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Old 9th May 2020, 10.41:01   #1-0 (permalink)
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Default WST statement: WST 'made aware of a further Directors loan'

https://wst.org.uk/wp/?p=1251

Directors Loans
Following on from last week’s communication. We have been made aware of a further Directors loan made by former Chief Executive Don Bircham. This was made by Mr Bircham as the result of a cash flow issue in May 2015. This related to a late payment to the club that season.

Mr Bircham paid the money into our account at the beginning of May and was paid back before the end of the month. The two transactions cancelled each other out and were not picked up at the time. Of course we are grateful to Mr Bircham for taking the action he felt was necessary at that time and we value his contribution to the club, not least as a long-term sponsor.

However, it is important to note that Club Board is now bound by the Governing Board and Operational Board Policy and this prevents the Club Board, or individual directors, from making individual financial decisions of this nature. The interests of members are protected by the following two clauses.

6.4 If any lending is required by the Operational Board, this must be agreed by the Trust Board.

and

6.6 Should the Trust Board be asked to authorise any spend of over one percent of the annual budgeted turnover, it should be presented with a written business case, and consideration given to sharing with the membership.

Members will note that the last instance of a short-term loan was handled in line with this policy and approved unanimously by the Trust Board at that time in 2016. There have been no cash flow issues since 2016 . This is despite the club operating without an overdraft of any kind.

Members may wish to reflect on this policy and consider any further measures they feel may be appropriate in the current period of uncertainty.
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Old 9th May 2020, 11.02:45   #2-0 (permalink)
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Default Re: WST statement: WST 'made aware of a further Directors loan'

I’m sorry but this statement is a load of rubbish. It indicates that Birchan worked alone in loaning the club £100k and then taking it back.
I can’t see how as a bare minimum Mark Williams wasn’t aware Of it.
He is the financial director so would he not have known about a £100k cash flow problem and how would he have not had know money had been lent and repaid?
Is it also indicating that the clubs financial procedures are so poor that one director could pay himself £100k without anyone else knowing?
Why was this not picked up when the bank rec was performed ?


As an aside - many thanks to Don for his assistance to the club. His motives appear to be purely in the interest of the football club. The rest of them seem to be in the interests of protecting themselves from questioning and blame.

Last edited by Haruki; 9th May 2020 at 11.06:21..
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Old 9th May 2020, 11.02:53   #3-0 (permalink)
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Default Re: WST statement: WST 'made aware of a further Directors loan'

As per my reply on other thread. People distancing themselves from any form of accountability here...dons name the only one associated with this as I was told several days ago that it would be. Was nobody looking at the accounts to see there was a cash flow problem, did the WST chair not see fit to inform WST board, did Don pay the money in, and take it back out again without anyone spotting this.

We are an absolute joke, and suspect any further sponsorship from Don may be compromised given the blame being laid at his door, like as I believe they say in Scotland, a hot steaming jobby
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Old 9th May 2020, 11.09:49   #4-0 (permalink)
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Default Re: WST statement: WST 'made aware of a further Directors loan'

What was the cash flow issue in may 2015?.Season would have ended Were they paying Bill's from earlier in the season?
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Old 9th May 2020, 11.13:35   #5-0 (permalink)
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Default Re: WST statement: WST 'made aware of a further Directors loan'

Quote:
Originally Posted by Haruki View Post
Is it also indicating that the clubs financial procedures are so poor that one director could pay himself £100k without anyone else knowing?
This seems really bizarre. Huge thanks to Don for the loan, but not quite sure how this could happen without anyone else knowing about it.
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Old 9th May 2020, 11.18:32   #6-0 (permalink)
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Default Re: WST statement: WST 'made aware of a further Directors loan'

Quote:
Originally Posted by Jaded View Post
This seems really bizarre. Huge thanks to Don for the loan, but not quite sure how this could happen without anyone else knowing about it.
Bizarre in the real World but not in the WST world where nobody seems to know anything .

How many loans is this now? I have lost touch is it 3 lots or more?
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Old 9th May 2020, 11.33:54   #7-0 (permalink)
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Default Re: WST statement: WST 'made aware of a further Directors loan'

Quote:
Originally Posted by Hightown Brymbo Red View Post
What was the cash flow issue in may 2015?.Season would have ended Were they paying Bill's from earlier in the season?
We were due about 60k in FA cup money around then. Complete guess but maybe that was delayed for some reason.

Last edited by tokyored; 9th May 2020 at 11.36:08..
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Old 9th May 2020, 11.43:34   #8-0 (permalink)
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Default Re: WST statement: WST 'made aware of a further Directors loan'

So they're accusing Don Bircham of putting money in and taking money out of the club without any authorisation and in complete secrecy?

They're big accusations to make!
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Old 9th May 2020, 11.45:00   #9-0 (permalink)
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Default Re: WST statement: WST 'made aware of a further Directors loan'

I wish Don was running the show, on his own.
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Old 9th May 2020, 11.45:37   #10-0 (permalink)
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Default Re: WST statement: WST 'made aware of a further Directors loan'

So someone put in £100,000 without anyone else knowing and then, which is more worrying, taking it back out without anyone noticing at the time?. If so we are a shambles.

Thanks to Don for helping the club by the way.
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