Fawlty Towers Posted November 28, 2011 Report Share Posted November 28, 2011 (edited) The Club's AGM is on Thursday evening, now I know from the Meet the Board evening back in September that we made a profit of £46,000 but I was wondering if anyone who has seen the accounts can explain how this was achieved? Was it purely down to cutting costs, did our income increase greatly or was it a combination of both? I realise that I should have asked at the time but I was probably so shocked to see a profit being displayed in the initial presentation that I forgot to do so! Edited November 28, 2011 by Fawlty Towers Quote Link to comment Share on other sites More sharing options...
Jaggernaut Posted November 28, 2011 Report Share Posted November 28, 2011 I wonder if the Gary Harkins fee would contribute to that. New sponsorship deal(s)? Quote Link to comment Share on other sites More sharing options...
McKennan Posted November 28, 2011 Report Share Posted November 28, 2011 Martin! You ought to know better than to ask about our £130,000 profit ... sorry ... £46,000 profit ... sorry, modest loss. I'd like to know if the Invisible Man is going to chuck a few bob from his £250m sale of Asco the club's way. I doubt it and I can't blame him. Quote Link to comment Share on other sites More sharing options...
Fawlty Towers Posted November 28, 2011 Author Report Share Posted November 28, 2011 Martin! You ought to know better than to ask about our £130,000 profit ... sorry ... £46,000 profit ... sorry, modest loss. I'd like to know if the Invisible Man is going to chuck a few bob from his £250m sale of Asco the club's way. I doubt it and I can't blame him. Sorry if I am being a bit thick here but are you saying that we actually made a loss? Quote Link to comment Share on other sites More sharing options...
stoney jag Posted November 28, 2011 Report Share Posted November 28, 2011 Martin! You ought to know better than to ask about our £130,000 profit ... sorry ... £46,000 profit ... sorry, modest loss. I'd like to know if the Invisible Man is going to chuck a few bob from his £250m sale of Asco the club's way. I doubt it and I can't blame him. Doubt it mate, the money will be reinvested in the business. I stay near Aberdeen and used to work for ASCO but in fairness he put some of his own cash in previously and having met him personally he is a proper Thistle Fan. I heard a rumour his house up here was up for sale in the summer and he was returning to the West of Scotland but that has proved unfounded. On a another note hope you all enjoyed the Culter replay - the first game was like a "home match" for me, twenty mins fron the house. God did i feel sorry for you guys who had travelled from Glasgow - really was awful! Quote Link to comment Share on other sites More sharing options...
McKennan Posted November 29, 2011 Report Share Posted November 29, 2011 (edited) Sorry if I am being a bit thick here but are you saying that we actually made a loss? Martin, I have nooooo idea if the club has made a profit or a loss. While I am having a wee bit of a stir here I would not be surprised if the much-heralded pre-tax profit went down the gurgler. Great work by the board if there's a profit after all these years of pissing up a wall. Edited November 29, 2011 by McKennan Quote Link to comment Share on other sites More sharing options...
McKennan Posted November 29, 2011 Report Share Posted November 29, 2011 Doubt it mate, the money will be reinvested in the business. I stay near Aberdeen and used to work for ASCO but in fairness he put some of his own cash in previously and having met him personally he is a proper Thistle Fan. I heard a rumour his house up here was up for sale in the summer and he was returning to the West of Scotland but that has proved unfounded. On a another note hope you all enjoyed the Culter replay - the first game was like a "home match" for me, twenty mins fron the house. God did i feel sorry for you guys who had travelled from Glasgow - really was awful! I can't disagree with you on this one, Stoney Jag. It's not Billy Allan's businesses, transactions or successes that I have an issue with. I am concerned about the property development company and the boardroom chess game that's afoot. The Culter game at Firhill was just enough to make up for the shambles the week before. Quote Link to comment Share on other sites More sharing options...
Guest fredthecheesecloth Posted November 29, 2011 Report Share Posted November 29, 2011 The accounts haven't been filed yet. They don't need to be a for a good few months. Quote Link to comment Share on other sites More sharing options...
Jordanhill Jag Posted November 29, 2011 Report Share Posted November 29, 2011 The Club's AGM is on Thursday evening, now I know from the Meet the Board evening back in September that we made a profit of £46,000 but I was wondering if anyone who has seen the accounts can explain how this was achieved? Was it purely down to cutting costs, did our income increase greatly or was it a combination of both? I realise that I should have asked at the time but I was probably so shocked to see a profit being displayed in the initial presentation that I forgot to do so! Martin According to the Accounts to May 2011 there was an £8K trading profit ,the figure of £46K was a trading surplus at the time of the Meet the Board meeting which was comparing the situation in October 2010 to October 2011 where we had a six figure cashflow crisis circa £200K if my memory from the information given at the meeting is correct.That is not to say we will end up with a trading profit this Season however being in the black halfway through it helps. Quote Link to comment Share on other sites More sharing options...
Fawlty Towers Posted November 29, 2011 Author Report Share Posted November 29, 2011 Martin According to the Accounts to May 2011 there was an £8K trading profit ,the figure of £46K was a trading surplus at the time of the Meet the Board meeting which was comparing the situation in October 2010 to October 2011 where we had a six figure cashflow crisis circa £200K if my memory from the information given at the meeting is correct.That is not to say we will end up with a trading profit this Season however being in the black halfway through it helps. Thanks for that info Jim. I would hope that with increased crowds and the various fundraising efforts from the wearethistle guys and others that a profit would be possible for the next financial period. Quote Link to comment Share on other sites More sharing options...
Jordanhill Jag Posted November 29, 2011 Report Share Posted November 29, 2011 Thanks for that info Jim. I would hope that with increased crowds and the various fundraising efforts from the wearethistle guys and others that a profit would be possible for the next financial period. i think it will be hard - but we are unlikely to hit the previous issues of running out of cash half way through the Season scenario ,that sort of thing simply threatens our existance and being honest I often wonder why not more was said about it comparted to things like Propco (not that Im suggesting people shouldnt question Propco if thats there issue) however cashflow or lack of it kills you stone dead. Quote Link to comment Share on other sites More sharing options...
Fawlty Towers Posted November 29, 2011 Author Report Share Posted November 29, 2011 i think it will be hard - but we are unlikely to hit the previous issues of running out of cash half way through the Season scenario ,that sort of thing simply threatens our existance and being honest I often wonder why not more was said about it comparted to things like Propco (not that Im suggesting people shouldnt question Propco if thats there issue) however cashflow or lack of it kills you stone dead. I would have thought that with our crowds being well up on last season's (at the moment), increased spending on matchdays (programmes & 50/50 tickets), a back of shirt draw, the What a Sensation night, the wearethistle fundraising efforts and high earners like Buchanan off the wage bill that if we could make an £8K profit in the last financial period we could do so, or better, again? Quote Link to comment Share on other sites More sharing options...
Julie Ann Posted November 30, 2011 Report Share Posted November 30, 2011 I would have thought that with our crowds being well up on last season's (at the moment), increased spending on matchdays (programmes & 50/50 tickets), a back of shirt draw, the What a Sensation night, the wearethistle fundraising efforts and high earners like Buchanan off the wage bill that if we could make an £8K profit in the last financial period we could do so, or better, again? dont forget the jumble collection Quote Link to comment Share on other sites More sharing options...
Julie Ann Posted November 30, 2011 Report Share Posted November 30, 2011 Martin According to the Accounts to May 2011 there was an £8K trading profit ,the figure of £46K was a trading surplus at the time of the Meet the Board meeting which was comparing the situation in October 2010 to October 2011 where we had a six figure cashflow crisis circa £200K if my memory from the information given at the meeting is correct.That is not to say we will end up with a trading profit this Season however being in the black halfway through it helps. now you've really confused me. so the trumpeted turnaround and profit figure being emblazoned across the screen at the meet the board event wasn't in fact a profit at all but was simply the financial position on that night? the slide showing past year loss performances compared to 'the latest' profit figures wasn't really accurate or representative at all? if that's true then its another howler of misinformation. have i misunderstood? Quote Link to comment Share on other sites More sharing options...
Chicofan Posted November 30, 2011 Report Share Posted November 30, 2011 dont forget the jumble collection Yip that £18.26 could be a god send Quote Link to comment Share on other sites More sharing options...
Fawlty Towers Posted November 30, 2011 Author Report Share Posted November 30, 2011 dont forget the jumble collection Don't worry I did remember it. Quote Link to comment Share on other sites More sharing options...
Jordanhill Jag Posted December 1, 2011 Report Share Posted December 1, 2011 (edited) now you've really confused me. so the trumpeted turnaround and profit figure being emblazoned across the screen at the meet the board event wasn't in fact a profit at all but was simply the financial position on that night? the slide showing past year loss performances compared to 'the latest' profit figures wasn't really accurate or representative at all? if that's true then its another howler of misinformation. have i misunderstood? Yes and it was stated quite clearly that they were comparing the financial position over a 12 month period - not over the Financial year so the information provided was both accurate and clearly stated ,the simple fact was that last September we were facing a massive cashflow crisis ,at the same period this year we were £45K in the black -thats a fair old turnaround by any measurement. Even taking the £8K trading profit again, given the fact that we normally lose in the region of £200k or even greater for as long as I remember again its a fair old turnaround -at the meet the Board night great emphasise was put on the fact that there were strict financial controls and proceedures -so we seem to have some very able people looking after our Accounts from where Im sitting. Edited December 1, 2011 by Jordanhill Jag Quote Link to comment Share on other sites More sharing options...
Julie Ann Posted December 1, 2011 Report Share Posted December 1, 2011 Yes and it was stated quite clearly that they were comparing the financial position over a 12 month period - not over the Financial year so the information provided was both accurate and clearly stated ,the simple fact was that last September we were facing a massive cashflow crisis ,at the same period this year we were £45K in the black -thats a fair old turnaround by any measurement. Even taking the £8K trading profit again, given the fact that we normally lose in the region of £200k or even greater for as long as I remember again its a fair old turnaround -at the meet the Board night great emphasise was put on the fact that there were strict financial controls and proceedures -so we seem to have some very able people looking after our Accounts from where Im sitting. was it? no wonder i'm confused, even the official site's reporting of the meet the board night says differently from you David Beattie began proceedings by thanking a “fantastic turn out” for coming along before making a presentation that, after making a commitment to ‘Open and Honest Communication’ outlined the structure of the Club and detailed the Club’s position financially both historically and currently. Figures were provided that detailed the ‘Profit (loss) on ordinary activities before tax’ for the last three years. The figures provided being: 2009: £250,000 (loss) 2010: £100,000 (loss) 2011: £46,000 (profit) you say it was quite clearly explained? Not according to this thread from after the meeting. hands up who left that meeting thinking we'd made a profit of £46K and hands up who still thought that until this thread? Quote Link to comment Share on other sites More sharing options...
Jordanhill Jag Posted December 1, 2011 Report Share Posted December 1, 2011 was it? no wonder i'm confused, even the official site's reporting of the meet the board night says differently from you you say it was quite clearly explained? Not according to this thread from after the meeting. hands up who left that meeting thinking we'd made a profit of £46K and hands up who still thought that until this thread? it wasnt what i took from the figures plus last seasons books had not been fully Audited -if you are that concerned why dont you write to the Club asking for an explanation or indeed pitch up to the AGM tonight ,or why not ask questions on the night (btw read the thread very little comment or confusion of the figures) Me im pretty happy the Club are not sitting looking into a financial meltdown within a few weeks as we seemed to have had on an ongoing basis (270K in unpaid tax now thats a big cashflow problem) obviously the sales of Harkins & twadss were all part of a cunning plan - fast forward 18 months to September 2010 again serious cashflow problem now the figures are not great but we are not heading for financial oblivion for at least this Season unless you know something to the contrary . I did read you comment on "forced" proxy votes for the EGM -care to expand on that one since we are poring over detial ? Quote Link to comment Share on other sites More sharing options...
Steven H Posted December 2, 2011 Report Share Posted December 2, 2011 was it? no wonder i'm confused, even the official site's reporting of the meet the board night says differently from you you say it was quite clearly explained? Not according to this thread from after the meeting. hands up who left that meeting thinking we'd made a profit of £46K and hands up who still thought that until this thread? I left that meeting thinking we had £46k in the bank at that point in time. I also left thinking 'how the feck have we managed that?' So what were the figures at last years agm compared to this years agm? Quote Link to comment Share on other sites More sharing options...
Jaggernaut Posted December 2, 2011 Report Share Posted December 2, 2011 I left that meeting thinking we had £46k in the bank at that point in time. I also left thinking 'how the feck have we managed that?' So what were the figures at last years agm compared to this years agm? According to David Beattie in tonight's ET, the turnaround has largely been due to lowering the wage bill.: http://www.eveningtimes.co.uk:80/sport/thistle-in-profit-after-waging-pay-war-1.1137893 Quote Link to comment Share on other sites More sharing options...
Fawlty Towers Posted December 2, 2011 Author Report Share Posted December 2, 2011 According to David Beattie in tonight's ET, the turnaround has largely been due to lowering the wage bill.: http://www.eveningtimes.co.uk:80/sport/thistle-in-profit-after-waging-pay-war-1.1137893 It is good to see that the club is being run better and that these savings have been achieved but, as David Beattie has stated, finding a way to plug the hole left by the Warriors' departure is going to be a challenge and that is why we need to get behind the initiatives that we can afford to. Quote Link to comment Share on other sites More sharing options...
joejag Posted December 2, 2011 Report Share Posted December 2, 2011 It is good to see that the club is being run better and that these savings have been achieved but, as David Beattie has stated, finding a way to plug the hole left by the Warriors' departure is going to be a challenge and that is why we need to get behind the initiatives that we can afford to. Spot on!! Quote Link to comment Share on other sites More sharing options...
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