The QPR Holdings AGM last year was called to propose and vote on several resolutions, one of which was: 

"To receive and adopt the annual accounts of the Company for the period ended 31 May 2005  together with the report of the Directors and the Auditors thereon."

Here, page by page, are the main discrepancies between the accounts which shareholders were mailed last year and the ones that have now been filed with Companies House.

Page 4 of the Annual Report & Financial Statements for the year to May 31st 2005

Original: 

"During the year under review, the Group recorded a loss before interest and taxation of £1,560,000" 

Changed to :   £1,812,000 

Original: 

Turnover was given as £8,522,000 

Changed to :   £8,756,000

Page 5 

"Overall, commercial revenues showed only a slight increase to 1%" 

Changed to : 8%

"Other revenues fell by £990,000" 

Changed to £936,000 

OUTLOOK: 

"Whilst we appreciate that the timetable for the 2006/06 season has been set to help England`s World Cup ambitions this has resulted in a large number of midweek home games.  Consequently this has had a negative impact on our ticket, catering and club shop revenues in the first half of the current season. However for the second half of the season the majority of home games will be on Saturdays and as a result we expect an increase in attendances, which will in turn boost our revenues." 

This has all been removed and replaced with: 

"Due to a disappointing run of results at the end of the 2005/06 season the club finished in the bottom half of the Championship. Consequently this has had a negative impact on our season ticket revenue for the 2006/07 season"

Page 8 

Gross profit £1,050,000  now reads £1,284,000 

Administrative expenses  £2,610,000  now reads £3,096,000 

Operating loss £1,560,000 now reads £1,812,000

Page 11 

Net cash outflow from operating activities was £991,000, now reads £1,243,000 

Interest paid £945,000 now reads £693,000

Page 13 

Notice to the Accounts 

Note 1. 

GOING CONCERN (original) 

"The directors have reviewed the group's budget for the current year and outline projections for the subsequent year including cashflows and forecasts of headroom available against current borrowing facilities, together with other likely sources of cash generation.  Following this review the directors have formed a judgement that at the time of approval of the financial statements, the Group will have sufficient resources to continue operating in the foreseeable future and therefore consider it appropriate to prepare the financial statements on a going concern basis." 

This has been removed and replaced with :

Page 14  

"The directors continually monitor the financial position of the group taking into account the latest cashflow forecasts and the ability of the Group to generate cash. The directors have prepared the statements on a going concern basis having had regard to detailed cashflow projections to the period May 2007 and beyond. Additionally the directors have committed themselves to continue to support the cashflow of the Group by making available any necessary funds. The directors have also considered the impact of player trading, which is an integral part of the Group's activities and the cash flows associated with this trading. 

While there will always remain some inherent uncertainty the Directors remain confident that sufficient funds will be forthcoming and it is therefore appropriate to draw up the financial statements on a going concern basis. 

The financial statements do not include any adjustments that would result if the going concern basis of preparation were to become no longer appropriate"

Page 15 

Turnover: 

Matchday receipts £4,829,000 changed to £4,943,000 

Sponsorship, Advertising & Commercial Income £1,991,000 changed to £2,055,00 

"Other" £767,000 changed to £823,000

Operating Loss: 

Other direct overheads £1,806,000 changed to £2,292,000 

Page 16 

Administrative Expenses: 

Administrative salaries £1,073,000 changed to  £1,123,000 

Office and Utilities costs £936,000 changed to £920,000 

'Other' administrative expenses £106,000  changed to £558,000 

Staff numbers and costs: 

Wages and salaries    £5,040,000 changed to £5,090,000

Page 17 

Other interest payable (Ed: not the ABC loan)  £55,000  changed to £307,000

Page 18 

Loftus Road ground valuation £17,295,000 now revised to £20,000,000 

Page 22  

Operating loss  £1,560,000 changed to £1,812,000 

Final page: 

Auditors Nieman Walters Nieman have now added a paragraph headed 'GOING CONCERN' : 

“In forming our opinion we have considered the adequacy of the disclosures made in note 1 (Ed: see Page 13 above) to the financial statements relating to the financial requirements of the Group. Due to the significance of this matter we draw your attention to it, but our opinion is not qualified in this respect.”