Memory Lane The Accounts (2019) have landed ...

[Mick]

Here they are.

 

[Jai]

Saves me a question at the next supporters group meeting I suppose. Was almost looking forward to hearing the latest elaborate excuse.

 

[Mick]

"The Operating loss was £2,358m" ?????

It really would have been better and more accurate if they'd used a decimal point instead of a comma !

 

[Smiffy]

That's a worrying loss, considering it's pre-covid.

 

[Supa Shrimpa]

So we lost £2.5m to the end of July 19. Now...what about the Jul 20 accounts that were due by 30th April 21 ? When will we be expecting those ?

 

[Dorsetshrimper]

On a quick look through nothing too startling - a loss of £2.5Million consistent with previous periods. Turnover was slightly higher with advertising revenue showing the biggest increase. Player trading income much lower though - less than half the previous year at £0.5million, who would we have git a fee for in the year ended 31 July 2019?

The 31 July 2020 have not been filed, They should have been filed by 30 April 2021. Hopefully will not have to wait another year before they are filed.

Also confirmation statement (this includes list of shareholders) should have been filed by 16 May 2021.

 

[LennySUFC]

I dread to think of how bad the COVID period accounts will be...

 

[Yorkshire Blue]

On a quick look through nothing too startling - a loss of £2.5Million consistent with previous periods. Turnover was slightly higher with advertising revenue showing the biggest increase. Player trading income much lower though - less than half the previous year at £0.5million, who would we have git a fee for in the year ended 31 July 2019?

The 31 July 2020 have not been filed, They should have been filed by 30 April 2021. Hopefully will not have to wait another year before they are filed.

Also confirmation statement (this includes list of shareholders) should have been filed by 16 May 2021.

I expect this would have been instalments rather than a transfer concluded 1 Aug 2018-31 July 2019. So instalments on the Ryan Leonard transfer, maybe some add ons from the Bentley and Payne transfers and some academy players payments (Dominic Iorfa Jr for example).

 

[Whispering Bob]

Two main things I gleaned from the summary was that the club anticipate to start construction works on the Narnia Stadium this autumn/winter.
The Soccer Dome is going up!

 

[brigg blue]

Erm have I missed something or is Ron no longer charging rent?

Also it shows how broken football is when losing £2.5 million a season is seen as normal

 

[kentblues]

We already knew we were losing at least £30k a week as Ron has told us more than once that he was having to bail out the club along those lines.

Those levels of losses highlight the need for the new stadium to start generating some further revenue streams of course. But as mentioned before we don't run a bank overdraft/debt and when we say how much is the club in debt well the answer is other than HMRC there is no true "external debt" as its all inter-company. And if there is any HMRC liability still hanging over us it will get sorted (as there is zero chance of Ron allowing us to go under with planning go forward, and the project size makes it now much easier to raise collateral)

In the end the Fossets and RH developments trigger a re-capitalisation ( again as already stated by Ron) so the club will probably have no debt at a relatively near future date. BUT I suspect from that point Ron will expect the club to be self financing (unless another owner comes along with more money than sense...).

I don't think the end result is in doubt- the timings however have been a moving feast.

 

[GNH]

We already knew we were losing at least £30k a week as Ron has told us more than once that he was having to bail out the club along those lines.

Those levels of losses highlight the need for the new stadium to start generating some further revenue streams of course. But as mentioned before we don't run a bank overdraft/debt and when we say how much is the club in debt well the answer is other than HMRC there is no true "external debt" as its all inter-company. And if there is any HMRC liability still hanging over us it will get sorted (as there is zero chance of Ron allowing us to go under with planning go forward, and the project size makes it now much easier to raise collateral)

In the end the Fossets and RH developments trigger a re-capitalisation ( again as already stated by Ron) so the club will probably have no debt at a relatively near future date. BUT I suspect from that point Ron will expect the club to be self financing (unless another owner comes along with more money than sense...).

I don't think the end result is in doubt- the timings however have been a moving feast.

This is the point that concerns me and has never been fully answered.

No detail as to how this is going to happen has been set out AFAIK, we're just told it will happen and that's that.

 

[GNH]

Erm have I missed something or is Ron no longer charging rent?

Also it shows how broken football is when losing £2.5 million a season is seen as normal

It's detailed on page 20 at the same annual rent of £450,000.

It's also mentioned on page 30 along with the ongoing 'managment charge' of £300,000 per year within the SEL owings

 

[Supa Shrimpa]

Those levels of losses highlight the need for the new stadium to start generating some further revenue streams of course.

Additional revenues to SUFC confirmed as the occassional raffle in the North Stand ??

 

[brigg blue]

It's detailed on page 20 at the same annual rent of £450,000.

It's also mentioned on page 30 along with the ongoing 'managment charge' of £300,000 per year within the SEL owings

So on paper Rons companies are owed £750,000 for that year, hopefully we get planning approved otherwise our club isn't viable

 

[GNH]

So on paper Rons companies are owed £750,000 for that year, hopefully we get planning approved otherwise our club isn't viable

I think you'll find they are owed £750,000 for each year since he has been involved, hence the large inter company debt ~£14m as we don't pay it because we can't afford it.

It also makes the club unattractive to potential buyers as RM would want it back if he sold or until the promised land is delivered and he (hopefully) writes it off.

 

[kentblues]

Additional revenues to SUFC confirmed as the occassional raffle in the North Stand ??

This has been covered so many times now. No not that as I suspect you know :-)

 

[kentblues]

So on paper Rons companies are owed £750,000 for that year, hopefully we get planning approved otherwise our club isn't viable

The club has never been viable. Never made money. Most football clubs don't. However, it has the best chance of being viable with the new stadium significantly reducing what any owner needs to put in.

 

[LBBlue]

I expect this would have been instalments rather than a transfer concluded 1 Aug 2018-31 July 2019. So instalments on the Ryan Leonard transfer, maybe some add ons from the Bentley and Payne transfers and some academy players payments (Dominic Iorfa Jr for example).

The Club bring in the full “known” value of Player Trading at the time of the sale. If the fee is paid in instalments it will appear in debtors in the balance sheet.

Any add ons for selling on, appearances etc is brought into the accounts when that occurs and the cash value becomes known and contractually payable to the club.

Dan went to Bristol City in June 2019 so any sell on clause would have been brought into the 2018/19 accounts even if it had not been actually paid to us until later.

 

[LBBlue]

So the highlights and lowlights - Chris Powell was manager at the start of the year.

Wages went up by another £640 k to £6.24m

Wages 84% of turnover.


Advertising income up from £1.1m to £2.6m - who were the shirt sponsors? Presume this from Martin Dawn?

Income from season tickets and gate income was pretty static at £2.2m.

Income from player trading down £600k.

The loss for the year £2.5m is the equivalent of 1/3 of turnover of £7.5m …..