Danny Ward monies

[3pmsaturday]

The Trust Board need to take charge of the situation and detail a very simple (so I can understand it) breakdown of the monies received.

A-B=C

A = Being the Ward Money received (think it was tranches)
B = Expenditure
C = Whats left

Dont forget that this money will be judged as trading income and thus liable to a corporation tax liability. At worst that could be circa £360k.

[Rob Edwards]

Originally Posted by 3pmsaturday

The Trust Board need to take charge of the situation and detail a very simple (so I can understand it) breakdown of the monies received.

A-B=C

A = Being the Ward Money received (think it was tranches)
B = Expenditure
C = Whats left

Dont forget that this money will be judged as trading income and thus liable to a corporation tax liability. At worst that could be circa £360k.

Well put.

In terms of the Corporation Tax any losses e.g. this season/financial year,can be put against future profits ,to reduce tax paid in the future.
Even after Corporation Tax should still be a positive balance of 1.5 million.

[3pmsaturday]

Accounts

https://wst.org.uk/wp/?p=1164

I'm not an accountant but looks like Corp tax £40k and not all Ward money received (but recorded) as of June 19.

[3pmsaturday]

Originally Posted by Rob Edwards

Well put.

In terms of the Corporation Tax any losses e.g. this season/financial year,can be put against future profits ,to reduce tax paid in the future.

Yes they did that against Y/E 18 see accounts (link above) and will no doubt do the same in Y/E 21

[Rob Edwards]

Originally Posted by 3pmsaturday

Accounts

https://wst.org.uk/wp/?p=1164

I'm not an accountant but looks like Corp tax £40k and not all Ward money received (but recorded) as of June 19.

Assume that is shown by debtors (due within 12 months) increasing from 88k to 944k in 2019.

[flintshirefan]

This money as gone let’s face it the board have wasted it all ...

[Prodigal Dragon]

Originally Posted by flintshirefan

This money as gone let’s face it the board have wasted it all ...

I am not convinced it has all been spent, but quite a lot is allocated to funding the new training ground at Bromfield/The Groves.

[Haruki]

Originally Posted by Prodigal Dragon

I am not convinced it has all been spent, but quite a lot is allocated to funding the new training ground at Bromfield/The Groves.

If that is the case then it makes the tag line of "save the club" next to the current fundraiser very questionable. If we have cash reserves we shouldn't be guilt tripping people who may be struggling themselves to donate to the club

[northwalian dragon]

Originally Posted by Prodigal Dragon

I am not convinced it has all been spent, but quite a lot is allocated to funding the new training ground at Bromfield/The Groves.

From the WST weekly Covid-19 update - 22/05/20:

Urban Myths

In response to speculation, we can confirm that there are no funds ring fenced in order to progress the proposed training centre at the former Groves school.

https://wst.org.uk/wp/?p=1269