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Author Topic: Accounts  (Read 5401 times)
pauld


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« Reply #30 on: Thursday, March 30, 2017, 15:40:59 »

They picked up a post on facebook which wasn't quite right
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
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ronnie21


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« Reply #31 on: Thursday, March 30, 2017, 16:09:49 »

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
[/quoteSsometimes Paul it is what they want to believe - or want you to believe!!!
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Simon Pieman
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« Reply #32 on: Thursday, March 30, 2017, 18:22:19 »

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.
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ronnie21


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« Reply #33 on: Thursday, March 30, 2017, 18:38:35 »

The Adver is woeful at the best of times!
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Oaksey Moonraker


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« Reply #34 on: Thursday, March 30, 2017, 19:04:09 »

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.
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Simon Pieman
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« Reply #35 on: Thursday, March 30, 2017, 19:29:17 »

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.
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Swindon-Town-FC.co.uk


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« Reply #36 on: Thursday, March 30, 2017, 21:59:37 »

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.
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Simon Pieman
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« Reply #37 on: Thursday, March 30, 2017, 22:14:15 »

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.
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Swindon-Town-FC.co.uk


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« Reply #38 on: Thursday, March 30, 2017, 22:37:04 »

Ah, ok - thanks
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STFC_Manc


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« Reply #39 on: Thursday, March 30, 2017, 22:39:19 »

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.

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
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Simon Pieman
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« Reply #40 on: Thursday, March 30, 2017, 22:45:36 »

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!
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Power to people


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« Reply #41 on: Friday, March 31, 2017, 15:16:29 »

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
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Posh Red


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« Reply #42 on: Friday, March 31, 2017, 15:19:49 »

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
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Exiled Bob


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« Reply #43 on: Friday, March 31, 2017, 19:32:35 »

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.
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Posh Red


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« Reply #44 on: Friday, March 31, 2017, 19:37:10 »

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?
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