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Thread: Fans Forum. Thursday 15th February "Any other business"

  1. #61

    Re: Fans Forum. Thursday 15th February "Any other business"

    Quote Originally Posted by Alistair20000 View Post
    To save me the bother of sending yet another email to the Trust could you please mention at the meeting that one of your constituents would like to remind that the financial slides presented by Keith at the AGM are still not posted up on the website as promised, or if they are they are not obvious, at least to this particular curmudgeon. In addition, under the section "Meet the Trustees" there are profiles of Trust officers who are not Trustees. The latter only a small point I appreciate

    Many thanks.
    I will send an email today Alistair.

  2. #62

    Re: Fans Forum. Thursday 15th February "Any other business"

    Quote Originally Posted by Alistair20000 View Post
    To save me the bother of sending yet another email to the Trust could you please mention at the meeting that one of your constituents would like to remind that the financial slides presented by Keith at the AGM are still not posted up on the website as promised, or if they are they are not obvious, at least to this particular curmudgeon. In addition, under the section "Meet the Trustees" there are profiles of Trust officers who are not Trustees. The latter only a small point I appreciate

    Many thanks.
    They are trustees and also group leads. Officers are non elected such as the finance officer and media to name but two.

  3. #63

    Re: Fans Forum. Thursday 15th February "Any other business"

    Ahh, thought you were talking about the poster

  4. #64

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    Re: Fans Forum. Thursday 15th February "Any other business"

    On the topic of the much vaunted 800,000 notes that the club is said to have utilised at a time of crisis, wasnt the money taken without the appropriate procedural measures being taken at the club? I'm not for one moment suggesting that anything criminal took place, but wasnt this whole major financial deduction made at about the time that Steve Williams took his "eye of the ball"? I thought I read somewhere that the club simply took the money without so much as a by your leave? I could of course have totally misunderstood the transaction, or even dreampt it, it wouldnt be the first time. Whatever the means of the club utilising a large sum of trust money was, why cant it be requested that the money be returned? I'm sure the club board wouldnt mind.

  5. #65
    Alistair20000's Avatar
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    Re: Fans Forum. Thursday 15th February "Any other business"

    Pate: yes you are muddled on these matters.

  6. #66

    Re: Fans Forum. Thursday 15th February "Any other business"

    Quote Originally Posted by Alistair20000 View Post
    Pate: yes you are muddled on these matters.
    Pete

    I think this is right.

    The Trust has been providing loans to the club for many years; it is the prime use of the cash raised via the monthly membership dues. If memory serves, it is normally around £100k per annum. Originally, these cash transfers were deemed to be a loan and the club accounts for the period to June 30 2016 reveal the total amount owing to be just over £830k.

    The Trust could ask for that money to be repaid.

    Two or three years ago, the basis for providing the cash to the club was switched from being a loan to a donation. This decision was made without reference to the Trust membership: the buffoon Conway was heavily involved and concocted some odd justifications. The impact was that the Club had no obligation to repay these donations so the loan amount was frozen at £830k; it was a remarkably benevolent decision by the Trust.

    I suspect the Trust never really expected the club to be in a position to repay these loans: it certainly provided assurances to the club’s auditors (prior to the preparation of each year’s accounts) that it would support the company for the foreseeable future ie. not summarily demand repayment of the loan. Had it not done so, the club would have been insolvent.

    Of course, thanks mainly to the transfer income and the odd cup-tie, the club does have the cash to make a full repayment so the Trust is in an unexpected and somewhat unenviable position. At the very least, it should debate the options transparently.

    As for your final sentence, I am pretty sure some at the club would very much mind and the Trustees on the club board are in an interesting position.

  7. #67

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    Re: Fans Forum. Thursday 15th February "Any other business"

    IIRC wasn't it because of the new Financial Fair Play rules that a loan wouldn't count towards the income that 55% of wages could be spent on?

  8. #68
    exeweb.com mod Jason H's Avatar
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    Re: Fans Forum. Thursday 15th February "Any other business"

    Quote Originally Posted by LDNGrecian View Post
    IIRC wasn't it because of the new Financial Fair Play rules that a loan wouldn't count towards the income that 55% of wages could be spent on?
    Exactly - that was the reasoning given in any case.

  9. #69

    Re: Fans Forum. Thursday 15th February "Any other business"

    In essence Edward is mainly right. All yearly contributions (other than cash for specific projects) were put in as loans. This was partially done to make the club less vunerable and attractive to would be predators. Equally with the long term intention of the club making a "rights" share issue. The Trust is the only MAJOR share holder injecting cash into the club, others are on a "free ride" although they may well have made substantial injections prior to 2003. The Trust planned to use the "loan" in purchasing shares, not only it's own entitlement, but if other shareholders failed to exercise their rights to purchase their share allocation, those too, and also shares in the "suspense account" thereby considerably increasing the Trust's Holding to hopefully way beyond the 75% mark.
    This was initially thwarted for several years by the Police having seized the Club's Share Registers, as part of their investigation and subsequent trial of Russell and Lewis. Subsequently certain member(s) of the then Club Board showed a distinct lack of enthusiasm for a "rights issue" although moaning that the loan created problems in the signing off of the Club' s Accounts. The Trust Board voted for future contributions not to be deemed loans, but was not prepared to simply to write off the existing amount (this would have been around 2010-11). It therefore annually sends a "letter of comfort" to the Club stating that it will not require the loan to be repaid within the ensuing twelve months, to satisfy the Club's auditors, and allow them not to declare the Club being technically insolvent.

    Any football club, not just Exeter City is a voracious beast which will swallow as much money as it has, and still has the appetite for more. In the time that I served as a Trustee it was always the ultimate desire of the Trust Board, to cease making it's monthly contributions to the Club, that were just getting consumed by everyday costs. It was felt that the Club should be running at "break even", and the Trust's money would be better spent investing in capital projects, or in ways that generated more revenue. As a simple donation it was being spent and was gone. We wanted every pound to generate more than a pound ! And there was never any expenditure on biscuits !

  10. #70
    Alistair20000's Avatar
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    Re: Fans Forum. Thursday 15th February "Any other business"

    Quote Originally Posted by Jason H View Post
    Exactly - that was the reasoning given in any case.
    Examination of the accounts subsequently proved that the donation was NOT needed to keep within the Fair Play rules. Porkies were told; probably emanating from the Club but not critically scrutinised by the Trust Board.

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