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Post by venceremos on Mar 28, 2024 13:47:16 GMT 1
Turnover's interesting.
Despite the absence of a Premier League payment we managed to increase it slightly, but EFL income now exceeds our own ticket sales.
And, despite finishing 12th, ticket revenues fell by over 3% - relegation scraps must bring in more fans!
No idea what contingent fees or sundry income include but merchandise must be in there somewhere and both increased significantly.
Dismal figure for TV and internet income though - £71k???
Food & drink up 56% and is now nearly 12% of our total revenues - looks like we're getting that right at least!
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Post by dibblydobbly on Mar 28, 2024 13:47:35 GMT 1
After a very quick look: The notes in the accounts suggest that the restated loss is due to brining in the academy costs (from memory) into the accounts. The directors put in £500k up to June 2023 by way of loan, which at the time of signing of the accounts has increased to £1.2m. Lack of Premier league money is a £500k shortfall Big jump in wages across the club of £800k. No breakdown of the £500k increase in administration expenses, which would be the general running costs of the club, not necessarily on the football side (maintenence, energy costs etc) I suspect that will also include hotel stays at 5* hotels for all away games which last seasons manager booked. No way would 5 stars would have been enough he was definitely a ****** man
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Post by GrizzlyShrew on Mar 28, 2024 13:48:42 GMT 1
After a very quick look: The notes in the accounts suggest that the restated loss is due to brining in the academy costs (from memory) into the accounts. The directors put in £500k up to June 2023 by way of loan, which at the time of signing of the accounts has increased to £1.2m. Lack of Premier league money is a £500k shortfall Big jump in wages across the club of £800k. No breakdown of the £500k increase in administration expenses, which would be the general running costs of the club, not necessarily on the football side (maintenence, energy costs etc) I suspect that will also include hotel stays at 5* hotels for all away games which last seasons manager booked. Totally unnecessary in the majority of games. Wonder if FGR have stretched to luxury hotels for each away game yet?
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Post by stuttgartershrew on Mar 28, 2024 13:48:44 GMT 1
I guess we should also take into account that we also made a loss the previous year too or? So the difference from these accounts to the last is not the full 3 million. If you get my meaning. So the increase in wages and admin costs as well as the lack of Premier League money will take up the majority of the difference.
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Post by sheltonsalopian on Mar 28, 2024 13:50:15 GMT 1
This may sound bizarre but I see cause for optimism in the accounts:
Wages will be heavily trimmed with high earners coming off the books (Bennett, Flanagan, Pierre, Bowman, AOB, Price, Benning, Dunkley, Burgoyne, Marosi, Bayliss, Udoh.) Yes you obviously want to keep some of the players, but that should bring the 800k down massively.
Lack of Premier League money - if this is a contractual obligation the money will have to be paid eventually.
I am shocked by the 500k admin expense increase - can't quite work that one out.
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Post by GrizzlyShrew on Mar 28, 2024 13:53:37 GMT 1
We could most certainly do with some sort of update from the club covering these figures (not the detail obviously but an outline). I'd like to hear what measures are being taken to move us back towards being sustainable going forward. On measures, I think you may have seen or heard of some of them already: New Sponsors Staff changes, football and non-football Director Changes Shop changes Kit Supplier Changes Which we can assume means other supplier changes are done, proper financial controls and reporting are in place, and plans are afoot for more changes e.g. academy move, and revenue generation Would just be good business sence to address the whole scenario in 1 full statement by the club to the paying fans. The position we are in now, and an outline of why. And measures being taken to move things forward, possibly expanding a little on that. Putting a positive spin on things.
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Post by stuttgartershrew on Mar 28, 2024 13:55:14 GMT 1
I am shocked by the 500k admin expense increase - can't quite work that one out. I'm thinking MartinB might be onto something there with talk of hotels. Didn't we get a new bus too? But no idea, that is the standout though. It would be good to know the reason for that increase.
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Post by dibblydobbly on Mar 28, 2024 13:57:11 GMT 1
I am shocked by the 500k admin expense increase - can't quite work that one out. I'm thinking MartinB might be onto something there with talk of hotels. Didn't we get a new bus too? But no idea, that is the standout though. It would be good to know the reason for that increase. New Bus and New Kitvan
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Post by davycrockett on Mar 28, 2024 14:00:37 GMT 1
I am shocked by the 500k admin expense increase - can't quite work that one out. I'm thinking MartinB might be onto something there with talk of hotels. Didn't we get a new bus too? But no idea, that is the standout though. It would be good to know the reason for that increase. Bus owned by Longmynd but costs us per trip.... 5* every away game is a stretch no one knows how many and 4 or 5 * but likely extravagant....
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Post by Feedo Gnasher on Mar 28, 2024 14:02:33 GMT 1
In summary, the club was unable to raise income but saw obscene raises in costs across almost all areas.
What an absolute s**t show. The whataboutery around some 5* hotel stays which in the context of a £3m loss are almost immaterial.
The warning signs were there from the loss the season earlier, and no action was taken.
Shocking that this could happen.
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Post by Valerioch on Mar 28, 2024 14:02:46 GMT 1
In any company or organisation, the buck stops at the top, and rightly so.
These eye opening results vindicate the change that some of us have been asking for, for a fair amount of time now - those results are protest worthy imo
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Post by venceremos on Mar 28, 2024 14:02:50 GMT 1
I'm thinking MartinB might be onto something there with talk of hotels. Didn't we get a new bus too? But no idea, that is the standout though. It would be good to know the reason for that increase. New Bus and New Kitvan Surely we just hire the bus?
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Post by mattmw on Mar 28, 2024 14:03:24 GMT 1
I am shocked by the 500k admin expense increase - can't quite work that one out. I'm thinking MartinB might be onto something there with talk of hotels. Didn't we get a new bus too? But no idea, that is the standout though. It would be good to know the reason for that increase. I don’t think hotel and travel expenses would be included in general administration in the accounts, normally administration costs refer more to fees payed for external services or the core administration of the business. I think the club changed it auditors in the financial year these accounts refer to, so it’s possible the new company taking them over has done a much more deep dive into the accounts than before, and the costs of that would be higher too.
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Post by venceremos on Mar 28, 2024 14:06:42 GMT 1
The Chairman had oversight of all of this, or should have. It's ultimately his responsibility.
We have new management in place since this disaster but I don't think it's enough. Bigger change is needed - new ownership, new thinking.
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Post by venceremos on Mar 28, 2024 14:08:03 GMT 1
I'm thinking MartinB might be onto something there with talk of hotels. Didn't we get a new bus too? But no idea, that is the standout though. It would be good to know the reason for that increase. I don’t think hotel and travel expenses would be included in general administration in the accounts, normally administration costs refer more to fees payed for external services or the core administration of the business. I think the club changed it auditors in the financial year these accounts refer to, so it’s possible the new company taking them over has done a much more deep dive into the accounts than before, and the costs of that would be higher too. No, WR Partners are just Whittingham Riddell rebranded - been there for ever.
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Post by dibblydobbly on Mar 28, 2024 14:12:03 GMT 1
I'm thinking MartinB might be onto something there with talk of hotels. Didn't we get a new bus too? But no idea, that is the standout though. It would be good to know the reason for that increase. I don’t think hotel and travel expenses would be included in general administration in the accounts, normally administration costs refer more to fees payed for external services or the core administration of the business. I think the club changed it auditors in the financial year these accounts refer to, so it’s possible the new company taking them over has done a much more deep dive into the accounts than before, and the costs of that would be higher too. Same auditors
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Post by dibblydobbly on Mar 28, 2024 14:12:53 GMT 1
I'm thinking MartinB might be onto something there with talk of hotels. Didn't we get a new bus too? But no idea, that is the standout though. It would be good to know the reason for that increase. I don’t think hotel and travel expenses would be included in general administration in the accounts, normally administration costs refer more to fees payed for external services or the core administration of the business. I think the club changed it auditors in the financial year these accounts refer to, so it’s possible the new company taking them over has done a much more deep dive into the accounts than before, and the costs of that would be higher too. Hotel and travel would be likely be in administration
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Post by venceremos on Mar 28, 2024 14:13:12 GMT 1
I don’t think hotel and travel expenses would be included in general administration in the accounts, normally administration costs refer more to fees payed for external services or the core administration of the business. I think the club changed it auditors in the financial year these accounts refer to, so it’s possible the new company taking them over has done a much more deep dive into the accounts than before, and the costs of that would be higher too. No, WR Partners are just Whittingham Riddell rebranded - been there for ever. Perhaps that relationship's too cosy as well. A bit more challenge from the auditors might have helped sharpen the focus earlier.
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Post by dibblydobbly on Mar 28, 2024 14:16:45 GMT 1
In any company or organisation, the buck stops at the top, and rightly so. These eye opening results vindicate the change that some of us have been asking for, for a fair amount of time now - those results are protest worthy imo Well: No points deducted No payments to staff missed Chairman putting his money in to make sure of that Change medium term, sure, why not, but in the meantime suggest we stay firmly behind the club while it works its way out of the hole,
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Post by dibblydobbly on Mar 28, 2024 14:18:27 GMT 1
No, WR Partners are just Whittingham Riddell rebranded - been there for ever. Perhaps that relationship's too cosy as well. A bit more challenge from the auditors might have helped sharpen the focus earlier. Fair point, but their "cosy" relationship was with people who are gone. They are starting again with new professionals in Liam and the Head of Finance
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Post by mattmw on Mar 28, 2024 14:25:56 GMT 1
I don’t think hotel and travel expenses would be included in general administration in the accounts, normally administration costs refer more to fees payed for external services or the core administration of the business. I think the club changed it auditors in the financial year these accounts refer to, so it’s possible the new company taking them over has done a much more deep dive into the accounts than before, and the costs of that would be higher too. Hotel and travel would be likely be in administration I thought previously the travel expenses aspect of the first team was listed in a different category, as its effectively a "product" cost as opposed to a general running cost of the business. In the same way agent fees are not included in general admin costs but as a fee related to the player costs? In the charity I'm a patron of we seperate the two out in accounts. Either way hopefully we'll get a bit more of a breakdown on the admin costs in the club statement of the accounts, as they now make up a very sizable part of the expenditure
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Post by Feedo Gnasher on Mar 28, 2024 14:27:55 GMT 1
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Post by Valerioch on Mar 28, 2024 14:28:03 GMT 1
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Post by dibblydobbly on Mar 28, 2024 14:29:33 GMT 1
The Chairman had oversight of all of this, or should have. It's ultimately his responsibility. We have new management in place since this disaster but I don't think it's enough. Bigger change is needed - new ownership, new thinking. Well if we are being particular: The performance of the company is the responsibility (ultimately) of the Board of Directors and each Director has the same duties. They appoint the management and should have oversight. When the losses were made there were three Companies House registered Directors, two of whom have now gone. I am sure New Ownership and New Thinking will happen one day, and good luck to it, but I can't see that the one man of the three who chose to stay and fight for the club gets all the blame.
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Post by Valerioch on Mar 28, 2024 14:29:38 GMT 1
In any company or organisation, the buck stops at the top, and rightly so. These eye opening results vindicate the change that some of us have been asking for, for a fair amount of time now - those results are protest worthy imo Well: No points deducted No payments to staff missed Chairman putting his money in to make sure of thatChange medium term, sure, why not, but in the meantime suggest we stay firmly behind the club while it works its way out of the hole, The fans money is what keeps the club running, and he should keep that very close in mind, rather than constantly take our support for granted...
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Post by DiglisShrew on Mar 28, 2024 14:30:00 GMT 1
Presume there will be a motion at the AGM for the reappointment of Auditors- maybe time for a change ??
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Post by Scarecrow on Mar 28, 2024 14:30:04 GMT 1
Well we finally have our answers but I do have two questions.
If we were in an absolute mess financially with player salaries wouldn’t we have sold Dunkley or Marosi at the start of the season and made some of the high earners available? Im sure we’d have had some teams in this league have interest in them.
What steps have actually been taken to minimise these losses as I haven’t seen much change beyond Steve and Brian being shown the door?
We overspent, Roland did something he doesn’t like doing - actually putting his hand in his pocket to invest in the club, we keep rolling on.
Wouldn’t it be nice one day to have a chairman who wants to spend money to better this club rather than oversee a balance of payments though. What an absolute saint Roland is for reaching into his pocket to invest in this club. That 500k put into the club for the past 10 years really shows us how lucky we are to have our lord and master.
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Post by dibblydobbly on Mar 28, 2024 14:31:20 GMT 1
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Post by Valerioch on Mar 28, 2024 14:32:36 GMT 1
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Post by martinshrew on Mar 28, 2024 14:34:29 GMT 1
Chairman might be putting money in but you can bet your organs he'll have every single penny back.
It sits uncomfortably with me that a multimillionaire in his own right, who is a huge town fan and will likely make an enormous amount of profit selling the club can't make a decent one off cash injection.
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