Breaking News 21/22 accounts published (only 1 year late)

[dusterman]

Shartin getting his very tiny mind and house in ‘order’ it seems…

Thread here:

https://twitter.com/x/status/1781573773604381144

 

[BigCol]

Which is the piece of land that was discussed?

 

[LBBlue]

Well the 22/23 Accounts will be “late” in 10 days time. So perhaps we should embrace these 10 days when everything is up to date with Companies House. It wouldn’t surprise me if the National League were waiting with another points deduction if we had two years of late accounts outstanding.

 

[JD]

Interest costs doubled, unsurprisingly.

Admin costs up by £1.2m!

 

[LBBlue]

Interest costs doubled, unsurprisingly.

Admin costs up by £1.2m!

£835k of that will be the “loss” on the disposal of a fixed asset. Would be interesting to know what that asset was. The auditors also say they can’t confirm the value of “The Dome” which is included in the accounts at £434k.

 

[LBBlue]

£835k of that will be the “loss” on the disposal of a fixed asset. Would be interesting to know what that asset was. The auditors also say they can’t confirm the value of “The Dome” which is included in the accounts at £434k.

I think I’ve just answered my own question : I think it it’s probably planning and design fees etc for the new stadium charged to the Club. As it won’t happen now, they have to be written off.

 

[Blue Yonder]

I think I’ve just answered my own question : I think it it’s probably planning and design fees etc for the new stadium charged to the Club. As it won’t happen now, they have to be written off.

The new stadium was binned after the period these accounts cover or does that not matter ? Whatever, …. losing money at that volume in the NL is some achievement.

 

[Somerset Ex-TTB]

And there we have it. Oh I’m putting in £100k a month to keep the club going, I’m amazing.

Most of that is expenses on furthering his own wealth and nothing to do with the club.

That many admin expenses is just disgusting and if it’s just writing off assets that isn’t cash, so should be no reason to withhold wages and taxes etc.

 

[LBBlue]

The new stadium was binned after the period these accounts cover or does that not matter ? Whatever, …. losing money at that volume in the NL is some achievement.

The Directors and Auditors did not sign the accounts until yesterday and as it being such a large sum of money, even though the decision was post balance sheet date, it makes sense to have written it off in these accounts. Was it ever going to happen anyway?

 

[Realist]

Thank you for this post.

 

[kevst183]

How much was paid out to Ron by way of fees and expenses?

 

[LBBlue]

A little summary over the years of Turnover compared to Wages.

As you can see there’s not much left for all the non staff costs after wages, to cover, energy, business rates, grounds maintenance, travel, hotels, insurance, medical costs, catering supplies, etc etc. inc the costs of bar and catering supplies.

Player trading income has slumped alarmingly. I guess the advertising income in 2017/18 was either from Ron or that dodgy betting company.

I hope the consortium have deep pockets - they are going to need them just to break even. Poor old Ron just ran out of readies or friends to lend him cash to bridge the gap.

 

[LBBlue]

How much was paid out to Ron by way of fees and expenses?

Nothing

 

[Blue Yonder]

If we’re generous and say we had a squad of twenty last season and we’re generous and pay them £1K a week that’s 1 million for players. In the NL in 21/22 we have a total wage bill of 3 million. Did we have 2 million quid of sundry staff costs in 21/22 or was that useless squad getting paid more than £1K a week ? No wonder we’ve been losing money.

 

[Holy Joe]

If we’re generous and say we had a squad of twenty last season and we’re generous and pay them £1K a week that’s 1 million for players. In the NL in 21/22 we have a total wage bill of 3 million. Did we have 2 million quid of sundry staff costs in 21/22 or was that useless squad getting paid more than £1K a week ? No wonder we’ve been losing money.

It was a much bigger squad in 21/22 wasn't it? Is 1k a week generous in national league?

Plus we were probably paying 3 management teams wages after sacking them. Plus academy staff.

 

[Yorkshire Blue]

If we’re generous and say we had a squad of twenty last season and we’re generous and pay them £1K a week that’s 1 million for players. In the NL in 21/22 we have a total wage bill of 3 million. Did we have 2 million quid of sundry staff costs in 21/22 or was that useless squad getting paid more than £1K a week ? No wonder we’ve been losing money.

The squad of 20 was 23/24.

This is the accounts for 21/22. Over 40 players appeared for us that season. We operated a first team squad, an u23 squad and a full academy system. We will likely have paid for at least two sets of first team management as we will have us to pay off Phil Brown and his staff (maybe the best investment in club history) as well as all the academy staff.

 

[LBBlue]

According to the accounts there was an average of 71 playing training and coaching staff and 46 grounds maintenance and establishment staff. I presume these are Full Time Equivalents and probably includes casual match day staff.

And don’t forget employer’s NI costs will be on average 10% plus for higher earners. I’m sure the likes of Arnold, Cardwell, Demetriou, Coulson, Ralph and Murphy etc would have been on well over £50k per annum.

The real ( and ongoing) concern for us and football is that Wages were 88% of turnover. Completely unsustainable.

 

[Smiffy]

Just a few ways we can increase revenue.

If COSU throw a bit of money at the bar/catering side of things, then that income could be increased quite dramatically I would of thought. It is well documented that the spend per head is pathetic and for obvious reasons. This would be a quick win.

The club shop agreement can hopefully be tweaked, along with a proper range of items being available. Again, scope for a decent improvement in income here.

Advertising, tough being in the NL. But with some good press on the sale completion, new era etc etc. I am sure that can improve a little also.

Season card sales as above, plus a top quality marketing campaign hitting the local community and South Essex in general. We can hit some very big numbers I am sure. Would require a decent budget of course.

A cup run would be nice!

"Build it and they will come" - sort the old girl out, increase capacity and make it something a little less like Chernobyl + a good run on the pitch = a big uplift in average attendance and matchday ticket sales and everything else that bigger crowds bring.

 

[Holy Joe]

I think to see an increase in gate income next season v this season we need a sustained run in the top 3.

 

[pringlejon]

Be great to benchmark some of these numbers against peers in the league. How much more could we realistically get through hospitality/club shop etc? What would it take to make things sustainable?