GFC Accounts yet again overdue - nothing new there then | Page 8 | Vital Football

GFC Accounts yet again overdue - nothing new there then

Trashbat said:
It’s bollocks because ‘consultant’ is a generic term and you’ve just plucked a number from the air - and seemingly based on a sample size of one.

I know FDs who work on a consultancy basis who earn anywhere between £300 per day and £1,500 per day.

I’m not challenging what Scally takes out of the club. Frankly, he is entitled to take out as much as the profitability (and liquidity) allows. What I am challenging is the sweeping statement that you made that is a made up statistic.
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Not a number plucked out of the air or based on a sample of 1 - over the years i have worked with a number of consultants and 2 to 300k not unusual.
 
If people care to blindly accept what Scally says then fine but I'm still dubious. Yes, it's fine that the loan is reported as written off but how, when and why would the bank write off the loan without some good reason? If you were a Barclays Bank customer or shareholder, would you be happy that the loan has been written off in full? Surely, you'd expect the bank to claim the ground as part-compensation seeing as it has a charge on GFC's assets etc? I think there's more to this than meets the eye; perhaps the bank is involved in something bigger, ie new stadium. There is no sign that GFC is not able to meet its day to day liabilities; therefore, I firmly believe something is afoot. An equity 'swap' for example, although I doubt Barclays is into owning shares in an under-preforming L1 club.
 
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Captainreblue said:
So would they also have checked Mrs PS contract when she was paid a "consultancy fee" a couple of years back. You talk out your arse Durham.

PS had one if his tantrums last year over all the rumours and misinformation that was out there, leading to his come and meet me offers to supporters. In that rant he also said he must communicate with supporters about the goings on a the club, yet it's still very quiet coming from the Mighty Leader.

The only way well really find out where the truth lies is when PS leaves and the facts and figures come from somebody else, as there is mistrust there with supporters.

He stated at the start of the season that the club was debt free, but the accounts show us owing 1.8m to three directors. In my book that's not debt free.
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And..i,m afraid to finally report I was at one of those Christmas meetings along with 7 others and i asked the first question which was about about the 9 million debt. There is ‘no deb’he claimed and also that he had told everyone in 2012 that there wasn,t any and that the is Club debt free etc. When questioned how this occurred he said he had signed a ‘ multitude of non confidentiality agreements’ and ‘could say nothing about how ‘.
Ok so I want to be convinced and asked him to tell us what he could. He reiterated that he couldn,t but had done so at ‘ considerable personal expense ‘ then blushed slightly,gave a slightly embarrassed smile and i got the distinct impression he had had the banks over and achieved a write off of some magnitude.
Delighted, I got home and reported this to my wife who a couple of days later showed me some 2017 accounts from the internet of what i believe to be an associated company i.e. not the one that showed recently a £180g profit with .....£9.05M loan oustanding !
I don,t know if thats a spoof posting or PS has convinced himself to discuss only the company that has recently filed under discussion by us at the moment,or what to believe frankly. I couldn,t be bothered to go back to him to ask why ( iwas at the last official meeting ) as i was so deflated
He was very upfront about other matters but that pales into insignificance in comparison.
I,ve decided to forget about it as I don,t know what to believe now and we,re not gonna know until a crucial stage? A failed takeover ? Administration ? Who knows ? In reality if its true i,m only going to worry about it if it puts the Club existence in jeopardy. If its true and potential buyers are aware of it then thats why we aren,t getting any investors.
Until then i,ll just keep turning up....
 
All this talk of "consultancy" is missing the point. As GFC's owner, Scally has control over the budgets. He has chosen to pay himself MUCH more than previously, at a time when the club's main business (football) has been poor. Whatever you call it - salary, dividend or consultancy fees - the amount Scally receives is decided by him. As both a business owner and fan, I find it very hard to justify any increase, let alone one of that magnitude.
 
Wayne.Kerr said:
Who knows but please keep up. The charges associated with Bank of Scotland were satisfied in 2011, the loan of £9,050,000 was with Barclays.
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Pretty sure this has been covered numerous times before. The debt had been written off a few years ago however had to continue to be showed on accounts for a certain period of time. As we stopped banking with HBOS then it just carried over to Barclays but they weren't actually owed a penny, just overtook missing debt from another source. HBoS was one of the companies that wrote off a majority of debt, ask AK if you don't believe me.
 
Wayne.Kerr said:
If people care to blindly accept what Scally says then fine but I'm still dubious. Yes, it's fine that the loan is reported as written off but how, when and why would the bank write off the loan without some good reason? If you were a Barclays Bank customer or shareholder, would you be happy that the loan has been written off in full? Surely, you'd expect the bank to claim the ground as part-compensation seeing as it has a charge on GFC's assets etc? I think there's more to this than meets the eye; perhaps the bank is involved in something bigger, ie new stadium. There is no sign that GFC is not able to meet its day to day liabilities; therefore, I firmly believe something is afoot. An equity 'swap' for example, although I doubt Barclays is into owning shares in an under-preforming L1 club.
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Barclays never lost anything imho . It was the Bank of Scotland that made the loss.
 
TGPL said:
Pretty sure this has been covered numerous times before. The debt had been written off a few years ago however had to continue to be showed on accounts for a certain period of time. As we stopped banking with HBOS then it just carried over to Barclays but they weren't actually owed a penny, just overtook missing debt from another source. HBoS was one of the companies that wrote off a majority of debt, ask AK if you don't believe me.
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So why did Barclays put a charge on the assets of GFC Ltd?
 
Wayne.Kerr said:
So why did Barclays put a charge on the assets of GFC Ltd?
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The debt became unservicable for gills. We were in dire straits back in 2011. Its not good business/PR for a bank to call in the debt of a football league club if it means they will lose their stadium. Scally must have done a deal with hbos where they agreed to cut their losses, realising theyd never get it all back, and keen to reduce their toxic debts. Id imagine they took a part payment of the debt to settle it. To do this gfc were required to leave hbos completely, and we also relied upon something like a 3m loan from Barclays to pay the agreed part payment. Id imagine barclays accepted the stadium as collateral for this new loan.

Its not uncommon for a bank writing off a debt to ask for a confidentiality agreement.

As for the point regarding would the share holders not be pissed off...well, the share price went up significantly as lbg reduced toxic debts throughout the naughties and early 2010s, reducing their risk weighted assets significantly... culminating in being able to repay the govt fully (and some) for the amount that they were bailed out for, after the shares rose well above the price the govt paid, and they became far more liquid.
 
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alphabet_king said:
The debt became unservicable for gills. We were in dire straits back in 2011. Its not good business/PR for a bank to call in the debt of a football league club if it means they will lose their stadium. Scally must have done a deal with hbos where they agreed to cut their losses, realising theyd never get it all back, and keen to reduce their toxic debts. Id imagine they took a part payment of the debt to settle it. To do this gfc were required to leave hbos completely, and we also relied upon something like a 3m loan from Barclays to pay the agreed part payment. Id imagine barclays accepted the stadium as collateral for this new loan.

Its not uncommon for a bank writing off a debt to ask for a confidentiality agreement.

As for the point regarding would the share holders not be pissed off...well, the share price went up significantly as lbg reduced toxic debts throughout the naughties and early 2010s, reducing their risk weighted assets significantly... culminating in being able to repay the govt fully (and some) for the amount that they were bailed out for, after the shares rose well above the price the govt paid, and they became far more liquid.
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£3m eh? What about the other £6,050,000 shown as owing to Barclays and now written off.
 
Just to get it right: Barclays lent us £3 million and 3 Directors lent us nearly £5 million?
 
Wayne.Kerr said:
£3m eh? What about the other £6,050,000 shown as owing to Barclays and now written off.
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No, as we didn't owe Barclays £9,050,000 ever. We would have only ever owed them the amount we paid back. As stated above due to the terms of the debt being written off it would have to appear on numerous accounts before it can disappear and as AK points out, if we had to leave HBoS as part of the confidentiality agreement, the debt would have to show up somewhere for a period of time. Thus Barclays taking "ownership" of this in terms of the accounts only, when in reality that wasn't owed to them at all, only whatever payment it was that had been agreed between Gillingham FC and Barclays.
 
TGPL said:
No, as we didn't owe Barclays £9,050,000 ever. We would have only ever owed them the amount we paid back. As stated above due to the terms of the debt being written off it would have to appear on numerous accounts before it can disappear and as AK points out, if we had to leave HBoS as part of the confidentiality agreement, the debt would have to show up somewhere for a period of time. Thus Barclays taking "ownership" of this in terms of the accounts only, when in reality that wasn't owed to them at all, only whatever payment it was that had been agreed between Gillingham FC and Barclays.
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I don’t think I’ve ever read such bollocks. If you don’t understand financial statements don’t comment. If the money was never owed (1) why was it shown on the balance sheet of the Group Accounts and (2) why is there a charge in the assets etc of GFC Ltd?
 
You might think it's bollocks Wayne but why would Barclay's be given the possibility of collecting 9 million quid in return for nothing ????
 
Arthurly said:
You might think it's bollocks Wayne but why would Barclay's be given the possibility of collecting 9 million quid in return for nothing ????
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The balance sheet of the group accounts showed £9m owing to Barclays secured against the assets of subsidiary company, GFC Ltd. Until that charge on the assets is removed, the matter is not finalised. We're talking about filings at Companies House not the something posted in the Club's newsletter.
 
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