New beginnings - 25% Truth, 80% Bollocks

[Audrey]

You’d hope that due diligence had been done before handing 50% of the CG to Clem. Surely the Trust, via the JV, hold the trump card of stalling on anything to do with the CG that may make Clem a fast buck,

[RobertT]

You’d hope that due diligence had been done before handing 50% of the CG to Clem. Surely the Trust, via the JV, hold the trump card of stalling on anything to do with the CG that may make Clem a fast buck,

I believe it went back and forth between lawyers for both sides, at least that is the impression the Trust gave before the deal was signed.  It's tough to word something in a way that covers every eventuality without creating a situation where the other party walks away.  I think they landed on STFC Ltd being the owners, as a legal entity.  That legal entity is almost certainly precluded from selling the ground without gaining a majority decision to approve from the JV board.  What they did not do, and likely found they were unable to do, is have such a measure in place around the ownership of shares in STFC Ltd.  A good solicitor for the club would argue that places restrictions on the business which would simply become too onerous.  If the club needed to seek investment to cover a shortfall in Opex for example, it could be prevented from doing so through equity disbursements.  A valid course of action for a business to operate.

[Audrey]

Flynn

‘ This has been ongoing and is nothing new. We have been aware of the possible sanctions for a while, so that has been dealt with. I don't think it will hamper the budget. There was talk about a points deduction, I have never heard of that. That is putting two and two together and getting five.

We are better as a club and as a team when we stick together. We all get frustrated at different things, but when they are behind me it gives me a stronger belief that we can do something. I do think that off the pitch, the club are getting through a lot of the things that they have to get through.’

[Power to people]

Flynn

‘ This has been ongoing and is nothing new. We have been aware of the possible sanctions for a while, so that has been dealt with. I don't think it will hamper the budget. There was talk about a points deduction, I have never heard of that. That is putting two and two together and getting five.

We are better as a club and as a team when we stick together. We all get frustrated at different things, but when they are behind me it gives me a stronger belief that we can do something. I do think that off the pitch, the club are getting through a lot of the things that they have to get through.’

I think Flynn needs to be concerned with on field matters and leave the off field for those upstairs, he don't want to be getting involved there - I can see why he comments but equally it is not his area to comment

As for not affecting his budget, he doesn't know the size of the fine yet, we may need need to sell a player to pay it - although, it is never said how long the FL gives clubs to pay

[Batch]

He was probably just asking a direct question tbf

[Jimmy Quinn]

Saw this Kings Lynn F.C expenses sheet love to see a STFC one😁

[tans]

Saw this Kings Lynn F.C expenses sheet love to see a STFC one😁

Banbury took 10 fans and it was still segregated

[Jimmy Quinn]

Banbury took 10 fans and it was still segregated

 

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

This just in Linda Adams on facebook says if you get Clem out, there won't be a club. Why haven't I offered a few million to invest in the club if I know it all. Also, she hopes Clem takes the trolls to court.

[Legends Lounge Lovechild]

You'd hope that due diligence had been done before handing 50% of the CG to Clem. Surely the Trust, via the JV, hold the trump card of stalling on anything to do with the CG that may make Clem a fast buck,

but the trust seem to be givign underdesk support to clem etal so god knows what the dilignece was
maybe nothing more than a hand shandy or blowy if it was done by james specner tbh

[Ƭ̵̬̊: The Artist Formerly Known as CWIG]

but the trust seem to be givign underdesk support to clem etal so god knows what the dilignece was
maybe nothing more than a hand shandy or blowy if it was done by james specner tbh

Be careful, if Spencer sees this he might give thinly veiled threats saying he knows who you are.

[ron dodgers]

hoorah , accounts checked, we're skint, tell me something I don't know.

[RobertT]

Sorry, that summary from the Trust is useless.  I don't expect to see player salaries, or even first team total salaries (although it should be possible to do that if they want to be open and honest, but I understand it is unusual to that level of detail).

What I do expect is a high level cost centre style analysis of where the % of spend is going, what the total outgoings are and a month over month analysis to allow comparative analysis and trending.  Otherwise, what is the point?  A year to year top level summary is the bare minimum for a large listed company and we don't even have that.  I understand it takes more than a day, nobody asked them to pop in for tea and a biscuit only, we expected them to be in there every night for a few weeks.  And yes, I know they are volunteers.  Send them to me, I'll have a bash at it for you.

[ron dodgers]

Keep it coming, I love this shit

[ThreeDrawsMentality]

Wake up hunny! There's a new Trust update. Was emailed so have pasted in below

Financial Review Update


As you may recall, the Trust engaged in a Memorandum of Understanding agreement with Swindon Town Football Club back in August 2021.



At the time, the MOU was circulated nationally via The Football Supporters Association, with praise coming from many areas. It was only the 11th such agreement to be put in place for the 92 English clubs.



At the September 2023 Advisory Board meeting, Trust board members requested to see the Management Accounts of the company as per the following agreed commitment:



"Provide the Trust with quarterly management and financial updates on the financial position and performance of STFC that contain a sufficient level of detail to build trust and an understanding of how the Club is being run, without compromising the Club’s position in a competitive market or revealing confidential information such as undisclosed transfer fees or individuals’ salary details."



The club stated that Management Accounts were not yet being produced and Clem Morfuni then extended the opportunity for the Trust to review the club's financial position.



Scott Curtis, the Trust Treasurer and Management Accountant, attended the County Ground on Wednesday to do this financial review.



As a one-off visit, the aim was to complete a high-level health check and the activity was aimed at providing a broad understanding of the club's financial results. It was not an audit, as it does not carry the same level of detail, time, cost, or legal obligation.



Anthony and Annabela, representatives from the club, spent time discussing and sharing financial ledgers and the costs associated with running Swindon Town. This collaboration marks the first time any supporters group, including the Trust, has been granted access to the club's books, an unusual but commendable step in the footballing world.



The financial review did not encompass personal dealings or transactions of directors in any other legal entity. Examples include transfers of shares not recorded on Companies House or loans between individuals or offshore companies.



Our goals for the review were threefold: understanding current revenues and costs, assessing other cash commitments, and determining funding needs for the next 12 Months.



Scott utilised various financial documents, including trial balances, as of 31st May 22, 31st May 23 and the latest available.  This gave a picture of their trading, a year-on-year comparison and an indication of the operational cashflows over the last 18 months.



It was clear to see that the club is currently financially unsustainable with the club's expenses exacerbated by many high costs over the course of a year, including but not limited to player, management and staff salaries, players nutrition, away game travel and accommodation, agent fees, medical care, legal fees for numerous ongoing cases, property and pitch maintenance, technology, energy, retail, online ticketing, security and policing, administrative and medical costs. The club are actively working to reduce these costs where possible, but some are unavoidable and part and parcel of running a professional football club.



The cash flow forecast for the next 12 months was also provided and this showed when further funds will be required. Scott was able to see movement in loan accounts and the figures confirmed that Clem Morfuni had put significant funds into the club this year to keep the club afloat and is forecasting to do so next.



While Scott was permitted to review the club's financial data, it was done so in-person and with the strict caveat that no information could be copied or taken away. The figures will be shared in detail with supporters early next year when the annual accounts are released, and it was agreed with the club that when the accounts come out, they will be accompanied by an executive summary giving supporters the granular detail they need.



This will take time to put together but ultimately give supporters great insight into the running of the club. In parallel, talks are underway between the Trust, the Club and an organisation called ‘Fair Game’ to create an even more comprehensive annual report, later next year.



These comprehensive reviews take time. We met with Fair Game this week and they told us it would take at least three months and would be done by their team of football finance experts and completely independent. More on this to follow. The club also meet with Fair Game regularly.

Fair Game work with clubs who want to become financially sustainable and who embrace openness with their supporters. In June 2023, Swindon Town became one of only 11 EFL clubs currently signed up to their mission.

Although this initial peek into the club's finances may not have answered all your questions, we believe that a more comprehensive financial review is in the works for next year. This should provide a more thorough and detailed understanding of the club's financial situation.

The Board of TrustSTFC