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Accounts to year ended May 31st 2020

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Well, that is a considerable improvement on last year.

The massive operating loss has been brought down hugely and we have made a good net profit.

Two areas of concern going forwards.

Firstly, our profit only came because we had money from player sales coming in. Providing we budget for no player sales next year that shouldn't be a problem but worth keeping an eye out for.

Secondly, we will have a large income reduction due to covid. We'll just need to wait and see where that leaves us but we'll be in a much stronger place than most other teams I imagine.

Overall, it's a huge relief to see that Operating Loss sorted and the first set of really good accounts I've seen for a few years.

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6 hours ago, oaksoft said:

Well, that is a considerable improvement on last year.

The massive operating loss has been brought down hugely and we have made a good net profit.

Two areas of concern going forwards.

Firstly, our profit only came because we had money from player sales coming in. Providing we budget for no player sales next year that shouldn't be a problem but worth keeping an eye out for.

Secondly, we will have a large income reduction due to covid. We'll just need to wait and see where that leaves us but we'll be in a much stronger place than most other teams I imagine.

Overall, it's a huge relief to see that Operating Loss sorted and the first set of really good accounts I've seen for a few years.

A huge relief 🤣🤣🤣🤣 i cause we were all struggling to sleep worrying 😴 

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9 minutes ago, TPAFKA Jersey 2 said:

What do we think the nearly £200k spent on fixtures and fittings might be? Seems a large sum. 

Campbells DJ booth and speakers upgrade. Just need those fancy disco lights and we can hold a massive rave once the pandemic is over.

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Here's my summary of the accounts, think this is pretty accurate;

We made a profit of £130K in the year ended to 31st May 2020 before tax. Previous year we made £100K profit.

Our turnover was £4.068m, which was very slightly down from £4.11m the previous year.

Our wage bill was £4.1m down from £4.5m the previous year.

We brought in transfer fees of £372K which I assume was Paul McGinn fee plus a share of John McGinn windfall Hibs got when Villa were promoted?

We sold Kyle Magennis for £200K. That figure is not included in these accounts as was received after the financial period being reported but is included as a significant event that has happened since.

Club had £1.4m in the bank at end of May. Previous year this was £690K.

 

The accounts period obviously only includes a small portion of the period affected by COVID, March through to end of May.  Still there was zero gate revenue during that period so it's pretty encouraging that we still reported a profit.

Gate receipts were down from £1.5m to £1.37m as a result.

Prize money from the SPFL was £1.58m up from £1.39m the year before, on account of us finishing higher in the league.

Commercial income was also down about £95K presumably due to lack of Hospitality revenue lost through games that didn't happen.

 

 

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10 minutes ago, div said:

Here's my summary of the accounts, think this is pretty accurate;

We made a profit of £130K in the year ended to 31st May 2020 before tax. Previous year we made £100K profit.

Our turnover was £4.068m, which was very slightly down from £4.11m the previous year.

Our wage bill was £4.1m down from £4.5m the previous year.

We brought in transfer fees of £372K which I assume was Paul McGinn fee plus a share of John McGinn windfall Hibs got when Villa were promoted?

We sold Kyle Magennis for £200K. That figure is not included in these accounts as was received after the financial period being reported but is included as a significant event that has happened since.

Club had £1.4m in the bank at end of May. Previous year this was £690K.

 

The accounts period obviously only includes a small portion of the period affected by COVID, March through to end of May.  Still there was zero gate revenue during that period so it's pretty encouraging that we still reported a profit.

Gate receipts were down from £1.5m to £1.37m as a result.

Prize money from the SPFL was £1.58m up from £1.39m the year before, on account of us finishing higher in the league.

Commercial income was also down about £95K presumably due to lack of Hospitality revenue lost through games that didn't happen.

 

 

Gate receipts were ca. £1.4m, so if we work on a worst case scenario of there being no crowds for the rest of the season, how will that figure be impacted. It would be good to know how much of those receipts were from season tickets. Either way, if we're trying to work out the impact of no crowds on our May 2021 figures, I suppose we need to offset the £1.4m with season ticket sales that still happened anyway as well as cost savings on things like policing, stewarding or other costs associated with having fans in the ground.

Whilst it will probably still represent a pretty big hit for a club like ours, it might not be as bad as I thought it might.

 

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Very healthy Balance Sheet considering the fact our income was down Mar/Apr/May due to Covid

Here's my summary of the accounts, think this is pretty accurate;
We made a profit of £130K in the year ended to 31st May 2020 before tax. Previous year we made £100K profit.
Our turnover was £4.068m, which was very slightly down from £4.11m the previous year.
Our wage bill was £4.1m down from £4.5m the previous year.
We brought in transfer fees of £372K which I assume was Paul McGinn fee plus a share of John McGinn windfall Hibs got when Villa were promoted?
We sold Kyle Magennis for £200K. That figure is not included in these accounts as was received after the financial period being reported but is included as a significant event that has happened since.
Club had £1.4m in the bank at end of May. Previous year this was £690K.
 
The accounts period obviously only includes a small portion of the period affected by COVID, March through to end of May.  Still there was zero gate revenue during that period so it's pretty encouraging that we still reported a profit.
Gate receipts were down from £1.5m to £1.37m as a result.
Prize money from the SPFL was £1.58m up from £1.39m the year before, on account of us finishing higher in the league.
Commercial income was also down about £95K presumably due to lack of Hospitality revenue lost through games that didn't happen.
 
 

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Not too sure about the wages bit Div, our overall T/O was £4.07m and wages would then represent over 100 % of T/O.

The wages section shows that overall wages were £2.65m against £2.98 last year which is still a significant reduction.

 

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As an afterthought maybe the relatively stable financial position we appear to be in is a factor in us being able to sign Brophy and hopefully secure an extension to Doyle-Hayes contract.

Well done the BoD!

Edited by Bud the Baker

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If the club is happy with the finance of the club then that will do me   👍

With the cash from PPV and getting to the semi final of the cup, i am hoping that will offset a fair bit of the gate and season ticket money that we have lost for this season.

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53 minutes ago, Tommy said:

If the club is happy with the finance of the club then that will do me   👍

With the cash from PPV and getting to the semi final of the cup, i am hoping that will offset a fair bit of the gate and season ticket money that we have lost for this season.

A wee 5th place finish would go a long way to offset lost income from this season too :) 

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3 hours ago, Bud the Baker said:

Seems like a good year financially and the significant level of cash in the bank is good to have in what will obviously be a trying 20/21 season.

Agreed.

It's a lack of ready cash which sinks even highly profitable businesses.

I think we are in very good shape indeed going into fan ownership.

Not sure we could have hoped for better.

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3 hours ago, TPAFKA Jersey 2 said:

Gate receipts were ca. £1.4m, so if we work on a worst case scenario of there being no crowds for the rest of the season, how will that figure be impacted. It would be good to know how much of those receipts were from season tickets. Either way, if we're trying to work out the impact of no crowds on our May 2021 figures, I suppose we need to offset the £1.4m with season ticket sales that still happened anyway as well as cost savings on things like policing, stewarding or other costs associated with having fans in the ground.

Whilst it will probably still represent a pretty big hit for a club like ours, it might not be as bad as I thought it might.

 

A reasonable estimate, without knowing for sure, would be 60-65%.

I'm basing that on an assumption that out of an average 5000 home crowd, there are about 3500 season ticket holders. That 1500 extra crowd is 30% of the total crowd and includes away fans and our pay at the gate obviously. They'll pay a bit more than the season ticket holders as well so that maybe accounts for 35-40% of the total income for the game.

Therefore I'd be looking at that figure of £1.4m and expecting it to drop to maybe £840k to £900k. There will be other mitigating factors where we save some money by not having fans at games (stewards etc) so the net effect might be £1m. A substantial drop but with a tweak to the budget could be dealt with without too much pain.

Of course, that's all just speculation but if I'm close to that you can see why the other clubs might be shitting themselves.

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2 hours ago, WeeBud said:

Not too sure about the wages bit Div, our overall T/O was £4.07m and wages would then represent over 100 % of T/O.

The wages section shows that overall wages were £2.65m against £2.98 last year which is still a significant reduction.

 

I might be getting confused but if wages are £2.65m against turnover of £4.07m then wages to turnover is only 65%. Still a little on the high side but not 100%.

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1 minute ago, oaksoft said:

I might be getting confused but if wages are £2.65m against turnover of £4.07m then wages to turnover is only 65%. Still a little on the high side but not 100%.

That's for all staff Oaky and not just playing staff so not too bad.

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Just now, WeeBud said:

That's for all staff Oaky and not just playing staff so not too bad.

Oops. Forgot about that. :D

Most of it will be playing staff though I suppose.

I seem to remember 65% being the upper limit for a well run business so we are a bawhair away.

Just nice to have a set of accounts everyone is happy with for a change with no shockers hidden in the numbers.

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10 minutes ago, portmahomack saint said:

I was.

Hoping maybe you would top up our savings to a even two million  :whistle

FFs, the club can't even get £12 out of him for PPV   :lol:

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3 minutes ago, portmahomack saint said:

Was worth a try :lol:  never mind Junior Morias has just signed for Boreham Wood FC  that should be another 300K roughly in the bank  :rolleyes:

300p more like 

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