joem
Sussex County Division Two
Posts: 131
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Post by joem on Mar 1, 2024 11:55:51 GMT
Well, dang ma hide y'awl,could we get back on topic please? Oh and JaneR, there are no rules in football, only laws. Out of all the hypocritical and condescending comments that are appearing on here more and more frequently, this has to be one of the worst
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robm99
Isthmian South
Posts: 641
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AGM
Mar 1, 2024 12:31:38 GMT
Post by robm99 on Mar 1, 2024 12:31:38 GMT
Well, dang ma hide y'awl,could we get back on topic please? Oh and JaneR, there are no rules in football, only laws. Out of all the hypocritical and condescending comments that are appearing on here more and more frequently, this has to be one of the worst That must apply to the "like" I got too.
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AGM
Mar 1, 2024 18:19:39 GMT
Post by Trojandog (Terry M) on Mar 1, 2024 18:19:39 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. I'm not at all sure what you mean by "the defence isn't up to the job". The board have only recently been elected. You seem very quick off the mark to condemn them. From what I've seen, they are working bloody hard and deserve our support.
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lewesrook
Sussex County Division Three
Posts: 97
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AGM
Mar 12, 2024 7:22:18 GMT
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Post by lewesrook on Mar 12, 2024 7:22:18 GMT
We are still waiting for an answer as to how the club will break even this season. Donations of £1.2m from Eddie Ramsden over the last two seasons have been spent. Where is the £600k needed this season coming from? Relying on one individual to fund a dream of reaching the WSL is not financial sustainability.
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AGM
Mar 12, 2024 8:47:23 GMT
Post by therightsoffans on Mar 12, 2024 8:47:23 GMT
lewesrook, I believe the finances for this season were set in stone at the beginning of the season and this included a final year of the Ed Ramsden contributions. When the budget is set for next season it will be without the £600-750,000 contribution from Ed. As our men and women's playing budget is currently approx £600,000, obviously this will present significant problems next season. To put it mildly. If someone from the club could clarify the accurate figures, that would be appreciated.
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lewesrook
Sussex County Division Three
Posts: 97
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Mar 12, 2024 10:04:57 GMT
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Post by lewesrook on Mar 12, 2024 10:04:57 GMT
lewesrook, I believe the finances for this season were set in stone at the beginning of the season and this included a final year of the Ed Ramsden contributions. When the budget is set for next season it will be without the £600-750,000 contribution from Ed. As our men and women's playing budget is currently approx £600,000, obviously this will present significant problems next season. To put it mildly. If someone from the club could clarify the accurate figures, that would be appreciated. I don’t think that’s right. Eddie’s contributions ended last season hence my question about where is the money coming from? The silence from the Board is deafening. Owners deserve more respect.
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AGM
Mar 12, 2024 12:00:24 GMT
Post by therightsoffans on Mar 12, 2024 12:00:24 GMT
I think this is because the money he donated, or others involved, went from being credited as a personal donation in the accounts to going through the endowment fund for this season. I agree with you that the board need to be more transparent with the owners so this is my understanding from various conversations. Whilst we have accountants on this thread who can understand the published accounts, for the lay person they are very complicated. I guess not helped by the recent 'quirky' management of the accounts. We do seem to be left in a wilderness of second guessing so would be great if someone could clarify. Sedlescombe?
This has jaunted my memory. I asked the club about the endowment fund over a year ago and was told at that point there were three contributors into the fund. Who they were and how much each put in who knows as the identities are private. But the finances for this season are secure, and were agreed at the start of the season based on financial projections and I assume guarantees. As far as I am aware.
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peters
East Sussex Football League
Posts: 19
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Mar 12, 2024 13:42:22 GMT
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Post by peters on Mar 12, 2024 13:42:22 GMT
I can't comment on the inner workings of the endowment fund as it's not mentioned specifically in the audited accounts. I can say the following -
The 2023 accounts state donations from directors as follows - Ed £600,000 (2022 £600,000) Charlie £108,000 Trevor £15,100. Presumably these went into the endowment fund.
The cash reserves at 31 May 23 were £452,000 which I would assume would therefore include the endowment fund as I can't see it anywhere else on the balance sheet.
We made operational losses of over £1,000 a day in 2023 if you exclude the donations from directors. Assuming similar trading in the period since the May 23 I would predict that we will be running out of cash over the summer.
Obviously there are a whole lot of assumptions I'm making here. However Trevor admitted at the virtual EGM meeting to review the 2023 accounts that there was likely to be very significant changes to the club at the end of the current season.
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wm
Sussex County Division Two
Posts: 205
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AGM
Mar 12, 2024 21:27:38 GMT
Jane R likes this
Post by wm on Mar 12, 2024 21:27:38 GMT
Truly ridiculous figures. And generated by a group of people who criticised the Elliott regime's financial management! You couldn't make it up.
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lewesrook
Sussex County Division Three
Posts: 97
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Mar 12, 2024 22:32:00 GMT
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Jane R likes this
Post by lewesrook on Mar 12, 2024 22:32:00 GMT
The endowment fund is just another word for donations. Per the accounts Eddie donated £600k in 2021/2 and the same in 2022/3. I think it unlikely that he has donated in 2023/4, so who is covering the losses this season?
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AGM
Mar 13, 2024 4:42:17 GMT
Post by therightsoffans on Mar 13, 2024 4:42:17 GMT
I can't comment on the inner workings of the endowment fund as it's not mentioned specifically in the audited accounts. I can say the following - The 2023 accounts state donations from directors as follows - Ed £600,000 (2022 £600,000) Charlie £108,000 Trevor £15,100. Presumably these went into the endowment fund. The cash reserves at 31 May 23 were £452,000 which I would assume would therefore include the endowment fund as I can't see it anywhere else on the balance sheet. We made operational losses of over £1,000 a day in 2023 if you exclude the donations from directors. Assuming similar trading in the period since the May 23 I would predict that we will be running out of cash over the summer. Obviously there are a whole lot of assumptions I'm making here. However Trevor admitted at the virtual EGM meeting to review the 2023 accounts that there was likely to be very significant changes to the club at the end of the current season. Really appreciate this clarification. Incredibly helpful. Thank you.
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robm99
Isthmian South
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Mar 13, 2024 12:08:51 GMT
Post by robm99 on Mar 13, 2024 12:08:51 GMT
"Significant changes" means what, exactly?
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wm
Sussex County Division Two
Posts: 205
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AGM
Mar 13, 2024 22:10:37 GMT
Post by wm on Mar 13, 2024 22:10:37 GMT
"Significant changes" means what, exactly? I'll make the most unlikely guess possible:
"Living within the club's means"
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rook99
Sussex County Division Three
Posts: 64
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AGM
Mar 14, 2024 15:32:44 GMT
Post by rook99 on Mar 14, 2024 15:32:44 GMT
Significant reduction of the player wage bill and less paid staff would be the most obvious start.
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robm99
Isthmian South
Posts: 641
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Mar 14, 2024 16:16:15 GMT
Post by robm99 on Mar 14, 2024 16:16:15 GMT
Some staff are paid via FA grants, ware they not?
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