Thetownend.com

Been submitted and available to see shortly according to the adver.

Be interesting to see

According to Companies House website, being processed and should be available online within 5 days. https://beta.companieshouse.gov.uk/company/00053100/filing-history

Also looking at the charges section on there we seem to have a number of outstanding charges to Sir Martyn Arbib I knew about the one to Black but what do these relate to?

Finally the most recent Confirmation Statement suggests that in addition to Power and Anderson there is also a Deborah Louise Carney with 'significant control' who she?

Carney is a finance director I think

Is there anything to read into why they are being released now?

I think the date is a legally required date. Nothing sinister

#crossingfingers

Well, they should have been submitted by the end of Feb, seeing as that's 9 months after the date of the accounts. It's more than possible that they were sent to CH in time, and they're only just getting round to processing it - they don't often move with great speed

Ah, I see. Okey doke.

Probably to appease a section of the fanbase who have been demanding them but wont have a clue how to read them or figure out what it all means.

Either way it will be used as a stick to beat Power with however they look.

Pfft, we all know what it's going to say.

L. POWER to STFC £0
STFC to L Power £ALL DA AJOSE MONEY

For some reason Companies House listed the deadline as the 28th March and did so well before the usual deadline of 28th February. I did wonder if they'd changed the year end but doesn't appear to be the case, so the club must have asked for an additional month to file the accounts for certain reasons.

soapy tit wank Quite the summary that some will always want to believe  :doh: :hmmm:

They won't be full accounts, so won't appease fans.

We won't be able to read them, that's why we have Si Pie (other accountants are available) to tell us what they mean. I'm expecting bigger and better from him this year following his pay rise and inability to go out because his car will be broken again.

And there was me thinking I didn't know how to read accounts. It's easy!

Well if Jed could scrawl it on a napkin..

Accounts up.

1.6m profit
Cash in bank from 782k to 57k
Creditors reduced by 1.2m

Makes no sense to me, copied what someone put on facebook

The financial year was our playoff season and subsequent sales in the summer wasn't it? That'll be the profit

Sale of Nathan Byrne, possible loan write offs, play off revenue, budgeting more within our means. Could be any or all of those.

Creditors actually reduced by £2.4m in total

So good news, on the face of it?

cue: He's paid himself off as a creditor off and we don't know what/how much we owe him ..

Is this good, bad, or not enough info to decide?

He's not left much in there soapy tit wank


Sent from my iPhone

The balance sheet is healthier than the year before, the deficit has reduced.
We don't know the reasons, can only read between the lines.
Cash looks low but we sold Ajose & Smith in June 2016 (after the year end) which means we may not have needed so much cash held in the business on 31st May. Still looks very cash tight but we're a football club so it's not unusual (but not ideal either).

This is the position on one day of the year.

Last Qs from me "Creditors actually reduced by £2.4m in total"

why are the media reporting £1.2m, what have they missed? (its good if its higher!).

What did the £4.9M liabilities (£6.5) comprise of, particularly in relation to being  "debt free".

That's short term creditors, the long term have reduced too!
If it's been reported it's because they missed that fact!

Oh right, thanks.

They picked up a post on facebook which wasn't quite right

The cash at May 2015 could have included play off gate receipts and TV money etc so may have been inflated. The last 12 months would also see 2ND tranche from QPR on Gladwin and Luongo.

Shareholder reserve/deficit is where historic profits and more likely losses are accounted in a balance sheet.I read a 1.6m profit but current and future liabilities reduced.

LP is likely to have repaid some of his loans but there is still some money due including the £2m due to Andrew Black if the club is sold plus £950k due in over 5 years which could be similar.

Overall it's healthier but most people will say it's what on the pitch that counts!

Sent from my HTC One M9

In which case, we're bankrupt.   :(

There's a lot of confusion being caused by the adver article, I would largely ignore their worind as it is completely inaccurate.

Are you telling us that the press would lie and not tell everyone the full story......... how dare you  :D

Cutting edge reporting.

That's fucking appalling if true. But isn't it possible it was the other way round? i.e. that the FB post was based on inaccurate reporting? And that subsequent media reports based on same source? e.g. BBC report it and get it wrong, bloke reposts error on FB, Adver also use BBC report as same source

This was posted at 8:15am https://www.facebook.com/groups/1475239182728328/permalink/1827732257479017/
Adver reported it after that http://www.swindonadvertiser.co.uk/sport/swindon_town_2014/15192165.Town_debts_tumble_in_new_released_accounts/

The Adver's terminology and understanding and interpretation of accounts is woeful. The 'net book value' line for example: We sold 2 players (Byrne and Randall) but bought 2 players (Stewart and Goddard) in the financial year. It doesn't reflect cuts to the squad at all.

The Adver is woeful at the best of times!

It shouldn't be on them to speak to one of the accountants based within 1/2 mile of Adver Towers and get an accurate opinion on what you can see.

Looked back at the 2011 accounts and the £950k loan there and still owed now appears to be to Sir Martyn Arrib and secured against the CG lease. It may explain some of the reluctance to resolve the new lease terms or ground situation if it triggered repayment.

With that and the £2m loan potentially due to Andrew Black on sale of the club, the real debt is £2m at May 2016. The transfer monies after then could have been used to clear Power's outstanding loans to quantify his 'debt free, at the start of the season' quote.

The £950k is still owed too and I doubt a new lease would trigger repayment as a debenture security is usually in place to give creditors preference over unsecured creditors in the event of the liquidation. Not sure if it's owed to Arbib specifically, he's stated as the trustee of the loan note holders which implies more than one person.

I don't think Power has a clue how much debt we have, how much money we lost season-on-season and how many times we have been in administration so I'm taking his debt free suggestion with a pinch of salt. It would be unfair not to count all of the debt and pretend the Black/Arbib/Others doesn't exist.

We sold Luongo, Gladwin, Byrne and Randall between May 2015 and May 2016.  Luongo and Gladwin were right at the end of May 2015, so should expect all of these sales to have been included in these accounts (unless in instalments)?

Of course they were all undisclosed fees, so never going to be any visibility of what is actually going on.

UK accounting practice/standards mean that the revenue is matched to the period in which it relates.
Luongo and Gladwin transfers (in May 2015) were in the accounts for the year ended 31st May 2015.

Byrne and Randall will be in the year ended 31st May 2016 accounts.

Smith and Ajose and anyone else sold before 31st May 2017 will be in next set of accounts.

Ah, ok - thanks

It will also depend whether any of the installments were due to playing x amount of games or other such clauses - which would mean it would only be payable/recognised after meeting the criteria

Very good point!

Did we know about the debt owed to Arbib, I only recall hearing about the one to Black which is due on sale of the football club - why power needed to get permission to take the club from Jed so it did not trigger.

Any idea how Arbib's debt is structured ie. when it becomes payable ? Does that makes it nearly £3.5m in debt before Power add's his 'costs' on top

I figured that it meant the first £2m when the club was sold would go to Black, so the price would have to exceed that for Power to get anything.

That said, he can pay himself back any loans he made to the club, the key thing is surely how much interest he is paying himself in those loans

Maybe I'm a bit thick but what is the problem with him paying himself back with interest? It's a peculiar thing with football fans that they think owners of their clubs shouldn't be allowed to make any money out of it.

What if it's 100% interest, or even a pay day loan 1000%.
Hence the question "how much" interest.

Now I have no problem if it's reasonable, but when it's all hidden you have to be concerned, don't you?

The Reverend Pitt didn't form STFC so that some chancer could make money out of it.... Sam Allen didn't run STFC by selling shares in the Works, so that some chancer could make money out of it.... the likes of Cecil Green, Eric Lane, even Brian Hillier didn't run STFC so that some chancer could make money out of it.

Major Goddard didn't bequeath land to SBC so that some chancer could make money out of it.

The fans didn't, what would now be termed, crowdfund in the dark days of 30's economic depression to build the TE, so that some chancer could make money out of it.  David Murray John didn't get SBC to sub the club for The Arkells, so that some chancer could make money out of it.

No....they wanted to put out a team, that would entertain and also instil a sense of pride into the workers of Swindon and District.

Something to lift the spirits from the daily grind of the consequences wars, economic depressions, recessions and poverty.

If the club is making a profit and he pays himself some of that profit I don't see a problem. If the club is plunged into huge debts because he's paying himself a big wedge of cash why would he do that? He's the owner. It's his money. What would he have to gain from that?

Again, maybe I'm a bit thick but why would the owner of a club put his club in trouble when he knows that he is the one who would lose as a result of his actions?

Sir Reginald Churchill.  :D

What if he pays himself all of the profit in interest.

If he paid a nominal fee for the club, and has paid himself back all of the amount he's loaned the club in interest he's now in a position where he has had all of his outlay back but the club still owes him his loans.

He can continue to pay himself as much interest as he wants and keep the club ticking over generating cash for him.

All hypothetical, but because it's hidden we won't ever know

Reg'll have you for that Tory slur

Churchill spent a large part of his career as a Liberal.  Reg would be more OK with that.

I take my view of Winston, from Atlee's 45 campaign slogan, " Cheer Winston....Vote Labour."

moved from Romford to Faringdon, appears to have 2 boys, one with the surname Abbott the other with her own surname and bearing the Christian name "Lee".  She is also the director of Power Geneva Ltd with a County Ground registered office and a horse racing interest.

Just sayin'