New beginnings - 25% Truth, 80% Bollocks

[Bob's Orange]

Why the edit, or has the thing landed now (missed CH deadline)?

Extra verbiage that wasn't required. Assume they'll be out today, but could be tomorrow or Friday. (Happy to not help!)

[RedRag]

Grim but entirely predictable update from the TRust today as follows:

In August 2021, Clem Morfuni and members of the Trust Board negotiated a Memorandum of Understanding  (MoU), setting out a new vision for openness and transparency in the running of the Club. This followed a turbulent period of previous owners where supporters were left in the dark as to who was involved behind the scenes and where the money was going.

  Within the MoU was the following commitment, freely offered by the Club: The Club will 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.

In the months which followed, when these management accounts were requested, the Trust were told that due to the systems which the new ownership inherited, such reports were not yet available.
This situation continued until September 2023 when the Club offered instead to provide access to the Club’s accounts. Arrangements were made for the Trust Treasurer to visit the County Ground to meet with the accounts team. This one-off visit was tightly controlled. No note taking was allowed and the limited time made available prevented any material analysis to be undertaken.

Following this meeting, it was agreed that the Club would arrange for the independent group “Fair Game” to produce an executive summary to the accounts offering to give supporters the granular detail they needed (within the limits of sharing confidential information).

  The Fair Game report was issued following the release of the Club’s annual accounts for the season 2022/23. Whilst the presentation helped non-financially experienced supporters with graphics and images, the Club provided only one additional data point when compared to the information in the statutory accounts.

  When challenged at the Advisory Board, the Club offered to provide more regular updates as part of the agenda. None were provided. At the September 2024 meeting, it was recorded in the minutes that a more detailed report would be provided every six months.

Today, minutes from the Advisory Board held on 6th February 2025 have been released. At this meeting, following questions about the provision of financial breakdowns, Clem Morfuni stated that no management accounts or financial breakdowns would be provided to the Advisory Board, Trust or to supporters. The Club will only provide statutory annual accounts with a Fair Game explanation. During the meeting, the Trust Chair challenged this position given previous commitments made but the Club were unwilling to change their position.

It should also be noted that Axis Football Investments Limited (the company at the top of the holding structure for the Club) has received its third compulsory strike-off notice in five years for the late reporting of statutory accounts.

  Since August 2021, the Club have willingly provided promises and commitments to provide financial breakdowns on an open and transparent basis. With the exception of a private meeting where no note-taking was permitted, none of these promises have been fulfilled.

Off the back of improved performances on the pitch, now would be an ideal time to try and reconnect with disenfranchised supporters and rebuild relationships. Unfortunately, events such as these do nothing to rebuild confidence or trust in the off-field management of the Club.

The Board of TrustSTFC

[Saxondale]

You beat me to it.

Totally predictable and frankly when I turn up in the Orange hat on Saturday I feel like I should bring copies of this with me in case any loyalist continue to argue.

[Nemo]

https://s3.eu-west-1.amazonaws.com/gc-media-assets-v2.gc.swindontownfcservices.co.uk/ddcee090-eea2-11ef-9d41-61946047d66d.pdf

And here are the minutes

Key bits:

- In today's Admin error, the file is called "Meeting with O’Dwyer Ground Works" so we can assume they might be a potential contractor for ground works
- Sotiris Caldelis appears on the invite list as Operations Manager
- Bugger all else. Honesty. Not even a bike rack and no questions from fans

This really does feel like a "we're not even going through the motions properly" update

[RedRag]

I'm going to await the plans for the DR Hospitality but it's difficult at this stage to want to vote for any more co-operation with the present ownership.  I'll also need to understand the ramifications of voting against for decent stakeholders like the Eady Trust.

You have to be careful what you wish because we haven't exactly been blessed with decent owners in recent times but this lot have fossilised the CG Stadium and have driven the club to its lowest ever standing in the FL in the post WW2 era.

[Moss]

Grim - people are so stupid they will still think the Aussie chancer is our a saviour.

I made the mistake of watching Newsnight last night and the American ambassador to Denmark was saying Trump will be known as the best world leader in history.

People are thick as pig shit. I give up.

[horlock07]

https://s3.eu-west-1.amazonaws.com/gc-media-assets-v2.gc.swindontownfcservices.co.uk/ddcee090-eea2-11ef-9d41-61946047d66d.pdf

And here are the minutes

Key bits:

- In today's Admin error, the file is called "Meeting with O’Dwyer Ground Works" so we can assume they might be a potential contractor for ground works
- Sotiris Caldelis appears on the invite list as Operations Manager
- Bugger all else. Honesty. Not even a bike rack and no questions from fans

This really does feel like a "we're not even going through the motions properly" update

Does anyone else have the title 'Meeting with O'Dwyer Ground Works' when opening it in a PDF reader?

I suppose question for Bennett, do the Trust get some sort of sign off in the minutes and if so why has the bit about Morfuni basically saying feck off re financials not mentioned in the minutes?

[RobertT]

So people just decided to create ultra long queues at games, got it (as I was one of those idiots who stood in queue while the closed turnstile at the other end of the DR stand was really open against Colchester, honest).

[Nemo]

https://s3.eu-west-1.amazonaws.com/gc-media-assets-v2.gc.swindontownfcservices.co.uk/f3f83f60-eea2-11ef-9d41-61946047d66d.pdf

Apologies, the Q&A is in a separate document.

[RobertT]

Does anyone else have the title 'Meeting with O'Dwyer Ground Works' when opening it in a PDF reader?

I suppose question for Bennett, do the Trust get some sort of sign off in the minutes and if so why has the bit about Morfuni basically saying feck off re financials not mentioned in the minutes?

I would imagine that is precisely why the statement has been sent out, if all parties cannot agree, the minutes don't show it, but seemingly there is no confidentiality agreement in place to prevent a single party sending out commentary.  It's just not all party verified as being a true and accurate reflection of the meeting.

[Bennett]

Does anyone else have the title 'Meeting with O'Dwyer Ground Works' when opening it in a PDF reader?

I suppose question for Bennett, do the Trust get some sort of sign off in the minutes and if so why has the bit about Morfuni basically saying feck off re financials not mentioned in the minutes?

Yes, not sure why mind you!

We see the minutes beforehand but that element was in relation to a question, so it's covered in the fan Q&A

[tans]

That q and A is aids

[RobertT]

Interesting titbit - debt listed to Clem as 8m, coming soon in the next accounts.  That would be a massive jump in a single year and suggest the Debenture was shifted from being a secured debt to now being owed directly to Clem (although he claims all of it personally, I'd be amazed if the majority is not actually to Axis Football Investments as he had already moved a big chunk the prior year from personal to intra company debt).

[theakston2k]

Becoming increasingly evasive and refusing to let anyone see the financials is entirely predictable and just confirms what we all know…. There’s stuff to hide!

[RobertT]

O'Dwyer Groundworks is a dissolved company, so assuming some reincarnation or similar naming.  Spidey senses tingling - Irish...