Re: Ask the Directors
Posted: Thu Sep 29, 2016 8:46 pm
It's not really so much to have in reserve, just a third of UKCC's VAT bill for instance.Bob Kane wrote: when you have 100K sitting in reserves.
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Ask the Directors
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Re: Ask the Directors
Posted: Thu Sep 29, 2016 10:19 pm
As you're a former, recent, Commercial Director of the ECF I'm amazed that you don't know the implications of having £100K in reserves and need to guess.Bob Kane wrote:I would guess its hard to attract sponsors or govt funding when you have 100K sitting in reserves.
Re: Ask the Directors
Posted: Thu Sep 29, 2016 10:57 pm
Is it so unreasonable to keep an amount in reserve to cover some unanticipated misfortune? Perhaps I lack the intestinal fortitude required of a modern Commercial Director.Bob Kane wrote: when you have 100K sitting in reserves.
Re: Ask the Directors
Posted: Tue Oct 04, 2016 9:40 am
We are now more than five days on from "Asking the Director of Finance a Question".
What would you guess has been the response to date?
Perhaps the DoF believes he is exempt from this duty?
What would you guess has been the response to date?
Perhaps the DoF believes he is exempt from this duty?
Re: Ask the Directors
Posted: Tue Oct 04, 2016 10:04 am
Five working days John - as you well know from the original 18 April ECF website news item. You submitted your request last Thursday. Moreover, you could just as easily have got the answer to your question yourself directly from the ECF annual accounts which are readily accessible on the ECF website.
You're just being mischievous.
You're just being mischievous.
Re: Ask the Directors
Posted: Tue Oct 04, 2016 10:05 am
Mike Truran wrote:Five working days John - as you well know from the original 18 April ECF website news item. You submitted your request last Thursday. Moreover, you could just as easily have got the answer to your question yourself directly from the ECF annual accounts which are readily accessible on the ECF website.
You're just being mischievous.
Are you saying that I should not expect a reply?
Re: Ask the Directors
Posted: Tue Oct 04, 2016 10:13 am
I'm saying:
1. You should expect a reply.
2. You should expect a reply within the published deadlines.
3. You should not wilfully mislead people that you did not receive a reply within the published deadlines.
4. You could just as easily have found the answer yourself from publicly available information.
1. You should expect a reply.
2. You should expect a reply within the published deadlines.
3. You should not wilfully mislead people that you did not receive a reply within the published deadlines.
4. You could just as easily have found the answer yourself from publicly available information.
Re: Ask the Directors
Posted: Tue Oct 04, 2016 10:17 am
Fair enough. I will update this thread on October 7th 2016 with the response.
Re: Ask the Directors
Posted: Tue Oct 04, 2016 10:17 am
I believe this is the thrust of John's question although if it was not the actual question asked then obviously it won't get an answer (and if the DofF chose not to dignify the third part with a response I for one would support him). A similar question was actually raised by Malcolm Pein at the November board meeting and the answer minuted.John Upham wrote:A current director spoke with me at a recent junior event in Westminster and was incredulous that this amount of funds could have been allowed to go down the toilet.
Am I correct to think that by spending potential surplus one can mitigate the amount wasted on corporation tax?
So, I am asking if this liability could have been sensibly avoided by a competent DoF?
Re: Ask the Directors
Posted: Tue Oct 04, 2016 10:24 am
Malcolm and I did discuss this matter at the recent chess conference at Sydney Sussex College, Cambridge this week.Andrew Zigmond wrote:
I believe this is the thrust of John's question although if it was not the actual question asked then obviously it won't get an answer (and if the DofF chose not to dignify the third part with a response I for one would support him). A similar question was actually raised by Malcolm Pein at the November board meeting and the answer minuted.
We had discussed it previously at the Michael Uriely Memorial Tournament.
Another matter of high importance was the future of UKCC and was discussed by the UK delegates to the conference.
Re: Ask the Directors
Posted: Wed Oct 05, 2016 7:56 am
Not really. Just proves you are solvent. Most sponsored sporting events have far more in reserve.Bob Kane wrote:I would guess its hard to attract sponsors or govt funding when you have 100K sitting in reserves.
Re: Ask the Directors
Posted: Wed Oct 05, 2016 9:10 am
Absolutely. I have some experience of going to potential sponsors with the pitch "please give us some money because we're broke", and it isn't the best place to start.Sean Hewitt wrote: Not really. Just proves you are solvent.
Re: Ask the Directors
Posted: Wed Oct 05, 2016 9:20 am
I would say that you could anticipate that response in advance quite easily. I guess you live and learn.NickFaulks wrote:Absolutely. I have some experience of going to potential sponsors with the pitch "please give us some money because we're broke", and it isn't the best place to start.Sean Hewitt wrote: Not really. Just proves you are solvent.
Re: Ask the Directors
Posted: Wed Oct 05, 2016 10:16 am
I didn't do it from choice! The experience confirmed my suspicion that the statement "it's difficult to raise money if you're not poor" is wrong.John Upham wrote: I would say that you could anticipate that response in advance quite easily. I guess you live and learn.
Re: Ask the Directors
Posted: Thu Oct 06, 2016 11:28 am
As MT predicted I have received a reply within five working days and here it is:
"Corporation Tax paid in each of the following years:
ECF BCF
2014/15 £12,750 2014/15 £527
2013/14 £6,556 2013/14 £274
2012/13 £0 2012/13 £742
All corporation taxes have been paid according to law and have been audited.
The above figures are from the final audited accounts which are posted here. The accounts presented to the Finance Council are normally approved subject to minor adjustments arising from the audit.
In formulating the annual budgets of the ECF the estimated corporation tax charge is clearly identified for consideration by the Board. The papers submitted to Finance Council for their approval also clearly identify the estimated corporation tax charge based on the estimated annual operating surplus.
David Eustace
Finance Director"