We lost how much?????????/

[OUFanatic]

£298,000!!!!! But for the legal dispute would have been 10k profit.

I wonder if this will lead to an offer for Beano being accepted in the coming weeks?

[GodalmingYellow]

£298,000!!!!! But for the legal dispute would have been 10k profit.

I wonder if this will lead to an offer for Beano being accepted in the coming weeks?

It won't make any difference. The contractual dispute was a one off, funded by Lenagan before Christmas, and repaid to him by the club near the end of the season.

A£10k profit, if that's what it was, is good financial management, probably coupled with a bit of good luck.

[Myles Francis]

Whilst I can understand the club's logic in claiming a £10k profit for the year, in that the additional service charge figure is in settlement of a historical dispute, the accounts also make clear that £82,611 of that sum covers the year to June 2011. This means that the £10k profit is in reality a loss of £72k.

[GodalmingYellow]

Whilst I can understand the club's logic in claiming a £10k profit for the year, in that the additional service charge figure is in settlement of a historical dispute, the accounts also make clear that £82,611 of that sum covers the year to June 2011. This means that the £10k profit is in reality a loss of £72k.

I have to say in advance that I don't have a copy of the accounts, but my understanding is that the club have put the contractual dispute through as a one off special provision to correct previous years. If that is the case, the contractual dispute figure, will not include any element for the current year, and the current year's maintenance will include the increased amount for the current year, so a profit of £10k would in fact be accurate. In my opinion it would be incorrect accounting to include the current year element of the contractual dispute in the prior year correction.

Edit:

I've now got a copy of the 2011 accounts (cheers Slappy) and Myles is absolutely correct in his interpretation.

In my opinion, the accounts are not prepared as they should be and are a little mis-leading as they stand.