CPFC 2010 Accounts Overdue

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kenbarr Jackson Heights, Queens, New York ... 19 Jun 18 5.04pm
Originally posted by Midlands Eagle I've just had my email to say the accounts have been filed and will be available in five days. So did I. It said the next deadline was March of 2019. Divorced...And LOVING it! VJRAM Rev. CPFC since Boxing Day 1989 CPFC 2-2 CFC Gregg Berhalter, US International & USMNT Head Coach Jill Ellis, England International & Retired USWNT Head Coach Trevor Francis, International PRAT

kenbarr

Jackson Heights, Queens, New York ... 19 Jun 18 5.04pm

Originally posted by Midlands Eagle

I've just had my email to say the accounts have been filed and will be available in five days.

So did I. It said the next deadline was March of 2019.

Divorced...And LOVING it!
VJRAM Rev.
CPFC since Boxing Day 1989 CPFC 2-2 CFC
Gregg Berhalter, US International & USMNT Head Coach
Jill Ellis, England International & Retired USWNT Head Coach
Trevor Francis, International PRAT

Midlands Eagle 20 Jun 18 6.35am
The accounts are now available at Companies House. They have been signed by both Steve Parish and the auditors on 14th June 2018 so there was obviously something financial within the club that the two parties disagreed over which was what delayed the finalising and signing off of the accounts. The club made a reasonable profit and the only possible contentious comment that I spotted was:- During the year the club performed well both on the pitch as well as financially and there were also matters that were resolved which benefitted the club significantly. One of these was a major income through a third party proposed investment. Whilst this investment was not completed it resulted in a large deposit being retained by the club. There were no details given about the amount of this deposit or whether it was taken into profit or not

Midlands Eagle

20 Jun 18 6.35am

The accounts are now available at Companies House.

They have been signed by both Steve Parish and the auditors on 14th June 2018 so there was obviously something financial within the club that the two parties disagreed over which was what delayed the finalising and signing off of the accounts.

The club made a reasonable profit and the only possible contentious comment that I spotted was:-

During the year the club performed well both on the pitch as well as financially and there were also matters that were resolved which benefitted the club significantly. One of these was a major income through a third party proposed investment. Whilst this investment was not completed it resulted in a large deposit being retained by the club.

There were no details given about the amount of this deposit or whether it was taken into profit or not

Y Ddraig Goch In The Crowd 20 Jun 18 7.32am
Interesting that gate receipts down even though attendances up. 82% of income through TV, That needs to change long term the dignified don't even enter in the game

Y Ddraig Goch

In The Crowd 20 Jun 18 7.32am

Interesting that gate receipts down even though attendances up.

82% of income through TV, That needs to change long term

the dignified don't even enter in the game

Y Ddraig Goch In The Crowd 20 Jun 18 7.33am
A very good thread, breaks the accounts down [Tweet Link] the dignified don't even enter in the game

Y Ddraig Goch

In The Crowd 20 Jun 18 7.33am

A very good thread, breaks the accounts down

[Tweet Link]

the dignified don't even enter in the game

Midlands Eagle 20 Jun 18 7.48am
Originally posted by Y Ddraig Goch A very good thread, breaks the accounts down It omits to mention that the operating profit includes a £4m award against our former manager which is effectively 40% of the club's net profit for the year. I wonder whether that was the sticking point between directors and auditors as the latter may not have wanted to include it in profits if it hadn't been paid

Midlands Eagle

20 Jun 18 7.48am

Originally posted by Y Ddraig Goch

A very good thread, breaks the accounts down

It omits to mention that the operating profit includes a £4m award against our former manager which is effectively 40% of the club's net profit for the year.

I wonder whether that was the sticking point between directors and auditors as the latter may not have wanted to include it in profits if it hadn't been paid

Midlands Eagle 20 Jun 18 8.07am
Total key management personnel compensation of £2.1m was paid in the year which I assume is Pardew's payoff Highest paid director was paid £2,150,000 (presumably Parish)which was re-invested back into the club. I might be missing something as I don't see the point in this as £1m in income tax was payable on the salary. Why not take nothing and save the £1m?

Midlands Eagle

20 Jun 18 8.07am

Total key management personnel compensation of £2.1m was paid in the year which I assume is Pardew's payoff

Highest paid director was paid £2,150,000 (presumably Parish)which was re-invested back into the club. I might be missing something as I don't see the point in this as £1m in income tax was payable on the salary. Why not take nothing and save the £1m?

Y Ddraig Goch In The Crowd 20 Jun 18 8.07am
Originally posted by Midlands Eagle It omits to mention that the operating profit includes a £4m award against our former manager which is effectively 40% of the club's net profit for the year. I wonder whether that was the sticking point between directors and auditors as the latter may not have wanted to include it in profits if it hadn't been paid If you click on the link (there's quite a few tweets) he covers that off, calls Pulis odious the dignified don't even enter in the game

Y Ddraig Goch

In The Crowd 20 Jun 18 8.07am

Originally posted by Midlands Eagle

It omits to mention that the operating profit includes a £4m award against our former manager which is effectively 40% of the club's net profit for the year.

I wonder whether that was the sticking point between directors and auditors as the latter may not have wanted to include it in profits if it hadn't been paid

If you click on the link (there's quite a few tweets) he covers that off, calls Pulis odious

the dignified don't even enter in the game

Rudi Hedman Caterham 20 Jun 18 8.30am
Originally posted by Midlands Eagle Total key management personnel compensation of £2.1m was paid in the year which I assume is Pardew's payoff Highest paid director was paid £2,150,000 (presumably Parish)which was re-invested back into the club. I might be missing something as I don't see the point in this as £1m in income tax was payable on the salary. Why not take nothing and save the £1m? Well that’s gone up. Things have obviously changed to Parish since his share has decreased, even though the club will be worth more after the new stand is finished. There’s still the threat of relegation and being in a position of soon to be a loss making business. People will also complain Parish haggles over minuscule sums in relation to where we are but this is a comparable sum. I’m not too fussed personally. If the club is run well. If it’s run like a Leeds or Portsmouth then it wouldn’t sit well, even though he owns 18% isn’t it? COYP

Rudi Hedman

Caterham 20 Jun 18 8.30am

Originally posted by Midlands Eagle

Total key management personnel compensation of £2.1m was paid in the year which I assume is Pardew's payoff

Well that’s gone up. Things have obviously changed to Parish since his share has decreased, even though the club will be worth more after the new stand is finished. There’s still the threat of relegation and being in a position of soon to be a loss making business.

People will also complain Parish haggles over minuscule sums in relation to where we are but this is a comparable sum. I’m not too fussed personally. If the club is run well. If it’s run like a Leeds or Portsmouth then it wouldn’t sit well, even though he owns 18% isn’t it?

COYP

Midlands Eagle 20 Jun 18 9.07am
Originally posted by Rudi Hedman even though he owns 18% isn’t it? Yes as at the last published details of shareholdings with the other three members of the original gang of four owning a further 12.5% A 648,375 68.3% Palace Holdco LP A 11,875 1.3% Palace Parallel Holdco LLC B 47,500 5.0% S Browett B 47,500 5.0% J Hosking B 23,750 2.5% M Long B 171,000 18.0% S Parish 950,000 Pref 9,820 Palace Holdco LP Pref 180 Palace Parallel Holdco LLC 960,000

Midlands Eagle

20 Jun 18 9.07am

Originally posted by Rudi Hedman

even though he owns 18% isn’t it?

Yes as at the last published details of shareholdings with the other three members of the original gang of four owning a further 12.5%

A 648,375 68.3% Palace Holdco LP
A 11,875 1.3% Palace Parallel Holdco LLC

B 47,500 5.0% S Browett
B 47,500 5.0% J Hosking
B 23,750 2.5% M Long
B 171,000 18.0% S Parish

950,000

Pref 9,820 Palace Holdco LP
Pref 180 Palace Parallel Holdco LLC

960,000

Nobbybm Dartford 20 Jun 18 9.10am
Does anyone know if the big jump in wages (£80m to £111m) puts us in breach of FFP? Will this be five? It's gonna be five! It IS five!

Nobbybm

Dartford 20 Jun 18 9.10am

Does anyone know if the big jump in wages (£80m to £111m) puts us in breach of FFP?

Will this be five? It's gonna be five! It IS five!

CambridgeEagle Sydenham 20 Jun 18 9.32am
Originally posted by Midlands Eagle Total key management personnel compensation of £2.1m was paid in the year which I assume is Pardew's payoff Highest paid director was paid £2,150,000 (presumably Parish)which was re-invested back into the club. I might be missing something as I don't see the point in this as £1m in income tax was payable on the salary. Why not take nothing and save the £1m? Was a contractual bonus so had to pay it. Parish put the net amount back in of his own accord it seems.

CambridgeEagle

Sydenham 20 Jun 18 9.32am

Originally posted by Midlands Eagle

Total key management personnel compensation of £2.1m was paid in the year which I assume is Pardew's payoff

Was a contractual bonus so had to pay it. Parish put the net amount back in of his own accord it seems.

johnno42000 20 Jun 18 9.49am
Can we still afford Rich Tea biscuits and Ovaltine for the board meetings..these things need to put into the public domain! 'Lies to the masses as are like fly's to mollasses...they want more and more and more'

johnno42000

20 Jun 18 9.49am

Can we still afford Rich Tea biscuits and Ovaltine for the board meetings..these things need to put into the public domain!

'Lies to the masses as are like fly's to mollasses...they want more and more and more'

CambridgeEagle Sydenham 20 Jun 18 9.49am
Originally posted by Nobbybm Does anyone know if the big jump in wages (£80m to £111m) puts us in breach of FFP? The total salaries are £95m odd for players - the £111m includes National Insurance, directors' pay and other staff costs. This is about 66% of turnover which, while high, isn't the highest in the league (Swansea was 77%). If you do include all the national insurance etc costs we'd be about 77%. FFP rules I believe state above £67m wages can go up £7m plus any profits made on player sales and increases in commercial revenue. Revenues up £41m and we made a small profit on player registration fees, so I believe we should be OK.

CambridgeEagle

Sydenham 20 Jun 18 9.49am

Originally posted by Nobbybm

Does anyone know if the big jump in wages (£80m to £111m) puts us in breach of FFP?

The total salaries are £95m odd for players - the £111m includes National Insurance, directors' pay and other staff costs. This is about 66% of turnover which, while high, isn't the highest in the league (Swansea was 77%). If you do include all the national insurance etc costs we'd be about 77%.

FFP rules I believe state above £67m wages can go up £7m plus any profits made on player sales and increases in commercial revenue. Revenues up £41m and we made a small profit on player registration fees, so I believe we should be OK.

topcat Holmesdale / Surbiton 20 Jun 18 10.01am
Bit of an anti-climax. Not much for the doom and gloom merchants and Brighton fans to get upset about. Be nice to know why there was a delay but not that important in the scheme of things. It's 106 miles to Chicago, we got a full tank of gas, half a pack of cigarettes, it's dark... and we're wearing sunglasses.

topcat

Holmesdale / Surbiton 20 Jun 18 10.01am

Bit of an anti-climax. Not much for the doom and gloom merchants and Brighton fans to get upset about.

Be nice to know why there was a delay but not that important in the scheme of things.

It's 106 miles to Chicago, we got a full tank of gas, half a pack of cigarettes, it's dark... and we're wearing sunglasses.

Goldfiinger Just down the road 20 Jun 18 11.33am
Originally posted by Midlands Eagle Yes as at the last published details of shareholdings with the other three members of the original gang of four owning a further 12.5% A 648,375 68.3% Palace Holdco LP A 11,875 1.3% Palace Parallel Holdco LLC B 47,500 5.0% S Browett B 47,500 5.0% J Hosking B 23,750 2.5% M Long B 171,000 18.0% S Parish 950,000 Pref 9,820 Palace Holdco LP Pref 180 Palace Parallel Holdco LLC 960,000 Does Parish own shares in Palace Holdco LP - I had a feeling that although he has his 18% he also has a few more held with the Americans LP company? Or the LLC could be his? Totally could be wrong just thought his were still slightly higher between 21-25% but split over different companies. I’m No account but maybe someone else on here could figure out the break downs of the other companies...? If it’s even possible as I’m figuring it’s Delaware companies and might be fairly well hidden! Anyway on a positive note.... seems like the clubs in good health!

Goldfiinger

Just down the road 20 Jun 18 11.33am

Originally posted by Midlands Eagle

Yes as at the last published details of shareholdings with the other three members of the original gang of four owning a further 12.5%

A 648,375 68.3% Palace Holdco LP
A 11,875 1.3% Palace Parallel Holdco LLC

B 47,500 5.0% S Browett
B 47,500 5.0% J Hosking
B 23,750 2.5% M Long
B 171,000 18.0% S Parish

950,000

Pref 9,820 Palace Holdco LP
Pref 180 Palace Parallel Holdco LLC

960,000

Does Parish own shares in Palace Holdco LP - I had a feeling that although he has his 18% he also has a few more held with the Americans LP company? Or the LLC could be his?

Totally could be wrong just thought his were still slightly higher between 21-25% but split over different companies.

I’m No account but maybe someone else on here could figure out the break downs of the other companies...? If it’s even possible as I’m figuring it’s Delaware companies and might be fairly well hidden!

Anyway on a positive note.... seems like the clubs in good health!

Midlands Eagle 20 Jun 18 11.51am
Originally posted by Goldfiinger Does Parish own shares in Palace Holdco LP - I had a feeling that although he has his 18% he also has a few more held with the Americans LP company? Or the LLC could be his? I’m No account but maybe someone else on here could figure out the break downs of the other companies...? If it’s even possible as I’m figuring it’s Delaware companies and might be fairly well hidden! The ultimate ownership is hidden in a pair of Delaware registered companies so no-one knows who owns them as one of the advantages of registering a company in Delaware is that you don't have to publish ownership details

Midlands Eagle

20 Jun 18 11.51am

Originally posted by Goldfiinger

Does Parish own shares in Palace Holdco LP - I had a feeling that although he has his 18% he also has a few more held with the Americans LP company? Or the LLC could be his?

The ultimate ownership is hidden in a pair of Delaware registered companies so no-one knows who owns them as one of the advantages of registering a company in Delaware is that you don't have to publish ownership details

Ginger Pubic Wig Wickham de L'Ouest 20 Jun 18 1.05pm
Originally posted by Goldfiinger Does Parish own shares in Palace Holdco LP - I had a feeling that although he has his 18% he also has a few more held with the Americans LP company? Or the LLC could be his? Totally could be wrong just thought his were still slightly higher between 21-25% but split over different companies. I’m No account but maybe someone else on here could figure out the break downs of the other companies...? If it’s even possible as I’m figuring it’s Delaware companies and might be fairly well hidden! Anyway on a positive note.... seems like the clubs in good health! I believe he owned a third of the shares in holdco when the Americans got on board. If you want to live in a world full of kindness, respect and love, try to show these qualities.

Ginger Pubic Wig

Wickham de L'Ouest 20 Jun 18 1.05pm

Originally posted by Goldfiinger

Does Parish own shares in Palace Holdco LP - I had a feeling that although he has his 18% he also has a few more held with the Americans LP company? Or the LLC could be his?

Totally could be wrong just thought his were still slightly higher between 21-25% but split over different companies.

Anyway on a positive note.... seems like the clubs in good health!

I believe he owned a third of the shares in holdco when the Americans got on board.

If you want to live in a world full of kindness, respect and love, try to show these qualities.

Ginger Pubic Wig Wickham de L'Ouest 20 Jun 18 1.08pm
Originally posted by CambridgeEagle The total salaries are £95m odd for players - the £111m includes National Insurance, directors' pay and other staff costs. This is about 66% of turnover which, while high, isn't the highest in the league (Swansea was 77%). If you do include all the national insurance etc costs we'd be about 77%. FFP rules I believe state above £67m wages can go up £7m plus any profits made on player sales and increases in commercial revenue. Revenues up £41m and we made a small profit on player registration fees, so I believe we should be OK. Is it known / do you know whether the figures used to measure compliance include or exclude social security type payments. If you want to live in a world full of kindness, respect and love, try to show these qualities.

Ginger Pubic Wig

Wickham de L'Ouest 20 Jun 18 1.08pm

Originally posted by CambridgeEagle

Is it known / do you know whether the figures used to measure compliance include or exclude social security type payments.

If you want to live in a world full of kindness, respect and love, try to show these qualities.

Ginger Pubic Wig Wickham de L'Ouest 20 Jun 18 1.13pm
looking at the report, I do wonder whether the deposit we retained could have helped us comply with all the FFP regulations. it might be a small but important detail. and i wonder what it was. If you want to live in a world full of kindness, respect and love, try to show these qualities.

Ginger Pubic Wig

Wickham de L'Ouest 20 Jun 18 1.13pm

looking at the report, I do wonder whether the deposit we retained could have helped us comply with all the FFP regulations. it might be a small but important detail. and i wonder what it was.

If you want to live in a world full of kindness, respect and love, try to show these qualities.

Nobbybm Dartford 20 Jun 18 1.15pm
Originally posted by CambridgeEagle The total salaries are £95m odd for players - the £111m includes National Insurance, directors' pay and other staff costs. This is about 66% of turnover which, while high, isn't the highest in the league (Swansea was 77%). If you do include all the national insurance etc costs we'd be about 77%. FFP rules I believe state above £67m wages can go up £7m plus any profits made on player sales and increases in commercial revenue. Revenues up £41m and we made a small profit on player registration fees, so I believe we should be OK. Ta. Will this be five? It's gonna be five! It IS five!

Nobbybm

Dartford 20 Jun 18 1.15pm

Originally posted by CambridgeEagle

Ta.

Will this be five? It's gonna be five! It IS five!

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