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2019 Accounts - questions? questions? questions?
Discussion started by wsm fan , 24 December, 2019 15:39
2019 Accounts - questions? questions? questions?
wsm fan 24 December, 2019 15:39
If we ignore World Cup £494k net profit which was a one off then unless i'm missing something we have turned a £300k profit in 2018 to a £200k loss in 2019?

This may explain Mr Cornish hasty instant exit once this all became evident!?

Income is up £232k
Expenditure is up £727k
So we are £495k DOWN on 2018.

Highlights are.....

INCOME
ECB pool gift up £318k, is this static, variable? Do we know what next years will be?
Membership up £75k
Match receipts up £110k
Catering down £45k
Commercial down £60k
Parking down £41k
New shop lost £21k
Donations/legacies down £100k (clearly variable)

EXPENDITURE
Cricket salaries & costs up £345k 😱😱
IT up £60k (ground wifi?)
Match day costs up £70k (T20 added security teamers?)
Electricity up £37k (floodlight bill?)
Admin salaries up £57k
Depreciation up £54k mostly due to the new lights in additions i assume.

So so many questions.....



Edited 3 time(s). Last edit at 24/12/2019 17:24 by wsm fan.

Re: 2019 Accounts - questions? questions? questions?
Mike TA1 24 December, 2019 16:09
The car park and catering could be in part due to the ground being in a lock-down for the World Cup.

The car park not being used by the public and no functions being held at the time of the lock-down.

Re: 2019 Accounts - questions? questions? questions?
sandhills 24 December, 2019 16:33
WSM
Im intrigued, salaries are up 400K. Where are we going to find a year on year 400K additional profit. The WC may cover last year. Is there a WC next year?

Its a good job Craig O is no longer on the books, ECB saving another Wodge but we lose control of his services unless they give permission. This is not good!

No wonder Sally, Roper and CEO are not replaced. The AGM will be interesting



Edited 2 time(s). Last edit at 24/12/2019 16:42 by sandhills.

Re: 2019 Accounts - questions? questions? questions?
Grockle 24 December, 2019 17:48
I ask again. Where did the setup costs for the second shop come from? I think an answer could be interesting if not enlightening



(Sm72)

Re: 2019 Accounts - questions? questions? questions?
wsm fan 24 December, 2019 18:19
The shop really is a drop in ocean here.
Electricity is a bigger hit than the shop!

It appears a huge overspend in numerous areas.

Take out the world cup & we have turned a £300k profit into a £200k loss.

Playing salaries/costs increased £345k and admin wages £57k. So we spent an extra £400k on salaries & playing costs.

We are losing Tres Tregs Gronners Meeks Rouse off that bill next year BUT have recontracted Kerr George Banton Davies Davey Lewis Leach Abell in recent months
(Still Craig Jamie & Dom to go by the way....)
Guessing none have taken a pay cut!

If Vernon is coming for 3 years as reported he wont be on minimum wage either.

The accounts report clearly admits we were way off our budget & steps are being taken to try & rectify.

Re: 2019 Accounts - questions? questions? questions?
nelliec 24 December, 2019 18:26
I wonder how many replica shirts /income would have been generated if they were actually available to view in a prime location within the ground along with everything else that Mr Brice sells in the shop round the back.It just never made sense from day one.

Re: 2019 Accounts - questions? questions? questions?
nelliec 24 December, 2019 18:30
Maybe we’re putting too much faith in the £1 million handouts by the ECB.If they don’t follow through with the payments we will be in the ••••.

Re: 2019 Accounts - questions? questions? questions?
Tom Seymour 24 December, 2019 18:52
Questions? Questions? Questions?

Yes, well ask them at the club's AGM and take your calculators with you.

And if you are not a member, you won't be admitted so will have to rely on others for their information.

'Twas always thus - most of the noise comes from non - members.

Re: 2019 Accounts - questions? questions? questions?
Grockle 24 December, 2019 18:52
My school shop overstocked a year ago and is now looking to clear a $345,000 deficit.

Setting up and stocking a store is not a 'drop in the ocean' and the numbers don't seem to include setup costs so where are they? Rent, salaries, utities I can see. Where are the fixtures, fittings, design, inventory figures?

Maybe it was done on a shoestring... in which case no harm no foul.



(Sm72)

Re: 2019 Accounts - questions? questions? questions?
Roger ivanhoe 24 December, 2019 18:55
Grockle you may want to move my posting (18.50) on the subject from Somerset news onto this thread.

Re: 2019 Accounts - questions? questions? questions?
Grockle 24 December, 2019 18:55
You are right Tom.

Very few complaints come from members. Apathy or confidence?

As you say the members can ask questions at the AGM.

However, non members are perfectly free to express their questions as well here because this is not a members only website.



(Sm72)

Re: 2019 Accounts - questions? questions? questions?
Grockle 24 December, 2019 19:04
I can't move posts between threads Roger. This one was started after the issue started being discussed on the general Somerset thread.

It would make more sense to move this one to the Somerset one - I can merge threads - I'll see how people post for a day or so.



(Sm72)

Re: 2019 Accounts - questions? questions? questions?
Roger ivanhoe 24 December, 2019 19:09
KEY MANAGEMENT PERSONNEL costs also up by £45k in the year.
Would this be be solely the CEO'S salary.

Re: 2019 Accounts - questions? questions? questions?
wsm fan 24 December, 2019 19:15
The £400k increase in salaries & playing costs is by far the biggest factor here.
Along with level of ECB handout we get moving forward.

As Roger states the costs of shop are all in the NET loss line of £21k. The shops income less associated costs gives us the £21k loss. This has now been addressed in it's recent rejigging in association with county sports.

£21k loss out of a fall of £500k is around 4%.....

Re: 2019 Accounts - questions? questions? questions?
Grockle 24 December, 2019 19:16
As the thread says '...questions, questions, questions...'



(Sm72)

Re: 2019 Accounts - questions? questions? questions?
Grockle 24 December, 2019 19:19
Well then the question is very much.. 'Why did payments within the 'Salaries' column rise by such an amount?'

There is the one to table for the AGM



(Sm72)

Re: 2019 Accounts - questions? questions? questions?
Somerset LaLaLa 24 December, 2019 19:40
My speculation would be some players have received a salary rise to keep them from straying, which may explain the high number putting pen to paper recently

Re: 2019 Accounts - questions? questions? questions?
Roger ivanhoe 24 December, 2019 19:46
JEROME TAYLOR had big Salary increase maybe. (Sm128)

Re: 2019 Accounts - questions? questions? questions?
wsm fan 24 December, 2019 20:02
That may be true lalala but any recent new contract signings and pay increases would not be in the accounts to 30 September 2019

Re: 2019 Accounts - questions? questions? questions?
Grockle 24 December, 2019 20:02
Ask the questiom and wait for the answer perhaps? Speculation is wonderful but gets people no further forward.



(Sm72)



Edited 1 time(s). Last edit at 24/12/2019 20:36 by Grockle.

Re: 2019 Accounts - questions? questions? questions?
wsm fan 24 December, 2019 20:22
Speculating on published accounts isnt really speculating?
We have hard numbers now.
We just don't have all the information we need to dig into them as we might like to.
We know exactly how much money we have made.
And exactly how much we LOST excluding the WC profit.

The questions are why a number of the expense headings have risen to the tune of £727k.

As a members club are we entitled to be given breakdowns of these figures.
No doubt the club are happiest to keep numbers under general or vague headings but as a member of a members club do they have to tell us if we ask.....

Re: 2019 Accounts - questions? questions? questions?
sandhills 24 December, 2019 20:24
Grockle, its not speculative, the 400K salary increase is in the accounts.
The world cup profit is 500K net. A one off sum.
Our profit was 300K take away 500K suggests our normal operations were running at a 200K loss.

I understand we have to show a profit of 300K to cover the terms of our long term creditors. Somewhere between October 19 to September 20 we have to increase income and reduce costs based on 2019 in the region of 500K to save our skin.

Oh i forgot 1.3milion is coming our way. Good job for the 100. It will pay for red ball.

Re: 2019 Accounts - questions? questions? questions?
Grockle 24 December, 2019 20:41
The speculation is related to the reasons for the change.

Not the change itself THAT is in the accounts

I'm not sure what members are entitled to but the question can be asked.

In my accountancy training I was told that headings were one thing, what was put under them was another and sometimes things were in the wrong place and needed to be re-ordered.

Thst is what audits are for it seems.



(Sm72)

Re: 2019 Accounts - questions? questions? questions?
AGod 29 December, 2019 12:16
Well, I think we can see what George Dobell was alluding to, anyway.

As usual, his information was pretty much on point.

Re: 2019 Accounts - questions? questions? questions?
AGod 29 December, 2019 12:19
If we really have to save the monies outlined by Sandhills then we will, surely to goodness, not be wasting money on overseas players for the newly downgraded domestic T20 competition? (you know, the one that the ECB deigns to allow us to participate in)?

Re: 2019 Accounts - questions? questions? questions?
wsm fan 29 December, 2019 17:18
We are still in the T20 blast i think AGod.
It happens before the "100" so no suggestion it will be effected overly.....
June/July may be less warm than July/Aug but there are wilcard places up for grabs and white ball form to gain before the big new main event starting in mid July.....



Edited 1 time(s). Last edit at 29/12/2019 17:37 by wsm fan.

Re: 2019 Accounts - questions? questions? questions?
Phantom 31 December, 2019 11:50
Parts that jumped out at me

Membership up £75k <- Any indication on actual numbers? The is a massive increase when we had such great membership numbers already, or is it literally just an increase in amounts charged?

Commercial down £60k <- This is appalling in a World Cup year, someone should have been on top of getting sponsorship in and around the ground all summer on the back of the WC. Looking back I am surprised we didn't sell the naming rights of the ground at least during the tournament --- There will be a P45 for the person heading this!!

Admin salaries up £57k <- Unless we have taken on a number of additional staff this figure is staggering, minimum wage hasn't increased that much in 2019 so who gets a payrise to push this up so high?

Re: 2019 Accounts - questions? questions? questions?
Bagpuss 31 December, 2019 13:14
You couldn't sell any advertising/naming rights during the World Cup as this was all covered by ICC sponsorship deals. All references to Somerset sponsors in the ground had to be concealed during the period the ICC set up home there for the World Cup. There was a whole team of volunteers whose job it was to go round ensuring only bona fide CWC sponsors logos could be seen. It took several days at the Oval going round checking every sign, picture etc and blacking out eg sponsors logos on shirts in player photos.

Re: 2019 Accounts - questions? questions? questions?
Angell Face 01 January, 2020 10:47
Phantom, I think an apology to the commercial team might be in order.

Re: 2019 Accounts - questions? questions? questions?
Phantom 02 January, 2020 13:06
Quote:
Angell Face
Phantom, I think an apology to the commercial team might be in order.

Why?

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