A-A-AGM

[pauld]

Was they not going to put the accounts of the website before the AGM

PaulD: Must be the first year you have not attended an AGM did you not get withdrawal symptoms and feel you needed to be there to challenge things 

Clashed with a council cabinet meeting I wanted to ask some questions at, so sent my apologies. I haven't felt I needed to be at an AGM to challenge things since, oooh, about Jan 2008 but I would have liked to have gone so I could have kissed Watkins/Fitton/Wray's collective ring

Plus I'd have liked to have heard the stuff about the ground redev

[Rodney]

A proper dig through of accounts reveals a few other points:

Directors emoluments are £122,500 (page 14) - wonder if this is Nick Watkins salary, or the combined sum of what all the directors draw from the company.  Either way, not a lot of money.

Although the club is profitable, it owes the holding company 'Swindon Football Holdings Limited' a total of 7,025,984, plus an additional £1,000,000 to Sir Martyn Arbib.  A very wealthy man and the money behind the Fitton consortium.  He was the one stood next to Fitton at Wembley when Milwall lifted the play-off trophy.  This loan is interest free though until 2013, so obviously he is committed in the short term.

Page 20.  STFC was charged £10,566 by Graachi Capital Management Limited http://www.gracchi.co.uk/key-personnel.php.  This is an investment firm owned by Fitton and Jeremy Wray.  Wonder what this is for?  Probably expenses?

Also page 20.  STFC was charged £128,718 by Q4 Management Limited http://www.q4management.com/consultants.php which is a company Nick Watkins owns.  I presume this is his salary.  Fairy reasonable for a CEO salary.

All in decent reading, although seeing the £7m owed to the holding company is a reminder football is a rich mans hobby.  No sinister agenda here, but good to see the company isn't being fisted in anyway, as we would expect.

Hopefully the Austin and Morrison sales will see us through the next few years too...

[alanmayes]

For those interested in reading the accounts,here's a link from the OS.

http://www.swindontownfc.co.uk/staticFiles/25/67/0,,10341~157477,00.pdf

[leefer]

It looks a bit different to the one i have from the 1950's!

Fair play to them.....its looking sound for the future.

[Summerof69]

The £1m loan from Arbib was to pay off St Modwen's loan.

[Summerof69]

I forgot to mention. Someone asked Fitton if there was anymore possible court cases left. Fitton thought there was...but Nick Watkins said there wasn't. He then ran through the names of the court cases...Datatrack (Bill Power), St Modwen, Mike Diamandis and Mike Bowden....yes our own Mr Whippy has also tried to sue STFC.

They obviously thought it was all in his head...just like the plans for a stadium development. On his first day he slagged off the Trust plans...but it was still more than he ever came up with.