Financial Security

[Cheesie-the-Pirate]

I agree. We posted losses in the 2 years before 09 (huge ones at that) and Crowe/HaC signed the check to balance our books. That doesn't mean we broke even, it just means we had our debts paid for the year.

In 2007 and 2008 that was the case. In 2009 we posted a real life actual profit, meaning without getting money from Crowe to make it that way. If we did get money from the owners that year it wouldn't have been called a "profit".

Actually, no. Souths made a loss in 2009.

http://www.rabbitohs.com.au/Media/d...port-fe147152-4473-4702-8ad4-0e2bd23817a2.pdf

Note 3, page 7f.

 

[BunniesMan]

Actually, no. Souths made a loss in 2009.

http://www.rabbitohs.com.au/Media/d...port-fe147152-4473-4702-8ad4-0e2bd23817a2.pdf

Note 3, page 7f.

You're an idiot. Half those forms aren't even filled out.

http://www.smh.com.au/rugby-league/...uths-posted-a-profit-in-09-20100307-pqn1.html

Case closed.

 

[franklin2323]

Easts are in the process of setting up another leagues club, we'll be fine for many years to come.

They also have a decent little club in Penrith. The club has other sites to flog off in a firesale if needed. It won't come to that Politis, Gyngell, McInnes & Packer/Murdoch (forget which one is the fan) all have the finances to fund themselves or at the least get corporate support. So they are fine

 

[1 Eyed TEZZA]

Easts will not die or go anywhere for at least the next 20 years. Id say its safe they will be around for the next 50.

 

[Frailty]

You're an idiot. Half those forms aren't even filled out.

http://www.smh.com.au/rugby-league/...uths-posted-a-profit-in-09-20100307-pqn1.html

Case closed.

Be less arrogant.

There is no transparency with Souths at the moment. The information provided in the Annual Report is missing a lot of information, and even the concise finance report doesn't seem to add up correctly at all.

It says to refer to the Full Financial Report, yet you can't seem to grab a digital copy of it at all.

It's not like Souths to make public announcements in their favour.. Like not having to release anyone to get Inglis. A SMH article based on an announcement from Souths directly doesn't give details of the financials.

 

[Cheesie-the-Pirate]

You're an idiot. Half those forms aren't even filled out.

http://www.smh.com.au/rugby-league/...uths-posted-a-profit-in-09-20100307-pqn1.html

Case closed.

No, you're an idiot primarily for choosing to rely on the Sydney Morning Herald instead of the audited financial statements of the SS Members Football Club.

I don't know about you but last time I checked KPMG were regarded as better experts at financial accounting then the SMH or Nick Pappas (although Pappas himself signed those financial reports).

Now I won't explain to you what equity accounting or concise financial reporting is, but sufficed to say this:

1. The SS Members Co owns 25% of SSRLFC and is therefore required to disclose key financial information about the performance of SSRLFC, including profit, assets etc.
2. Other than receiving some membership revenues, the SS Members Co. is a fairly inactive company as you know, that's why the concise financial statements appear incomplete.
3. Those financial statements are hosted on the South Sydney official website, signed off by the chairman of the South Sydney RLFC and their Big Four auditors and you still decide that a news article is a more authoritative source?

 

[Cheesie-the-Pirate]

Be less arrogant.

There is no transparency with Souths at the moment. The information provided in the Annual Report is missing a lot of information, and even the concise finance report doesn't seem to add up correctly at all.

It says to refer to the Full Financial Report, yet you can't seem to grab a digital copy of it at all.

It's not like Souths to make public announcements in their favour.. Like not having to release anyone to get Inglis. A SMH article based on an announcement from Souths directly doesn't give details of the financials.

They wouldn't be signed by KPMG if they didn't add up etc, which they clearly do.

Keep in mind this is for the Member company, not the SSDRLFC itself as as far as I'm aware the Football Club does not publicly publish its financial report. However, under the law the member club has to disclose the basic financial performance of the football club because it has a significant influence over it. Thus the information in note 3 gives us a small snapshot on SSRLFC performance. Revenue, expenses, profit, assets and liabilities.