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Post by Brooksiders Return!! on Feb 28, 2018 9:55:57 GMT
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Post by Noboddy aka Lord Ealing on Feb 28, 2018 10:19:45 GMT
I suggest those "just watching a football match" make the most of it, projecting the figures forward indicates the cupboard's nearly bare. Once they've squeezed the last penny out of the club I expect Hampson and co will disappear. Unless there's a new money making scheme on the horizon that will drag WCFC further through the mire.
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Post by Brooksiders Return!! on Feb 28, 2018 10:26:46 GMT
I make that a loss of £290,000. I want to be told that I'm reading these accounts wrong.
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Post by Noboddy aka Lord Ealing on Feb 28, 2018 11:47:17 GMT
One more year by my reckoning.
i.e. to the end of THIS financial year.
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Post by Brooksiders Return!! on Feb 28, 2018 12:00:40 GMT
Now we know why Wilcox had his meetings with the Football Foundation before the accounts were publicised. Do we really look like an organisation who can match fund £300,000 ? In the Football Foundation blurb, it does say that a company looking for a grant must demonstrate that they have taken every action possible to generate match funding for the grant. To date WCFC Ltd. have done nothing at all. In terms of worthy causes, I can't see how WCFC Ltd. can be considered in any way a prioritised case. But Wilcox obviously thinks otherwise.
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steves
Squad Member
Posts: 180
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Post by steves on Feb 28, 2018 13:10:27 GMT
That's it then fellas. Clearly we won't be able to get access to these grants given the £0 fund-raising the club have made over the last few years. Remember that meeting when Hampson said they'd raise funds by selling more shares? Well that scheme was really well publicised wasn't it...I wonder exactly how many shares have been sold since that time?
One more year. WCFC will be gone by the end of next season.
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niels
City Legend
Posts: 1,741
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Post by niels on Feb 28, 2018 13:17:49 GMT
I make that a loss of £290,000. I want to be told that I'm reading these accounts wrong. Unfortunately you're not.
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Post by Brooksiders Return!! on Feb 28, 2018 13:20:00 GMT
There is a very clear risk now that the company could be trading insolvently, either already or in the near future. That is an offence in itself. At that point, the Directors themselves become liable for any creditors. One of the reasons I left the Board in adequate time. I would imagine that those left on the Board now are seriously taking good legal financial advice.
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Post by Brooksiders Return!! on Feb 28, 2018 13:25:17 GMT
I make that a loss of £290,000. I want to be told that I'm reading these accounts wrong. Unfortunately you're not. Hampson has said on many occasions that clubs at National League level make losses of £100,000 to £150,000 per year. So how has he managed to reside over a loss of £290,000 ? There is probably good reason now for an EGM, simply to ask the question of the Board "Where has £290,000 gone in 12 months?"
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niels
City Legend
Posts: 1,741
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Post by niels on Feb 28, 2018 14:03:14 GMT
Evening News weren't slow off the mark. Perhaps they might ask the directors how on earth they managed that big a loss. Worcester News
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Post by Woodenose on Feb 28, 2018 14:08:11 GMT
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Post by Brooksiders Return!! on Feb 28, 2018 14:15:00 GMT
Evening News weren't slow off the mark. Perhaps they might ask the directors how on earth they managed that big a loss. Worcester NewsThey have already been told that, the Directors have a responsibility to stakeholders to explain how such a staggeringly massive loss has been allowed to happen, it didn't just turn up out of the blue. Yet again, the plan is not working, it continues to fail, and they continue to do the same thing, which (Colin) guarantees failure! Even so, failure of this scale is incomprehensible!
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Post by Noboddy aka Lord Ealing on Feb 28, 2018 14:29:36 GMT
I'm beginning to wonder if those pesky "troublemakers" were right after all.
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Post by Brooksiders Return!! on Feb 28, 2018 14:35:16 GMT
You'll be accusing us of turning up to a meeting with an agenda next!!
As my friend, a brain surgeon, said to me not long ago "it's hardly rocket science!!"
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Post by Noboddy aka Lord Ealing on Feb 28, 2018 14:41:36 GMT
I wonder how Hampson's personal finances are looking? I presume he's covered himself re financial liability when WCFC collapses. I'd hate to think he could lose his house and savings over this. And I assume other directors like Colin and Kev have taken similar action?
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Post by Brooksiders Return!! on Feb 28, 2018 14:44:32 GMT
Of course he has! He is bound to have Directors Insurance to cover for any potential liabilities. All directors MUST consider this, especially if on the Board of a dying outfit like WCFC Ltd. I would take it as read that all the Directors have taken financial legal advice on the matter. Either that, or step down, they'd be remarkably foolish if they left themselves exposed now.
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Post by Noboddy aka Lord Ealing on Feb 28, 2018 14:51:41 GMT
"they'd be remarkably foolish" They certainly would!
Never mind, there'll always be another football match to watch!
Or will there..........
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Post by Noboddy aka Lord Ealing on Feb 28, 2018 14:53:56 GMT
I photoshopped my avatar the day the ground sale photo was taken. I must have had psychic powers in those days.
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Post by Row Zed on Feb 28, 2018 15:03:11 GMT
This is absolutely disgraceful even by hampson & Cos standards, running up a loss of this size in twelve months knowing full well they will have taken the company to the brink and no sign of an AGM/EGM at any point is criminal, how can there possibly be a "next season" for this corpse of a company as once shareholders have been paid back what they're entitled to there's not a penny left.
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Post by Brooksiders Return!! on Feb 28, 2018 16:24:07 GMT
It's a totally valid point for shareholder, supporters, sponsors to raise. How possibly can the Board of Directors spend £290,000 more than they bring in in income? How can the loss effectively double from last years losses? How can running a team in the National League result in the loss of £150,000 one year, and £290,000 the next year? What has resulted in an additional £140,000 overspend? These accounts have basically blown all of Wilcox comments regarding grants from the Football Foundation out of the water. They have probably drawn a lot of concern at Worcester City Council, who must now be wondering if any of the phases for Parsonage Way are even remotely possible. How can the football club even pay for the planning application process? Questions must also be asked of the Policy & Resources Committee as to what due diligence they undertook before allocating up to £100,000 spend for viability studies at the site.
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niels
City Legend
Posts: 1,741
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Post by niels on Feb 28, 2018 17:23:21 GMT
Perhaps the club has a devilishly clever plan here. Blow all the money and force the Conservative council members to finance the project, totally, in order to stop the Supporters Trust building a stadium on Perdiswell.
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Post by creaner on Feb 28, 2018 17:41:19 GMT
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Post by Noboddy aka Lord Ealing on Feb 28, 2018 18:01:54 GMT
Again he cites the sale of SGL being at the "height of the banking crisis". This is not true. The deal was done before that occurred. It was just a terrible deal.
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Post by alwaysnextyear on Feb 28, 2018 18:32:58 GMT
I'm not remotely surprised. For those who have read my many e-mails on the subject of WCFC finances, I've always been predicting a loss of circa 250 k for the year.
If the club couldn't do anything in 2016 when it lost 155k, then the firesale of players in Feb 2017 meant that it must have been worse, as I predicted.
Let's not forget that this is the position at 31.05.17. Hampson has already said that we are still losing money since then , although the " losses were vastly reduced ". The Board are incompetent fools. However even allowing for the low regard I hold these individuals in, the loss of 290k is beyond ineptitude. The devil as always is in the detail, but as no one will be seeing any of that prior to the Company being wound up, and certainly not at any AGM, i guess we'll never know.
If anyone hears a loud scurrying noise, it will be Worcester City Council backtracking ( especially Lucy Hodgson ) over why they authorised the spend of 100 k of taxpayers money on a privately owned football club which cannot run itself properly ( the answer should be amusing ), closely followed by the Worcs FA who realise they've been had over by a wish list of maybes.
The Board should be hanging their heads in shame.
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Post by Croc on Feb 28, 2018 20:12:38 GMT
I’ve asked her the question on Twitter
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Post by jupu on Feb 28, 2018 20:34:43 GMT
I think the message is clear that this season or next will be the last. So the debate about attending matches or not is something of an irrelevance in the wider context.
Despite what we were originally told, the club cannot balance the budget even at MFL level, so unless there is a rabbit that can be pulled out of a hat the downward trend seemingly cannot be halted, only slowed down.
Shareholders and fans surely need to have some formal communication from the board about this.
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Post by alwaysnextyear on Feb 28, 2018 20:51:15 GMT
Nice idea jupu, but don't hold your breath.
The Board members that do speak ( Hampson, Wilcox and Layland ) only do through the Worcester News. Pinches and Preece wisely say nothing.
By the way Colin, how are you getting on with that AGM ?
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Post by Brooksiders Return!! on Feb 28, 2018 21:06:42 GMT
If I'd delivered a loss of £290,000 to the company like Colin has, then I might be tempted to hide away like a coward. And he had the temerity to say to me and Rob that unless we could guarantee that a CBS would work, he wouldn't back it. I told him straight that what they were doing wasn't working, and guess what? He, along with the rest of the Board whose names are on that set of accounts have taken the club to a new low. So, are you going to man up Colin? Call that AGM, and explain the losses. As Vice Chairman, you were of course fully aware of them weren't you? Being Vice Chairman means a lot more than being able to sit in the Chairmans seat when he leaves the Board meeting early.
Maybe the Worcester News should re-interview Wilcox about the chances of getting those Football Foundation grants too? How about it Andy Mitchell? You asked for evidence, its there in the accounts, a £290,000 loss , on a turnover of probably around £300,000. That means that for every £1 that supporters and sponsors put into the club, the Board of Directors spent £2 ! And £500k disposed of in two years! Where? How? And you seriously believed that the Supporters Trust just had a personal vendetta against Hampson? We just wanted to save our club before it got to this all time low.
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rob
Reserve Teamer
Posts: 79
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Post by rob on Feb 28, 2018 23:08:08 GMT
I'm ignorant of company law so my question is... if shareholder capital is the only way a club is solvent, is an AGM of shareholders a legal requirement in such circumstances?
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Post by jimbo on Mar 1, 2018 8:47:51 GMT
Here’s a question: If The Board do wind up the company in time to reimburse the share holders, how many of us would ‘take the money & run’ & how many of us would donate our money to The Trust to pursue the new set up ?
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