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Redundancies at the Academy


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2 hours ago, FTOF said:

Indeed. Our previous manager has a lot to answer for.

 Main's contribution so far, on a substantial  salary too, is worse.

 

Agree,  although did start to be a bit better towards the end of season. However surely his medical prior to signing would have flagged up his long-term injury that required surgery. 

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13 minutes ago, Ayrshire Saints said:

The minutes of the SMISA meeting have been sent to members today. No mention of any debt never mind £1m under the questions on finances !

Sent from my SM-A750FN using Tapatalk
 

Aye, but what about the guy who spoke to another guy and said it was all true? 

Edited by faraway saint
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4 minutes ago, faraway saint said:

Aye, but what about the gut who spoke to another guy and said it was all true? 

Gut. The gut spoke to a guy. What are you drinking. Was it a gut feeling or a gut reaction. Not on a train, I hope.

Edited by Rascal
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16 minutes ago, Ayrshire Saints said:

The minutes of the SMISA meeting have been sent to members today. No mention of any debt never mind £1m under the questions on finances !

Sent from my SM-A750FN using Tapatalk
 

I guess we are just going to have to wait until the audited accounts are released and the AGM is held to get true picture.

For the time being we are still one of the best run clubs in Europe.

Why did we not release some T-Shirts celebrating that? Missed opportunity?
 

 

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17 hours ago, animal said:

Was out for a pint today and met a couple of supporters who told me that requests for voluntary redundancy letters are out to Academy staff, including the top coaches (the very people that identify upcoming talent like McGinn, Reid, Erhahon etc) with the possible exception of one.

 
My sources said this is not a case of a particular job being made redundant so it has to be cost cutting as it is a broad brush approach.

They both also informed me that we are well over a million in debt now and the chairman only confirmed this was the situation under pressure of questioning at the recent SMISA meeting. 

I really hope this is not the case. The Academy is a proven success story and the core of our club. We totally depend on the team there for future gems. It should be the last stop for cutbacks! 

 

Sorry to disappoint you about the million pound debt…………….

 

8318B968-9BEE-4CB9-AEA8-A2A71A92E972.jpeg

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The minutes of the SMISA meeting have been sent to members today. No mention of any debt never mind £1m under the questions on finances !

Sent from my SM-A750FN using Tapatalk


It did mention that we were better off financially compared to this time last year.

Sent from my SM-A405FN using Tapatalk

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1 hour ago, Ayrshire Saints said:

The minutes of the SMISA meeting have been sent to members today. No mention of any debt never mind £1m under the questions on finances !

Sent from my SM-A750FN using Tapatalk
 

What about the mate he was out for a pint with though? 🙃

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It did mention that we were better off financially compared to this time last year.

Sent from my SM-A405FN using Tapatalk

It did indeed. Maybe the guy in the pub was saying the debt was 1.5m this time last year though

Sent from my SM-A750FN using Tapatalk

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2 hours ago, HSS said:

Sorry to disappoint you about the million pound debt…………….

 

8318B968-9BEE-4CB9-AEA8-A2A71A92E972.jpeg

We are paying back government  money over 20 years ,so nothing to worry about if our annual accounts allow for the annual payment and still show a profit and healthy  cash balance.

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Taxi driver that picked me up last night, lovely big Merc people carrier by the way..  said he picked up a guy who was a Tax inspector from Larkhall who told him StMirren are in a worse state than the Glorious Glasgow Rangers were in,  told him HMRC are about to pull the plug any day now..  :shockaroony 

Also said he'd been out working for 6 hours and only made £20...  felt bad so I gave the guy a £10 tip 

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Worth looking at the Chairman's Report in the last set of accounts to the year ending May 2021;
 

Quote

 

Chairman's Report
After a very challenging year dealing with the impacts of COVID-19 your Board are able to report a modest loss
of £45,191 before depreciation, Government grants and gain on investments. Given the restrictions placed on
the Club, and everyone connected with it as a result of the pandemic, this is indeed a creditable performance.
We want to place on record that this was only made possible by the loyalty and generosity of our Season Ticket
Holders , Pay Per View Subscribers, Sponsors and fans.

In line with most Premiership clubs we have taken advantage of the offer of interest free loan facilities from the
Scottish Government which have a long (20 year) repayment term. We are confident that despite the pandemic
impacting for longer than envisaged we are in a position to be able to navigate our way through the current
period and meet the repayment schedule commencing in September 2022. Whilst there was no urgent need for
this borrowing we felt that it would be irresponsible not to take advantage of this loan in case the pandemic
escalated further or persisted longer. Because of the preferential terms of the Loan, the accounting rules mean
that we have to show an entry that reflects an estimate of the monetary value of the discounted loan terms when
compared to a commercial arrangement. You will see that his has the effect of inflating the bottom line profit
being reported by £729,023. This is a paper adjustment and does not reflect true cash income to the Club.
We had a successful season on the park following our decision to increase the investment in the playing squad

in the Summer of 2020. This resulted in our highest league placing for many years in addition to Semi Final
appearances in the Betfred Cup and Scottish Cup. Congratulations are due to the players and management
team for this success.

As a result of learnings from the pandemic upgrade works are being undertaken at our Ralston Training Ground
and the healthy financial position reported has enabled us to embark on renewals that were required around the
SMISA Stadium to maintain and improve the facilities to the standards our fans would expect.
Finally on behalf of the Board I thank you all for your ongoing support.

 

The grant we received from the Government was £920K.

Data and info from the published accounts you can read here;

https://www.blackandwhitearmy.com/downloads/accounts-may2021.pdf

So yes, we have a debt of almost £1m but this is a manageable 20 year repayment debt with zero interest.

Nothing in itself to be alarmed about.

 

I was not at the meeting last week so unsure exactly what was said. What actually matters is what our operating loss was for last season.

If we've brought in money for McGrath, and compensation for Goodwin (even if some of that was spent getting Robinson) and still made a heavy loss then we should all be concerned.

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27 minutes ago, div said:

Worth looking at the Chairman's Report in the last set of accounts to the year ending May 2021;
 

The grant we received from the Government was £920K.

Data and info from the published accounts you can read here;

https://www.blackandwhitearmy.com/downloads/accounts-may2021.pdf

So yes, we have a debt of almost £1m but this is a manageable 20 year repayment debt with zero interest.

Nothing in itself to be alarmed about.

 

I was not at the meeting last week so unsure exactly what was said. What actually matters is what our operating loss was for last season.

If we've brought in money for McGrath, and compensation for Goodwin (even if some of that was spent getting Robinson) and still made a heavy loss then we should all be concerned.

My thoughts exactly.  I can't see how you would lose 1 million quid from a 45 k loss. Particularly when that loss was made without fans at games. 

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I think it is just as unwise to offer explanations for this rumour taken from last years accounts as it is to take this rumour at face value.  Nothing here to get agitated about yet.  The loan from the government might be  soft that it's flaccid,  it is still 50k per year and if we are operating at a loss before accounting for that then it is maybe a problem, just not an insurmountable one

We won't know until we know, either way.

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51 minutes ago, div said:

Worth looking at the Chairman's Report in the last set of accounts to the year ending May 2021;
 

The grant we received from the Government was £920K.

Data and info from the published accounts you can read here;

https://www.blackandwhitearmy.com/downloads/accounts-may2021.pdf

So yes, we have a debt of almost £1m but this is a manageable 20 year repayment debt with zero interest.

Nothing in itself to be alarmed about.

 

I was not at the meeting last week so unsure exactly what was said. What actually matters is what our operating loss was for last season.

If we've brought in money for McGrath, and compensation for Goodwin (even if some of that was spent getting Robinson) and still made a heavy loss then we should all be concerned.

Last years account show Profit on disposal of player registrations AFTER operating profit/loss. So we could make a big operating loss, then the profit before taxation could easily be a profit or a vastly reduced loss once the transfer fees are brought in ( I assume they are the profit on disposal). So we could have spent more on operating costs knowing that it would be matched by the profit after operating profit/ loss, if you get what I mean. So knowing we had money in we spent more on other areas. The profit before tax will be the important one to look at, as an operating loss could be wiped out by transfer fees. 

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Sorry just don’t believe for a second we could go from being in the top 10 best ran clubs in Europe to 1 million in debt in such a short space of time. Why do these rumours appear when the performances on the pitch have been below par 😂

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Just now, mattman said:

Sorry just don’t believe for a second we could go from being in the top 10 best ran clubs in Europe to 1 million in debt in such a short space of time. Why do these rumours appear when the performances on the pitch have been below par 😂

The debt isn’t a problem. It was taken out under government support loan for COVID. Very “soft” terms. Would have been madness not to take it. The issue is to find £50k pa to pay it back and this needs to come out of income earned, or reserves. 

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1 minute ago, Rascal said:

The debt isn’t a problem. It was taken out under government support loan for COVID. Very “soft” terms. Would have been madness not to take it. The issue is to find £50k pa to pay it back and this needs to come out of income earned, or reserves. 

I don’t see it an issue at all, you wouldn’t take a loan unless you could pay it back.

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