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#21 lifer

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Posted 09 July 2014 - 04:40 PM

exactly what i thought Paul...

#22 Michael Ashton

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Posted 09 July 2014 - 05:08 PM

A summary of the Balance Sheet taken from the 2010 & 2011 accounts is as follows.

 

                                                                                              2010                      2011

 

Fixed Assets                                                                       759669                  740609

 

Current Assets                                                                       55659                   77678

 

Creditors falling due in one year                                       -300319                  -348946

 

Creditors falling due in more than one year                      -500408                  -541406

 

Accruals & Deferred Income                                             -163092                  -152031

 

Net Liabilities                                                                     -148491                 -224096

 

I also have the 2012 accounts but I think it would be wrong to publicly reproduce them before the AGM


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#23 D11

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Posted 09 July 2014 - 05:22 PM

Cheers Neil, reading what you have put above comes across to me that in 2011 the total liabilities were £1.042,000 but in 2012 its only £896,000 so something seems to be going in the right direction or am I reading it wrong?

 

I believe there is a little more to it than that Paul but yes it appears its gong in the right direction.  The 2011 set of accounts  handed out at the AGM must have been a draft set which has been later amended for companies house, why handed out first is beyond me.  Once the 2013 accounts are viewed then more of a picture of the financial position will be apparent. 


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#24 TRADER

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Posted 09 July 2014 - 06:25 PM

Overall we seem to be going in the right direction though we are nearly another two years down the line. We don't appear to have spent that big since the last accounts so who knows we may get a nice surprise?

The only thing I don't understand is after downloading the 2012 accounts from companies house some of the figures quoted in this thread don't really tie in with what was in the report though not being an accountant I suppose there will be a bit of spin involved both ways?



#25 morty

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Posted 09 July 2014 - 06:53 PM

In his interview on Radio Cumbria before sundays on the field debacle David Sharpe said nearly all the debt will be paid off by xmas

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#26 bangbang

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Posted 09 July 2014 - 07:16 PM

Morty that's what I was told before the game, at least you have heard it from Dave Sharpe.
Rip the bludgers heads off!

#27 Raider94

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Posted 09 July 2014 - 08:07 PM

Why listen to what the chairman is saying when you can listen to D11 who clearly knows more about the clubs finances than anyone at the club...😳

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#28 RSN

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Posted 09 July 2014 - 08:46 PM

So according to the chairman we are going to have no debt at the start of next season, potentially have brand new floodlights in the ground, be starting in a division where we are going to be favourites, have a coach hungry to build something and to top it all off have lots of new places to visit next year.

Whats all the fuss about?

#29 Flaming balls

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Posted 09 July 2014 - 08:54 PM

I'll hold till the agm before passing judgement. When was the last time you posted something positive on here Neil?

#30 Paul Ballantyne

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Posted 09 July 2014 - 09:12 PM

We will never be debt free as the debentures always count as a debt which Neil has explained, it would be interesting to know how many debentures there are overall? I'm not sure what directors shares are or who has them and I dont know too much about the mortgage. So like FB, I'll wait to the AGM

RSN, I wouldn't say we would be favourites for promotion as there is a good chance of us finishing bottom of the pile which puts 4 better teams ahead of us.. The 10th place team to me will be favourites to go back up.

Edited by Paul Ballantyne, 09 July 2014 - 09:28 PM.


#31 RSN

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Posted 09 July 2014 - 10:13 PM

We finished ahead of Whitehaven and Workington and look where we are now. This year we have clearly decided to go with a cheap squad this year to clear debt. Next year I think we will focus on promotion, the BOD must of gave BG a reason to stay. I don't think we would have to get rid of much of our squad to stay below the CC1 salary cap whilst I bet others would. If we can keep the better locals I am confident we will go up, the other 4 clubs will have there better players cherry picked by other clubs IMO.

#32 D11

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Posted 10 July 2014 - 06:18 PM

As I have previously mentioned the fact that we had only a few wins this year will have saved on paying out win money.  Next year will be difficult as the money from the RFL is a lot less together with cheaper gate charges. If we are doing well next year and fighting to get back up then we will also be paying out win money. I would bet that a few of the clubs going down will be desperate to get back up so they will also be throwing as much money at players.

 

The current BoD will most likely have the most challenging year yet to come with very careful budgeting and planning so as not to break the RFL salary cap but attempt promotion.

 

Good luck to all


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#33 Griff

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Posted 11 July 2014 - 11:20 AM

According to the current Articles a copy of every set of accounts and auditors report to be laid before an AGM should be sent to every debenture holder not less than 7 days before the date of the meeting. In the past this has not been possible for a number of reasons but a request can be made to the secretary by any debenture holder and the person requesting should be furnished with a copy..

 

 

With all due respect, if it's not done, your meeting is invalid.


Edited by Griff, 11 July 2014 - 11:20 AM.

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#34 Michael Ashton

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Posted 11 July 2014 - 11:54 AM

That's correct Griff. The articles do state that but if this is the case every AGM for as long as we can remember has been invalid.

 

The cost and clerical work in sending out the accounts would be prohibitive. If anybody is so interested surely they can ask the secretary for a copy.

 

I appreciate that does not technically comply with the Articles but these days all public companies advice the date of the AGM and leave it to shareholders to request a copy of accounts.


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#35 Red Stripe

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Posted 11 July 2014 - 12:06 PM

No problem obtaining a set of the 2012 Directors Report & Financial Statements.

I sent a request in the "Contact Us" section of the Club Website and Karen e-mailed me a set.

2013 not yet finalised but will be forwarded at least 7 day prior to the AGM.

 

Not that difficult and no need to go trawling through Companies House and pay for the information.


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#36 Flaming balls

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Posted 12 July 2014 - 02:22 PM

No problem obtaining a set of the 2012 Directors Report & Financial Statements.
I sent a request in the "Contact Us" section of the Club Website and Karen e-mailed me a set.
2013 not yet finalised but will be forwarded at least 7 day prior to the AGM.

Not that difficult and no need to go trawling through Companies House and pay for the information.


It's about scaremongering, worse than the media some people. It's amazing what you get when you ask ;-)

#37 livo

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Posted 12 July 2014 - 10:35 PM

Said that years ago FB. Some people think that us minnows don't understand finances. I for one are looking forward to next season. This season was always going to be hard. We all had expectations and the writing on the wall was decided earlier on in the season.  

 

Onwards and upwards as they say. A bit of stability is needed so if we can BG for a couple seasons that would be good. My worry is that this club is only a stepping stone for him. I may be wrong!!  The talk of an 'A' team can only be good news. Probably need a big sponsor for that to happen. How much was it to run the A team last time??  It would be good for someone who posts on here to sponsor that if possible. 


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#38 lifer

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Posted 12 July 2014 - 10:53 PM

Well said gaz, running an A team would be good, but would probably cost too much.

#39 atp

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Posted 13 July 2014 - 06:40 AM

Said that years ago FB. Some people think that us minnows don't understand finances. I for one are looking forward to next season. This season was always going to be hard. We all had expectations and the writing on the wall was decided earlier on in the season.

Onwards and upwards as they say. A bit of stability is needed so if we can BG for a couple seasons that would be good. My worry is that this club is only a stepping stone for him. I may be wrong!! The talk of an 'A' team can only be good news. Probably need a big sponsor for that to happen. How much was it to run the A team last time?? It would be good for someone who posts on here to sponsor that if possible.



#40 atp

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Posted 13 July 2014 - 07:04 AM

I think last time we run an A team it cost around £35K, today I would say £40-£45k

I think we would be better concentrating on the 1st team and get out of CH1?

There is no meaningful A team competition at the moment, we would have to play SL second teams.
It would be hard keeping a second team together if getting beat every week, if we could not sustain a competitive side. Also last time there was no continuity of fixtures, It would not do the club any good if we had to pull out of a competition half way through.

Also if Mr Koukash gets his way and the SL clubs run themselves, I would not rule out a return to a closed shop as far as getting into SL. In my opinion this would be one of the first things they would do, but what they could do also is incorporate a SL 2 league therefore Ch1 would more or less be sacrificed. This is why I say just concentrate on getting back into Championship.




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