GFC Accounts yet again overdue - nothing new there then | Page 5 | Vital Football

GFC Accounts yet again overdue - nothing new there then

Revenue from ticket sales compared with the previous season dropped by 24% while attendances dropped by 12% in comparison; so, we were paying more to watch the crap at home.
 
Wayne.Kerr said:
Revenue from ticket sales compared with the previous season dropped by 24% while attendances dropped by 12% in comparison; so, we were paying more to watch the crap at home.
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Hang on. What?

Surely if attendances dropped a bit and income from tickets dropped a lot more, that means on average everyone paid less.

Or is my maths wrong? No, can’t be, I went to Maff.

Now, we know ticket prices (s/t and matchday) were same or higher, so what caused the extra drop in revenue? Can only be due to give-aways, kids for a quid etc. No?
 
OneSirKeefy said:
Hang on. What?

Surely if attendances dropped a bit and income from tickets dropped a lot more, that means on average everyone paid less.

Or is my maths wrong? No, can’t be, I went to Maff.

Now, we know ticket prices (s/t and matchday) were same or higher, so what caused the extra drop in revenue? Can only be due to give-aways, kids for a quid etc. No?
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All those things including a two-year deal at the first season prices.
 
Wayne.Kerr said:
I’m sure it does. Thanks
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So it looks pretty black and white to me that this settles it and means the debt is no longer on our books.... but apologies, I am not an accountant....do our resident accountants all agree then that this means the debt is no longer on GFC's books at all (or any of our subsidary/parent companies)?

Has this settled it, once and for all? Or is there anything else we need to be wary of etc?
 
alphabet_king said:
So it looks pretty black and white to me that this settles it and means the debt is no longer on our books.... but apologies, I am not an accountant....do our resident accountants all agree then that this means the debt is no longer on GFC's books at all (or any of our subsidary/parent companies)?

Has this settled it, once and for all? Or is there anything else we need to be wary of etc?
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Needs investigating. The loan could be off the books of GFC Holdings but still secured on the sssets of GFC Ltd
 
Thanks AK for pointing out the GFC Holdings accounts.

I have two simple questions: [1] if a loan is 'forgiven' why is no tax charge recorded against the transactions and [2] it may just be tardiness by whoever is concerned but the charges on the assets of GFC Ltd are not shown as 'satisfied'. Does this mean that someone else has assumed the loan and is still taking GFC's assets as security? Yes, I know it's in the name of Barclays but typically nothing is clear.
 
alphabet_king said:
So it looks pretty black and white to me that this settles it and means the debt is no longer on our books.... but apologies, I am not an accountant....do our resident accountants all agree then that this means the debt is no longer on GFC's books at all (or any of our subsidary/parent companies)?

Has this settled it, once and for all? Or is there anything else we need to be wary of etc?
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Thanks for that alphabet - My stance has always been that it would eventually be written off. There may be sufficient losses b/fwd over many years to negate the need for a tax provision or it may be that if certain conditions are satisfied the Revenue may not pursue a tax charge ??????
 
Arthurly said:
Thanks for that alphabet - My stance has always been that it would eventually be written off. There may be sufficient losses b/fwd over many years to negate the need for a tax provision or it may be that if certain conditions are satisfied the Revenue may not pursue a tax charge ??????
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Losses can only be carried forward for a finite period so will have fallen off the shelf permanently if out of time. Perhaps someone more knowledgeable could explain circumstances where debt forgiveness is not taxable. Once that’s cleared and charges removed then we know the Gills are on to a good thing.
 
So even though it says clearly in black and white that £9m of loans were written off is Wayne still moaning that shenanigans is happening and Scally is hiding something??

Can't we just assume that the accountants and the auditors know how to do their jobs and have done everything to the book?
 
Baghdad_Rob said:
So even though it says clearly in black and white that £9m of loans were written off is Wayne still moaning that shenanigans is happening and Scally is hiding something??

Can't we just assume that the accountants and the auditors know how to do their jobs and have done everything to the book?
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Here Here - same thread every year.
 
DurhamGills said:
Here Here - same thread every year.
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This thread will always come up every year as people are interested in the financial health of the football club. Scally is the owner and he runs it how he likes but many people were fans before he came along and will be fans long after he is gone.

Although he is the owner he is only the current custodian of the club, which is more than just a business as people have an emotional attachment to it. If it was simply a business I have no doubt many more would have taken their custom elsewhere a long time ago. As the Sunderland fans said in the excellent documentary "we can't walk away from this".

Sounds like its good news that the debt has gone. We made a small profit, although that was down to healthy transfer fee income. If we hadn't had that then we would have made a loss. Not as big as many clubs but still a loss.

The hard fact is the football customers are leaving so we are shrinking that part of the income. The non football part of the business needs to grow to offset the falling ticket income. Lets hope that's sustainable as it might be a good few years (or never) before football / ticket income grows to sustain the club.

As Scally saw fit to award himself a huge pay increase lets hope that signals good news for a similar increase to the managers transfer budget next season so that we can get some decent footballers in. No - I don't think thats likely either.
 
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markinkent said:
This thread will always come up every year as people are interested in the financial health of the football club.
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If that was true then fine. But Wayne does seem to bump up threads at least once every 6 months to question where Scally has hidden all the money.

And most people normally wait until they are released to comment. Wayne sets his alarms so he can go onto Companies House the very moment they are due and then set up a new thread because it isn't showing up one second after midnight.
 
Bromley_GFC said:
I've got a couple of questions for those defending Scally yet again...

1.) At what point do you get concerned with falling home attendances and perhaps think a change at the top is needed to market the club better?
2.) How much salary would you be happy for Scally to take from the club before you objected?
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Just bumping this back to the top as I thought it was an excellent point. I don't think anyone defending Scally's right to take whatever he wants in fees has answered it.

Is there a point where you would object to his value for money ?
 
Baghdad_Rob said:
So even though it says clearly in black and white that £9m of loans were written off is Wayne still moaning that shenanigans is happening and Scally is hiding something??

Can't we just assume that the accountants and the auditors know how to do their jobs and have done everything to the book?
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No
 
Baghdad_Rob said:
If that was true then fine. But Wayne does seem to bump up threads at least once every 6 months to question where Scally has hidden all the money.

And most people normally wait until they are released to comment. Wayne sets his alarms so he can go onto Companies House the very moment they are due and then set up a new thread because it isn't showing up one second after midnight.
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The accounts were reported as overdue
 
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