| £15.3m profit on 08:59 - Mar 14 with 2396 views | monmouth |
| £15.3m profit on 08:39 - Mar 14 by Uxbridge |
Yes of course. Well, decent ones would*
*This post does not, in any way, seek to criticise the capabilities of KPMG or even imply that they are anything other than epic. I'll leave that for Jackonicko  |
Page 1, point 1 of the auditors excuses for anything.
"That item was not material, your honour" |  |
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| £15.3m profit on 09:14 - Mar 14 with 2370 views | jackonicko |
You called?
The payment to Jaxx Bay is described as for "goods and services", and Jaxx Bay is described as a property management company.
Any payment to a related party is "material" from a disclosure point of view so the inclusion of that statement in the accounts would have been 'audited'. However, to Ux's point, they won't review the appropriateness of, or governance over, that transaction. Just that it has been categorised and added up properly.
All we can deduce is that there is some underlying commercial rationale for that amount, rather than it being simply a loan or a cash payment.
And KPMG? Er, fine firm. Just in case their lawyers are watching. :) |  | | |
| £15.3m profit on 09:36 - Mar 14 with 2338 views | tomdickharry |
| £15.3m profit on 09:14 - Mar 14 by jackonicko |
You called?
The payment to Jaxx Bay is described as for "goods and services", and Jaxx Bay is described as a property management company.
Any payment to a related party is "material" from a disclosure point of view so the inclusion of that statement in the accounts would have been 'audited'. However, to Ux's point, they won't review the appropriateness of, or governance over, that transaction. Just that it has been categorised and added up properly.
All we can deduce is that there is some underlying commercial rationale for that amount, rather than it being simply a loan or a cash payment.
And KPMG? Er, fine firm. Just in case their lawyers are watching. :) |
Wonder what property in the Swansea City portfolio they Managed? for £3M+ lets have a look, the Liberty No (owned by the Local Authority),Fairwood (No University Involved here): what else The Academy land (Owned by Swansea City). anything else owned by Swansea City,anybody know? |  | | |
| £15.3m profit on 10:38 - Mar 14 with 2279 views | mark555 |
Huw Jenkins have always said that when funds are needed, Martin Morgan lends the money to the club and the money is paid back at a later date.
MM may have paid the down payments for some of the transfers in the summer of 2012, knowing the money for Joe Allen and Brendan was on the way.
MM may even have paid some of the building costs for Landore or Fairwood which have then then been re-payed to him at a later date
The full accounts would clearly show where the money went and why, companies house records only show a snap shot of what's going on. | | | |
| £15.3m profit on 10:42 - Mar 14 with 2270 views | Uxbridge |
| £15.3m profit on 10:38 - Mar 14 by mark555 |
Huw Jenkins have always said that when funds are needed, Martin Morgan lends the money to the club and the money is paid back at a later date.
MM may have paid the down payments for some of the transfers in the summer of 2012, knowing the money for Joe Allen and Brendan was on the way.
MM may even have paid some of the building costs for Landore or Fairwood which have then then been re-payed to him at a later date
The full accounts would clearly show where the money went and why, companies house records only show a snap shot of what's going on. |
Goods and services during 2012/13. This isn't a loan and repayment unless I'm misreading it, and certainly wouldn't be historic as the same accounts state no debt at end of 2012. Something happened during that period. The company paid MM's company for work it did or something it owned, whatever it may be. Haven't the foggiest what it is though. It might be, hell probably is, totally benign. It'd be nice to know what it relates to though. |  |
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| £15.3m profit on 10:50 - Mar 14 with 2259 views | Phil_S |
| £15.3m profit on 08:11 - Mar 14 by Uxbridge |
I'd be alarmed if they didn't already know. Something of that magnitude would have to be sanctioned by the club board, which surely our SD would have passed down.
I haven't asked though, so don't know. Oh Phil.... |
First I knew of it personally was reading this particular thread - that is not to say that it hasn't been discussed at meetings as my attendance at them is frankly shocking!
Have asked the question will come back at some stage when I know the answer |  | | |
| £15.3m profit on 10:52 - Mar 14 with 2251 views | WarwickHunt |
| £15.3m profit on 10:50 - Mar 14 by Phil_S |
First I knew of it personally was reading this particular thread - that is not to say that it hasn't been discussed at meetings as my attendance at them is frankly shocking!
Have asked the question will come back at some stage when I know the answer |
You read the minutes of these meetings, Shirley? |  | | |
| £15.3m profit on 10:52 - Mar 14 with 2251 views | Phil_S |
| £15.3m profit on 09:36 - Mar 14 by tomdickharry |
Wonder what property in the Swansea City portfolio they Managed? for £3M+ lets have a look, the Liberty No (owned by the Local Authority),Fairwood (No University Involved here): what else The Academy land (Owned by Swansea City). anything else owned by Swansea City,anybody know? |
Thinking of this point - would it be something to do with Landore and the development of that? (guess work not knowledge) | | | |
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| £15.3m profit on 10:55 - Mar 14 with 2245 views | waynekerr55 |
| £15.3m profit on 10:52 - Mar 14 by Phil_S |
Thinking of this point - would it be something to do with Landore and the development of that? (guess work not knowledge) |
Payment for player accomodation maybe? Obviously it's not going to total £3m but MM is known to have a large property portfolio.
Again guesswork! |  |
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| £15.3m profit on 10:58 - Mar 14 with 2234 views | Uxbridge |
| £15.3m profit on 10:50 - Mar 14 by Phil_S |
First I knew of it personally was reading this particular thread - that is not to say that it hasn't been discussed at meetings as my attendance at them is frankly shocking!
Have asked the question will come back at some stage when I know the answer |
Ta. | |
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| £15.3m profit on 11:00 - Mar 14 with 2223 views | mark555 |
When it states no debts for the end of 2012, I take that to mean May 2012?
Does MM provide all the travel and hotel accomadation for the club for away games, summer pre- season tours etc, throw in the odd new signing staying at Morgans for a month or two, and maybe the club renting MM glass house down Three Cliffs and you could easily be hitting a few million. [Post edited 14 Mar 2014 11:11]
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| £15.3m profit on 11:10 - Mar 14 with 2202 views | Uxbridge |
| £15.3m profit on 11:00 - Mar 14 by mark555 |
When it states no debts for the end of 2012, I take that to mean May 2012?
Does MM provide all the travel and hotel accomadation for the club for away games, summer pre- season tours etc, throw in the odd new signing staying at Morgans for a month or two, and maybe the club renting MM glass house down Three Cliffs and you could easily be hitting a few million. [Post edited 14 Mar 2014 11:11]
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No idea. Quite possibly. Don't think that would come close to £3m though.
Anyway, like I said, so long as there's a proper governance process for any deals to ensure things are in the club's best interests then I don't have an issue. | |
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| £15.3m profit on 11:18 - Mar 14 with 2186 views | Catullus |
| £15.3m profit on 10:55 - Mar 14 by waynekerr55 |
Payment for player accomodation maybe? Obviously it's not going to total £3m but MM is known to have a large property portfolio.
Again guesswork! |
Don't the Swans also own property, I thought the house Rodgers lived in was club owned. it's certainly worth a few bob, at least £750,000 I'd have said. | |
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| £15.3m profit on 11:20 - Mar 14 with 2183 views | WarwickHunt |
| £15.3m profit on 11:00 - Mar 14 by mark555 |
When it states no debts for the end of 2012, I take that to mean May 2012?
Does MM provide all the travel and hotel accomadation for the club for away games, summer pre- season tours etc, throw in the odd new signing staying at Morgans for a month or two, and maybe the club renting MM glass house down Three Cliffs and you could easily be hitting a few million. [Post edited 14 Mar 2014 11:11]
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It's a property company so unless he has properties in every city we play in, I doubt it.
£3.2m is a nice little earner for a company with less than £1m assets and net worth of £373k in Sept 2012.
http://companycheck.co.uk/company/03771693/JAXX-BAY-LIMITED/company-summary
This needs explaining, pronto. | | | |
| £15.3m profit on 11:35 - Mar 14 with 2153 views | mark555 |
For the average person travelling I would agree its expensive but if any 1st class travel, or if any planes being chartered are involved then prices could soon add up.
While we remain in the premiership and continue to post financial results showing the club to be in a healthy position I wont be to critical of what the board does.
Huw's 250k sounds a lot but if you go through the premier league he's probably one of the lowest paid MD's/chairman of the 20 clubs and there's no one I would prefur in the role.
If the board choose to use LD's vending machine company is it really the end of the world?
If the club have someone visiting Swansea and they are put up at Morgans so what, I would rather the money went to Martin Morgan than the Marriott he's put enough cash in to the club over the years. | | | |
| £15.3m profit on 11:38 - Mar 14 with 2149 views | Uxbridge |
Well it's turnover, not profit. None of those figures for any of the directors are profit. Just so everyone's clear on that.
Anyway, the esteemed leader of this site (no, not you Darran) sent me some details and asked me to post them. He's obviously too busy Anyway, MM won the tender for Landore. So that answers that. | |
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| £15.3m profit on 11:40 - Mar 14 with 2134 views | jackonicko |
Also, whenever MM has loaned money to the club he has taken charges over club assets as security. He hasn't done that for a while. | | | |
| £15.3m profit on 11:43 - Mar 14 with 2127 views | tomdickharry |
| £15.3m profit on 10:42 - Mar 14 by Uxbridge |
Goods and services during 2012/13. This isn't a loan and repayment unless I'm misreading it, and certainly wouldn't be historic as the same accounts state no debt at end of 2012. Something happened during that period. The company paid MM's company for work it did or something it owned, whatever it may be. Haven't the foggiest what it is though. It might be, hell probably is, totally benign. It'd be nice to know what it relates to though. |
The answer is on SCFC guestbook this morning,interesting. | | | |
| £15.3m profit on 11:45 - Mar 14 with 2118 views | Phil_S |
| £15.3m profit on 11:43 - Mar 14 by tomdickharry |
The answer is on SCFC guestbook this morning,interesting. |
The answer was on this very thread? | | | |
| £15.3m profit on 11:46 - Mar 14 with 2112 views | WarwickHunt |
| £15.3m profit on 11:38 - Mar 14 by Uxbridge |
Well it's turnover, not profit. None of those figures for any of the directors are profit. Just so everyone's clear on that.
Anyway, the esteemed leader of this site (no, not you Darran) sent me some details and asked me to post them. He's obviously too busy Anyway, MM won the tender for Landore. So that answers that. |
Thanks. | | | |
| £15.3m profit on 11:46 - Mar 14 with 2112 views | Dr_Winston |
"If the board choose to use LD's vending machine company is it really the end of the world?"
If another company can provide the same service for less, then yes.
We have to remain vigilant to ensure that our club remains precisely that, rather than a cash generator for specific individuals. It's entirely possible, indeed probable that nothing untoward has gone on, but we have to remain questioning. Like Uxy said, the instant we stop doing that we're no better than the Redbird Sheep.
This post has been edited by an administrator |  |
| Pain or damage don't end the world. Or despair, or f*cking beatings. The world ends when you're dead. Until then, you got more punishment in store. Stand it like a man... and give some back. |
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| £15.3m profit on 11:48 - Mar 14 with 2104 views | Phil_S |
| £15.3m profit on 11:46 - Mar 14 by Dr_Winston |
"If the board choose to use LD's vending machine company is it really the end of the world?"
If another company can provide the same service for less, then yes.
We have to remain vigilant to ensure that our club remains precisely that, rather than a cash generator for specific individuals. It's entirely possible, indeed probable that nothing untoward has gone on, but we have to remain questioning. Like Uxy said, the instant we stop doing that we're no better than the Redbird Sheep.
This post has been edited by an administrator |
I really promised I would concentrate on work this morning!
For the programme and the vending the tenders will be done I think every year and the best deal will be struck for the club. | | | |
| £15.3m profit on 11:49 - Mar 14 with 2099 views | Dr_Winston |
| £15.3m profit on 11:48 - Mar 14 by Phil_S |
I really promised I would concentrate on work this morning!
For the programme and the vending the tenders will be done I think every year and the best deal will be struck for the club. |
Good stuff. | |
| Pain or damage don't end the world. Or despair, or f*cking beatings. The world ends when you're dead. Until then, you got more punishment in store. Stand it like a man... and give some back. |
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| £15.3m profit on 11:50 - Mar 14 with 2085 views | Darran |
Not sure if this is a stupid question but would the club be renting properties for loan players and newly signed players before they sort their own thing out? |  |
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| £15.3m profit on 11:54 - Mar 14 with 2078 views | Uxbridge |
| £15.3m profit on 11:50 - Mar 14 by Darran |
Not sure if this is a stupid question but would the club be renting properties for loan players and newly signed players before they sort their own thing out? |
Probably. Lots of companies do for new starters if not local. | |
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