Players fund

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jonescmj1

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Re: Players fund

Postby jonescmj1 » January 10th, 2017, 4:46 am

big baz wrote:
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.


Here is a full explanation as to why the accounts were adjusted and also why the adjustment was made as a 'prior year adjustment' and not 'removed from the following year's accounts.' At no point does the article indicate that the works undertaken were not properly valued, but rather that they were incorrectly capitalised.
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Re: Players fund

Postby Lucky Mascot » January 10th, 2017, 7:27 am

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"


I must admit I didnt understanding it.
My understanding was that several of the items listed for the 300k were known.

At the time and now I believe it was not so much an issue with DD but that the target amount for the shares was set much too low and announced way too early.

All irrelevant now though and again not the fault of the current board, they inherited a complete shambles and have most likely struggled with this ever since.

What isnt irrelevant now though is what remains of the washington money? In the abscense of any information my guess is come May 6 seasonal losses will again mean that there is a shortfall for summer wages. Meaning potentially discount season tickets, commercial income early? or instead of a director paying summer wages, we will have a whip round.

My guestimate is that this season we have made similar losses to the LS era and no where near a breakeven. What a +£100-200K short fall even with the £250K washington money at the start of the season, who knows?
I hope on Jan 19 the forecast for the end of the season is given, I may be wrong but I think we are up to our knees in the brown stuff.
Of late many on here have simply wanted to be told how they can they help, I hope that process has started, a trouble shared and all that.
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Re: Players fund

Postby jonescmj1 » January 10th, 2017, 9:01 am

Lucky Mascot 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"


I must admit I didnt understanding it.
My understanding was that several of the items listed for the 300k were known.

At the time and now I believe it was not so much an issue with DD but that the target amount for the shares was set much too low and announced way too early.

All irrelevant now though and again not the fault of the current board, they inherited a complete shambles and have most likely struggled with this ever since.

What isnt irrelevant now though is what remains of the washington money? In the abscense of any information my guess is come May 6 seasonal losses will again mean that there is a shortfall for summer wages. Meaning potentially discount season tickets, commercial income early? or instead of a director paying summer wages, we will have a whip round.

My guestimate is that this season we have made similar losses to the LS era and no where near a breakeven. What a +£100-200K short fall even with the £250K washington money at the start of the season, who knows?
I hope on Jan 19 the forecast for the end of the season is given, I may be wrong but I think we are up to our knees in the brown stuff.
Of late many on here have simply wanted to be told how they can they help, I hope that process has started, a trouble shared and all that.


The problem with the works done on the ground is that they were treated as assets of Newport (County) AFC Ltd, with the expectation that it would be charged to the p&l as a straight line depreciation over a period of time probably until the end of the lease period. But because we don't own the ground the asset was deemed intangible as we did not own the RP ground as an asset, therefore the decision was taken to take the full hit to the prior year accounts. Good advice in my opinion.
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Re: Players fund

Postby Amberexile » January 10th, 2017, 12:51 pm

Back to the players fund. Are we now in a position where the consensus is that the board do not need us to raise additional funds for players in this transfer window?

I find it hard to believe that GW would turn down the offer of an additional stream of income to fund the wages of one or two netter players for the rest of the season but there seems to be no appetite from the board to accept the willingness of supporters to help.
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Re: Players fund

Postby UPTHEPORT » January 10th, 2017, 7:49 pm

Amberexile wrote:Back to the players fund. Are we now in a position where the consensus is that the board do not need us to raise additional funds for players in this transfer window?

I find it hard to believe that GW would turn down the offer of an additional stream of income to fund the wages of one or two netter players for the rest of the season but there seems to be no appetite from the board to accept the willingness of supporters to help.



I did ask the question and was told enough funds where in place and thanks for the offer if we need any more help they would be in touch

This was a couple weeks back
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Re: Players fund

Postby lowandhardandinthecorner » January 10th, 2017, 8:03 pm

UPTHEPORT wrote:
Amberexile wrote:Back to the players fund. Are we now in a position where the consensus is that the board do not need us to raise additional funds for players in this transfer window?

I find it hard to believe that GW would turn down the offer of an additional stream of income to fund the wages of one or two netter players for the rest of the season but there seems to be no appetite from the board to accept the willingness of supporters to help.



I did ask the question and was told enough funds where in place and thanks for the offer if we need any more help they would be in touch

This was a couple weeks back


:shock: I really don't get why a Trust-owned club would turn down as little as a bent penny if it's given and not loaned. I've got a bad feeling that they're not asking for thousands now because in a few weeks time they're going to tell us we need to raise hundreds of thousands.
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Re: Players fund

Postby Exile 1976 » January 10th, 2017, 8:18 pm

lowandhardandinthecorner wrote:
UPTHEPORT wrote:
Amberexile wrote:Back to the players fund. Are we now in a position where the consensus is that the board do not need us to raise additional funds for players in this transfer window?

I find it hard to believe that GW would turn down the offer of an additional stream of income to fund the wages of one or two netter players for the rest of the season but there seems to be no appetite from the board to accept the willingness of supporters to help.



I did ask the question and was told enough funds where in place and thanks for the offer if we need any more help they would be in touch

This was a couple weeks back


:shock: I really don't get why a Trust-owned club would turn down as little as a bent penny if it's given and not loaned. I've got a bad feeling that they're not asking for thousands now because in a few weeks time they're going to tell us we need to raise hundreds of thousands.



Don't talk daft mate! We're obviously awash with cash , we just signed a former Albania U17 International, on loan ...
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Re: Players fund

Postby lowandhardandinthecorner » January 10th, 2017, 8:32 pm

Exile 1976 wrote:
lowandhardandinthecorner wrote:
UPTHEPORT wrote:
Amberexile wrote:Back to the players fund. Are we now in a position where the consensus is that the board do not need us to raise additional funds for players in this transfer window?

I find it hard to believe that GW would turn down the offer of an additional stream of income to fund the wages of one or two netter players for the rest of the season but there seems to be no appetite from the board to accept the willingness of supporters to help.



I did ask the question and was told enough funds where in place and thanks for the offer if we need any more help they would be in touch

This was a couple weeks back


:shock: I really don't get why a Trust-owned club would turn down as little as a bent penny if it's given and not loaned. I've got a bad feeling that they're not asking for thousands now because in a few weeks time they're going to tell us we need to raise hundreds of thousands.



Don't talk daft mate! We're obviously awash with cash , we just signed a former Albania U17 International, on loan ...


:lol: hahaha of course, what was I thinking! :grin:
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Re: Players fund

Postby Ref 22 » January 11th, 2017, 9:03 pm

UPTHEPORT wrote:
Amberexile wrote:Back to the players fund. Are we now in a position where the consensus is that the board do not need us to raise additional funds for players in this transfer window?

I find it hard to believe that GW would turn down the offer of an additional stream of income to fund the wages of one or two netter players for the rest of the season but there seems to be no appetite from the board to accept the willingness of supporters to help.



I did ask the question and was told enough funds where in place and thanks for the offer if we need any more help they would be in touch

This was a couple weeks back


So we are better off then some thought, Please to here that
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Re: Players fund

Postby Marky » January 11th, 2017, 9:17 pm

Ref 22 wrote:
UPTHEPORT wrote:
Amberexile wrote:Back to the players fund. Are we now in a position where the consensus is that the board do not need us to raise additional funds for players in this transfer window?

I find it hard to believe that GW would turn down the offer of an additional stream of income to fund the wages of one or two netter players for the rest of the season but there seems to be no appetite from the board to accept the willingness of supporters to help.



I did ask the question and was told enough funds where in place and thanks for the offer if we need any more help they would be in touch

This was a couple weeks back


So we are better off then some thought, Please to here that


Why turn down money under any circumstance?
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