Standard Article

[Medway Blue]

I've just spotted it. Can't see it posted anywhere else. Talks a little about the most recent audit. Has anyone else seen it?

Standard Article

 

[Yorkshire Blue]

Interesting.

The independent auditors are saying the only thing keeping the club afloat is Ron Martin and his companies.

This might be worth remembering next time before calling for Martin out.

 

[Cricko]

Interesting.

The independent auditors are saying the only thing keeping the club afloat is Ron Martin and his companies.

This might be worth remembering next time before calling for Martin out.

RM must own Sainsbury's now then.

 

[Hotman]

Interesting.

The independent auditors are saying the only thing keeping the club afloat is Ron Martin and his companies.

This might be worth remembering next time before calling for Martin out.

That's a standard audit going concern note, worth no more than the paper it's written on as it is only confirmed by the director / supporting party, and has been mentioned within the report to cover Vantis

 

[Homer]

I've just spotted it. Can't see it posted anywhere else. Talks a little about the most recent audit. Has anyone else seen it?

Standard Article

The same news piece was in the Echo 11.05.10 page 8 - the standard is part of the same group that owns the echo

 

[Rob1920]

Interesting.

The independent auditors are saying the only thing keeping the club afloat is Ron Martin and his companies.

This might be worth remembering next time before calling for Martin out.

Sounds dramatic but aren't most clubs kept afloat by their owners? How many clubs would seriously survive nowadays purely on their own commercial income?

Not many i'd bet.

 

[Beefy]

Yeah that's pretty standard in football accounts. The Auditors have to assess the Club as they would any other business and any other business losing £2m and with a negative net worth of more than (£7m) would be completely dependent on the ongoing support of the Parent, as we are.

I guess it's worth pointing out that the accounts show money coming in from the Directors rather than going out, just in the hope that may register with some of the conspiracy theorists.

 

[Tin Bath]

As a shareholder I havent been sent the latest accounts for financial year to July 2009 but if its like the last one a big chunk of the loss comes from pre-stadium related costs

 

[Davros]

Yeah that's pretty standard in football accounts. The Auditors have to assess the Club as they would any other business and any other business losing £2m and with a negative net worth of more than (£7m) would be completely dependent on the ongoing support of the Parent, as we are.

agreed, i can only imagine the Man City one has a very similar note!

 

[mfurok]

Interesting.

the only thing keeping the club afloat is Ron Martin and his companies.

This might be worth remembering next time before calling for Martin out.

The independent auditors are saying nothing of the sort.

They say that 'The directors are confident......'

“The directors are confident the parent company South Eastern Leisure UK will continue to provide the necessary funds.
“However, there can be no certainty in these matters, which may cast doubt on the company’s ability to continue as a going concern.”

That is completely different.

 

[GrumpyBlue]

The independent auditors are saying nothing of the sort.

They say that 'The directors are confident......'

“The directors are confident the parent company South Eastern Leisure UK will continue to provide the necessary funds.
“However, there can be no certainty in these matters, which may cast doubt on the company’s ability to continue as a going concern.”

That is completely different.

Quite right

 

[David Icke]

Yeah that's pretty standard in football accounts. The Auditors have to assess the Club as they would any other business and any other business losing £2m and with a negative net worth of more than (£7m) would be completely dependent on the ongoing support of the Parent, as we are.

I guess it's worth pointing out that the accounts show money coming in from the Directors rather than going out, just in the hope that may register with some of the conspiracy theorists.

Sign me up for that one!

 

[Beefy]

The independent auditors are saying nothing of the sort.

They say that 'The directors are confident......'

“The directors are confident the parent company South Eastern Leisure UK will continue to provide the necessary funds.
“However, there can be no certainty in these matters, which may cast doubt on the company’s ability to continue as a going concern.”

That is completely different.

No it isn't. Maybe you misread Yorkshire Blue's post. The Auditors are saying that our future depends entirely on the ongoing financial support of the Directors and associated companies. They make no prediction about whether that support will actually continue, but YB didn't claim that it would.

 

[Yorkshire Blue]

Quite rightwrong

Corrected.

 

[Tangled up in Blue]

No it isn't. Maybe you misread Yorkshire Blue's post. The Auditors are saying that our future depends entirely on the ongoing financial support of the Directors and associated companies. They make no prediction about whether that support will actually continue, but YB didn't claim that it would.

The implication of YB's post (see below)is clearly that the only thing standing between SUFC and insolvencey is the Chairman's continued financial support through his various companies.
Given that there are
still serious doubts about the Chairman's ability to get FF built-issues over the Prospects site, etc-there must be a real possibility that the Chairman will have to re-pay the loan recenly made by Sainsbury's.
Should that happen then, not only will the FF project be dead in the water but it would almost certainly spell the end of the Chairman's ability to finance SUFC-even in the disasterous form which that is being attempted at present.

"If the Chairman goes under then, we'll go under" is hardly the ideal basis on which to forge a business relationship of trust and confidence for the future,is it?

<Originally Posted by Yorkshire Blue
Interesting.

the only thing keeping the club afloat is Ron Martin and his companies.

This might be worth remembering next time before calling for Martin out. <

 

[Yorkshire Blue]

"If the Chairman goes under then, we'll go under" is hardly the ideal basis on which to forge a business relationship of trust and confidence for the future,is it?

You really don't like capitalism do you?

 

[Tangled up in Blue]

You really don't like capitalism do you?

What has that got to do with the points about SUFC which I raised and which you chose not to answer? :unsure:

 

[Firestorm]

"If the Chairman goes under then, we'll go under" is hardly the ideal basis on which to forge a business relationship of trust and confidence for the future,is it?

Its a standard Audit note for any company that is being underpinned by third party investment when its not making an operating profit. (we had a similar note in 99-00 for example)

Both the recent accounts I have seen for comparison (MK Dons and Rochdale) carry similar notes, with MK's being clarified by a statement anbout the Parent company securing additional loans to support the club.

 

[Tangled up in Blue]

Its a standard Audit note for any company that is being underpinned by third party investment when its not making an operating profit. (we had a similar note in 99-00 for example)

Both the recent accounts I have seen for comparison (MK Dons and Rochdale) carry similar notes, with MK's being clarified by a statement anbout the Parent company securing additional loans to support the club.

Thank you for a reasoned answer.
However, your interpretation of what constitutes a standard Audit note does not inspire me with any ongoing confidence for our future should the Chairman be unable to expedite any of the issues which currently plague the FF project.
The clock is ticking and Sainbury's will undoubtly want their loan money returned in short order should the Chairman not be able to deliver.That would undoubtly lead to the Chairman's bankrupty and our own demise even as as a League 2 fooball club.

 

[Firestorm]

The clock is ticking and Sainbury's will undoubtly want their loan money returned in short order should the Chairman not be able to deliver.That would undoubtly lead to the Chairman's bankrupty and our own demise even as as a League 2 fooball club.

I doubt it would lead to MD's bankruptcy.
The Sainsburys debt is secured against an MD asset which is worth considerably more (according to RM) than the loan, I would imagine that given the worst case scenario of the whole RH /FF thing going tits up he will either realise this asset and pay off Sainsbsurys , keeping the balance in MD, Realise another of MD's assets to pay off Sainsburys keeping the more valuable asset.
I would imagine we may go into Administration, depending on the size of any other debts at the time (and who they are owed to) or at least be disposed of bu i can't see Liquidation