| Swans Trust Board Minutes - February 2017 on 08:10 - Mar 7 with 1825 views | swancity |
Building more bridges. There's lovely. |  |
| Only an idiot would eat a turkey curry on Christmas day |
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| Swans Trust Board Minutes - February 2017 on 08:12 - Mar 7 with 1818 views | monmouth |
| Swans Trust Board Minutes - February 2017 on 08:10 - Mar 7 by swancity |
Building more bridges. There's lovely. |
I'm not going to criticise but on that theme, it might be nice to construct a bridge over which the management accounts can be delivered promptly? |  |
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| Swans Trust Board Minutes - February 2017 on 08:29 - Mar 7 with 1792 views | waynekerr55 |
| Swans Trust Board Minutes - February 2017 on 08:12 - Mar 7 by monmouth |
I'm not going to criticise but on that theme, it might be nice to construct a bridge over which the management accounts can be delivered promptly? |
Why are these taking so long? Genuine question. |  |
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| Swans Trust Board Minutes - February 2017 on 09:02 - Mar 7 with 1771 views | Nookiejack |
| Swans Trust Board Minutes - February 2017 on 08:12 - Mar 7 by monmouth |
I'm not going to criticise but on that theme, it might be nice to construct a bridge over which the management accounts can be delivered promptly? |
Monthly management accounts are now Quarterly - but Trust still hasn't received them.
I would really think as a 21% shareholder the Trust has 'Information Rights' to demand monthly management accounts.
It may be indicative that Trust has accepted Quarterly Board meetings - which again would seem strange given the turnover of the business. | | | |
| Swans Trust Board Minutes - February 2017 on 09:09 - Mar 7 with 1759 views | Shaky |
| Swans Trust Board Minutes - February 2017 on 09:02 - Mar 7 by Nookiejack |
Monthly management accounts are now Quarterly - but Trust still hasn't received them.
I would really think as a 21% shareholder the Trust has 'Information Rights' to demand monthly management accounts.
It may be indicative that Trust has accepted Quarterly Board meetings - which again would seem strange given the turnover of the business. |
Management accounts for Nov/Dec/Jan.
Minutes of meeting held 6th Feb, 3 working days after the end of the period.
Please read the fcuking things, Nookie, before you set your hair on fire. |  |
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| Swans Trust Board Minutes - February 2017 on 09:17 - Mar 7 with 1748 views | Nookiejack |
Given you would assume Pearlman will be on a 'meaty' contract given he has relocated from US (to make it worthwhile for him?) - whilst also Huw Jenkins appears to be on circa £500k plus bonuses (from last Statutory Accounts).
The club now appears to be paying for 2 highly paid executives - will their bonus structure be dependent on their roles and responsibilities?
For example will Huw Jenkins receive a bonus if we stay up on the football side of the business and Pearlman only if he increases commercial income?
Have the club paid Kaplan and/or Levein management/arrangement or success fees with respect to the takeover?
Has the club paid Kaplan and/or Levein any Management Fees since the takeover? Are any forecast to be paid in the budget? (Why would any Management Fees need to be paid if already paying Huw Jenkins and Pearlman?) | | | |
| Swans Trust Board Minutes - February 2017 on 09:18 - Mar 7 with 1740 views | waynekerr55 |
| Swans Trust Board Minutes - February 2017 on 09:09 - Mar 7 by Shaky |
Management accounts for Nov/Dec/Jan.
Minutes of meeting held 6th Feb, 3 working days after the end of the period.
Please read the fcuking things, Nookie, before you set your hair on fire. |
I wish I had some hair to set on fire Shaky 👴👴👴👴 | |
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| Swans Trust Board Minutes - February 2017 on 09:21 - Mar 7 with 1738 views | Nookiejack |
| Swans Trust Board Minutes - February 2017 on 09:09 - Mar 7 by Shaky |
Management accounts for Nov/Dec/Jan.
Minutes of meeting held 6th Feb, 3 working days after the end of the period.
Please read the fcuking things, Nookie, before you set your hair on fire. |
With respect the Trust still didnt know the November or December monthly management accounts position at the Trust Board meeting. Could understand your point about January accounts. | | | |
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| Swans Trust Board Minutes - February 2017 on 09:40 - Mar 7 with 1710 views | Shaky |
| Swans Trust Board Minutes - February 2017 on 09:21 - Mar 7 by Nookiejack |
With respect the Trust still didnt know the November or December monthly management accounts position at the Trust Board meeting. Could understand your point about January accounts. |
They are talking about quarterly reports only, Nookie, not monthly.
Many companies don't produce monthly reporting, and given it is a big deal for your average small finance department, I can easily imagine they have sensibly ditched that practice. | |
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| Swans Trust Board Minutes - February 2017 on 10:06 - Mar 7 with 1679 views | Nookiejack |
| Swans Trust Board Minutes - February 2017 on 09:40 - Mar 7 by Shaky |
They are talking about quarterly reports only, Nookie, not monthly.
Many companies don't produce monthly reporting, and given it is a big deal for your average small finance department, I can easily imagine they have sensibly ditched that practice. |
Sorry again for a company of the club's size in my view it would not be unusual for monthly management accounts not to be produced. Yes if it was fairly dormant I would agree but not for a £100m plus turnover company.
The issue is if a material issue occurred in November 2016 the Trust would now not find out about it until earliest end of March 2017. | | | |
| Swans Trust Board Minutes - February 2017 on 10:07 - Mar 7 with 1674 views | Nookiejack |
| Swans Trust Board Minutes - February 2017 on 10:06 - Mar 7 by Nookiejack |
Sorry again for a company of the club's size in my view it would not be unusual for monthly management accounts not to be produced. Yes if it was fairly dormant I would agree but not for a £100m plus turnover company.
The issue is if a material issue occurred in November 2016 the Trust would now not find out about it until earliest end of March 2017. |
Typo correction - it would be very unusual for management accounts not to be produced for a £100m turnover company. | | | |
| Swans Trust Board Minutes - February 2017 on 10:14 - Mar 7 with 1666 views | Uxbridge |
Just to clarify, the club do produce monthly management accounts, and periods up to December have been received now (I'd have to check the timings on the December ones ... they were around the time of the Feb board meeting, so it may well have been after the meeting.
As I understand it, January's are imminent however given the discussions with the auditors etc regarding the 15/16 accounts, they've been a bit delayed. |  |
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| Swans Trust Board Minutes - February 2017 on 10:22 - Mar 7 with 1643 views | Nookiejack |
| Swans Trust Board Minutes - February 2017 on 10:14 - Mar 7 by Uxbridge |
Just to clarify, the club do produce monthly management accounts, and periods up to December have been received now (I'd have to check the timings on the December ones ... they were around the time of the Feb board meeting, so it may well have been after the meeting.
As I understand it, January's are imminent however given the discussions with the auditors etc regarding the 15/16 accounts, they've been a bit delayed. |
Thank you for clarifying and great that Trust is receiving monthly management accounts in a timely manner. | | | |
| Swans Trust Board Minutes - February 2017 on 11:01 - Mar 7 with 1602 views | monmouth |
My comment was purely because the non receipt was raised in the Trust minutes, which, in the way it was written I read as an issue. If it was simply a statement with no implication, then thank goodness we can put the screwdrivers down; no new bridge needed. | |
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| Swans Trust Board Minutes - February 2017 on 11:04 - Mar 7 with 1596 views | Jack_y_Jwc |
I'd agree with the lack of anything Swans related in the Football Museum, I went 2 yrs ago and all I found was a Cyril teddy. The tour guide knew I was a Swans fan and even he pointed out that this was the only Swans related merchandise on display.
I did laugh at the Chris Pearlman speaking for 65min - I read it like someone complaining! | |
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| Swans Trust Board Minutes - February 2017 on 11:24 - Mar 7 with 1574 views | Darran |
If a copy of that film is being forwarded to the DSA Group could a copy be forwarded to the people starring in the film? 👀 |  |
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| Swans Trust Board Minutes - February 2017 on 13:01 - Mar 7 with 1514 views | Shaky |
| Swans Trust Board Minutes - February 2017 on 10:06 - Mar 7 by Nookiejack |
Sorry again for a company of the club's size in my view it would not be unusual for monthly management accounts not to be produced. Yes if it was fairly dormant I would agree but not for a £100m plus turnover company.
The issue is if a material issue occurred in November 2016 the Trust would now not find out about it until earliest end of March 2017. |
The purpose of management accounts is to monitor how a company is performing relative to budget/expectations.
And there aren't many £100 million turnover businesses with a single customer accounting for substantially all the revenue.
The premier league isn't going produce more or less revenue in any given period, and if they stop paying their bills you are going to find out about it on the evening news well before your accountants catch wind of anything. | |
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| Swans Trust Board Minutes - February 2017 on 13:27 - Mar 7 with 1481 views | Nookiejack |
| Swans Trust Board Minutes - February 2017 on 13:01 - Mar 7 by Shaky |
The purpose of management accounts is to monitor how a company is performing relative to budget/expectations.
And there aren't many £100 million turnover businesses with a single customer accounting for substantially all the revenue.
The premier league isn't going produce more or less revenue in any given period, and if they stop paying their bills you are going to find out about it on the evening news well before your accountants catch wind of anything. |
Yes I agree the revenue position should be relatively easy to monitor - given mostly dependent on TV revenue and season ticket sales. You probably will want to track March day revenues though re relationship with StadCo.
Wouldn't you want to have a grip on actual cost position against cost budgets though? - for example staff costs and project costs for example training ground redevelopments.
Also Balance sheet monitoring, I.e. bank account reconciliations, cash flow position/forecast and position against bank covenants. Or would you just perform bank account reconciliations and cash forecasts quarterly?
I understand a PE fund would demand monthly management accounts from their investeee companies even if generating minimal EBITDA/EBITA. Do you think the Yanks ask for monthly management accounts or quarterly information? | | | |
| Swans Trust Board Minutes - February 2017 on 13:37 - Mar 7 with 1464 views | Shaky |
| Swans Trust Board Minutes - February 2017 on 13:27 - Mar 7 by Nookiejack |
Yes I agree the revenue position should be relatively easy to monitor - given mostly dependent on TV revenue and season ticket sales. You probably will want to track March day revenues though re relationship with StadCo.
Wouldn't you want to have a grip on actual cost position against cost budgets though? - for example staff costs and project costs for example training ground redevelopments.
Also Balance sheet monitoring, I.e. bank account reconciliations, cash flow position/forecast and position against bank covenants. Or would you just perform bank account reconciliations and cash forecasts quarterly?
I understand a PE fund would demand monthly management accounts from their investeee companies even if generating minimal EBITDA/EBITA. Do you think the Yanks ask for monthly management accounts or quarterly information? |
Well over 80% of the operating costs are staff related.
No surprises there either and the board will no doubt discuss new signings, the cost of which is easy to add to a forecastr should it become necessary.
Good business practice is about doing things that are actually useful, not just going through the motions from a check list you have read in a book somewhere. | |
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