Players fund

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Stefan1Kuntz

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Re: Players fund

Postby Stefan1Kuntz » January 7th, 2017, 7:32 pm

big baz wrote:Where is the money from Washington, Poole and Collins? It was money not budgeted for as it didn't exist then.




I presume that being both an accountant and a trust member you not only received this but understood it.

Some extracts from the financial statement - JULY 2016

"It was a source of frustration to the trust that the state of the club’s financial records meant its advisers were only able to review what was made available or indeed existed

"When our advisers were finally able to conduct a comprehensive review of the records it revealed almost £300k of unsustainable debt as at 30 June 2015, comprising bank overdraft (£80k), arrears of tax (£30k), arrears to major creditors (£80k) and advance commercial income for 2015/16 banked before the year end (£100k).
It also became clear that the club’s forecasts for the current season had been unrealistically optimistic and, without decisive action, the club was facing an unsustainable level of debt by the end of the financial year.

As the new board was coming to terms with the scale of the club’s financial difficulties, it was also facing a critical decision regarding the future of the manager and his support team following the club’s poor start to the league campaign.

In conclusion, the money raised by the trust from supporters, sale of Poole and Collins along with the FA Cup money ensured we were able to get through to the end of the 15/16 season.

The Washington windfall money has allowed a change in the financial planning assumptions. The club no longer has to look to discount season tickets or use commercial money to sustain the club through the close season where there is limited revenue"
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Re: Players fund

Postby Ref 22 » January 7th, 2017, 7:39 pm

Stefan1Kuntz wrote:
big baz wrote:Where is the money from Washington, Poole and Collins? It was money not budgeted for as it didn't exist then.




I presume that being both an accountant and a trust member you not only received this but understood it.

Some extracts from the financial statement - JULY 2016

"It was a source of frustration to the trust that the state of the club’s financial records meant its advisers were only able to review what was made available or indeed existed

"When our advisers were finally able to conduct a comprehensive review of the records it revealed almost £300k of unsustainable debt as at 30 June 2015, comprising bank overdraft (£80k), arrears of tax (£30k), arrears to major creditors (£80k) and advance commercial income for 2015/16 banked before the year end (£100k).
It also became clear that the club’s forecasts for the current season had been unrealistically optimistic and, without decisive action, the club was facing an unsustainable level of debt by the end of the financial year.

As the new board was coming to terms with the scale of the club’s financial difficulties, it was also facing a critical decision regarding the future of the manager and his support team following the club’s poor start to the league campaign.

In conclusion, the money raised by the trust from supporters, sale of Poole and Collins along with the FA Cup money ensured we were able to get through to the end of the 15/16 season.

The Washington windfall money has allowed a change in the financial planning assumptions. The club no longer has to look to discount season tickets or use commercial money to sustain the club through the close season where there is limited revenue"


Yes, I think the board as done well to keep us going.

A game at Liverpool would have saved us for another season.

Don't know what will happen now
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Re: Players fund

Postby Exile 1976 » January 7th, 2017, 7:43 pm

Ref 22 wrote:
Stefan1Kuntz wrote:
big baz wrote:Where is the money from Washington, Poole and Collins? It was money not budgeted for as it didn't exist then.




I presume that being both an accountant and a trust member you not only received this but understood it.

Some extracts from the financial statement - JULY 2016

"It was a source of frustration to the trust that the state of the club’s financial records meant its advisers were only able to review what was made available or indeed existed

"When our advisers were finally able to conduct a comprehensive review of the records it revealed almost £300k of unsustainable debt as at 30 June 2015, comprising bank overdraft (£80k), arrears of tax (£30k), arrears to major creditors (£80k) and advance commercial income for 2015/16 banked before the year end (£100k).
It also became clear that the club’s forecasts for the current season had been unrealistically optimistic and, without decisive action, the club was facing an unsustainable level of debt by the end of the financial year.

As the new board was coming to terms with the scale of the club’s financial difficulties, it was also facing a critical decision regarding the future of the manager and his support team following the club’s poor start to the league campaign.

In conclusion, the money raised by the trust from supporters, sale of Poole and Collins along with the FA Cup money ensured we were able to get through to the end of the 15/16 season.

The Washington windfall money has allowed a change in the financial planning assumptions. The club no longer has to look to discount season tickets or use commercial money to sustain the club through the close season where there is limited revenue"


Yes, I think the board as done well to keep us going.

A game at Liverpool would have saved us for another season.

Don't know what will happen now



How have they done well to keep us going? They've been boosted by hundreds of thousands of pounds from Washington sell on, we apparently have great commercial revenues, up there with the best in the division, and one of the lowest player budgets in the League.
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Re: Players fund

Postby UPTHEPORT » January 7th, 2017, 7:47 pm

Ref 22 wrote:
The Cat wrote:
Ugo. wrote:I wouldn't trust Westley with any more money.

Who would you trust with any money? I'm asking purely because it's now or never with regard to our league status.


Would allow UPTHEPORT to hold the money.

We would only give the money to get a player we agree with.



Keep me out of it thank you
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Re: Players fund

Postby big baz » January 7th, 2017, 7:57 pm

Stefan1Kuntz wrote:
big baz wrote:Where is the money from Washington, Poole and Collins? It was money not budgeted for as it didn't exist then.




I presume that being both an accountant and a trust member you not only received this but understood it.

Some extracts from the financial statement - JULY 2016

"It was a source of frustration to the trust that the state of the club’s financial records meant its advisers were only able to review what was made available or indeed existed

"When our advisers were finally able to conduct a comprehensive review of the records it revealed almost £300k of unsustainable debt as at 30 June 2015, comprising bank overdraft (£80k), arrears of tax (£30k), arrears to major creditors (£80k) and advance commercial income for 2015/16 banked before the year end (£100k).
It also became clear that the club’s forecasts for the current season had been unrealistically optimistic and, without decisive action, the club was facing an unsustainable level of debt by the end of the financial year.

As the new board was coming to terms with the scale of the club’s financial difficulties, it was also facing a critical decision regarding the future of the manager and his support team following the club’s poor start to the league campaign.

In conclusion, the money raised by the trust from supporters, sale of Poole and Collins along with the FA Cup money ensured we were able to get through to the end of the 15/16 season.

The Washington windfall money has allowed a change in the financial planning assumptions. The club no longer has to look to discount season tickets or use commercial money to sustain the club through the close season where there is limited revenue"


Maybe sue the people who were meant to have kept the records up to date and didn't? Monthly figures were mean t to have been produced and obviously weren't or were totally wrong.
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Re: Players fund

Postby Cornish Exile » January 7th, 2017, 8:22 pm

Ref 22 wrote:
The Cat wrote:
Ugo. wrote:I wouldn't trust Westley with any more money.

Who would you trust with any money? I'm asking purely because it's now or never with regard to our league status.


Would allow UPTHEPORT to hold the money.

We would only give the money to get a player we agree with.


Would you like to pick the team as well?
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Re: Players fund

Postby Stefan1Kuntz » January 7th, 2017, 8:25 pm

big baz wrote:
Stefan1Kuntz wrote:
big baz wrote:Where is the money from Washington, Poole and Collins? It was money not budgeted for as it didn't exist then.




I presume that being both an accountant and a trust member you not only received this but understood it.

Some extracts from the financial statement - JULY 2016

"It was a source of frustration to the trust that the state of the club’s financial records meant its advisers were only able to review what was made available or indeed existed

"When our advisers were finally able to conduct a comprehensive review of the records it revealed almost £300k of unsustainable debt as at 30 June 2015, comprising bank overdraft (£80k), arrears of tax (£30k), arrears to major creditors (£80k) and advance commercial income for 2015/16 banked before the year end (£100k).
It also became clear that the club’s forecasts for the current season had been unrealistically optimistic and, without decisive action, the club was facing an unsustainable level of debt by the end of the financial year.

As the new board was coming to terms with the scale of the club’s financial difficulties, it was also facing a critical decision regarding the future of the manager and his support team following the club’s poor start to the league campaign.

In conclusion, the money raised by the trust from supporters, sale of Poole and Collins along with the FA Cup money ensured we were able to get through to the end of the 15/16 season.

The Washington windfall money has allowed a change in the financial planning assumptions. The club no longer has to look to discount season tickets or use commercial money to sustain the club through the close season where there is limited revenue"


Maybe sue the people who were meant to have kept the records up to date and didn't? Monthly figures were mean t to have been produced and obviously weren't or were totally wrong.


Are you saying we sue the previous board?
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Re: Players fund

Postby big baz » January 7th, 2017, 8:31 pm

Stefan1Kuntz wrote:
big baz wrote:
Stefan1Kuntz wrote:
big baz wrote:Where is the money from Washington, Poole and Collins? It was money not budgeted for as it didn't exist then.




I presume that being both an accountant and a trust member you not only received this but understood it.

Some extracts from the financial statement - JULY 2016

"It was a source of frustration to the trust that the state of the club’s financial records meant its advisers were only able to review what was made available or indeed existed

"When our advisers were finally able to conduct a comprehensive review of the records it revealed almost £300k of unsustainable debt as at 30 June 2015, comprising bank overdraft (£80k), arrears of tax (£30k), arrears to major creditors (£80k) and advance commercial income for 2015/16 banked before the year end (£100k).
It also became clear that the club’s forecasts for the current season had been unrealistically optimistic and, without decisive action, the club was facing an unsustainable level of debt by the end of the financial year.

As the new board was coming to terms with the scale of the club’s financial difficulties, it was also facing a critical decision regarding the future of the manager and his support team following the club’s poor start to the league campaign.

In conclusion, the money raised by the trust from supporters, sale of Poole and Collins along with the FA Cup money ensured we were able to get through to the end of the 15/16 season.

The Washington windfall money has allowed a change in the financial planning assumptions. The club no longer has to look to discount season tickets or use commercial money to sustain the club through the close season where there is limited revenue"


Maybe sue the people who were meant to have kept the records up to date and didn't? Monthly figures were mean t to have been produced and obviously weren't or were totally wrong.


Are you saying we sue the previous board?


Not unless they did the book keeping. Sue the external book keeper who was paid to do the job but was i think 6 months behind at the time of the meeting in the riverfront.
I offered my services to clear the backlog but they already had someone and I believe that was where holes were found. The golden JCB inflation in the accounts was found by me and subsequently removed from the following years accounts as in technical terms, it was bollox.
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Re: Players fund

Postby Bush » January 7th, 2017, 8:34 pm

Personally I won't give money to a players fund until I know the true picture of our finances.

If there's nothing left then why wasn't we told before the little we had was spent on conference players?
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Re: Players fund

Postby rncfc » January 7th, 2017, 8:37 pm

Absolutely no chance would i give even 1p to a player fund. In the absence of any news to the contrary i am assuming we are still in good financial health.
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Re: Players fund

Postby Stefan1Kuntz » January 7th, 2017, 8:39 pm

Bush wrote:Personally I won't give money to a players fund until I know the true picture of our finances.

If there's nothing left then why wasn't we told before the little we had was spent on conference players?


I must say the communication has been dire of late , but you can't tell a manager what players to sign.

If he thinks these are the answer , we have to back him.
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Re: Players fund

Postby Bush » January 7th, 2017, 8:44 pm

Stefan1Kuntz wrote:
Bush wrote:Personally I won't give money to a players fund until I know the true picture of our finances.

If there's nothing left then why wasn't we told before the little we had was spent on conference players?


I must say the communication has been dire of late , but you can't tell a manager what players to sign.

If he thinks these are the answer , we have to back him.


If that's the budget he has to work with what choice does he have? If the board said to him look we can finance some big players to join this team to help why would a manager say no thinks I will prefer to bring in loads that I know are not at this level right now?
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Re: Players fund

Postby Exile 1976 » January 7th, 2017, 8:53 pm

Stefan1Kuntz wrote:
Bush wrote:Personally I won't give money to a players fund until I know the true picture of our finances.

If there's nothing left then why wasn't we told before the little we had was spent on conference players?


I must say the communication has been dire of late , but you can't tell a manager what players to sign.

If he thinks these are the answer , we have to back him.



If he has a limited budget (as we know he does), bring in 3/4 quality players, not 6,7,8 squad players. We already have a huge squad but a very small amount and quality.
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Re: Players fund

Postby Bush » January 7th, 2017, 9:05 pm

Exile 1976 wrote:
Stefan1Kuntz wrote:
Bush wrote:Personally I won't give money to a players fund until I know the true picture of our finances.

If there's nothing left then why wasn't we told before the little we had was spent on conference players?


I must say the communication has been dire of late , but you can't tell a manager what players to sign.

If he thinks these are the answer , we have to back him.



If he has a limited budget (as we know he does), bring in 3/4 quality players, not 6,7,8 squad players. We already have a huge squad but a very small amount and quality.


To be fair he hasn't really had much of a budget so far. Brought in loans who replaced loans that ended. Then brought in players playing in the conference. That doesn't sound much like a budget to me.
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Re: Players fund

Postby Somerton son » January 7th, 2017, 9:07 pm

rncfc wrote:Absolutely no chance would i give even 1p to a player fund. In the absence of any news to the contrary i am assuming we are still in good financial health.


Football fans are funny folk aren't they? We gave to a players fund in 2012 that clearly wasn't needed when we are run by wealthy directors without asking any questions. Now we are fan owned and might need a players fund.

No chance!
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