Royal Mail accounts to be revealed.......

[F0zziebear]

It should be pointed out that RM's account do get audited by such firms as Ernst & Young, Goldman Sachs. They also have their own internal independent auditors.

The accounts have to be signed off by the holdings board, who are generally made up of non-execs from other companies. They would be mad to approve accounts that are false, as they can be held legally accountable and face prison terms for fraud (e.g. Enron)

I am not saying RM lie about their accounts, but it is almost impossible to seperate out revenues and costs by product stream, which is why RM are able to tell a story to suit them (within reasonably boundaries) of what is happening. It is ipossible to hid hundres of millions of profit and/or losses. However, they can begin to show a loss against competitor activity so as to get the regulator to put up the price of stamps, and oh suddenly manage to find the money to pay the postie some extra, but in exchange for job losees. I am willing to bet on this one. In fact that's where I am going now....

Wonder what odds I'll get ;-)

F0zz 'loads a money'

[dvbuk55]

It should be pointed out that RM's account do get audited by such firms as Ernst & Young, Goldman Sachs. They also have their own internal independent auditors.

The accounts have to be signed off by the holdings board, who are generally made up of non-execs from other companies. They would be mad to approve accounts that are false, as they can be held legally accountable and face prison terms for fraud (e.g. Enron)

I am not saying RM lie about their accounts, but it is almost impossible to seperate out revenues and costs by product stream, which is why RM are able to tell a story to suit them (within reasonably boundaries) of what is happening. It is ipossible to hid hundres of millions of profit and/or losses. However, they can begin to show a loss against competitor activity so as to get the regulator to put up the price of stamps, and oh suddenly manage to find the money to pay the postie some extra, but in exchange for job losees. I am willing to bet on this one. In fact that's where I am going now....

There is no doubt that the accounts would "appear" to be genuine - but I remember the year 800 million was ring fenced for EVR it never happened and the money was resurrected as profit the following year. Now how much has been ring fenced for projects/plans/equipment that we are never going to see and yet in accountancy would appear to be legitimate and could be signed off by anyone as truthful. Who questions the validity of bonuses paid for a company that is "failing" and can still afford lavish expenditure on plasma screens?

Questions were asked about the monies withheld in the past but because there was a profitable outcome no-one made a song and dance. As I recall it took quite a number of years for the Enron scandal to come to light.

[BELIAL]

Read pages 25 on of part 1, ernst and young say these are not proper accounts as required by the companies act, they only satisfy the regulatory requirement ie postcomm who changed the rules this year.Be interesting to compare these regulatory accounts with the statutory ones whenever they appear. Part 2 "unaudited" is also quite revealing.

[L Tommo]

Look RM will/have/can do wot they like with this goverment and the strings that are attatched to the establisment... The CWU pay in millions to thew goverment and then The Gov then set up POSTCOMM/WATCH. So what will the POSTIES get out of all this?????

THE SAME OLD FECK ALL.... UNTIL WE CHANGE OUR TACT THEN THE FATCATS WILL HAVE CARTE BLANCH TO DO AS THEY PLEASE...

Now im not saying Fozzie is wrong as he says about RM from a internal bizniz.. And as a profit making one at that... But i think the big point and way this Unique Service is run STILL (& hopefully always) as just that... a SERVICE.. for all... Ok the gov want there pound of flesh.. FAIR... WE have to work in a different way (fairly and with a desent pensionable wage) IE no strings or Phantom shares !!! No one trusts RM OR THE GOV OR BIG AL OR lil adam.. THATS THIS COUNTRY AND THE WORLD.... I know coz i asked em all....!!!

[BELIAL]

Totally agree Tommo but i think its important that we nail the lie that these are ACCOUNTS. These are "phantom" figures, the independent auditor says so "NOT been prepared on the basis of the presentation and DISCLOSURE REQUIRED of International Financial Reporting Standards [IFRS] NOT compliant with the Companies ACT 1985 ie if they gave these figures to the taxman rather than postconn theyed be banged up. Lets see the Statutory Financial Statement audited on 31 july not these think of a number,fairytale figures that are so convenient for RM.

Anybody know how to post quotes from a pdf file ?? Cos there are so many disclaimers and caveats in Ernst and Youngs report it would take me forever to type out.

[dvbuk55]

I was suggesting copy and paste but my son tells me that although it can be done it ain't that simple and you have to use Adobe tools.

[BELIAL]

thanks dvb. but im a techno cretin so no luck

[POSTMAN]

Anybody know how to post quotes from a pdf file ?? Cos there are so many disclaimers and caveats in Ernst and Youngs report it would take me forever to type out.

Right click,select all,allow hand tools to select text,right click,copy with formatting.
Open up say note/word pad or similar then right click and paste.
It will copy/paste everything in the doc, you can then copy/paste in here what you want.

[BELIAL]

thats more like it ,step by idiot proof step. I,m off to practice see you in a couple of weeks. many thanks

[POSTMAN]

Actually i done it and uploaded it,it should be here,note pad.
http://www.mediafire.com/?6x1xmtzpitn

[somerset]

Myself just your average carrot crunching wurzel postie down ere in Zummezet But there our some really intelligent posties on here Wish i had paid more attention at school I sometimes cannot understand my payslip let alone these financial results? All i can ask is = We made £197 million last year. This year we lost £12 million ???? So how the hell do the bosses get :lfo £100,000 and :cfo £370,000 and the managers £?????.in bonuses?That to me equates to about £1 million paid out YEAH we our running at a loss. Jackanory jackanory .

[BELIAL]

Part 1 of the Regulatory Financial Statements is separate from the Statutory Financial Statements of the Company and has not been prepared on the basis of the presentation and disclosure requirements of International Financial Reporting Standards (ìIFRSî). Financial information other than that prepared on the basis of IFRS does not necessarily represent a true and fair view of the financial performance or financial position of a company as shown in financial statements prepared in accordance with the Companies Act 1985.

the Company has had to make certain estimates and exercise its judgement, having regard to the terms of Condition 15 to the Licence, including cost causality and objectivity.

The Company has informed Postcomm that attribution methods and non-financial data sources will be subject to ongoing review and, where deemed appropriate, improvement.

Some changes have been made in the current year to certain attribution methods

We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board except as noted below.

It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation of the Part 1 of Regulatory Financial Statements, and of whether the accounting policies are consistently applied and adequately disclosed.
However, as the nature, form and content of Part 1 of the Regulatory Financial Statements is determined by the Regulator, we did not evaluate the overall adequacy of the presentation of the information, which would have been required if we were to express an audit opinion under International Auditing Standards (UK and Ireland).

Our opinion on Part 1 of the Regulatory Financial Statements is separate from our opinion on the statutory accounts of the Company on which we expressed an unqualified audit opinion on 31 July 2007, which are prepared for a different purpose.


so in not so many words this regulatory financial statement is a pile of poo but it should be enough to get those silly posties working for naf all

[somerset]

Thanks BELIAL that really helped . Now i understand what it is all about Back to the carrot and zider.

[Loyalblue]

Part 1 of the Regulatory Financial Statements is separate from the Statutory Financial Statements of the Company and has not been prepared on the basis of the presentation and disclosure requirements of International Financial Reporting Standards (ìIFRSî). Financial information other than that prepared on the basis of IFRS does not necessarily represent a true and fair view of the financial performance or financial position of a company as shown in financial statements prepared in accordance with the Companies Act 1985.

the Company has had to make certain estimates and exercise its judgement, having regard to the terms of Condition 15 to the Licence, including cost causality and objectivity.

The Company has informed Postcomm that attribution methods and non-financial data sources will be subject to ongoing review and, where deemed appropriate, improvement.

Some changes have been made in the current year to certain attribution methods

We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board except as noted below.

It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation of the Part 1 of Regulatory Financial Statements, and of whether the accounting policies are consistently applied and adequately disclosed.
However, as the nature, form and content of Part 1 of the Regulatory Financial Statements is determined by the Regulator, we did not evaluate the overall adequacy of the presentation of the information, which would have been required if we were to express an audit opinion under International Auditing Standards (UK and Ireland).

Our opinion on Part 1 of the Regulatory Financial Statements is separate from our opinion on the statutory accounts of the Company on which we expressed an unqualified audit opinion on 31 July 2007, which are prepared for a different purpose.


so in not so many words this regulatory financial statement is a pile of poo but it should be enough to get those silly posties working for naf all

That just about sums it up [/b]

[fedup postie]

Does anyone have a link to the pdf file please?