Re: Latest financial situation - all posts here : Tue Jun 26, 2012 2:21 pm  

That 110k wasn't a loan, it was an advance of our sky monies iirc.

Re: Latest financial situation - all posts here : Tue Jun 26, 2012 2:36 pm  

I've started wondering about the 10 day deadline (I assume that it's working days which makes it a fortnight today) as the club apparently pays its staff on the 14th. of the month. What's due on the 10th, which would be deadline day?

Re: Latest financial situation - all posts here : Tue Jun 26, 2012 2:38 pm  

The Chronicler of Chiswic wrote:

I've started wondering about the 10 day deadline (I assume that it's working days which makes it a fortnight today) as the club apparently pays its staff on the 14th. of the month. What's due on the 10th, which would be deadline day?

If salaries hit accounts on the 14th, the club need to push the button on payroll a few days before that if they pay by BACS.

Re: Latest financial situation - all posts here : Tue Jun 26, 2012 2:46 pm  

FearTheVee wrote:

If salaries hit accounts on the 14th, the club need to push the button on payroll a few days before that if they pay by BACS.

Not now. BACS is history. Can pay for value same day if you have to thru faster payments (in my case, it costs us £3.00 a same-day payment, mind, compared with 33p for next-day payment).

14 July is a Saturday, so there would have to be cleared funds in the account on Friday 13th. Date of ill-omen or what?

That is outside the 10-day timeframe, so unless Caisley and/or his "investors" miraculously appear with either a bid or funding, it seems unlikely to last till then anyway?

Re: Latest financial situation - all posts here : Tue Jun 26, 2012 2:50 pm  

Hello GB, and no surprise you chose today to post some pertinent points. one question of fact: you give a wage bill of £300k, I assume you mean per month. 2010 accounts show £2.4m staff costs which should include NIC etc and out of which paye etc would be deducted to pay over to HMRC so £200k per month. I would expect a bit of an increase, but not 50% more than 2 years ago. anyway, my favoured cost cutting priorities would be Odsal, anything left in admin costs, then the team. The footballing review presumably included who to "keep" in this eventuality, on the pareto principle, so in a phoenix situation we should end up with a young injury free squad, tho not necessarily the young ones we want.

general question - what happens to the franchise itself, can it be sold/bought or does it revert to the RFL upon admin/liquidation?

Re: Latest financial situation - all posts here : Tue Jun 26, 2012 2:52 pm  

Adeybull wrote:

Not now. BACS is history.

Some people still process payroll through BACS. Not sure who the Bulls bank with but not all banks offer batch faster payments (where you can upload a csv file with payment details). There are still lots of companies that use BACS for payroll.

I agree it can be overcome, but it may well be the "usual" day for payroll processing at the club.

Re: Latest financial situation - all posts here : Tue Jun 26, 2012 2:58 pm  

They bank with Yorkshire (NBA) now. Used to be Natwest. You would hope that they would recognise/take advantage of the benefits of a later date for funds check?

That said, they still seemed to think PAYE was due on the 19th - not the 22nd if paying electronically - so maybe not?

But its all so many deckchairs on the Titanic for rearrangement now anyway.

Re: Latest financial situation - all posts here : Tue Jun 26, 2012 3:01 pm  

Adeybull wrote:

Not now. BACS is history. Can pay for value same day if you have to thru faster payments (in my case, it costs us £3.00 a same-day payment, mind, compared with 33p for next-day payment).

14 July is a Saturday, so there would have to be cleared funds in the account on Friday 13th. Date of ill-omen or what?

That is outside the 10-day timeframe, so unless Caisley and/or his "investors" miraculously appear with either a bid or funding, it seems unlikely to last till then anyway?

Adey - read a lot of your posts and I sense you have some financial acumen (Which is more than can be said for the BoD). What's your confidence level that a buyer can be found and the club saved?

Re: Latest financial situation - all posts here : Tue Jun 26, 2012 3:08 pm  

Well I don't know about Adey but uncomfirmed reports are showing that Jack Tordoff is meeting with that administrator who was in the paper. If true it shows someone is very interested but it ends speculation that Morrison will invest.

Re: Latest financial situation - all posts here : Tue Jun 26, 2012 3:13 pm  

Bad times for the Bulls, hope you pull through. As a Wakefield fan it is all too vivid a memory. I guess a few players will shortly depart but i've a feeling something will turn up and you will carry on, albeit expectation may well have to be lowered along with the wage bill. Still that is better than having no club at all. Good luck.