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AGM

February 23 2017 at 4:16 PM
Stu  (Login StuartRA)
Assistant Moderator

 
The club are cutting it very fine, for the 21 days notice of the AGM. The AGM is only 23 days away, and the accounts and agenda should be (under the club own rules) with all members at least 21 days before the 18th of March. We must recieve them within the next two days, or the meeting will have to be re-arranged.

 
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AuthorReply
Guest
(Login Danum)

Re: AGM

February 23 2017, 4:24 PM 

They are probably agonising over what to say about the financing of the south stand. I await with bated breath.

 
 
Geoff B
(Login Coastalview)

Re: AGM

February 23 2017, 5:08 PM 

Probably waiting for the results of the EuroMillions Superdraw tomorrow in the hope of paying for the stand, and the pre-season tour.

I'm a long way from Headingley but I have a nagging feeling all is not well.

Hope I'm wrong.

 
 
Steve C
(Login stevecowton)
Assistant Moderator

Re: AGM

February 23 2017, 5:47 PM 

Sorry - we have this every year....
The papers will be on their way.
No big scandals or secrets - we're just not very organised..

 
 
Geoff B
(Login Coastalview)

We're just not very organised..

February 23 2017, 5:56 PM 

Well that's alright then!

 
 
marsker
(Login marskeman)

Re: We're just not very organised..

February 24 2017, 12:55 PM 

AGM paperwork just arrived.

 
 
Guest
(Login ExiledinNotts)

Re: We're just not very organised..

February 24 2017, 1:35 PM 

18th March from 10am.

 
 

Guest
(Login dpressed)

Re: We're just not very organised..

February 24 2017, 5:38 PM 

My AGM 'bumf' arrived today

 
 
Tyke1950
(Login Tyke1950)

Re: We're just not very organised..

February 24 2017, 5:52 PM 

From page 3 of Annual Report and Accounts:

"TWENTY TWENTY in 2020

....we are supportive of the new initiative....please remain open-minded about the proposed new competition."

In view of the last clause quoted, the Club might at least pretend to be 'open-minded' itself!!

We're invited to join in the debate at the AGM. Not much point when the Club has already signalled its position!

 
 
Stu
(Login StuartRA)
Assistant Moderator

Re: We're just not very organised..

February 24 2017, 6:48 PM 

Still 25m in debt, with 4m to be paid off within two years. We do not have a "snowball in hells chance" of paying that off by 2019, not to mention the extra debt we are taking on to pay for the new stand.

 
 
Geoff B
(Login Coastalview)

Simple man

February 24 2017, 7:04 PM 

I got my stuff today too.

Still a little bit worried that the ground development funding is still up in the air. I will go to the AGM but I'm not confident the briefing to members will leave us any the wiser.

I have no expertise in accountancy but I think a £3256 surplus (before tax) on turnover of £8.7m seems a bit thin.

After tax the club lost £105.174.

One cost that seems to have risen a little bit is Director's remuneration.
Including wages, pensions and social security costs: (page 17)

2015 it shows £126,188
2016 it shows £318,525

I'm sure there's a simple explanation!

 
 
Guest
(Login Danum)

Re: AGM

February 24 2017, 9:58 PM 

So now we have the stuff for the meeting. But on two key issues I am concerned at how we are being kept in the dark.

On the south stand development we are merely told to await an update at the meeting. In a club that already faces massive repayments on its debts in the next few years we have no idea how it is proposed to finance this scheme that continues to be described as essential to finance the existing debt! A circular argument (and a vicious one at that) if ever there was one.

Several posts have professed to not being expert in accountancy. But you don't have to be expert to know that a business making £3000 surplus on turnover of almost £9 million cannot realistically hope to repay debts of £25 million and contemplate taking on still more. I know many on here prefer to focus on the cricket itself. But we are moving ever closer to being the next Durham but on an even bigger scale. If that doesn't scare you, it should.

On the Twenty20 in 2020 issue we are told the club supports this ECB venture and we are promised a debate. But at what point and on what basis did the club reverse its position from its previous statements at the members forum that it was opposed to a city based franchise system? Mr Denison now attempts to row back on his previous position by merely saying we don't want the team using Headingley to be called Leeds. If the board has already made up its mind what is the purpose of a debate other than to pay lip service to the notion that YCCC is still a members club?

 
 
Alandale
(Login Alandale)

Re: AGM

February 25 2017, 7:42 AM 

Spot on, Danum!

Incidentally, i have never seen such a thin, insubstantial statement of advocacy as we have from this year's Members Committee applicant...very disappointing...

 
 
Idle Man
(Login Idle_man)

Re: AGM

February 25 2017, 10:10 AM 

Yes, Danum has summed up my worries completely. Also agree about the members' committee applicant. Vaguely suggested he would be a different sort of representative without suggesting anything concrete. If I want that sort of candidate I can get it in national elections. I'm actually considering sending it back with a vote against.

Did we get information about this vacancy? I know it's largely a power-free talking shop, but it still seems a shame that there aren't more candidates.

 
 
Stu
(Login StuartRA)
Assistant Moderator

Re: AGM

February 25 2017, 10:47 AM 

Well summed up Danum. We are in a financial mess and I can not see any way out of it.

I can see why the club have back-tracked on the T20 comp - the cash tills are ringing for them!!! It may, however, turn out not to be the "cash-cow" they expect.

 
 
Steve C
(Login stevecowton)
Assistant Moderator

Re: AGM

February 25 2017, 11:29 AM 

surely the club budgets on a break even figure.
Any surplus is used to draw down existing debt?
I would say that a balance book surplus of £3k on a turnover of £9m reduced any risk of corporation task and demonstrated good financial management to be honest.....?
But again - I'm no accountant..

 
 
Guest
(Login BrickyardBoy)

Re: AGM

February 25 2017, 1:03 PM 

"Sir, for I dare not say dear"

It is expedient that I should inform you that the undersigned is not Crushed. Some flickering efforts to spare you the premature knowledge of this not calamitous position, you may observe in him this day, but hope has not sunk beneath the horizon and the undersigned is not Crushed, for assets exceed liabilties to the distance of 3000, and therefore, the dust and ashes are not scattered

On
The
Head
Of

Wilkins Micawber

 
 
Steve C
(Login stevecowton)
Assistant Moderator

Re: AGM

February 25 2017, 3:17 PM 

Annual income twenty pounds, annual expenditure nineteen, nineteen and six, result happiness.
Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

David Copperfield.

 
 
Stu
(Login StuartRA)
Assistant Moderator

Re: AGM

February 25 2017, 3:33 PM 

Fine great, we made a profit of £3000, but that is not going to make any impact on the £25M we still owe. £700000 in interest ad infinitum!!! 5M profit every year for the next 5 years is needed, and that is not going to happen.

 
 
Guest
(Login BrickyardBoy)

Re: AGM

February 25 2017, 5:21 PM 

But the risk is carried by those who lend, rather than by those who borrow. If the borrower can no longer service the debt, then the lender has to decide whether or not to foreclose. If he decides to do so, he then owns a cricket ground, and presumably, will look to put it to use.

It seems to me that YCCC would no longer own the ground, but would look to rent it from The Graves Family Trust, as opposed to doing so from Caddick, as it did in the past. And, of course, The Graves Family Trust would own a city-based international cricket venue outright.

Um!

 
 
 
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