New beginnings - 25% Truth, 80% Bollocks

[reeves4england]

What's said in the update is good. They've seen the books, there will be executive summaries in future accounts and the annual report is going to become more comprehensive.

It what's not said that's the problem. Even a line saying a report on the findings will be presented in due course would have done for the time being.

Edit: Just seen that the Trust's initial intention was to "present a clear analysis of the club's finances to members in an understandable manner". I imagine it'll take time to prepare that, which is why the line above would have been a helpful inclusion.

[BenTheRed]

Looks like the trust have let the club off the hook, I doubt there will be another look at the books for a long time

[Nemo]

What's said in the update is good. They've seen the books, there will be executive summaries in future accounts and the annual report is going to become more comprehensive.

It what's not said that's the problem. Even a line saying a report on the findings will be presented in due course would have done for the time being.

Edit: Just seen that the Trust's initial intention was to "present a clear analysis of the club's finances to members in an understandable manner". I imagine it'll take time to prepare that, which is why the line above would have been a helpful inclusion.

Broadly agree with that - it just needed to confirm that the Trust will have more to share with members, separately from the club's own processes.

[BenTheRed]

To this end, the club will be releasing its annual accounts in the next few months and along side this, with the help of the trust, intends to provide an executive summary to accompany their release. 

This isn't the role of the trust imo club and trust shouldn't be working alongside each other like this. The relationship needs to be distant and critical, trust needs to provide their own analysis separate to the club

[UTR]

Read over the Trust statement a few times to fairly judge it but the overwhelming feeling each time is it’s a big let down in tone from the original stance. Not that I’m surprised.

[Bob's Orange]

https://truststfc.com/2023/12/15/trust-board-further-update-on-club-accounts-review/

So is that the end of it? The Trust have seen the books, the club have done what they were asked of and nothing is going to be communicated about the books or anything like that?

On the face of it, appears to be a bit of a cop out.

[RedRag]

https://truststfc.com/2023/12/15/trust-board-further-update-on-club-accounts-review/

To quote George Orwell's Animal Farm:

"The creatures outside looked from pig to man, and from man to pig, and from pig to man again; but already it was impossible to say which was which."

[Power to people]

https://truststfc.com/2023/12/15/trust-board-further-update-on-club-accounts-review/

I'm confused, wasn't it said in the beginning they would provide a commentary or summary after viewing the accounts ?, be good to know what they found and to what level of detail they was given, if it was just an overview then surely that is pointless, and is this  a case, we have seen them but we cant tell you what we have seen as we have been asked not to ?

Obviously if they was given a full overview then they cant reveal everything for obvious reasons, but lets have some detail rather than a statement saying we have seen them.

[Bob's Orange]

I note on the Trust website they have 1498 members? I wonder how accurate that actually is. I imagine numbers will be dwindling, at a pace.

[ThreeDrawsMentality]

You just know the Facebook group are going to use this as their elixir. TOLD YOU SO HATERS - TOP MAN CLEM.

[Legends-Lounge]

But they didn’t withhold the information, they informed companies house.

The problem appears to be that nobody in the organisation knows how to run a football club and therefore neglected to tell the EFL.

I’m assuming that Clem got the notification done through Axis company admin, as even Rob Angus (who would have been CEO at the time) didn’t know about it.

I bet RA is sooooooo glad he’s not in the hot seat right now.

[Pericardinho]

The trust statement reads as though it was written by Anthony Hall himself.

Reiterating how 'rare' it is for the club to share such information. A totally un necessary line. It reads like we should be grateful and we've been done a favour.

It's like the trust have had a telling off and have now gone back with their tail between their legs.

As others have mentioned, I don't like the tone. It's like they've rolled over a bit. Just when we thought we were making progress.

[Bennett]

I can only assume there's another update coming...

https://truststfc.com/2023/12/04/truststfc-update-on-club-accounts-review-process/

"Our goal is for Scott Curtis, the Trust Treasurer and Management Accountant, to present a clear analysis of the club’s finances to members in an understandable manner.

We remain passionate about concluding this process to offer members a clear analysis of the club’s finances. We acknowledge communication mistakes and appreciate your continued support as we work towards providing the analysis you want to see."

[Mooneyraker]

The trust statement reads as though it was written by Anthony Hall himself.

Reiterating how 'rare' it is for the club to share such information. A totally un necessary line. It reads like we should be grateful and we've been done a favour.

It's like the trust have had a telling off and have now gone back with their tail between their legs.

As others have mentioned, I don't like the tone. It's like they've rolled over a bit. Just when we thought we were making progress.

Yeah, that sticks in the craw. It does feel like those left at the Trust are the Japanese soldiers still in tattered uniforms on an isolated island, fighting on on behalf of the bucket hat wearing, pint-pulling 'Messiah' monorail salesman long after everyone else has given up.

[Nemo]

I've just emailed the Trust to expand on what I would hope a further update might include, thought I may as well cross-post the key bits here here so that people can tell me where I'm being unreasonable at least!

I think what I would hope to see as a member from the club accounts review would be:

- A Trust-only generated summary of the review. The statement suggests that the Trust will be assisting the club with the executive summary to the next accounts, and whilst this would be welcome, there are clearly trust (lower case t!) issues between Club and Fans right now, and I'd like to hear from the Trust without the filter of the football club's view.

- An understanding of what you were able to see and review - was it just the draft accounts for next season, or a longer period of time covering incomings and outgoings, ledgers and so on - a more comprehensive "seeing the books" as, say, a prospective investor would ask for?

- A view on the costs of the club. I understand why we can't have a breakdown of each player's contract or anything like that, but does the playing budget seem broadly in line with what has been communicated publicly? Are the non-playing costs of the club broadly in line with those of other football clubs of similar size (some of which make quite detailed breakdowns available publicly). At a very high level, does everything appear 'normal'?

- How much is the club losing on a monthly/annualised basis? A wide variety of numbers have been quoted by club spokespeople on this number, often swelling from one answer to the next.

I am perhaps less bothered than some by the Trust statement brown nosing the club a bit - the club are clearly prickly egos to deal with, and if a few throwaway sentences about how great they are mean they engage better, then I'll swallow those happily.