The Gas
Joined: May 2014
Posts: 484
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Post by The Gas on Feb 16, 2016 16:15:57 GMT
Thanks for posting that. I couldn't muster the enthusiasm to ask the club for it. I've only had a quick scan, but a few thoughts occurred: 1. Blimey this is complicated. There seems to be a huge amount of Peter owing Paul and pots of money under the bed. Never a good sign. 2. The big changes on the P&L with its doubled the annual loss are a reduction in income from selling players (so previous years have maybe 'got lucky' and masked the true operating figures - also not something we can work on and resolve for future years) and an increase in interest payments (so we're sinking). 3. In assets, where's the Mem? 4. Note 26 is odd. D Dunford and R Craig? We still owe quite a lot to G Dunford / Deltavon / Barr's Court. If I were G Dunford I'd feel exposed. Oh, and did I miss him being made President, after all? The second paragraph should probably be deleted, but hey. 5. I don't think Nick Higgs satisfactorily addresses the big issue in the accounts in his statement by talking about the nuisance of the court case rather than the £1m swinging on it and currently recorded in the accounts. If we win we will have to move quickly (why?). If we don't, we will do something I'm not telling you about (um....) 5a. Oh, and in general, do the accounts actually record both that we have £1m 'invested' in the court case (therefore still have it), which might not be the case, AND fail to say that we might be about to have a significant liability for Sainsbury's costs? Is it actually the case that £2m might (probably) be about to drop out of the accounts? Along with another £500k for a house in Filton Ave. All a bit shaky to me. Yes money is owed to the Estate of Denis and Ron, presumably for loans that have not yet been repaid, which is a bit shameful as they died 23/12/2010 and 30/11/2009 respectively.
So if there is spare money floating about, perhaps BRFC should do the decent thing and clear these long outstanding amounts.
I can only assume that Geoff Dunford and Ann Craig are not actively pursuing the debts, being the loyal Gasheads they are and not wanting BRFC to be even more financially strapped.
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Deleted
Joined: January 1970
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Post by Deleted on Feb 16, 2016 16:35:00 GMT
Thanks for posting that. I couldn't muster the enthusiasm to ask the club for it. I've only had a quick scan, but a few thoughts occurred: 1. Blimey this is complicated. There seems to be a huge amount of Peter owing Paul and pots of money under the bed. Never a good sign. 2. The big changes on the P&L with its doubled the annual loss are a reduction in income from selling players (so previous years have maybe 'got lucky' and masked the true operating figures - also not something we can work on and resolve for future years) and an increase in interest payments (so we're sinking). 3. In assets, where's the Mem? 4. Note 26 is odd. D Dunford and R Craig? We still owe quite a lot to G Dunford / Deltavon / Barr's Court. If I were G Dunford I'd feel exposed. Oh, and did I miss him being made President, after all? The second paragraph should probably be deleted, but hey. 5. I don't think Nick Higgs satisfactorily addresses the big issue in the accounts in his statement by talking about the nuisance of the court case rather than the £1m swinging on it and currently recorded in the accounts. If we win we will have to move quickly (why?). If we don't, we will do something I'm not telling you about (um....) 5a. Oh, and in general, do the accounts actually record both that we have £1m 'invested' in the court case (therefore still have it), which might not be the case, AND fail to say that we might be about to have a significant liability for Sainsbury's costs? Is it actually the case that £2m might (probably) be about to drop out of the accounts? Along with another £500k for a house in Filton Ave. All a bit shaky to me. Yes money is owed to the Estate of Denis and Ron, presumably for loans that have not yet been repaid, which is a bit shameful as they died 23/12/2010 and 30/11/2009 respectively.
So if there is spare money floating about, perhaps BRFC should do the decent thing and clear these long outstanding amounts.
I can only assume that Geoff Dunford and Ann Craig are not actively pursuing the debts, being the loyal Gasheads they are and not wanting BRFC to be even more financially strapped.
These "loans" haven't appeared in the accounts before have they? Perhaps preferential shares have been converted into loans?
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Peter Parker
Global Moderator
Richard Walker
You have been sentenced to DELETION!
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Post by Peter Parker on Feb 16, 2016 18:32:26 GMT
never fear, Toni says all will be fine
"Once we win our legal battle with Sainsbury's we will be able to resolve all of those positions and return the club to an even keel before going on to build the new stadium."
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Igitur
Joined: June 2014
Posts: 2,294
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Post by Igitur on Feb 16, 2016 18:37:45 GMT
From the EP: Bristol Rovers have apologised for any confusion that may have been caused after a typing error on their annual figures suggested that chairman Nick Higgs had significantly reduced his shareholding.
The document released to shareholders earlier this week indicated that, Higgs, who is currently the majority shareholder, had reduced his stake in the club from 54.2 per cent to 18 per cent.
The club, however, have this afternoon confirmed that the Ordinary Shares on the original documentation were listed incorrectly and that Higgs remains the majority shareholder.
From official site: Bristol Rovers would like to make everyone aware of an error published with the clubs annual accounts for the year ending 30th June 2015.
On the clubs initial report, the clubs Ordinary Shares were listed incorrectly and the correct figures are listed below:
B W Bradshaw - 938,293
G M H Dunford (Resigned August 2014) - 1,218,221
N J Higgs - 4,419,828
R King (Resigned June 2015) - 260,000
K Masters - 5
E Ware - 261,456
C Jelf - 132,192
B Seymour-Smith - 10
The club would like to apologise for any confusion caused with this matter. Read more at www.bristolrovers.co.uk/news/article/bristol-rovers-share-correction-2958203.aspx#sI04uDvoGmSogehw.99
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eppinggas
Administrator
Ian Alexander
Don't care
Joined: June 2014
Posts: 8,225
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Post by eppinggas on Feb 16, 2016 18:51:12 GMT
So we can't even publish our annual figures correctly. Amateurs. Some suggest we couldn't organize the proverbial P8ss up in the proverbial brewery.
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 16, 2016 18:54:38 GMT
You are wrong Oxon. These are the accounts for the company which owns the stadium and the football club. Thank you for correcting me. Which takes us back to 'Where's the Mem'? Also, in another thread a while back, wasn't it said that Colin Sextone wasn't a Director, just an adviser, with quotes to back that up? [Angas is our archivist]. That's not what it says here. As a statement of the club's financial position, I'm not sure it puts me fully in the picture.
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 16, 2016 18:57:43 GMT
never fear, Toni says all will be fine "Once we win our legal battle with Sainsbury's we will be able to resolve all of those positions and return the club to an even keel before going on to build the new stadium." For goodness sake. Plus, NH says that, if we win, we will have to crack on with UWE pronto (but doesn't say why the implication that time will be of the essence); Toni's saying there will be higher priorities. All hypothetical anyway.
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Igitur
Joined: June 2014
Posts: 2,294
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Post by Igitur on Feb 16, 2016 18:59:25 GMT
As Jimmy Cricket said, "...there's more..." From EP about relegation: THE financial cost of Bristol Rovers' relegation from the Football League was revealed today after a loss of close to £1million was confirmed in the club's annual accounts.
Financial results for the year ending June 30, 2015, which are set to be approved at Rovers' annual general meeting on Monday, March 7, will show that the club's losses were up 68 per cent year-on-year from £566,408 to £949,966.
The significant hike was as a result of relegation out of the Football League for the first time in their 93-year membership – although the losses would have been comparable had Rovers not enjoyed a surprise windfall of close to £500,000 as a result of Rickie Lambert's switch from Southampton during the previous 12-month period.
"Any loss is disappointing, but I think the figures show a good performance when taken in the context of the circumstances," said director of finance Toni Watola.
Financial results for the year ending June 30, 2015, which are set to be approved at Rovers' annual general meeting on Monday, March 7, will show that the club's losses were up 68 per cent year-on-year from £566,408 to £949,966.
The significant hike was as a result of relegation out of the Football League for the first time in their 93-year membership – although the losses would have been comparable had Rovers not enjoyed a surprise windfall of close to £500,000 as a result of Rickie Lambert's switch from Southampton during the previous 12-month period.
"Any loss is disappointing, but I think the figures show a good performance when taken in the context of the circumstances," said director of finance Toni Watola.
"The relegation immediately meant we would lose our share of central funding in the order of around £450,000 from the Football League.
"We also lost the revenue stream provided from our ground share agreement with Bristol Rugby to share the Memorial Stadium, which was somewhere around the £250,000 mark.
"The way the team performed on the pitch and the continued support of our fans helped to ensure that the losses were not greater. It could have been a lot worse."
Helping to balance out losses in revenue streams were the financial windfall of a profitable play-off semi-final at home to Forest Green Rovers as well as a trip to Wembley to face Grimsby Town on route to making a return to the Football League at the first time of asking.
A programme of cost-cutting across the club was also embarked on which included a reduction in the number of, in particular, administrative staff and match-day stewards to make savings on wages amounting to 24 per cent.
A culling of a majority of the squad that was relegated saw a number of high-earners released as manager Darrell Clarke set about rebuilding the playing squad with a budget that had to be cut from £1.7 million to £1.1 million.
"We had to cut our cloth accordingly like all clubs have to when they are relegated," Watola added. "You have to find a way to make those reductions without sacrificing the need to provide a playing squad that can be competitive."
The sales of players Michael Smith, to Peterborough United, Alefe Santos to Derby County, and Donovan Wilson to Wolverhampton Wanderers, combined to add just over £150,000 to the coffers.
A deal to sign Nathan Blissett from Kidderminster Harriers last November was the significant contributor in the £55,469 spent on bringing players to the Memorial Stadium across the period.
Elsewhere, turnover was down 14.9 per cent year-on-year from £4,328,341 to 3,681,398, while total debt increased by around 19 per cent with current liabilities exceeding assets by just over £7.2 million.
"The rise in debts are a combination of both the relegation and the on-going costs of funding our bid to build a new stadium," Watola said. "The directors along with the recent MSP loan have financed the club for a number of years.
"Once we win our legal battle with Sainsbury's we will be able to resolve all of those positions and return the club to an even keel before going on to build the new stadium."
Listed as 'capital development costs', an additional £2 million was spent on the on-going legal dispute with Sainsbury over the sale of the Memorial Stadium site, along with associated costs involved with the delayed UWE Stadium project.
Repayment of a high interest loan taken out with a company called MSP Capital in December 2014 still remains outstanding, with a figure of £2,730,548 owing at the end of the period.
The loan, which is charged at a rate of 1.2 per cent per month, is to be called in by the lenders in June 2016, and some of the proceeds from winning the on-going legal battle with Sainsbury's are earmarked to cover full repayment that is expected to be over £3 million.
The club are currently waiting for a verdict following the conclusion of a hearing to examine their appeal, but when asked if repayment of the sizeable loan was in any way a concern, Watola replied: "Should we not get the result that we believe we deserve we have a Plan B to resolve it."
My bold letters. Read more: www.bristolpost.co.uk/BRISTOL-ROVERS-Cost-relegation-revealed-Pirates/story-28745515-detail/story.html#ixzz40MIvyS6d Follow us: @bristolpost on Twitter | bristolpost on Facebook
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The Gas
Joined: May 2014
Posts: 484
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Post by The Gas on Feb 16, 2016 19:04:04 GMT
Yes money is owed to the Estate of Denis and Ron, presumably for loans that have not yet been repaid, which is a bit shameful as they died 23/12/2010 and 30/11/2009 respectively.
So if there is spare money floating about, perhaps BRFC should do the decent thing and clear these long outstanding amounts.
I can only assume that Geoff Dunford and Ann Craig are not actively pursuing the debts, being the loyal Gasheads they are and not wanting BRFC to be even more financially strapped.
These "loans" haven't appeared in the accounts before have they? Perhaps preferential shares have been converted into loans? Correct, but then some additional info appears in some of the accounts which has never been previously notified.
For example, these outstanding debts have been there for at least five years but have never been defined as in the current accounts. I have been well aware of the o/s amount owed to Ann Craig for a number of years.
I do not think that this has been deliberately withheld from previous accounts
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Post by creationblue on Feb 16, 2016 19:10:35 GMT
I can't understand what the fuss is about here. If I had millions I would try and be the custodian And steer the good ship Bristol rovers thought the rough seas. I understand the current board can't please everyone, and as none of us are privy to the whole picture of the court case and such like why would you be so opinionated as to how certain individuals should spend their money. which of us would actually risk their fortune to keep brfc it existence let alone to try and move it forward? If the stadium comes off then the club should be around for my kids to take their kids to in the future. If it wasn't for risk takers then the club would have probably been dead and buried in the late 80s. I'm a casual fan with a life and only dip into the politics of the football club, but as there doesn't seem to be any/many of us who are prepared to dip into our pockets to subsidise the club I think we should cut the board some slack till at least we know some facts and the court case comes to some sort of conclusion.
As you were
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Angas
Joined: May 2014
Posts: 2,068
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Post by Angas on Feb 16, 2016 19:13:53 GMT
Thank you for correcting me. Which takes us back to 'Where's the Mem'? Also, in another thread a while back, wasn't it said that Colin Sextone wasn't a Director, just an adviser, with quotes to back that up? [Angas is our archivist]. That's not what it says here. As a statement of the club's financial position, I'm not sure it puts me fully in the picture. Non-executive director. www.bristolrovers.co.uk/news/article/colin-sexstone-joins-the-board-2693918.aspx
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Post by a more piratey game on Feb 16, 2016 19:14:31 GMT
it looks to me like NH has put his money where his mouth is then
we'll have to see what happens next
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vaughan
Joined: June 2014
Posts: 1,237
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Post by vaughan on Feb 16, 2016 19:15:11 GMT
Boy, do I sincerely hope that we have an acceptable PLAN B when I read this. SO WE NEED TO PAY BACK £3 million + in 4 months time and we (failing positive verdict in High Court) have to find a Plan B to pay it back, with the only asset being our Stadium. Don't have nightmares....do sleep well. **** The loan, which is charged at a rate of 1.2 per cent per month, is to be called in by the lenders in June 2016, and some of the proceeds from winning the on-going legal battle with Sainsbury's are earmarked to cover full repayment that is expected to be over £3 million. The club are currently waiting for a verdict following the conclusion of a hearing to examine their appeal, but when asked if repayment of the sizeable loan was in any way a concern, Watola replied: "Should we not get the result that we believe we deserve we have a Plan B to resolve it."
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Deleted
Joined: January 1970
Posts: 0
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Post by Deleted on Feb 16, 2016 19:26:17 GMT
Which takes us back to 'Where's the Mem'? Also, in another thread a while back, wasn't it said that Colin Sextone wasn't a Director, just an adviser, with quotes to back that up? [Angas is our archivist]. That's not what it says here. As a statement of the club's financial position, I'm not sure it puts me fully in the picture. Non-executive director. www.bristolrovers.co.uk/news/article/colin-sexstone-joins-the-board-2693918.aspxWell done. My mistake.
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Angas
Joined: May 2014
Posts: 2,068
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Post by Angas on Feb 16, 2016 19:26:42 GMT
I can't understand what the fuss is about here. If I had millions I would try and be the custodian And steer the good ship Bristol rovers thought the rough seas. I understand the current board can't please everyone, and as none of us are privy to the whole picture of the court case and such like why would you be so opinionated as to how certain individuals should spend their money. which of us would actually risk their fortune to keep brfc it existence let alone to try and move it forward? If the stadium comes off then the club should be around for my kids to take their kids to in the future. If it wasn't for risk takers then the club would have probably been dead and buried in the late 80s. I'm a casual fan with a life and only dip into the politics of the football club, but as there doesn't seem to be any/many of us who are prepared to dip into our pockets to subsidise the club I think we should cut the board some slack till at least we know some facts and the court case comes to some sort of conclusion. As you were I assume our directors are risking a proportion of their fortune, rather than the whole of it. Over the years 'ordinary' supporters have dipped into their pockets to help out at one time or another. Small amounts maybe, but then 'ordinary' people tend not to have huge fortunes.
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Post by creationblue on Feb 16, 2016 19:33:40 GMT
A lot of people with fortunes who want to invest in their local clubs are just ordinary men & woman who presumable took a risk in their personal life at some point to gain said fortune
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Deleted
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Post by Deleted on Feb 16, 2016 19:42:36 GMT
Thank you for correcting me. Which takes us back to 'Where's the Mem'? Also, in another thread a while back, wasn't it said that Colin Sextone wasn't a Director, just an adviser, with quotes to back that up? [Angas is our archivist]. That's not what it says here. As a statement of the club's financial position, I'm not sure it puts me fully in the picture. Companies house: Appointed on 21 September 2015
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Angas
Joined: May 2014
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Post by Angas on Feb 16, 2016 19:47:48 GMT
A lot of people with fortunes who want to invest in their local clubs are just ordinary men & woman who presumable took a risk in their personal life at some point to gain said fortune I'm not saying those who have invested large amounts are 'special'. When I say 'ordinary' I mean the majority of supporters who have bog standard salaried jobs. Nick Higgs has 'invested' huge sums on money into BRFC but I assume that's only a proportion of his total wealth. Plenty of supporters have dipped into their pockets over the years, but if they only have loose change to spare then that's all they can give. Doesn't make their contribution any less valuable imo. In fact possibly more valuable as they have less to fall back on, and more to lose/risk by not saving their cash for a personal rainy day.
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Cheshiregas
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Post by Cheshiregas on Feb 16, 2016 19:51:23 GMT
Thank you for correcting me. Which takes us back to 'Where's the Mem'? Also, in another thread a while back, wasn't it said that Colin Sextone wasn't a Director, just an adviser, with quotes to back that up? [Angas is our archivist]. That's not what it says here. As a statement of the club's financial position, I'm not sure it puts me fully in the picture. The accounts are consolidated and the Mem appears under Note 9 Tangible Fixed Assets ~ Freehold property and improvements. It is shown at cost less depreciation plus consolidated (legal) costs relating to the new stadium ~ £4,423,847
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Deleted
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Post by Deleted on Feb 16, 2016 20:10:57 GMT
A lot of people with fortunes who want to invest in their local clubs are just ordinary men & woman who presumable took a risk in their personal life at some point to gain said fortune I'm not saying those who have invested large amounts are 'special'. When I say 'ordinary' I mean the majority of supporters who have bog standard salaried jobs. Nick Higgs has 'invested' huge sums on money into BRFC but I assume that's only a proportion of his total wealth. Plenty of supporters have dipped into their pockets over the years, but if they only have loose change to spare then that's all they can give. Doesn't make their contribution any less valuable imo. In fact possibly more valuable as they have less to fall back on, and more to lose/risk by not saving their cash for a personal rainy day. It's been my long held view that there has only been one consistent group of people which has kept Bristol Rovers in existence and that group is the supporters.
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