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Post by dinsdale on Feb 17, 2016 20:08:45 GMT
The £1m was not spent on the club it was spent trying to clean up the ness of a dodgy contract.
Of course we need a good scouting system, DC is the first decent manager in a decade and we need to be identifying decent players long after hes gone. We also need to sort out the woeful commercial department so we can generate a better turnover.
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Post by dinsdale on Feb 17, 2016 20:15:36 GMT
Every year they release the accounts and we all say how sh** they are and how will we survive and then the next year its the same but worse. We have been drifting towards bankruptcy for years and its almost at the point of no return. Its this sentiment that makes me wonder why the supporters club never say / do anything at all to intervene or even just to go public about how concerning it is. £10m of debt for a small club like us and literally nothing is ever said. The press feel gagged the fans directors are sidelined and we will be here next year £12-£14m in debt having the same conversation. I have been saying for years you can't run a club like this, there is no plan to break even, no plan for anything other then chuck every penny at the 1st team and hope something comes up. The only difference between the Higgs and the Dunford jnr era was Geoff would gamble even more money when we were in the sh**. At least when his Dad was in charge we had a decent scouting system creating some revenue for the club. Not sure what you expect the BoD to do as if they hadn't overspent by £1m last season we'd probably still be playing non league/potentially being in Torquay's or Wrexham's position now given how close we came to not getting promoted? It's obvious we can't survive at the Mem so NH has been doing something to sort that issue out but now it seems fans are turning on him for trying that, even the real culprits are Trash/Sainsburys. As far as a scouting system goes do we really need one when we can still pick up the likes of Taylor, Lockyer, Leadbitter & Gaffney on the pitch DC seems to be moving in the right direction, off the pitch it's anybody's guess what will happen in the next 6 months. Ps respect your view, its been a long held view of mine since Holloways last season that we needed to sort out the financial management of the club and we failed to do so and failed to protect the club for future generations as intended by Dunford senior. We haven't moved with the times or taken advantage of our excellent fan base and unique history. Hard to explain exactly what i mean in a few posts but hope it makes sense. We just dont plan or have a strategy. We sell tat and are very amateur in our commercial aspects. We had an amazing scout who made us millions and sacked him to save a few ££££'s. Well since he left we have suffered.
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Post by lulworthgas on Feb 17, 2016 20:20:26 GMT
Just to put into perspective, the amount the teds were willing to spend on a player in the summer is nearly the same as the figure that could see the club bankrupted and us not owning our own ground. Again!
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Post by dinsdale on Feb 17, 2016 20:24:12 GMT
Our debts 3x our yearly turnover. I remember being worried when it was £3m under GD
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Post by Topper Gas on Feb 17, 2016 20:59:50 GMT
The £1m was not spent on the club it was spent trying to clean up the ness of a dodgy contract. Of course we need a good scouting system, DC is the first decent manager in a decade and we need to be identifying decent players long after hes gone. We also need to sort out the woeful commercial department so we can generate a better turnover. The only outlay on the court case this year was the £375K paid for Sainsbury's costs? Although you can't have it both ways as if the £1m was spent on the court case then on playing side we were finally breaking even.
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Post by dinsdale on Feb 17, 2016 21:15:28 GMT
With a wage budget of just £1m and really good gates where did the money go? I admit the accounts are hard to read i thought it was £1m on court ? We should have accepted the deal the contract was awful.
We have lost money year on year under Higgs it needed addressing 15 years ago and every year since.
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Post by rambo on Feb 17, 2016 21:31:59 GMT
With a wage budget of just £1m and really good gates where did the money go? I admit the accounts are hard to read i thought it was £1m on court ? We should have accepted the deal the contract was awful. We have lost money year on year under Higgs it needed addressing 15 years ago and every year since. The £1m costs have been capitalised under tangible fixed assets so do not affect the loss for the year in the slightest. It's an additional £1m loss (although not necessarily cash flow) which is down to mostly: 1) Decrease in turnover (other receipts being down 500k, football receipts were consistent to be fair) 2) Decrease in player sales profits (Due to no Lambert proceeds) 3) Ever increasing loan interest Operating expenditure was down so if we can keep it down, I do believe 1 and 2 above will increase. But 3 is only going one way unfortunately.
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Post by Hugo the Elder on Feb 17, 2016 21:33:59 GMT
Every year they release the accounts and we all say how sh** they are and how will we survive and then the next year its the same but worse. We have been drifting towards bankruptcy for years and its almost at the point of no return. Its this sentiment that makes me wonder why the supporters club never say / do anything at all to intervene or even just to go public about how concerning it is. £10m of debt for a small club like us and literally nothing is ever said. The press feel gagged the fans directors are sidelined and we will be here next year £12-£14m in debt having the same conversation. I have been saying for years you can't run a club like this, there is no plan to break even, no plan for anything other then chuck every penny at the 1st team and hope something comes up. The only difference between the Higgs and the Dunford jnr era was Geoff would gamble even more money when we were in the sh**. At least when his Dad was in charge we had a decent scouting system creating some revenue for the club. doing my head in since about 2002 That makes a good catch phrase!
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Deleted
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Post by Deleted on Feb 17, 2016 21:41:03 GMT
With a wage budget of just £1m and really good gates where did the money go? I admit the accounts are hard to read i thought it was £1m on court ? We should have accepted the deal the contract was awful. We have lost money year on year under Higgs it needed addressing 15 years ago and every year since. The £1m costs have been capitalised under tangible fixed assets so do not affect the loss for the year in the slightest. It's an additional £1m loss (although not necessarily cash flow) which is down to mostly: 1) Decrease in turnover (other receipts being down 500k, football receipts were consistent to be fair) 2) Decrease in player sales profits (Due to no Lambert proceeds) 3) Ever increasing loan interest Operating expenditure was down so if we can keep it down, I do believe 1 and 2 above will increase. But 3 is only going one way unfortunately. I should imagine the bulk in the fall in turnover was down to the rugby club leaving. Rent, bar takings, catering etc. I think TWatola stated that the net loss was c£250k due to this.
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Post by Hugo the Elder on Feb 17, 2016 22:07:49 GMT
The £1m costs have been capitalised under tangible fixed assets so do not affect the loss for the year in the slightest. It's an additional £1m loss (although not necessarily cash flow) which is down to mostly: 1) Decrease in turnover (other receipts being down 500k, football receipts were consistent to be fair) 2) Decrease in player sales profits (Due to no Lambert proceeds) 3) Ever increasing loan interest Operating expenditure was down so if we can keep it down, I do believe 1 and 2 above will increase. But 3 is only going one way unfortunately. I should imagine the bulk in the fall in turnover was down to the rugby club leaving. Rent, bar takings, catering etc. I think TWatola stated that the net loss was c£250k due to this. If he served you in the bar you'd double check your change.
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Post by Deleted on Feb 17, 2016 22:17:28 GMT
I should imagine the bulk in the fall in turnover was down to the rugby club leaving. Rent, bar takings, catering etc. I think TWatola stated that the net loss was c£250k due to this. If he served you in the bar you'd double check your change. Little chance of that happening. It would involve physical activity.
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Post by aghast on Feb 17, 2016 22:21:25 GMT
I should imagine the bulk in the fall in turnover was down to the rugby club leaving. Rent, bar takings, catering etc. I think TWatola stated that the net loss was c£250k due to this. If he served you in the bar you'd double check your change. He'd probably give you too much.
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Post by garystash on Feb 18, 2016 8:07:57 GMT
The Mem is probably only valued at cost or an earlier revaluation in the books currently The Mem is under Fixed Assets at purchase value less depreciation plus capitalised (legal) costs. The debtors under "company" of £6mln in st the intercompany debt between BRFC 1883 Ltd and BRFC Ltd. The accounts that have been issued are the consolidated accounts so it won't show under the group position. Couple of points on this in retrospect... I thought we bought the Mem for about £100K as the rugby club were going under. Also, page marked as 6 (actually 9) the section on depreciation states "No depreciation is provided on freehold properties...".
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Post by Hugo the Elder on Feb 18, 2016 8:35:02 GMT
The Mem is under Fixed Assets at purchase value less depreciation plus capitalised (legal) costs. The debtors under "company" of £6mln in st the intercompany debt between BRFC 1883 Ltd and BRFC Ltd. The accounts that have been issued are the consolidated accounts so it won't show under the group position. Couple of points on this in retrospect... I thought we bought the Mem for about £100K as the rugby club were going under. Also, page marked as 6 (actually 9) the section on depreciation states "No depreciation is provided on freehold properties...". I thought we only bought their share of the Mem??
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Post by womble on Feb 18, 2016 8:36:10 GMT
The Mem is under Fixed Assets at purchase value less depreciation plus capitalised (legal) costs. The debtors under "company" of £6mln in st the intercompany debt between BRFC 1883 Ltd and BRFC Ltd. The accounts that have been issued are the consolidated accounts so it won't show under the group position. Couple of points on this in retrospect... I thought we bought the Mem for about £100K as the rugby club were going under. Also, the acciunts say no depreciation will be applied to freebold property. We paid £2.3m for a 50% share of the Mem. Under the terms of the contact either party could acquire the remaining 50% for £10,000, if the other party called in the administrators. We exercised that right when the rugby club folded.
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Post by gashead1981 on Feb 18, 2016 8:38:55 GMT
Can someone point me to a link where the profit and loss sheet is available?
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Post by garystash on Feb 18, 2016 9:15:03 GMT
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Post by simon1883 on Feb 18, 2016 9:38:22 GMT
If he served you in the bar you'd double check your change. He'd probably give you too much. He wouldn't have any beer to serve you because he is incapable of PLANNING
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Post by mftc on Feb 18, 2016 14:21:47 GMT
Sorry haven't had time to read all the threads but:
i) How many clubs outsde the Prem actually make a profit? On a scale of things £1 loss is probably well well below average for a football club?
ii) Can we give naming rights to the loan company in return for offsetting some of the monies we owe them - ie could the ground be called the Wonga Memorial Stadium for two years if they removed £500,000 from the money we owe?
iii) Plan Z, if 5000 loyal fans attend the Mother Day meal at the Mem, this will help reduce the debts!
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Post by mftc on Feb 18, 2016 14:22:32 GMT
Sorry meant £1M not just £1 - sorry typo!!!!
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