputation in the trade as a poor credit risk. The damage this has caused to the efficient running of this Company will be difficult to repair.
3. Director's out of pocket expenses - administrative and management tools, e.g. postage, register of voters and publicity costs, not to mention travel to meetings in Inverness and Lochinver by Directors on behalf of the Steering Group and the Company have not been paid and cannot be claimed because no system has been set up for the purpose.
4. Your explanation of the above - "no bank account has been set up. Munro and Noble (The Company Secretary) have agreed to act as banker through their Client's Account". (Gordon Smith and I counter signed your application to the Bank of Scotland last November).
5. Accountancy - no Company Accountant or Independent Auditor has been appointed.
Since the 1st of November 2004, the date of the board meeting at which you volunteered to fill the position of Financial Director, this Company has in effect been in a state of financial limbo. This past quarter's financial management performance does not bode well for a Company that is in the process of applying to the Ministers and Funding Bodies for the responsibility of managing nearly a Million Pounds of public funds and the Drumrunie Estate thereafter.
As Chairman of this Company, I would be failing in my responsibilities to the Members and Directors of this Company, the wider Community, the Funding Bodies and SEERAD etc. if under these circumstances, I did not take this opportunity to suggest to you that you may wish to consider your position.
Yours sincerely,
Without prejudice,
Bill Mullin
Chairman.