Missing out again!! Time to pay out 40 notes?

[Pavilionaire]

Tedebear, the club made it our business by asking every fan to donate £100 each. The quid pro quo is that they keep the fans informed about the club's finances.

Where else in life do you give money for nothing in return, and not be clear exactly where your money's gone?

I don't think its acceptable just to publish the accounts, I think the club need to make a statement about this tax situation and other big costs so the fans can have confidence in the running of the club moving forward.

 

[tedebear]

Completely understand that mate, but what you get in return is to be informed about the clubs finances - not to decide how they should be spent? if you get my drift? Fair enough if you're upset about not being informed but to me it seems most people are upset about the way its being spend which isn't up to them?

hopefully I'm explaining myself ok...

 

[3gulls]

Tedebear, the club made it our business by asking every fan to donate £100 each. The quid pro quo is that they keep the fans informed about the club's finances.

Where else in life do you give money for nothing in return, and not be clear exactly where your money's gone?

I don't think its acceptable just to publish the accounts, I think the club need to make a statement about this tax situation and other big costs so the fans can have confidence in the running of the club moving forward.

 

[Pavilionaire]

My perception is that fans are unclear as to where the money has gone, and while this perception persists the club cannot hope to get any more significant donations from fans.

It's all about confidence and faith. Quoted companies on the Stock Exchange are obliged to be be financially transparent in order that the market can have confidence and faith in the management and can decide where to invest on a level paying field.

The Albion should try and act in the same way to keep the fans onside at this crucial time.

 

[Storer68]

I know , lets turn ourselves into accountants and then we'll all understand what situation the club are in,

Otherwise, we have to take it on trust that things are going alright.

Blimey, this does smack of the "where did all the Cup Final money go" saga of 84 -5

(BTW - the answer was mostly into the players pockets through bonuses, pool funds etc)

 

[tedebear]

ok - I understand - thats the difference, not being shown clearly where its going is the problem...

 

[Storer68]

and its only become a tax "situation" in need of clarification since Harty brought it up during the phone in.

before then, no cared a flying fig

 

[Storer68]

Where else in life do you give money for nothing in return, and not be clear exactly where your money's gone?

I.

Upu don't givem the money for nothing...

but the cheques are free

 

[Pavilionaire]

Storer68 - How can I turn myself into an accountant when I am one already?!

Re the Capital Gains Tax on the Goldstone - normally the tax can be deferred if the gains are used to invest in another stadium, I think you have 5 years to reinvest.

We're now at 8 years because of the long, draw-out planning process - have the Revenue given the club extensions to the 5 year rule, have these now run out?

These are the sort of questions that need answers because if the Virgo money has gone straight to the taxman that could make the difference between survival or relegation.

 

[Ernest]

and its only become a tax "situation" in need of clarification since Harty brought it up during the phone in.

before then, no cared a flying fig

Actually I BROUGHT IT up first

 

[Storer68]

but if the Virgo & harding money went to pay the tax liability, then surely that is a proper use of available resources. Nop point having the gratest team on earth if the club is wound up. As to worrying about relegation , so what. if it happens, it happens I've been around this club too long now to get too worried about them - and anyway, they're usually followed by promotions!!!!

re the CGT

move this forward by 16 months and you might work out some answers

First published on Thursday 06 May 2004:
Knight reveals Goldstone bombshell
by Andy Naylor

Albion chairman Dick Knight today revealed the shocking price still being paid by the club for the controversial sale of the Goldstone by the previous owners eight years ago.

The Seagulls have been warned by their auditors they face a hefty bill from the taxman arising from the sale of their former home if their new stadium at Falmer is rejected by Deputy Prime Minister John Prescott.

They have set aside £347,000 in the annual accounts, which show overall losses have more than doubled to a whopping £891,000 for the year ending June 2003 when they were relegated from the First Division.

The sale of the Goldstone in 1996 by Knight's predecessor Bill Archer left Albion liable for a Capital Gains tax charge. The new Board under Knight claimed roll-over tax relief, setting the costs of developing Withdean against the gain.

Although they were entitled to the relief, it does not entirely extinguish their tax liability and the relief is time limited.

The delay in resolving the Falmer planning application could mean the Inland Revenue will demand payment and Albion will almost certainly have to cough up if Prescott's verdict on the Public Inquiry into the new stadium goes against them.

Knight said: "It is bitterly ironic that, even after eight battling years, the sale of the Goldstone could come back to haunt this club. We will fight on and the message needs to go out to John Prescott.

"He must be in no doubt that the future of the Albion is in his hands. This club cannot survive indefinitely without our new stadium."

Albion's losses rocketed by £534,000 compared with the year ending June 2002. Overall income fell, in spite of promotion to Division One.

A further £267,000 was written off against the costs of developing Withdean Stadium and the club spent another £890,000 on the Falmer planning application and Public Inquiry, increasing the total spent on the scheme to £2.1 million.

Although Albion were playing against bigger clubs in the First Division, average attendances at Withdean were limited to 6,650, a tiny rise generating extra gate receipts of just £37,000 compared with the previous season in Division Two.

The problems caused by the restricted capacity at Withdean were made worse by dramatic losses in income following the collapse of ITV Digital and the re-negotiation of the Football League website deal with Premium TV.

Despite playing in Division One, overall turnover dropped by £113,000 to £4.77 million.

Knight said: "The figures demonstrate the stark reality of playing at Withdean. We entertained some of the largest clubs in the country in Division One, but we could not get any more people in to see them.

"Our gates were the same in Division Three. It is a lost opportunity and just shows how damaging this long, drawn-out fight for our new stadium is."

The figures will cause concern to supporters about the chances of surviving in Division One next season if Albion are promoted via the play-offs.

Martin Perry, Albion's chief executive, said: "At the Public Inquiry a number of objectors said that we should stay at Withdean. These figures show just how flawed that argument is.

"We are struggling to increase the capacity by just 2,000 more seats. To increase the capacity to a level where the club is a viable entity at Withdean is an impossible task."

 

[Stinky Kat]

call in "The Auditor"

 

[Lokki 7]

Actually I BROUGHT IT up first

Actually the Inland Revenue brought it up first

 

[Deportivo Seagull]

Deportivo I wondered what that buzzing was in my head.

Might I suggest you wrap your head in tin foil before the next 'show' thus shielding yourself from those nasty 'waves'. However, there is no protection from the closet cases that phone in.

 

[LANGDON SEAGULL]

Where did all the cup final money go?

 

[Harty]

Langdon as Storey rightly says it all went on bonuses. Each player in the squad, 15, received £15,000 for each game.

 

[Yorkie]

There was a fans forum a few weeks back where any fan could ask questions to DK, MP and MM.

I appreciate exiles can't get there but any local fans could and could ask these questions.

The club is making itself available to answer.
As pointed out many times the accounts are at Companies House and available for inspection by anybody and you can email Martin Perry and will get an answer.

Ask away....

 

[Beach Hut]

We are up shit creek until we have a revenue stream.

Revenue stream = Falmer

For the moment we are where we are and that's it I'm afraid folks, be grateful we are in the Championship no other club would even make it that far in our financial situation.

 

[The British National Party]

I know its been touched on by someone else on another thread but the news that Carl Asaba has signed for Millwall is another kick in the nuts for Albion fans everywhere.
Is now the time for a re launch of the 40note fund?
Because its clear that the overwhelming majority of the transfer/season ticket income has gone straight out of the door, allegedly the bulk of it to the tax office at Worthing.
Would it work a second time?
I'll put my 40 quid in, anyone else up for it?

Yeah right, Forty quid? You don't have to pay travel fairs and a entrance fee to matches unlike us because you get it free from BBC southern county radio so know wonder you‘re so keen so get some attention. Forty quid when everything is going up apart from wages. You're having a laugh mate.

What's happened to the £1.5 million from Virgo, Harding money, and let alone all that money that us Albion fans have raised.

I tell you what, we might as well sell our f***ing houses.

 

[Lord Bracknell]

when you stump up for your season ticket the consideration from the contract you've entered into is the right to see a game of football - not to have a say in the running of the club?

When I stump up 40 notes to the Forty Notes Fund, I'd like to know from the trustees of the fund (not the football club) how the money is being spent.

Have they ever told us?