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2017 Annual Accounts

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12 hours ago, Lord Pityme said:

Shouldn't be as he is employed as the CEO, and that wage has akways been included in the general wage bill on the accounts. If it is the case it makes it look worse as that would be a further rise in wage costs.

Yeah but circumstances have changed and neither of us are experts on accounting conventions - as usual you've gone for the contentious explanation.

I presume someone will enquire about this at the AGM.

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1 hour ago, Bud the Baker said:

Yeah but circumstances have changed and neither of us are experts on accounting conventions - as usual you've gone for the contentious explanation.

I presume someone will enquire about this at the AGM.

Tony F was there under the last board, and last season as a director, under this one. There wasnt as i recall a Directors wages line on the accounts then. Would be nice if a question is asked at the AGM about 'is the club now paying director/s a wage solely for being a director..?  Perhaps it is a specfic line accounting for all/part of Tony's salary, but again doesnt make sense unless the club are paying one or more just fir being directors.

Maybe it will come up as a request for Smisa funding?

Edited by Lord Pityme

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1 hour ago, Lord Pityme said:

Tony F was there under the last board, and last season as a director, under this one. There wasnt as i recall a Directors wages line on the accounts then. Would be nice if a question is asked at the AGM about 'is the club now paying director/s a wage solely for being a director..?  Perhaps it is a specfic line accounting for all/part of Tony's salary, but again doesnt make sense unless the club are paying one or more just fir being directors.

Maybe it will come up as a request for Smisa funding?

Because TF wasn't a Director during the last Financial year (ended May 31 2016) he was one of those appointed this Financial year to replace the outgoing BoD. You're right in that the question should be asked but my interpretation makes as much sense as yours.

Quote

 

 

 

DIRECTORS
C W Stewart has held office during the year.
Other changes in directors holding office are as follows:
A Wardrop, A C Fitzpatrick, G R L Scott and D J Nicol were appointed as directors during the year.
G Campbell, S G Gilmour, I H Henderson, A W Marshall and B A McAusland ceased to be directors during the year.
In accordance with the Articles of Association, all the directors will retire at the forthcoming Annual General Meeting, and being eligible, will stand for re-election.

 

 

*****************

In terms of Director activities I'm more puzzled by Ian Henderson who breezed in during February 2015 and left with the rest of the old Board last summer getting his loan to the club repayed. His tenure as Commercial Director seemed to encompass our venture into the Airport Car Park business! Is that still going?

Edited by Bud the Baker

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3 hours ago, oaksoft said:

It is pretty clear that significant financial challenges remain unless we can get out of this division.

There will be financial challenges regardless of the division we are in. Promotion will not be a panacea, as we will need to adapt to compete (on the pitch and commercially) at that level.

Operating in the black, and within our means, is a significant achievement. Maintaining that will be a greater achievement still.

Things will always be tight for the club. As long as we have our club to support, I can live with.

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4 hours ago, Bud the Baker said:

Because TF wasn't a Director during the last Financial year (ended May 31 2016) he was one of those appointed this Financial year to replace the outgoing BoD. You're right in that the question should be asked but my interpretation makes as much sense as yours.

*****************

In terms of Director activities I'm more puzzled by Ian Henderson who breezed in during February 2015 and left with the rest of the old Board last summer getting his loan to the club repayed. His tenure as Commercial Director seemed to encompass our venture into the Airport Car Park business! Is that still going?

Nope: http://www.dailyrecord.co.uk/news/local-news/travellers-left-lurch-airport-car-9795520

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20 hours ago, cockles1987 said:

 


I didn't know when all the work was carried out. Was just trying to remember off the top of my head. emoji106.png

The Directors hadn't all been in place for a year but as an ongoing business and with them being in place for approx 10 months is a fair comment IMHO.

 

Not disagreeing, was thinking more along the lines of the accounts being theirs so the work carried out within their tenure. So thought the line about profit despite extensive repairs was a bit of a stretch given the figures further on in the accounts.

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11 hours ago, Drew said:

Operating in the black, and within our means, is a significant achievement. Maintaining that will be a greater achievement still.

I agree with the rest of your post but this is bizarre.

Operating in the black is the very least which should be expected from a corporate board.

It certainly shouldn't be celebrated.

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8 hours ago, oaksoft said:

I agree with the rest of your post but this is bizarre.

Operating in the black is the very least which should be expected from a corporate board.

It certainly shouldn't be celebrated.

It is bizarre to think that a provincial football club in Scotland operating within its means and remaining in the black is an achievement? Seriously? Have you been sleeping for 30 years?

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Just now, Drew said:

It is bizarre to think that a provincial football club in Scotland operating within its means and remaining in the black is an achievement? Seriously? Have you been sleeping for 30 years?

It's about football, you know he doesn't get it. 

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6 hours ago, Drew said:

It is bizarre to think that a provincial football club in Scotland operating within its means and remaining in the black is an achievement? Seriously? Have you been sleeping for 30 years?

You called it a sIGNIFICANT achievement.

It just isn't. It's basic corporate governance.

If you had ever run your own company you would know that.

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10 minutes ago, oaksoft said:

You called it a sIGNIFICANT achievement.

It just isn't. It's basic corporate governance.

If you had ever run your own company you would know that.

FFS, you really are a pompous, insufferable bore:lol:

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In a compare & contrast style, here's some news about ICT's finances past & present................

http://www.inverness-courier.co.uk/News/ICT-shareholders-claim-future-of-club-in-jeopardy-28112017.htm

Coupla the salient points

Quote
  • In the early days of 2000, Caley Thistle’s financial problems became apparent and as part of the agreement which saw Tulloch spirit away around £2 million of debt, they set up the Inverness Caledonian Thistle Charitable Trust, which assumed ownership of the lease and the fabric of the ground. However, over several years this has migrated from the trust back to Tulloch, in steps that have not been made public.
  • In his pre-AGM report on Thursday, which revealed a loss of £422,000 for the year ending May 2017, Mr Rae stated there would be talks with Tulloch – as leaseholders – and landowner Highland Council regarding the car parks around the ground, should planning consent be received to develop the land.
  • Two former chairmen, Doug McGilvray and Orion Group chairman Alan Savage, along with Mr McGilvray’s son Iain, have sent letters to club shareholders taking issue with chairman Graham Rae’s annual report, in particular the detail which stated the Tulloch Group is handing the stands back to the club but will maintain the lease of the ground.

Am I correct in assuming that Tulloch would like to sell the ground and leave the club with the stands to be moved to the nearest convenient bit of farmland? :santa Merry Xmas ICT!

Edited by Bud the Baker

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4 minutes ago, Bud the Baker said:

In a compare & contrast style, here's some news about ICT's finances past & present................

http://www.inverness-courier.co.uk/News/ICT-shareholders-claim-future-of-club-in-jeopardy-28112017.htm

Coupla the salient points

Am I reading this right in that Tulloch would like to sell the ground and leave the club with the stands to be moved to the nearest convenient bit of farmland? :santa Merry Xmas ICT!

It will be the ref fault :rolleyes:   A hard read but no doubt they are in trouble.

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On 11/25/2017 at 4:45 PM, oaksoft said:

You called it a sIGNIFICANT achievement.

It just isn't. It's basic corporate governance.

If you had ever run your own company you would know that.

Basic corporate governance isn't something that is widely practiced in football circles, so I think Drew's is a valid opinion.

If you'd ever run your own football club, you would know that...

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4 hours ago, Soctty said:

Basic corporate governance isn't something that is widely practiced in football circles, so I think Drew's is a valid opinion.

If you'd ever run your own football club, you would know that...

Your come back is late and lame.

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On 24/11/2017 at 11:34 PM, melmac said:

Why smisa cannot see that they will need a large pool of funds when the takeover happens, i dont know. The three monthly spend needs to stop and consideration given whether additional monthly funds should be sought.

Not sure if the SMISA vision sees much past the buy out. I don't think there's any guidance on whether members are still expected to pay their present monthly contributions, never mind additional ones, once the shares have been purchased.  It's all rather uncharted territory. What SMISA will become and who it will be is not exactly clear never mind how it will fund things. 

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Its not really uncharted, it's all there in the accounts over the years - if the club cant fund certain things, then the board need to cough up. SMISA will be largest shareholder, so if there are no extra funds in the kitty, guess who will have to pony up.

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Personally even after the shares have been bought and the fans own the majority shareholding I'd like to think the vast majority of members would be up for maintaining a monthly contribution towards a "pot" - at a reduced level to what they will have been paying for the previous ten(?) years.

I'm guessing most would be up for chipping a fiver a month into a rainy day fund? Even if 1,000 of the members did that it's an extra £5K a month that would quickly add up and make us much more adept at dealing with inevitable bumps in the road going forward.

I'm sure something will be proposed when we reach that stage.

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Nothing of note. Questions from the floor about parking spaces, baby changing facilities and the PA being too loud kind of sums it up. 

It was mentioned that TV money for cup games is much lower now at £32.5k. The rest is now put in the prize fund for the tournament so you'll get more if you progress.

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