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AGM
Feb 28, 2024 17:49:08 GMT
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Post by seafordrook on Feb 28, 2024 17:49:08 GMT
Will their be an update on current financial position. 9 months is a long time ago.
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hoopsboy1
Sussex County Division Two
Posts: 133
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AGM
Feb 28, 2024 17:57:58 GMT
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Post by hoopsboy1 on Feb 28, 2024 17:57:58 GMT
If the Directors decide to spend that much more than the Club's income, it's down to them to make up the difference. The much-heralded endowment (or whatever it was called) ain't going to last much longer at that rate.
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hoopsboy1
Sussex County Division Two
Posts: 133
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AGM
Feb 28, 2024 17:59:09 GMT
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Post by hoopsboy1 on Feb 28, 2024 17:59:09 GMT
Blimey can't see our Directors paying off the debts. Come back Stuart
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AGM
Feb 28, 2024 21:23:10 GMT
Post by sedlescombe on Feb 28, 2024 21:23:10 GMT
If the Directors decide to spend that much more than the Club's income, it's down to them to make up the difference. The much-heralded endowment (or whatever it was called) ain't going to last much longer at that rate. It isn’t down to them to make up the difference. That’s not how it works
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Post by sedlescombe on Feb 28, 2024 21:35:29 GMT
Looks like rumours are true .We are in Trouble We all know the club is spending far more than it can afford. This isn’t a surprise to anyone yet as owners we collectively chose not to elect an accountant to the Board but instead to elect more social media bods who promptly advertised a role to spend more money is social media bod stuff. All this after we chose not to replace the bookkeeper for months and belatedly, just with a temp. Hence the accounts and the AGM were delayed. This is classic failing business stuff I am sure it’s entirely coincidental but hey presto one of the senior leadership team is now leaving.
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wm
Sussex County Division Two
Posts: 205
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AGM
Feb 28, 2024 23:34:28 GMT
Post by wm on Feb 28, 2024 23:34:28 GMT
If the Directors decide to spend that much more than the Club's income, it's down to them to make up the difference. The much-heralded endowment (or whatever it was called) ain't going to last much longer at that rate. It isn’t down to them to make up the difference. That’s not how it works Pray tell whose job it is, then!! The two of them responsible for the ludicrous culture of spend spend spend made donations, but soeone above suggests how inadequate they've proved to be. The fact that none of the others stopped them completely undermines the oft-repeated claims that all directors were equal.
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wm
Sussex County Division Two
Posts: 205
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AGM
Feb 28, 2024 23:41:56 GMT
Post by wm on Feb 28, 2024 23:41:56 GMT
Looks like rumours are true .We are in Trouble We all know the club is spending far more than it can afford. This isn’t a surprise to anyone yet as owners we collectively chose not to elect an accountant to the Board but instead to elect more social media bods who promptly advertised a role to spend more money is social media bod stuff. All this after we chose not to replace the bookkeeper for months and belatedly, just with a temp. Hence the accounts and the AGM were delayed. This is classic failing business stuff I am sure it’s entirely coincidental but hey presto one of the senior leadership team is now leaving. The AGM delayed? Surely not? We were assured on here that it was at the usual time, after all!
But seriously, I fear you are correct regarding a failing business. Could turn into a full-on car crash. That latest press release smacks of delusion if these numbers are to be even half-believed. Interesting times.
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lewesrook
Sussex County Division Three
Posts: 97
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AGM
Feb 29, 2024 7:29:55 GMT
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Post by lewesrook on Feb 29, 2024 7:29:55 GMT
Blimey can't see our Directors paying off the debts. Come back Stuart The club are NOT in debt (at 31/5/23) but are spending beyond their means on wages, trying to get both teams promoted. This has been funded for the last 2 seasons by Eddie Ramsden’s £1.2m. At the start of 2023/4 the club had £200,000 of this money left but needs £500,000 this season. Eddie is not around any more, so the question for the Board is where will the money come from?
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peters
East Sussex Football League
Posts: 19
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AGM
Feb 29, 2024 8:58:25 GMT
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Post by peters on Feb 29, 2024 8:58:25 GMT
I asked Trevor this last night, he said there wasn't going to be directors donations in the current year at the levels seen in the last 2 years (£700,000 and £600,000).
I really hope this isn't the case but as an accountant I have a strong feeling of financial crisis approaching the club.
This will be made even worse if the women's team are relegated and we lose all the sponsorship and FA money attached to being in the second tier.
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AGM
Feb 29, 2024 10:03:57 GMT
Post by hamilton on Feb 29, 2024 10:03:57 GMT
I asked Trevor this last night, he said there wasn't going to be directors donations in the current year at the levels seen in the last 2 years (£700,000 and £600,000). I really hope this isn't the case but as an accountant I have a strong feeling of financial crisis approaching the club. This will be made even worse if the women's team are relegated and we lose all the sponsorship and FA money attached to being in the second tier. This is the truth, and the point you make about the women's team and how it will affect funding for the entire club should not be lost. Relegation for the women will hit the men's team hard as their budget will be reduced. I think the comments on here (not by peters) about the club 'hiring social media types' is very misleading. The people who have been in charge are experienced at running businesses. If anything, they are looking ahead and forewarning of a crisis. That's why steps are being taken now. Equally, I do not think Maggie's departure is some sort of board level sacrifice. I think she's done a brilliant job in the circumstances. If you want to know why she's choosing to move on, I guess anyone can just ask her.
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Post by sedlescombe on Feb 29, 2024 10:25:53 GMT
It isn’t down to them to make up the difference. That’s not how it works Pray tell whose job it is, then!! The two of them responsible for the ludicrous culture of spend spend spend made donations, but soeone above suggests how inadequate they've proved to be. The fact that none of the others stopped them completely undermines the oft-repeated claims that all directors were equal.
It’s no one’s job. That’s how corporate law works and why organisations go bust (not saying that is relevant here simply directors and corporations are different things). Directors can potentially be disqualified but they can’t be made to cover losses (unless they have signed PGs), otherwise no one would become a director
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AGM
Feb 29, 2024 10:36:15 GMT
Post by sedlescombe on Feb 29, 2024 10:36:15 GMT
I asked Trevor this last night, he said there wasn't going to be directors donations in the current year at the levels seen in the last 2 years (£700,000 and £600,000). I really hope this isn't the case but as an accountant I have a strong feeling of financial crisis approaching the club. This will be made even worse if the women's team are relegated and we lose all the sponsorship and FA money attached to being in the second tier. Exactly right and for all the concern I have about the original decision to live the dream in terms of funding both sides based on directors funding and the seeming failure change course since it is the owners who elect directors and they (we) have figuratively elected ten wingers and a centre forward to the board and are now concerned the defence isn’t up to the job. Well no it isn’t. I am intrigued to know on what basis giving we all know that Ed was bankrolling the club and that a financial reckoning was coming that somehow the one skill we didn’t need on the board was an accountant. Yes I too am a member of the accountants union.
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AGM
Feb 29, 2024 10:48:05 GMT
Post by sedlescombe on Feb 29, 2024 10:48:05 GMT
I asked Trevor this last night, he said there wasn't going to be directors donations in the current year at the levels seen in the last 2 years (£700,000 and £600,000). I really hope this isn't the case but as an accountant I have a strong feeling of financial crisis approaching the club. This will be made even worse if the women's team are relegated and we lose all the sponsorship and FA money attached to being in the second tier. This is the truth, and the point you make about the women's team and how it will affect funding for the entire club should not be lost. Relegation for the women will hit the men's team hard as their budget will be reduced. I think the comments on here (not by peters) about the club 'hiring social media types' is very misleading. The people who have been in charge are experienced at running businesses. If anything, they are looking ahead and forewarning of a crisis. That's why steps are being taken now. Equally, I do not think Maggie's departure is some sort of board level sacrifice. I think she's done a brilliant job in the circumstances. If you want to know why she's choosing to move on, I guess anyone can just ask her. The point I was making about social media types was to highlight my concern that we are not electing the breadth of skills the board needed at this critical moment and “running businesses” isn’t always aligned with having financial experience. It might also involve recruiting people who do Nowhere do I say “sacrifice”, that is your interpretation, and yes it may be entirely coincidental but in my experience of working with a lot of small businesses that these changes at the top can be aligned with significant change is coming. Whether it’s a case of “this is about as far as I can take an organisation” or simply going before likely problems crystallise. Having lost Ed Charlie and Stuart. It’s another loss of experience and collective memory.
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wm
Sussex County Division Two
Posts: 205
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AGM
Feb 29, 2024 12:14:56 GMT
Post by wm on Feb 29, 2024 12:14:56 GMT
Pray tell whose job it is, then!! The two of them responsible for the ludicrous culture of spend spend spend made donations, but soeone above suggests how inadequate they've proved to be. The fact that none of the others stopped them completely undermines the oft-repeated claims that all directors were equal.
It’s no one’s job. That’s how corporate law works and why organisations go bust (not saying that is relevant here simply directors and corporations are different things). Directors can potentially be disqualified but they can’t be made to cover losses (unless they have signed PGs), otherwise no one would become a director It was a rhetorical question! I know how the law works, but Lewes FC makes itself out to be a holier than thou entity that nearly went bust once, but was now going to be run properly and responsibly!
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krook
Sussex County Division One
Posts: 388
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AGM
Feb 29, 2024 12:26:21 GMT
Post by krook on Feb 29, 2024 12:26:21 GMT
And every one run down the Martin Elliot/ Steve King days for getting the club in Debt and it’s happening again with the New way the club was going to be run.
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