[moondog]

dim view, on 02 March 2021 - 10:22 AM, said:

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?

No the NL board issue wasn't covered. I stand to be corrected but I think they hoped for confirmation of the Sports England loan to be approved this week

[Wooden Spoon]

erniemossity said:

1614679736[/url]' post='1564959']
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).

Why was this not mentioned in previous pressers? If anything pressers prior to the AGM gave the opposite impression.

[60s 70s Spireite]

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.

Thanks, very detailed.
Did they say when they expect to respond to written questions and how? Will they respond individually or make the questions and answers public?

[hewittfan]

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.

I agree, it was a really good meeting, long Q&A session. To add to the above:

Not sure how many fans will be allowed back in May yet, hoping for 4,000 but think the Safety Advisory Group may say 3,000 - 3,250.
Income from furlough grants up to 30/6/20 was £350K.
Sheridan pay-off was provided for in full in these accounts. Final payment to him will be next month, and Pemberton in June.
There is now no mortgage on the ground.
Had to use the money from the council loans to fund cashflow - no substantial amount of that remains now, but confident loan from Sport England (very favourable terms - repayments deferred 4 years, then repay over 20 years) will be approved, which will see us through to end of season.
The council they are "courting" for £250K is Bolsover.
Sold about 10% of expected season tickets for next season so far - £110K - have to use some of that money in March. There were 2,812 season ticket holders at the end of the 2019/20 season; starting assumption for next season's budget is a prudent 3,200.
They have submitted a claim under a business interruption policy but didn't say much as don't want that to interfere with the Sport England loan application.

[CFC91]

hewittfan, on 02 March 2021 - 01:46 PM, said:

I agree, it was a really good meeting, long Q&A session. To add to the above:

Not sure how many fans will be allowed back in May yet, hoping for 4,000 but think the Safety Advisory Group may say 3,000 - 3,250.
Income from furlough grants up to 30/6/20 was £350K.
Sheridan pay-off was provided for in full in these accounts. Final payment to him will be next month, and Pemberton in June.
There is now no mortgage on the ground.
Had to use the money from the council loans to fund cashflow - no substantial amount of that remains now, but confident loan from Sport England (very favourable terms - repayments deferred 4 years, then repay over 20 years) will be approved, which will see us through to end of season.
The council they are "courting" for £250K is Bolsover.
Sold about 10% of expected season tickets for next season so far - £110K - have to use some of that money in March. There were 2,812 season ticket holders at the end of the 2019/20 season; starting assumption for next season's budget is a prudent 3,200.
They have submitted a claim under a business interruption policy but didn't say much as don't want that to interfere with the Sport England loan application.

Very interesting thanks for sharing.

Obviously the books for LY were discussed but are their any projections on the figure for this year yet with 3 months left to run?

Don't suppose it was disclosed how much the loan we asked for was? Or whether it was a fixed amount for everyone and we can't be specific?

[hewittfan]

CFC91, on 02 March 2021 - 01:55 PM, said:

Very interesting thanks for sharing.

Obviously the books for LY were discussed but are their any projections on the figure for this year yet with 3 months left to run?

Don't suppose it was disclosed how much the loan we asked for was? Or whether it was a fixed amount for everyone and we can't be specific?

Andy Fantom said it was too early to forecast the result to 30/6/21 given all of the uncertainties, however he was confident that cashflow will be OK. They are budgeting to break even next season.

I don't think the amount of the Sport England loan application was mentioned.

[Wooden Spoon]

hewittfan, on 02 March 2021 - 02:12 PM, said:

Andy Fantom said it was too early to forecast the result to 30/6/21 given all of the uncertainties, however he was confident that cashflow will be OK. They are budgeting to break even next season.

Given the mess Carson and Allen left them it would be phenomenal if the club were to achieve a break even in just two seasons.

[CrossStreet62]

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.

👍👍Thanks for that...well summarised....some interesting points and optimism.

[dim view]

hewittfan, on 02 March 2021 - 01:46 PM, said:

I agree, it was a really good meeting, long Q&A session. To add to the above:

Sold about 10% of expected season tickets for next season so far - £110K - have to use some of that money in March. There were 2,812 season ticket holders at the end of the 2019/20 season; starting assumption for next season's budget is a prudent 3,200.

£110k represents only 10% of expected sales?

So total expected sales about £1.1M? wow.

perhaps sales so far are heavily skewed towards the expensive options, or perhaps VAT has to be deducted?

[DIFH]

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

Club looking into the feasibility of a new training ground

Land donation by Duke of Devonshire maybe. Wonder where the nearest plot of land could be.

[isleaiw1]

dim view, on 02 March 2021 - 03:59 PM, said:

£110k represents only 10% of expected sales?

So total expected sales about £1.1M? wow.

perhaps sales so far are heavily skewed towards the expensive options, or perhaps VAT has to be deducted?

Well if they are expecting 3200 then they have sold 320, which for £110k is £344 per season ticket on average. Given an adult is £325 to £400 inc VAT, that sounds like a VAT inclusive cash figure and for the more expensive options first...

[Looker-on]

hewittfan, on 02 March 2021 - 01:46 PM, said:

Sheridan pay-off was provided for in full in these accounts. Final payment to him will be next month, and Pemberton in June.

I wonder if June 2021 will be the first time since Saunders was sacked that we've not had a former manager's pay-off draining our resources?

[CFC91]

isleaiw1, on 02 March 2021 - 04:05 PM, said:

Well if they are expecting 3200 then they have sold 320, which for £110k is £344 per season ticket on average. Given an adult is £325 to £400 inc VAT, that sounds like a VAT inclusive cash figure and for the more expensive options first...

They're about to have 8 more £380 a chuck as well, all newbie / long term lapsed.

[Westbars Spireite]

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.

Thanks for that.

[erniemossity]

60s 70s Spireite, on 02 March 2021 - 12:13 PM, said:

Thanks, very detailed.
Did they say when they expect to respond to written questions and how? Will they respond individually or make the questions and answers public?

They did answer a few written questions but John Croot offered his email address for anything that wasn’t answered going forward.

[Sammy Spireite]

DEATH, on 02 March 2021 - 03:26 PM, said:

Given the mess Carson and Allen left them it would be phenomenal if the club were to achieve a break even in just two seasons.

It also shows how 'easy' the cost drains could have been addressed, had anyone the will or nous to tackle them!

[hewittfan]

isleaiw1, on 02 March 2021 - 04:05 PM, said:

Well if they are expecting 3200 then they have sold 320, which for £110k is £344 per season ticket on average. Given an adult is £325 to £400 inc VAT, that sounds like a VAT inclusive cash figure and for the more expensive options first...

Yes agreed.

[60s 70s Spireite]

erniemossity, on 02 March 2021 - 05:40 PM, said:

They did answer a few written questions but John Croot offered his email address for anything that wasn’t answered going forward.

Written answers now received thanks. In fact both my questions were covered off in your excellent summary.

[azul]

Can someone explain why the DA debt (presumably) was transferred to the Trust? Why didn’t DA just write it off

[60s 70s Spireite]

azul, on 03 March 2021 - 01:07 PM, said:

Can someone explain why the DA debt (presumably) was transferred to the Trust? Why didn’t DA just write it off

Written response by the Board to that very question:
The transfer of the shares from Mr Allen did include the remaining debt at full value (c£10.65m). The Trust is not asking for any repayments or interest and has no expectations of either. In the next financial year, when there is some stability, the Trust expects to check tax implications and take the views of the Charities Commission and Charity Bank, with whom the Trust has a mortgage, about resolving this issue. The Trust spoke about the club being debt free as there is no intention to use this debt.