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Message
From:
on behalf of
Sent:
To: Henry Staunton
Subject: Re: Project Venus
Thanks Henry. Yes, trading account balances are very different in nature from loans to directors. And it is a
small balance in relation to several years of trading, especially covering periods when Horizon provided
incorrect information. The problem with Kathryn briefing me is that she lacks relevant information.
Kind regards
Simon
Sent from Outlook for iOS
Sent: Saturday, Novem!
To: Simon Jeffreys (_
Subject: Re: Project Venus
Simon ,
The account with Eliot needed review . However , when we looked into it we could only prove £15 k or £16 K .
So , if that is what we can prove we should focus on that . That is not a huge amount in the context of the large
amounts that go through the inter company account . We know Horizon is a mess and cannot be relied on -
hence we have an Inquiry .
Saf's balance goes back to some business purchase I think . A deal was struck that PO would pick up 50 % of
the balance which PO were to bill but did not .
I have suggested that both " write out a cheque " to pay the balances to put the whole thing behind us .
Ben keeps up the point about whether Elliot should continue as a director . That is not a view that is shared by
Lorna , Amanda or me . The auditors are now wound up . So I thought that , after investigation , it had been put
to bed even though months ago we thought we may have a problem . I do not think Amanda or Lorna needed to
brief you . Kathryn needed to do that but with some perspective . We do need some perspective about a £15 K
proven trading balance .
Of course we need appropriate disclosure of a £ 15 K difference but it was a " trading account " involving
hundreds of thousands of pounds passing though it each year .
However , as a Director I am happy for you to see whatever you want .
I spent hours with our two very upset ( rightly so I am afraid ) PM Main Board colleagues yesterday . They do
need to involved by Kathryn and Tom. Tom did an excellent letter to them yesterday and I have written to him
to thank him .
BW,
Henry
Sent from Outlook for iOS
4
From: Simon Jeffreys!
Sent: Saturday, November 25, 2023 1
To: Henry Staunton!
Subject: Re: Project Venus
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Henry,
Thank you for the clarification. No need to speak over the weekend thank you.
The proposed disclosures would be appropriate based on this summary and should not cause stress or
discomfort.
I will speak to Saf and Elliot to explain the accounting requirements.
A bit more background to respond to some of the points you raised.
I have been advised that -
The unreconciled amount in the case of Elliot is over £200,000 and management, after year end, wrote off and
provided for most of this leaving a net amount payable of just over £16,000 (to be settled in monthly
instalments).
The amounts for Saf are smaller totalling about £32,000.
The investigation apparently raised other concerns, questioning whether it was appropriate for Elliot to continue
as a director.
All of this came through in bits and pieces yesterday, and may have absolutely no foundation whatsoever.
As I only became aware of this on Thursday evening I was completely blindsided, I simply calmed down a few
concerned individuals. With hindsight, it would have helped if Amanda/Lorna had briefed me as ARC chair at
the time of their review.
Hopefully, you and I can speak on Monday morning to agree how to conclude. I will call you.
As a minimum we need to document accurate relevant facts to support any ARA disclosures. It sounds as
though Amanda and Lorna have these, which will speed things up considerably.
I would like to read the Investigation report and any legal advice received. (I understand PwC have asked for
this too). And any minute from Amanda and Lorna.
I agree with you that this could lead to a FOIR.
Interestingly Ben Foat did not escalate this with me. Kathryn and her team spoke about their concerns during
our regular update on Thursday evening, and PwC asked questions on Friday morning. Coincidentally, there
was a POI call on Thursday evening with Ben and others (requested by Clare Ryder (POI ARC chair) and Jan
Holloway (CRO)) to discuss risk generally in preparation for an FCA return Clare has to sign. Venus, of course,
did not come up at all but I did ask Ben after the call if he had been involved in Venus as I needed to understand
what on earth it was all about.
I don't know if there is any substance here but as we need to get the documentation in place, and as we have a
couple of weeks between the ARC on Monday and the signing of the accounts on 11 December, I propose to
defer discussion of the related party note. There is little to be gained by having a rushed heated ARC
conversation unnecessarily early. PwC are happy with this timing.
Kind regards
Simon
Sent from Outlook for iOS
Fro lenry Staunton
Sent: Friday, Novemb«
To: Simon Jeffreys:
Subject: Re: Project Venus
Simon ,
Tam sorry but I have been travelling up from Cornwall today . I have just seen that you wrote to at 10.00 pm
last night which I have only just seen .
The balances with Elliot , as with so many Post Masters , is problematic partly reflecting the complications with
Horizon . A ummary of the saga is as follows . A detailed investigation was undertaken by the Investigations
Team and a balance of under £15k was agreed as owing by Elliot . This was built up over a period of 6-10 years
. Bearing in mind that about a million pounds a year goes through the inter co account the difference built up
over a period of years is de minimus .
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Foat spent a considerable amount on legal fees . I asked a sub committee of Lorna (as the Shareholder Director
) and Amanda (a lawyer ) to look at the legal advice .
Mg . Saf and Eliot have a fecling that Foat just will not let it go - that he keeps raising the matter that
somehow Eliot and Saf had an undisclosed conflict of interest . (1 gather he said that to you too. ) They deeply
resent that . They say it shows the PO has not changed in that they think all Post masters are crooks . It is
getting heated now when I thought we had cooled the situation weeks ago .
I thought the whole matter had been finalised following Amanda's and Lorna's review but it seems that Foat
opened a second front with you !
I have not seen the note that is being considered so am unsighted on what is proposed. Saf and Eliot are
obviously concerned that a note will lead to a FOIR which they think is Foat's aim . They think the matter has
been investigated fully and the balance found to be owing is de minimus and a FOIR will just allow Foat to
pursue his vendetta .
If we had a situation where Elliot owed more it would then be a serious situation .
Thave written fully so please keep the comments on Foat confidential .
I will be in the office on Monday morning so happy to chat then . If you need to speak before I am available
tomorrow after 2.00 pm and on Sunday evening after 6.00 pm .
BW,
Henry
Sent from Outlook for iOS
From: Simon Jeffreys !
Sent: Thursday, Nove!
To: Henry Staunton!
Subject: Project Venus
Dear Henry,
Iwas made aware of this project this evening.
It would be helpful please if you could update me before ARC on Monday. Happy to give you a call tomorrow
if convenient. I have some meetings but will try and fit in with a time that works for you if you are able to
speak.
Kind regards
Simon
Sent from Outlook for iOS
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