Digging into OAFC please read.....

[ChaddySmoker]

The Co-operative Bank?

There is many a true word spoken in jest!

[Dave_Og]

To some extent but I am talking about it in more general terms. The coop business model is used by lots of succesful and happy companies. Football clubs would be better run if they where all run in such ways. This coupled with transparency, fans representation etc... It would be good...

i

If you want to talk about coop banks very recent issues then it's not really relevant...

It may have been tongue in cheek but it is a current demonstration that just because something is set up in an apparently ethical way a good outcome is far from guaranteed.

 

Of all the stuff that banks have been involved in in recent years the Co-op stands head and shoulders above the rest in the hall of shame because of its sneering sanctimony over many years and its holier than that attitude. To have been shown up for what it was - at best incompetent - means that one should be careful what one wishes for

[oafc0000]

It may have been tongue in cheek but it is a current demonstration that just because something is set up in an apparently ethical way a good outcome is far from guaranteed.

 

Of all the stuff that banks have been involved in in recent years the Co-op stands head and shoulders above the rest in the hall of shame because of its sneering sanctimony over many years and its holier than that attitude. To have been shown up for what it was - at best incompetent - means that one should be careful what one wishes for

 

I think pointing to the Co-Op bank and try to link it in to what I am talking about is something of a stretch.

 

I also think its more than convenient to focus on the recent history of the Co-Op bank and ignore the rest of its history.

[jimsleftfoot]

 

I think pointing to the Co-Op bank and try to link it in to what I am talking about is something of a stretch.

 

I also think its more than convenient to focus on the recent history of the Co-Op bank and ignore the rest of its history.

It does highlight though that running an organisation that is democratic, ethical, inclusive etc requires a higher level of robustness than an organisation that doesn't aim to be the same. Where there are gaps, people may seek to influence for their own reasons and perhaps gain.

[LaticsPete]

This refers to York City , from the local paper, and shows how a donation as opposed to a loan can help mitigate the capping rules.

 

"City chairman Jason McGill’s Malton-based company JM Packaging made a £95,000 donation during the season to prevent the club from contravening the Football League’s Salary Cost Management Protocol, which dictates that member clubs can only spend 55 per cent of their income on playing costs."

[Dave_Og]

 

I think pointing to the Co-Op bank and try to link it in to what I am talking about is something of a stretch.

 

I also think its more than convenient to focus on the recent history of the Co-Op bank and ignore the rest of its history.

 

I think you need to get a sense of humour

[Diego_Sideburns]

Latest accounts published in the Chron.

 

In the year up to June 30, 2013, the Club’s net liabilities decreased from £5,416,066 to £5,132,341.

The documentation states: “The company is dependent upon its current and previous shareholders for financial support, which the directors are confident will continue for a period of at least another 12 months.”

 

http://www.oldham-chronicle.co.uk/news-features/10/oldham-athletic-news/85556/cup-run-boosted-club-finances

[rudemedic]

Latest accounts published in the Chron.

 

In the year up to June 30, 2013, the Club’s net liabilities decreased from £5,416,066 to £5,132,341.

The documentation states: “The company is dependent upon its current and previous shareholders for financial support, which the directors are confident will continue for a period of at least another 12 months.”

 

http://www.oldham-chronicle.co.uk/news-features/10/oldham-athletic-news/85556/cup-run-boosted-club-finances

Which I think means some of the money from the big cup run went across the pond, as that would possibly be the only way the liabilities could decrease.

[RayG]

Which I think means some of the money from the big cup run went across the pond, as that would possibly be the only way the liabilities could decrease.

 

The accounts covered an 18 month period from 1 Jan 2012 to 30 June 2013. The profit for the period was £283,725, but the amount owed to creditors increased during the period to £5,967,510 (from £5,948,554).

 

The balance sheet value of the club from -£5,416,066 to -£5,132,341 reflects the profit made during the period.

[laticsmarra]

Which I think means some of the money from the big cup run went across the pond, as that would possibly be the only way the liabilities could decrease.[/quot

The liabilities didn't decrease they increased. The profit for the 18 months covered by the accounts of £284k was effectively spent on fixed assets (long term assets that are such things as land buildings, improvements to leasehold premises and plant and equipment and motor vehicles).Over £400k was spent on Fixed Assets funded in part by profit and an increase in long term bank loans,which increased by £235k.

 

As the company is regarded as small it only has to file Abbreviated Accounts at Companies House so information is limited,the above is about as much as you can interpret from the accounts filed.

[blueatheart]

Which I think means some of the money from the big cup run went across the pond, as that would possibly be the only way the liabilities could decrease.

The club don't pay PAYE, NI or other suppliers then?

[rudemedic]

The club don't pay PAYE, NI or other suppliers then?

The club will pay PAYE and NI on time, the taxman likes taking football clubs to court over non-payment and paying them on time stops that, to not pay them properly is false economisation. We may have owed some local companies some money but I'm not so sure (we aren't Rangers and their creditors), but I doubt it is a couple of hundred grand.

 

As an aside, I'm pleased to note that the amount of liabilities the club has is more like £5 million as opposed to the £6 million that has been bandied about.

[singe]

The club will pay PAYE and NI on time, the taxman likes taking football clubs to court over non-payment and paying them on time stops that, to not pay them properly is false economisation. We may have owed some local companies some money but I'm not so sure (we aren't Rangers and their creditors), but I doubt it is a couple of hundred grand.

 

As an aside, I'm pleased to note that the amount of liabilities the club has is more like £5 million as opposed to the £6 million that has been bandied about.

Basically, as Ray says " but the amount owed to creditors increased during the period to £5,967,510 (from £5,948,554)". That is just shy of £20K. As that equates to 0.3% I doubt it is anything to do with our American based friends. SO in essence the value is still almost £6m but is seemingly obviously (as Director Loan) not incurring interest.