[CFC91]

Does this mean the debt is a potential asset to the Trust in a weird way? I.e they could leverage it in any future sale and say ‘you pay X and we’ll write off the rest’ as a gesture of goodwill. If so, probably beneficial to the Trust not to write this off, and it’s probably no threat to the club if they have no plans to cash it in or let it trouble anyone but future owners.

[isleaiw1]

60s 70s Spireite, on 26 February 2021 - 06:10 PM, said:

Your first sentence is my thoughts, not necessarily all the debt, but some part of it. Turns in a nice profit for the Trust. I can’t see any tax advantages to the buyer and of course the Trust doesn’t pay tax as it’s a charity.


Not that I can see. In any event, it looks like the debt will stand at one value or another on the balance sheets, but this is to be confirmed.

Does a charity not pay tax on any gain on the sale of a trading subsid, which isnt a charity? Its years since I did charity accounting (33!)

[60s 70s Spireite]

isleaiw1, on 26 February 2021 - 08:39 PM, said:

Does a charity not pay tax on any gain on the sale of a trading subsid, which isnt a charity? Its years since I did charity accounting (33!)

No, a charity wouldn’t pay tax on a capital gain.

[60s 70s Spireite]

CFC91, on 26 February 2021 - 08:36 PM, said:

Does this mean the debt is a potential asset to the Trust in a weird way? I.e they could leverage it in any future sale and say ‘you pay X and we’ll write off the rest’ as a gesture of goodwill. If so, probably beneficial to the Trust not to write this off, and it’s probably no threat to the club if they have no plans to cash it in or let it trouble anyone but future owners.

Yes, all correct. But would it be better for our football club if it had no debt other than the monies owed to the councils?

[Blue5]

60s 70s Spireite, on 26 February 2021 - 04:30 PM, said:

I’m sure someone will have asked the question.

Here's the takeover press conference (). From about 40 seconds, Phil raises the subject of the debt and there is no mention of it.

[60s 70s Spireite]

Blue5, on 26 February 2021 - 09:52 PM, said:

Here's the takeover press conference (). From about 40 seconds, Phil raises the subject of the debt and there is no mention of it.

Hence the question I’m sure will have been asked of the current directors as to their intentions re the debt the Trust has assumed.

[isleaiw1]

60s 70s Spireite, on 26 February 2021 - 09:43 PM, said:

No, a charity wouldn’t pay tax on a capital gain.

But presumably the trading sub pays tax on profits in the year? If so that is a massive open goal as I am sure the clever people at the big accounting firms have worked out how to avoid in year profits but increase paper value of the company....

[60s 70s Spireite]

isleaiw1, on 26 February 2021 - 11:15 PM, said:

But presumably the trading sub pays tax on profits in the year? If so that is a massive open goal as I am sure the clever people at the big accounting firms have worked out how to avoid in year profits but increase paper value of the company....

It does, but what usually happens is the subsidiary donates all its profits to the charity, thus avoiding tax anyway. Mind CFC has tax losses galore to carry forward in any event.

[The Earl of Chesterfield]

Discussions such as this make it clear why the Irish folk duo wanted fans nowhere near the books...

[Wooden Spoon]

hewittfan said:

1614345564[/url]' post='1564287']
Well it's there in the accounts, do you disagree?

it was a question not a statement, as I had not received my copy of the accounts at that time.

[Andy Spireite]

Anyone had a response to the email requesting to participate in the AGM session so far? I've not received anything and just checking if that is expected.

[johnd51]

Waiting to be let in now!

[Westbars Spireite]

Any headlines to be shared?

[moondog]

Westbars Spireite, on 01 March 2021 - 09:03 PM, said:

Any headlines to be shared?

Club looking into the feasibility of a new training ground

[moondog]

An issue arose in that the standard agenda item to agree last year's minutes couldn't be fulfilled as no record had been kept and/or left to hand over...

[moondog]

I wasn't sufficiently concentrating to hear how they did it but the pigeon problem appears to have been largely eradicated and for once we aren't talking DA

[calvin plummers socks]

moondog, on 01 March 2021 - 09:08 PM, said:

Club looking into the feasibility of a new training ground

Hallelujah

[erniemossity]

Westbars Spireite, on 01 March 2021 - 09:03 PM, said:

Any headlines to be shared?

Looking into a semi permanent supporters bar in the car park (not a marquee), maybe to be a pilot for something in the Hub.
The 10.6 million debt on the balance sheet is basically a debt from CFC 2001 ltd to the Trust, and they have absolutely no intention of calling it in. The debt will remain until they suss out what the tax implications are. If there are no adverse tax implications, then they will write it off. (That was my understanding anyway).
No minutes from the previous AGM, cos they’d disappeared! I got the impression that the handover from the previous lot was a little haphazard.
There were a few surprises after handover regarding bills not paid etc. For example the previous regime had employed a company to look into saving money (I think on business rates or sommat). They found a five figure sum saving, which DAs lot pocketed, but the trust have been presented with the bill for services.
They want to build a training facility somewhere in the locale, for use by 1st team, reserves, academy etc, which would be state of the art. Confident that they can obtain grants for a lot of that.
Raring to go with the hospitality once it can open, they have quite a full diary.
Well on the way to halving the budget. They have a 2 year target to do that.
Talking to one of the councils about an extra 250,000 investment.
The Community Trust itself has done very well despite Covid.
If allowed by BT and the NL, they would be happy to keep the streaming option in some form going forward.
The stadium has a set of volunteers ready and waiting to spruce it up once we get the go ahead for fans. Unsure yet as to the number they may be allowed in for the last match if things keep on track.

Overall, the meeting was so relaxed and positive compared to previous AGMs. Even the Auditor seemed happy to be there! Mike spoke very well and I got the impression that they are confident in riding the pandemic, certainly in seeing the season out. Nothing was said about the previous regime, but reading between the lines my guess is that there have been a few unexpected and unwanted surprises, but it’s onwards and upwards....forget about the last lot and the future is secure.

[dim view]

erniemossity, on 02 March 2021 - 10:08 AM, said:

Overall, the meeting was so relaxed and positive compared to previous AGMs. Even the Auditor seemed happy to be there! Mike spoke very well and I got the impression that they are confident in riding the pandemic, certainly in seeing the season out. Nothing was said about the previous regime, but reading between the lines my guess is that there have been a few unexpected and unwanted surprises, but it’s onwards and upwards....forget about the last lot and the future is secure.

Many thanks
Nowt about the half wits representing us on the NL Board, or when we will get feedback about our application for a loan?

[moondog]

erniemossity, on 02 March 2021 - 10:08 AM, said:

Looking into a semi permanent supporters bar in the car park (not a marquee), maybe to be a pilot for something in the Hub.
The 10.6 million debt on the balance sheet is basically a debt from CFC 2001 ltd to the Trust, and they have absolutely no intention of calling it in. The debt will remain until they suss out what the tax implications are. If there are no adverse tax implications, then they will write it off. (That was my understanding anyway).
No minutes from the previous AGM, cos they'd disappeared! I got the impression that the handover from the previous lot was a little haphazard.
There were a few surprises after handover regarding bills not paid etc. For example the previous regime had employed a company to look into saving money (I think on business rates or sommat). They found a five figure sum saving, which DAs lot pocketed, but the trust have been presented with the bill for services.
They want to build a training facility somewhere in the locale, for use by 1st team, reserves, academy etc, which would be state of the art. Confident that they can obtain grants for a lot of that.
Raring to go with the hospitality once it can open, they have quite a full diary.
Well on the way to halving the budget. They have a 2 year target to do that.
Talking to one of the councils about an extra 250,000 investment.
The Community Trust itself has done very well despite Covid.
If allowed by BT and the NL, they would be happy to keep the streaming option in some form going forward.
The stadium has a set of volunteers ready and waiting to spruce it up once we get the go ahead for fans. Unsure yet as to the number they may be allowed in for the last match if things keep on track.

Overall, the meeting was so relaxed and positive compared to previous AGMs. Even the Auditor seemed happy to be there! Mike spoke very well and I got the impression that they are confident in riding the pandemic, certainly in seeing the season out. Nothing was said about the previous regime, but reading between the lines my guess is that there have been a few unexpected and unwanted surprises, but it's onwards and upwards....forget about the last lot and the future is secure.

Good summary