Club Statements - AGM, Annual Report & Financial Statements

Club going into overdrive with statements this morning:

Club statement - AGM 2021

Notice to shareholders of 99th AGM

Audit 2021 Annual Report & Financial Statements

I’ve had a quick look at the accounts, and it looks like we furloughed around £600k’s worth of staff, and our commercial income dropped by around £850k.

May be misreading it, but that might be indicative of just how poor our commercial set up is, irrespective of what LP says and irrespective of how hard people work.

For every £ we spend on non-footballing staff (i.e those that were furloughed), we make roughly £1 - £1.20 in revenue, and given that furlough was what, 80% of salary, it may be a worse ratio than that.

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Probably like most people, all that accounting stuff doesn’t make much sense to me but can someone confirm I have the following right:

We brought in 4,208,000 but the cost of the running the club was 4,804,000 meaning we were 596,000 in debt.
The club then took a government loan to cover this of 618,000 which left us with 22,000 profit for the year, then 9,000 was due in interest on loans which leaves the 13,000 profit?

So despite all the measures apparently taken by the club in making staff redundant and help from fans, commercial partners and directors we still lost over half a million quid thereby increasing our debt by another 618k? :man_facepalming:

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Great, no excuses then going forward about Covid impact. We lived to nil, and now we have a decent attendance for this league, and other clubs should be going out of business any day now so we should be shooting up the league!

How much did the rent decrease by?

By the looks of it, it went up £20k

Correction: our spend on leases went up £20k, it doesn’t delineate between the rent on the stadium and the rent on the training ground

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The company received grants of £618000 via the furlough scheme, which are not loans and therefore not repayable (and hence in the P&L figures).

Separate to that is a £500,000 loan which will be on the balance sheet and will be repaid over a period of time. Any interest on that loan will be a cost to P&L.

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At least it’s a profit all that money saved on win bonuses must have helped

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So from this part of the statement it appears as at the end of that accounting period on 31st May 2021, the club has total debts of £2.362m, up from £1.900m the year before?

A question for those more familiar with these accounts…if player transfer fees are not included in the ‘Turnover’ line as per this…

… where do they appear?

I’d have presumed it was in the ‘Other Operating Income’ line, however the £618k in there is exactly the amount the club received for the furlough scheme so where would the not insignificant amounts from the Adebeyo/Jules sales and compensation from Vale for Clarke etc show?

Primary objective of turning a paltry profit achieved :white_check_mark:

Board are safe for another year, don’t expect things to change anytime soon then lads and lasses.

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I note on the AGM agenda is the re-election of Mole and Gilman.

And why wouldn’t we re-elect them off the back of a 13k profit and sterling success on the pitch. No brainier :see_no_evil::joy:

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Perhaps I have misunderstood the Chairman, but I was under the impression from his video updates that one of the reasons other clubs are about to fail is because they all borrowed money to survive, unlike ourselves who had steered a course that we didn’t need to do so.

It now transpires that we have indeed borrowed half a million quid from the Government!

Have I misunderstood, or has the Chairman been saying one thing in his “justification” of our position of strength relative to all of the clubs about to go under and something quite different in the released statements today?

See @kshammers post above.
Club Statements - AGM, Annual Report & Financial Statements - #7 by kshammer](Club Statements - AGM, Annual Report & Financial Statements - #7 by kshammer)

16th consecutive profit! What on earth are we all moaning about on here.As long as we make the news for our yearly profits it doesn’t matter what league your in.

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What has football got to do with it? :wink:

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Profit is meaningless.

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There is a plethora of people who he thanked for their support made up of sponsors/advertisers/directors and the supporters

There was one name/organisation for me was ominously completely missing from this and we all know who that is.

No1 fan my arse

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