2021 accounts and notice of AGM

richard@imutual
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Re: 2021 accounts and notice of AGM

Post by richard@imutual » Sat Mar 12 2022 7:16am

Richard Frost wrote:
Fri Mar 11 2022 2:58pm
The accounts currently show two employees. Because of the limited format that the accounts have been produced in, it is not clear what salaries have been paid or to whom. Can you let us know what salary you and Susan (if any) were paid in the year?
To be clear, the previous accounts never showed a breakdown of individual directors' salaries but I'm happy to give you this information

Directors' salaries including all associated taxes etc were about £34k for the year. About 2/3 was for Sue and the rest for me but bear in mind that we received £20,479 in furlough payments for Sue. So net directors' costs were more like £14k.

Current total running costs are a bit under £1500 a month and there is scope to reduce them further if required.
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Re: 2021 accounts and notice of AGM

Post by pabenny » Sat Mar 12 2022 8:50am

So running costs of have been cut about £18,000 a year. That extend the life expectancy by about another year to the end of 2022.

What are the directors doing to ensure survival of IM beyond hoping things will get better? Especially when without Kelkoo, income must have become barely a trickle.
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Richard Frost
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Re: 2021 accounts and notice of AGM

Post by Richard Frost » Sat Mar 12 2022 9:21am

richard@imutual wrote:
Sat Mar 12 2022 7:16am
Richard Frost wrote:
Fri Mar 11 2022 2:58pm
The accounts currently show two employees. Because of the limited format that the accounts have been produced in, it is not clear what salaries have been paid or to whom. Can you let us know what salary you and Susan (if any) were paid in the year?
To be clear, the previous accounts never showed a breakdown of individual directors' salaries but I'm happy to give you this information

Directors' salaries including all associated taxes etc were about £34k for the year. About 2/3 was for Sue and the rest for me but bear in mind that we received £20,479 in furlough payments for Sue. So net directors' costs were more like £14k.

Current total running costs are a bit under £1500 a month and there is scope to reduce them further if required.
Given the current level of business, does the site warrant two employees? I hesitate to make comparisons. But Cashback Today seems to operate very well with just one.
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Re: 2021 accounts and notice of AGM

Post by richard@imutual » Sat Mar 12 2022 9:52am

Neither of us are full-time, and we have complementary skills which would not easily be found in a single individual. As your line of questioning relates to costs, I think the question should be: "Can the company be operated on total personnel costs of less than £14k?". If necessary in the short term, yes, but that's not necessarily a recipe for long term improvements in the site.

Ultimately we're democratic and others could put themselves forward as directors next time if they think they have something to offer.

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Re: 2021 accounts and notice of AGM

Post by Richard Frost » Sat Mar 12 2022 10:00am

richard@imutual wrote:
Sat Mar 12 2022 9:52am
Neither of us are full-time, and we have complementary skills which would not easily be found in a single individual. As your line of questioning relates to costs, I think the question should be: "Can the company be operated on total personnel costs of less than £14k?". If necessary in the short term, yes, but that's not necessarily a recipe for long term improvements in the site.

Ultimately we're democratic and others could put themselves forward as directors next time if they think they have something to offer.
Thank you.
Ultimately we're democratic and others could put themselves forward as directors next time if they think they have something to offer
This red herring has been used before. Nobody has suggested that either you or Susan should be replaced. Indeed I would go so far as to suggest that it was not really possible to replace either of you. You both have a wealth of experience in the business which is invaluable and it would take a lot of convincing to persuade me that there was anyone better to do what you do currently.

Your insight suggesting that the company could be operated on
total personnel costs of less than £14k
was more helpful.
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Re: 2021 accounts and notice of AGM

Post by pabenny » Sat Mar 12 2022 10:45am

Richard Frost wrote:
Sat Mar 12 2022 10:00am
This red herring [others putting themselves forwards as directors] has been used before. Nobody has suggested that either you or Susan should be replaced.
There could be additional directors. But there's never been any sign that these would be welcomed. And certainly no effort has been made to solicit interest, particularly from those with skills complementary to those of the existing management.
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Re: 2021 accounts and notice of AGM

Post by richard@imutual » Sat Mar 12 2022 11:05am

Nobody has suggested that either you or Susan should be replaced. Indeed I would go so far as to suggest that it was not really possible to replace either of you.
I thought the question was "does the site warrant two employees?" :?
There could be additional directors.
There could. Any member is welcome to forward a CV if they believe there's something you can offer

Or someone could stand in opposition to the existing directors.
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Re: 2021 accounts and notice of AGM

Post by Richard Frost » Sat Mar 12 2022 11:19am

richard@imutual wrote:
Sat Mar 12 2022 11:05am
Nobody has suggested that either you or Susan should be replaced. Indeed I would go so far as to suggest that it was not really possible to replace either of you.
I thought the question was "does the site warrant two employees?" :?
Correct. however you justified well the reason for having two I thought. As I said. Your musing on personnel costs was insightful.

Asking the question about the number of employees, was not a suggestion that either of you should leave or cease to be employed. But a valid question in this time of hardship for all.
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Re: 2021 accounts and notice of AGM

Post by pabenny » Sat Mar 12 2022 12:35pm

richard@imutual wrote:
Sat Mar 12 2022 11:05am
Any member is welcome to forward a CV if they believe there's something you can offer
That's not quite how it works in a limited company. It's not a job application - although since the directors control the overwhelming majority of shares, they can in practice vote down any proposed additional directors.

Right now, I don't think there is anything much anyone can offer. IM has so few active members, has so little revenue that its days are numbered - something the directors seem unwilling to acknowledge (or even debate)
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Re: 2021 accounts and notice of AGM

Post by BeautifulSunshine » Sun Mar 13 2022 2:41pm

richard@imutual wrote:
Sat Mar 12 2022 9:52am
Neither of us are full-time, and we have complementary skills which would not easily be found in a single individual. As your line of questioning relates to costs, I think the question should be: "Can the company be operated on total personnel costs of less than £14k?". If necessary in the short term, yes, but that's not necessarily a recipe for long term improvements in the site.

Ultimately we're democratic and others could put themselves forward as directors next time if they think they have something to offer.
Catherine.
[imutual Cashback Investment Club]

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