Dear Ripple Coop 4 Member,
We are writing with updates on the following:
- 2023, 2024 and 2025 accounts
- The Administrator’s progress report and the current position of legal proceedings
- Board membership and the opportunity to co-opt a new member
- Q&A from the AGM
Accounts
We have submitted the 2023 and 2024 annual accounts for the society to the FCA. They are now available to view on the FCA portal.
Please note that these accounts are unaudited. This is because, as we explained at the AGM, we have not been able to obtain access to the information that a qualified auditor requires in order to review the accounts and provide an audit report (despite multiple requests to the Administrator, Begbies Traynor). We have submitted unaudited accounts so that we can provide some transparency to our members, and assurance to the regulator. The FCA have noted this approach as an appropriate temporary solution. The 2025 accounts are in the process of being created and we hope to submit those shortly.
Our 2026 financial year has now ended and we will publish the accounts later this year.
Administrator’s 2nd progress report and the current position of legal proceedings
The Ripple Energy Limited’s administrator has published a 2nd progress report which is available at Companies House. The main update is that the BTG forensics team continues to work on understanding the accounts and that the administration period has been extended.
The report refers to ongoing work and cooperation with the co-ops. Whilst we note some engagement, including via the Creditors’ Committee, we have often found it difficult to secure fast or helpful responses from the Administrator. They have still not provided us with access to key documentation to help us prepare our accounts or confirm our membership list, although they have now offered to do this for an undetermined fee.
We have been expecting BegbiesTraynor Group (BTG) to submit an application to the Court since around January in relation to at least some of the funds; to our knowledge they have still not done so. We are noted as an interested party to the proceedings and will therefore receive details of the application when it is finally made. We have contacted BTG’s solicitors to seek clarification on the timescales.
Thanks to Jetinder Shergill and opportunity to co-opt a new member to the Board
Jetinder’s term of office has now ended and he has decided to step down from the Board due to workload pressures. Jetinder has made an excellent contribution to the Board over the past year, particularly in contributing to our legal case. We are pleased to say that he remains on the Creditors’ Committee where he is working with the Administrators for the collective good of the creditors.
The Board thanks Jetinder wholeheartedly for his service.
We are very pleased to say that Sonya Leydecker has agreed to remain on the Board for a further year and has duly been co-opted by the Board.
Under the Coop’s rules, we now have the opportunity to appoint a new independent Director, via a co-option process. This is a voluntary position appointed for a year in the first instance, with an expected time commitment of around 8 hours per month. There is no requirement that this director is an existing member of the Coop.
We would particularly welcome applicants with experience in:
- Insolvency practice;
- Finance, accounting, or auditing;
- Legal and/or regulatory compliance.
You can find out more about the role and apply here until 5 July 2026.
Q&A from the AGM
We have updated the FAQs page on our website to reflect questions raised at the AGM. Our apologies that this has taken longer than we would have hoped.
With best wishes,
Sam, Sonya, Klaus, Sheena, Nigel and David
Board of Directors – Ripple Coop 4 Limited
Leave a Reply