Re: STFC Accounts

By Arthur7/10/2021 10:32Thu Oct 7 10:32:51 2021In response to Re: STFC Accounts

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Norm, I am not sure how much the Thames Club are paying you. I hope it is more than free usage of the gym. If you care to come down to the ground at 1 o'clock on Saturday I promise to give you a free lesson in accountancy - with more to follow if you need them. However, you have put me in a position to defend Joe - AGAIN - (people will start to think I am sleeping with him)!!

Page 3 of the accounts show 2 officers of the company: a director Joe and Steve Parsons as the secretary. I am sure both are authorised signatories on the club bank statement (possibly along with the Chairman) arguably payments being authorised by any 2 from 3. I think bank statements probably go to the club. I know I have suggested Steve playing, having modelled a kit so beautifully but I would trust him to always act in the best interests of the football club. We need to register and pay fees for league membership, cup entries etc. Joe, I believe, spends most of his time now out of the country, so I would suggest those fees are signed off by other officers of the club.

The is no income statement (new name for profit and loss account, introduced well before I retired 10 years ago). However, we have no sponsors. Our average attendances now are circa 100 to 150 (weekly income say £1,500) out of which the club has to meet all its liabilities. This includes playing staff, match officials, costs of playing including floodlighting. The club will also have day to day running expenses. It also has to respond to communications to and from the landlord when the terms one the lease are varied (change of site of boardroom; use of bar etc.). This will, almost inevitably require outside legal opinion. If you believe that £1,500 a week on match days pays that can you please come and help me with my hpousehold budget.

Under the balance sheet the director (Joe) acknowledges his responsibility for the legal maintenance of proper accounting records.

Page 5, under accounting policies, he signs that although the club is technically bust (Spicer and Pegler accountancy text book term) "the company is dependent on the director (JOE) for continued support and he has committed to making sufficient funds available to the company to enable it to continue to trade and meet its liabilities for the foreseeablee future.

The only bank loan and overdraft (note 6 creditors) is where the company OWE banks £9,795. The note also shows, as you have pointed out, the owe Joe £158,618. This is money out of his pocket.

Note 7 shows he owns the shares via (I presume) one of his companies - Fulcrum Sports Investments Limited. He has not used this company to fund the club, the funding has come from him personally.

I think you owe him a written apology on this forum







and perhaps he might send me a bunch of flowers!!!!