Anyone want to know what the ST spent their fighting fund on because I can now tell you!
Let me first set the scene -
On the 6th May, 2019, the ST published this on their official website -
Further to our announcement yesterday in which we appealed for supporters to register interest in a share issue in the Bolton Wanderers Supporters Community Interest Company (BWSCIC), we are massively encouraged by the passion and enthusiasm being shown for such an initiative, with many registering interest and support.As Wednesday’s hearing comes ever closer, we are now in the process of launching a Fighting Fund crowd-funding page which we are looking to have online in the next 24 hours. The purpose of this Fighting Fund will be to raise emergency and immediate funding to cover the associated costs that will arise in the Supporters’ Trust dealing with an administration of the club.This fund will cover legal costs, contribute to any shortfalls in funding an administration and to cover costs that will undoubtedly be incurred in making representation to the EFL in the event that they look to impose any unfair penalties as a result of recent events
. This will be vitally important in looking to next season and the start of the BWFC rebuilding exercise.
For the avoidance of doubt, any contributions made towards the Fighting Fund will be completely independent of the BWSCIC planned share issue which we are developing at this very moment.
Further details of this share issue will be announced over the next few days, but contributions to the Fighting Fund will not include any shareholding in the club. Use of the Fighting Fund will be carried out at the absolute discretion of the BWFCST board.
We will be looking to update on a daily basis as the future of OUR club unfolds. Please help wherever you are able and let’s work together in ensuring BWFC are in a better position to face League 1 this coming August with a new owner and a realistic and affordable business plan.[You must be registered and logged in to see this link.]
Strangely I can't seem to find the actual Just Giving appeal although I've search long and hard for it (?) but an amount just short of £20k is the amount I recollect was donated to it.
Well, the ST have just filed their accounts up to the 31st July last year (signed off by them on the 20th January this year) and amount of £18,775 is shown as income being received to it from the Fighting Fund (JustGiving Fundraising) - so far so good then.
Looking at these accounts compared to the ones they filed the previous year, they state their current membership to be 3,029 (an increase of just TWENTY-THREE from the previous years total of 3,006),
with a turnover (income) for the tear of £26,604 (an increase from £10,555) and assets of £54,455 (giving a £3,729 profit on the year)
On the face of it then a notionally positive year for them even though no growth in membership over the period worth mentioning.
However let us have a look at how their income was comprised!
It turns out they stated that voluntary income (the £10 yearly donations) amounted to just £6,741 (or to put it another way an equivalent 674 out of the 3,029 members contributed being roughly 20% of the total meaning roughly 80% of members didn't!
The second income stream was £1,088 from Dale Vince from his sale of the 'No Ken Do' T-shirts.
And the £18.755 from the Crowd Funding Fighting fund.
Giving total income of £26,604.
Expenditure for the year was £22,875.
Giving a profit of £3,729 on the year.
The thing is though ONLY £5,266 was spent on the reason's given above for the crowd funding, meaning that the remaining £13,489 wasn't used for that purpose and to all intents and purposes used to cover the ST's running costs, which otherwise would amounted in a loss of just under £10k.
To be fair they have covered their backs by saying the ST will use their own discretion how the money would be spent but clearly the bulk of it simply wasn't used for the purposes they asked for it.
No wonder they've kept quiet as to what happened with the money!!!
Did you contribute, if so are you happy about this?
Accounts here - click on the download for 31/07/2019[You must be registered and logged in to see this link.]