[Spire-Heights]

https://www.chesterf...financial-year/

The trading results for the 2016/17 financial year have been released by CFC (2001) Limited, showing an overall loss of £506,735, compared to a profit of £39,666 the previous year.

Relegation during the trading year saw the income fall by nearly £900,000 compared to the previous year. This was mainly due to the reduced amount of transfer fees during the year. Gate receipts and season ticket money fell by £290,000, although TV and football awards increased by £280,000.

The club’s costs were reduced by over £200,000, despite the costs incurred of replacing the manager and coaching staff during the year.

Company secretary Ashley Carson commented: “Whilst the results are disappointing, the year had been extremely challenging, with five directors resigning and relegation to League Two.

“The club managed to negotiate a reduction in the interest costs of the loans to £100,000, from £244,000 the previous year.”

A meeting of shareholders will be held at the Proact Stadium on Monday, March 5 at 7pm. Shareholders are reminded to submit questions on the form enclosed with the meeting papers at least 48 hours before the AGM.

[Rudeboy spireite]

Extremely challenging ?Your fault Ashley you made the decisions and directors resigning ? more like pushed

[Lincs Spireite]

Employ a succession of incompetent managers playing dog poo football and a downward spiral was guaranteed.

[Stockholm Spireite]

Income fell due to reduced amount of transfer fees. Well, obviously. We've no other 'family silver' to sell off, have we?

Gate receipts and season ticket money fell by 290k? Well, obviously. If you serve up losing football, sign deadbeat loanees, make appalling managerial & coaching appointments whilst constantly alienating your supporters (notice I didn't use the word customers), then this is what happens. You sound like you didn't see it coming? That smacks of arrogance and incompetence on your part.

"Whilst this this disappointing" - says Ashley, it has been challenging. You know damn well why the directors "resigned" and you saw that it happened on your watch. Please don't try to present that as people deserting you in your time of need. Relegation to League 2 came about as a result of your calamitous appointments and sackings and your recruitment of players not fit to wear the shirt.

You've lost almost £1m in revenue and can only say "this is disappointing". Where's the apology? You're a disgrace.

[Westbars Spireite]

Negotiate a reduction with who?

[jack bauer]

Stockholm Spireite, on 10 February 2018 - 09:34 AM, said:

Income fell due to reduced amount of transfer fees. Well, obviously. We've no other 'family silver' to sell off, have we?

Gate receipts and season ticket money fell by 290k? Well, obviously. If you serve up losing football, sign deadbeat loanees, make appalling managerial & coaching appointments whilst constantly alienating your supporters (notice I didn't use the word customers), then this is what happens. You sound like you didn't see it coming? That smacks of arrogance and incompetence on your part.

"Whilst this this disappointing" - says Ashley, it has been challenging. You know damn well why the directors "resigned" and you saw that it happened on your watch. Please don't try to present that as people deserting you in your time of need. Relegation to League 2 came about as a result of your calamitous appointments and sackings and your recruitment of players not fit to wear the shirt.

You've lost almost £1m in revenue and can only say "this is disappointing". Where's the apology? You're a disgrace.

income fell due to reduced amount of transfer fees... can anyone produce the accounts for the year where we sold darikwa, clucas, doyle etc, seem to recall the returned accounts were not that impressive, may be wrong about this though

[60s 70s Spireite]

jack bauer, on 10 February 2018 - 09:40 AM, said:

income fell due to reduced amount of transfer fees... can anyone produce the accounts for the year where we sold darikwa, clucas, doyle etc, seem to recall the returned accounts were not that impressive, may be wrong about this though

Doyle was sold in a different financial year to Darikwa and Clucas. Profits returned as the OP says above. Year before (sale of Cooper and Doyle) profits c £80k.

[Middle East]

Spending tens of thousands paying off your poor managerial and staff appointments must also be a bit disappointing too eh Ashley....

[DIFH]

Middle East, on 10 February 2018 - 10:24 AM, said:

Spending tens of thousands paying off your poor managerial and staff appointments must also be a bit disappointing too eh Ashley....

I'm very surprised Chris Turner has not been mentioned.

[Spire-Heights]

Dave In Footie Heaven, on 10 February 2018 - 10:32 AM, said:

I'm very surprised Chris Turner has not been mentioned.

Irrespective of what’s happened etc. They were never going to mention him in a financial statement - not sure why you’re suprised.

[The Earl of Chesterfield]

A probably pointless question as the then Board, no doubt at Allen's behest, voted to release only abridged accounts before he even arrived.

But do these numbers tell us how much Carson appointing then sacking Caldwell cost CFC? Appointing then sacking Branston cost CFC? Appointing then sacking a procession of staff - at least one within weeks of receiving a contract - cost CFC? Appointing former Assay Office employees cost CFC? Does the allegedly mishandled exit of Rodger Wylde also fall within this financial year's results?

Then 'five directors resigning'?

Following hard on the heels of talk of any deposit having to be cleared of money laundering, it's almost as if someone's taking the wet stuff...

[dim view]

MDCCCLXVI, on 10 February 2018 - 10:36 AM, said:

But do these numbers tell us how much Carson ....

....has set aside to settle an alleged six figure claim against CFC by Sutcliffe?

[spireitenag]

We await with much interest the Liquidator's report into the failed CFC/PPP Academy.

[Blue5]

dim view, on 10 February 2018 - 11:30 AM, said:

....has set aside to settle an alleged six figure claim against CFC by Sutcliffe?

Will it show the company was being used to assist individuals in tax evasion?

[azul]

Westbars Spireite, on 10 February 2018 - 09:39 AM, said:

Negotiate a reduction with who?

Dave sat down with Dave with a nice glass of port and said to Dave, this interest is killing us Dave and Dave said, what do you want me to do Dave? Then Dave suggested to Dave that Dave reduces the interest on Dave's loans. Dave eventually accepts Dave's suggestion that Dave reduces his inters rate, and thus Dave doesn't need to put so much into the club to cover Dave's loan repayment

I thought that would be B****Y obvious WB!!

[Les Ashmore]

By my reckoning, the move by the club to force the old directors to resign has cost the club money this year.
I believe there were debentures of circa £1.4 mill owed to them in loans, rumors are that they accepted a reduction of circa 20% which would mean £280,000 thereby reducing the loans to £1.12 Mill.
We are all aware the ex-directors agreed that they would take no interest so had the directors not been forced to resign there would be no interest payments to be met nor in actual fact ANY payments to them at all.
BUT
After they were forced to resign (According to accounts) an agreement was made with them to repay the debentures (Loans) over a 48 month period, so to me that means that the club has paid out £23,333.3333 p/m totaling £280,000 over the past 12 months to the ex-directors which had they NOT been forced to resign the club would still have in it's account.

So would someone please explain to me what benefit there was in forcing the directors to resign?

This also means that over the next 3 years (Unless sold) the loans have to be repaid thereby putting an absolutely unnecessary hardship on the club.

This post has been edited by Les Ashmore: 11 February 2018 - 04:30 PM

[dim view]

Blue5, on 10 February 2018 - 12:44 PM, said:

Will it show the company was being used to assist individuals in tax evasion?

Carson publicly confirmed before May 1st 2017 that some CFC staff had been paid by a third party.
Shorts confirm in their Independent Auditors statement that they have nothing to report in respect of adequate accounting records having not been kept.

Hmmmm. Money for old rope this auditing lark.

[monte]

azul, on 10 February 2018 - 01:07 PM, said:

Dave sat down with Dave with a nice glass of port and said to Dave, this interest is killing us Dave and Dave said, what do you want me to do Dave? Then Dave suggested to Dave that Dave reduces the interest on Dave's loans. Dave eventually accepts Dave's suggestion that Dave reduces his inters rate, and thus Dave doesn't need to put so much into the club to cover Dave's loan repayment

I thought that would be B****Y obvious WB!!

Wasn't the reason We lost our chairman is that he wanted ALL the directors to forgo interest payments on loans so that the club could stabalise, and THEY refused so he resigned.

"I'm resigning is because at the board meeting held this afternoon, I suggested that all the directors should not seek repayment of loans and waive any interest until such time as the club is in a position to pay it. The interest alone amounts to just over £150,000 per annum, so it would be a considerable saving. By the way, over the last couple of years, I've put in an extra £1.9m, for which I personally have not taken any interest at all."

https://www.chesterf...es-resignation/

[erniemossity]

Can the accountant type people who frequent this board dissect these and put any pertinent questions on the 'AGM questions' thread? I'm not that familiar with accounts so wouldn't know what is glaringly questionable in them (if anything). The one thing that surprises me is the average number of playing, coaching and managerial staff each month....76.....really???

[Rudeboy spireite]

Les Ashmore, on 11 February 2018 - 04:29 PM, said:

By my reckoning, the move by the club to force the old directors to resign has cost the club money this year.
I believe there were debentures of circa £1.4 mill owed to them in loans, rumors are that they accepted a reduction of circa 20% which would mean £280,000 thereby reducing the loans to £1.12 Mill.
We are all aware the ex-directors agreed that they would take no interest so had the directors not been forced to resign there would be no interest payments to be met nor in actual fact ANY payments to them at all.
BUT
After they were forced to resign (According to accounts) an agreement was made with them to repay the debentures (Loans) over a 48 month period, so to me that means that the club has paid out £23,333.3333 p/m totaling £280,000 over the past 12 months to the ex-directors which had they NOT been forced to resign the club would still have in it's account.

So would someone please explain to me what benefit there was in forcing the directors to resign?

This also means that over the next 3 years (Unless sold) the loans have to be repaid thereby putting an absolutely unnecessary hardship on the club.

Absolutely spot on Les