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7th FSLL AGM approves proposal to change accounting dates

The 7th FSLL AGM that sat at Ridar Hotel, Seeta-Mukono on Saturday September 26 approved the proposal to change accounting dates.

Below is a FULL statement to the EFFECT

  1. Approval of change of the Company’s Accounting Date.
  2. A Resolution to change the custom of a July – June Financial Year; to a January to December Financial Year

PROPOSAL TO CHANGE THE FSLL ACCOUNTING DATE: (From 30th June to 31st December)

RATIONALE FOR THE PROPOSAL (Presented by the Vice chairman FSLL Board David Sserebe to the 7th AGM on 26th September 2020)

CHALLENGES WITH THE PRESENT ACCOUNTING DATE

  1. Tight schedule to prepare for the AGM – held during September
  2. Discordance with FUFA Accounting Date
  3. The Financial Year and the Football Season start without an approved budget

PROPOSED TRANSITIONAL ARRANGEMENTS

  1. The 7th FSLL AGM2020 to approve 2 Budgets i) July to December 2020 ii) January to December 2021)
  2. The Company to prepare a 6 months’ report (July to December 2020)
  3. The report in 2 above to be discussed at the 8th FSLLAGM in September 2021
  4. The report for January to December 2021 to be discussed at the 9th FSLLAGM in September 2022

OUTCOMES FROM THE CHANGE

Each Financial Year; which would be starting in January would start with a budget already approved the previous September

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