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Beancounter The Second
I'm sure they did it for a good reason
Tue Jul 10, 2012 12:08
85.115.52.180 (XFF: 80.169.35.210)

But given that the negotiation had, I believe, been ongoing with the Trust since November 2011 then one wonders if theer was some other significant event that caused them to re-evaluate their directorships.

http://www.bucksfreepress.co.uk/sport/localsport/9625533.Wanderers_hit_by_transfer_embargo_as_two_directors_resign/ :

A statement from WWT said: “This decision, taken on Friday 30th March 2012, arose as a result of Wycombe Wanderers FC’s failure to lodge its Financial Accounts for the year ending 30th June 2011 with Companies House by the end of March deadline.

“Such failure, coming as it does despite considerable efforts on their part to ensure compliance, rendered David and Don’s positions untenable and resulted in their decision to resign from the main board.”





  • 2011 Accounts published — Beancounter The Second, Tue Jul 10 08:25
    Ouch! It'll take time for a more detailed analysis....
    • Can we estimate how much SH has written off his loans? — Anonymous, Tue Jul 10 11:57
      The WWFC Ltd balance sheet at 30 June 2011 shows net liabilities of c. £4m. Assuming losses of say a further £1m in 2011/12, the net liabilities at 30 June 2012 could be estimated at c. £5m. Based on ... more
      • Won't be able to really tell till the — Dusty Bottoms, Tue Jul 10 12:07
        next set of accounts, it has been considered as a non-adjusting event, and the accounts have not been prepared on a break up basis, so we all still considered to be a going concern, even though we... more
    • The most inportant figure is..... — Dusty Bottoms, Tue Jul 10 11:55
      (732,627) net cash outflow from operating activities. Basically We don't have the cash to hand in the business to pay interest, Tax and other liabilities. This figure strips out the depreciation,... more
      • Re: The most inportant figure is..... — Anonymous, Tue Jul 10 21:42
        What?
        • we have not got any cash, that figure — dusty bottoms, Wed Jul 11 07:20
          is the first that you use to analyse liquidity, along with working capital ratios. Enron were reporting profits for sixteen quarters but if the cashflow statement had been analysed properly the... more
          • Similar lines — Beancounter The Second, Wed Jul 11 08:43
            Total debt increased by 917,280 from 7,490,824 in 2010 to 8,408,104 in 2011. Total assets decreased by 364,165 from 5,697,879 in 2010 to 5,333,714 in 2011. Increasing debts, decreasing assets...not a ... more
    • It would be good if the financial guru — BD, Tue Jul 10 10:53
      on the trust board could give a break down of this report in laymans terms, for the non-bean counters amongst us.
      • Agreed — Beancounter The Second, Wed Jul 11 11:17
        Different Beancounters count beans in different ways and each gives more emphasis on which beans are of most interest to them. It would certainly be valuable to understand what the Trust's assessment ... more
      • True. Though — Stotways, Tue Jul 10 11:14
        you only need the ability to count to a million to see that they are appalling.
    • PBSE — Another beancounter, Tue Jul 10 09:24
      That is the thinnest post balance sheet event I have ever seen. Absurd.
      • Balance sheet — Dibley Jim, Tue Jul 10 09:45
        totally agree and why it took so long to produce the accounts I will never understand. A 1.25m loss making the total debt £7m in 2011.....plus what ever the 2012 loss will be. What I would like to... more
        • I would imagine — Beancounter The Second, Tue Jul 10 11:40
          that the delay wasn't in producing the accounts per se. More likely it was the Auditor seeking assurances (and evidence) that funding was available to keep the business as a going concern. Without... more
          • I Would Have Thought The Reason For Their Resignations --- — Eddie Monsoon, Tue Jul 10 11:51
            --back then, Mr B, were that they didn't want to be associated formerly, and possibly legally (?), with an organisation that couldn't even fulfil this most basic of corporate obligations. Quite right ... more
            • I'm sure they did it for a good reason — Beancounter The Second, Tue Jul 10 12:08
    • Link here — Anonymous, Tue Jul 10 09:00
      http://www.wycombewandererstrust.com/
    • Do you have a link for ease of finding it? (nm) — Beaconsfield Blue, Tue Jul 10 08:37
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