Again, we simply don't know.Taunton Iron Cider wrote:I would not class the recovery of out of pocket expenses as remuneration.Stan A. Einstein wrote:It may be that remuneration for directors is the recovery of out of pocket expenses. Which of course would on the face of it would be appropriate.Taunton Iron Cider wrote:We are illiquid and insolvent, and it is difficult to see that without this year’s cup run, that we are a going concern as a Trust run business.
There is a big jump in the creditor position of £240k, money due within 12 months. A number that should cause concern as under normal circumstances, with our poor liquidity, I don’t see how it can be paid when it falls due. This year’s cup success is clearly our salvation.
What is not clear however is what is behind this big number.
Could it be the additional costs imposed by the WRU that Kevin Ward referred to as being unsustainable?
Could it also give substance to some of the rumours circulating many months ago that we were in arrears with the WRU?
Finally a question about the big increase in paid staff as it states ‘including Directors’, are they now in receipt of remuneration?
Perhaps the board should issue a clarifying statement?
Re: Full club accounts published to 30th June 2018
17I suspect the delay in filing the accounts was to prevent them being qualified as a going concern. The recent cup run success has provided sufficient funds to defer that requirement.Amberexile wrote:
Now that the overdue accounts have been issued, the overdue AGM should be arranged. That's where such questions should be answered formally.
In my experience you delay filing bad news but quick when the figures are good reading. Make no mistake these accounts have some bad underlying cause for concern.
Re: Full club accounts published to 30th June 2018
18The creditor and debtor figures are a big concern. There surely needs to be a tighter control on these by our accountant.
Re: Full club accounts published to 30th June 2018
19You may be right. My concern is that our board of directors seem to think that the supporters who finance the club are an annoying distraction. If as you suggest the club are in financial difficulties then unless we know there is bugger all we can do.Taunton Iron Cider wrote:I suspect the delay in filing the accounts was to prevent them being qualified as a going concern. The recent cup run success has provided sufficient funds to defer that requirement.Amberexile wrote:
Now that the overdue accounts have been issued, the overdue AGM should be arranged. That's where such questions should be answered formally.
In my experience you delay filing bad news but quick when the figures are good reading. Make no mistake these accounts have some bad underlying cause for concern.
Still so long as they are interviewed on match of the day and can boast on Twitter about not having to queue to get four tickets for the Manchester City tie, who cares?
Fans owned club, my arse.
Re: Full club accounts published to 30th June 2018
20So we made around £800k from the FA Cup last year yet only post a profit of circa £80k!? Wow, that’s a massive worry.
Re: Full club accounts published to 30th June 2018
21creditor and debtor figures are a big concern. Why both?Skate Exile wrote:The creditor and debtor figures are a big concern. There surely needs to be a tighter control on these by our accountant.
Re: Full club accounts published to 30th June 2018
22The old saying is profit is vanity and cash is sanity. The club's cash is tied up in these debtors and who is to say that it will all be received?IMB wrote:creditor and debtor figures are a big concern. Why both?Skate Exile wrote:The creditor and debtor figures are a big concern. There surely needs to be a tighter control on these by our accountant.
Re: Full club accounts published to 30th June 2018
23Actually we made an operating loss of £122k, it was only player revenue that saved the day. So yes, Wow!Exile 1976 wrote:So we made around £800k from the FA Cup last year yet only post a profit of circa £80k!? Wow, that’s a massive worry.
Re: Full club accounts published to 30th June 2018
24The take on our finances from a football finance lecturer:
Worth scrolling down to read the entire thread
Worth scrolling down to read the entire thread
Re: Full club accounts published to 30th June 2018
25So is it good bad news then? Is it a lesson in creative accounting?
Re: Full club accounts published to 30th June 2018
26Assuming the expenses are non-taxable, nor would our auditors consider them within the definition of Directors' Remuneration for FRS purposes. At least that's what my ex-colleague in Finance tells me.Taunton Iron Cider wrote: I would not class the recovery of out of pocket expenses as remuneration.
Re: Full club accounts published to 30th June 2018
27Is it your belief that on the face of published figures that directors or some of the directors, are being paid?Amberexile wrote:Assuming the expenses are non-taxable, nor would our auditors consider them within the definition of Directors' Remuneration for FRS purposes. At least that's what my ex-colleague in Finance tells me.Taunton Iron Cider wrote: I would not class the recovery of out of pocket expenses as remuneration.
Re: Full club accounts published to 30th June 2018
28The jury is out but it does raise a serious question, as if payment is being made then I thought that it was only in the gift of shareholders to approve the principle of Directors remuneration. What do you think Stan?Stan A. Einstein wrote:Is it your belief that on the face of published figures that directors or some of the directors, are being paid?Amberexile wrote:Assuming the expenses are non-taxable, nor would our auditors consider them within the definition of Directors' Remuneration for FRS purposes. At least that's what my ex-colleague in Finance tells me.Taunton Iron Cider wrote: I would not class the recovery of out of pocket expenses as remuneration.
It would obviously help if the Board were to clear up this possible misunderstanding once and for all.
Re: Full club accounts published to 30th June 2018
29noStan A. Einstein wrote:Is it your belief that on the face of published figures that directors or some of the directors, are being paid?Amberexile wrote:Assuming the expenses are non-taxable, nor would our auditors consider them within the definition of Directors' Remuneration for FRS purposes. At least that's what my ex-colleague in Finance tells me.Taunton Iron Cider wrote: I would not class the recovery of out of pocket expenses as remuneration.
EDIT: Assuming you mean paid for being a Director.
Re: Full club accounts published to 30th June 2018
30Ain’t got a scooby if it would come under directors remuneration but could it be payments to people like Les Scadding / Greenhalf etc to pay off the full amount owed instead of installments?
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