Where has the money gone?

[Flackmeister]

This debate has highlighted the lack of information in the financial position of the club.

As a fans owned club, surely the fans should have a right to see an annual accounts statement showing a breakdown of:

Income: Gate receipts, Merchandising, Sponsorship, money from FA etc

and

Outgoings: Overall wages of Players, Directors, non-Playing Staff, others costs etc.

No need to go into salaries of individuals, but I believe the aim is for regular income streams to cover regular costs. So any "windfalls" would be able to be used on ground improvements/transfer budget and the like.

If we are running at an annual deficit, the fans should at least be aware of this. Can we rely on a windfall every season to break even?

The last thing we, as supporters, want to see is to be in a position where we get into major debt again as we can all remember being on the brink before.

The point of being a fans owned club is surely to avoid getting into this position and I think a little more transparency is needed in financial dealings.

 

[dommers]

If we are running at an annual deficit, the fans should at least be aware of this. Can we rely on a windfall every season to break even?

No we can't rely on a windfall hence why we have been increasing our commercial activities over recent year. There have been numerous reports over the last few years that we are running at an annual deficit. Personally I believe that the club are moving in the right direction and those in charge are helping the club move forward. I expect they will responses about me sticking my head in the sand and not asking questions and wanting more transparency although am sure if they answered half the questions posted on here then they wouldn't have any time to do any work and the answers wouldn't be the right ones anyway.

 

[Flackmeister]

although am sure if they answered half the questions posted on here then they wouldn't have any time to do any work and the answers wouldn't be the right ones anyway.

That's why I suggested releasing a statement of accounts - information which should be ready to hand in any business.

I am not trying to pessimistic, but we want to avoid getting into financial strife that other clubs are in. And as a fans owned club, surely it is not unreasonable that basic accounts information should be available.

 

[LOG]

That's why I suggested releasing a statement of accounts - information which should be ready to hand in any business.

You can suggest all you want.

 

[information_ministry]

the Truth is out there!

i_m

 

[Bittners a Legend]

This question was put to Julian Tagg on RD at about 2.15 today ... worth a listen on iplayer later possibly.

 

[tony]

As I see it, the Trust is the majority shareholder of the Club. Therefore the Trust should receive the report and accounts of the Club each year.

Presumably, these documents are given to the BoS and, as I am told that I own 1 share in the Trust, then I should be able to receive the report and accounts of the Trust each year. The report and accounts of the Trust should give information regarding the financial position of the Club (as its subsidiary). Thus members of the Trust (as well as the BoS) should be able to see some information about the Club.

Am I correct in this?

If I am correct, would someone point me in the direction to obtain these documents.

If I am not correct, would someone please let me know what the correct position is.

Thank you in advance.

Tony

 

[hienzeECFC]

are we sure that the club is completly debt free from our 2003 problems. i mean if i was owed money by the club then and had been asked to wait for it, until the club recovered or was liquidated, i'd be wanting my money back now. Just a thought like......

 

[Super Ronnie Jepson]

This debate has highlighted the lack of information in the financial position of the club.

As a fans owned club, surely the fans should have a right to see an annual accounts statement showing a breakdown of:

Income: Gate receipts, Merchandising, Sponsorship, money from FA etc

and

Outgoings: Overall wages of Players, Directors, non-Playing Staff, others costs etc.

No need to go into salaries of individuals, but I believe the aim is for regular income streams to cover regular costs. So any "windfalls" would be able to be used on ground improvements/transfer budget and the like.

If we are running at an annual deficit, the fans should at least be aware of this. Can we rely on a windfall every season to break even?

The last thing we, as supporters, want to see is to be in a position where we get into major debt again as we can all remember being on the brink before.

The point of being a fans owned club is surely to avoid getting into this position and I think a little more transparency is needed in financial dealings.

It's not rocket science...the money that comes in gets spent on making us a better football team...and football club... or do you think someone is fleecing us? Why so much mis-trust when we've achieved so much?

 

[hatch4england]

The club's accounts to the end of the 09 season should be sent to Companies House soon (I think they are due the end of this month), and you can download them for a pound or two. I'd be astounded if club didn't lose money getting into L1 and it will continue to get by only on the contributions from the Trust. It is almost impossible to run a club like ECFC profitably and without regular player sales and the Trust contributions...