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2017 Accounts (merged)

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MuddyWaters
November 7, 2017, 9:54pm
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Quoted from jamesgtfc
Correct me if I am wrong but for tax reasons I don't think the loans can be cancelled?


Can any accountants confirm this?


There's one on the board!
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H19P1
November 7, 2017, 10:55pm
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How many more years are we a debt club? Surely at some point in time the debts will be paid off as it's reducing each year on a rolling repayment system?

Please tell me that this is the case like any other household loan?
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Cloudy
November 8, 2017, 6:38am
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Quoted from H19P1
How many more years are we a debt club? Surely at some point in time the debts will be paid off as it's reducing each year on a rolling repayment system?

Please tell me that this is the case like any other household loan?


Nope!

The benign loan has no repayment program. The directors loans decreased by around £200k in the most recent set of accounts but that has not been the norm
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Civvy at last
November 8, 2017, 6:45am

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I have one question. The Trust have to pay in £30,000 per year to sit on the board.
Does every member of the board have to do the same ?


The wife was going away for a girly weekend.
I jokingly remarked  'I don't know whether to spend it watching porn or watching football'
'you may as well spend it watching porn' she replied
That's understanding darling what makes you say that? I asked

She said 'Well you already know how to play football'  
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Cloudy
November 8, 2017, 7:18am
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Quoted from Civvy at last
I have one question. The Trust have to pay in £30,000 per year to sit on the board.
Does every member of the board have to do the same ?


A resounding NO!
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KingstonMariner
November 8, 2017, 10:18am
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I knew the Trust had to pay a 'subscription' but I didn't know the other directors didn't have to.

This is plain wrong and stinks. If all the other 4 directors had made such a contribution (yes I know there's been some churn, but assuming they all had to whilst on the board) then the club would be £30,000 x 4(directors) x 4(years) better off. That'd have been another £480,000 off the debt to Fenty.

Clearly in no other type of business would directors pay for the privilege, so the question is 'why should the Trust be singled out?'

The smell of rotten fish is so strong I thing we need to call in Environmental Health!


Through the door there came familiar laughter,
I saw your face and heard you call my name.
Oh my friend we're older but no wiser,
For in our hearts the dreams are still the same.
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Cloudy
November 8, 2017, 10:22am
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Quoted from KingstonMariner
I knew the Trust had to pay a 'subscription' but I didn't know the other directors didn't have to.

This is plain wrong and stinks. If all the other 4 directors had made such a contribution (yes I know there's been some churn, but assuming they all had to whilst on the board) then the club would be £30,000 x 4(directors) x 4(years) better off. That'd have been another £480,000 off the debt to Fenty.

Clearly in no other type of business would directors pay for the privilege, so the question is 'why should the Trust be singled out?'

The smell of rotten fish is so strong I thing we need to call in Environmental Health!


Agree.

I suspect the ultimate controller values the professional expertise of the accountant & the solicitor far more than the fans representative hence the payment?

Not sure where the racehorse trainer comes into it though?
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KingstonMariner
November 8, 2017, 10:26am
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Let me repeat that number:


£480,000.


Through the door there came familiar laughter,
I saw your face and heard you call my name.
Oh my friend we're older but no wiser,
For in our hearts the dreams are still the same.
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