Board answers supporters

REPRESENTATIVES of the board of the Supporters Cooperative met recently with SCFC board members to ask questions on behalf of their members, this is the first part of a two part account of that meeting.

In attendance were Chris Brammall, Gary Burton and Malcolm Cooke (for SCFC), Pete Towey, John Giles and Caz Burt (for the Co-op).

The Supporters Co-operative opened the meeting discussing the potential takeover of the club, exit strategy/ intentions of existing shareholders.

It must be noted that SCFC directors and shareholders are very limited as to the information that can be discussed due to non-disclosure agreements, which are in place.

When there is interest in the Club the key question the Club requires is a) proof of funds and b) a credible business plan.

The Club outlined that they will ensure that the Club is run on a sustainable basis and the future must not be jeopardised.

They are all long standing County supporters and wish the Club to be there for future generations and their grandchildren. Significant steps have been taken to turn around the losses post administration, with the Club expected to make a small profit or manageable loss (subject to depreciation written off), and the balance sheet has been significantly improved.

Stockport County 2010 Limited (SC2010) June 2017 Accounts:

£35,000 is profit and the rest is a write down of liabilities.

Following the decision of Sale Sharks to leave Edgeley Park at short notice in 2016, the Club was liable for the purchase cost of assets.

Subsequently The Club made the decision to re-value all the club’s assets and include these on the balance sheet as the amount on the balance sheet at the time was not a representation of fair value.

The cost of replacing all the club’s assets as new is around £750,000, but for balance sheet purposes, these have been valued at around 20p in the £1, and are being depreciated at and agreed rate with the clubs accountants

Just shareholders. The directors stressed that there is no external debt. £850,000 on the balance sheet has no repayment date and doesn’t attract any interest. To be continued next week