Club AGM and Financial report

[Boyo]

http://www.exetercityfc.co.uk/news/article/2016-17/report-exeter-city-afc-shareholders-agm-feedback-3669103.aspx

 

[nick_exmouth]

If someone with a better accounting brain can correct me if I am wrong here please?

- The club is losing approx £730k per year (Gross)

- Other Operating Income - Is this the Trust 'subsidy, loan, donation' or whatever we are calling it these days?

- We are currently owed £1.25 Million pounds? Does this not seem incredibly high or is this my naiveity with running a business of this size? Does this cover the phase of Tom N's transfer fee perhaps?

Thanks for anyone who can give my simple brain clarity

Nick

 

[feverpitch]

First thoughts: given that they've taken four months to write this little summary, it would have been nice if the words were in full and coherent sentences. I don't want to make my head hurt but am going to read on regardless.

 

[malcolms]

1…revisit appropriateness of Deloitte Drivas Jonas recommendation from 10 years ago to stay at SJP;
2…change the model is an option to attract investment but is unacceptable to the club board;
3…keep the status quo and risk falling behind.

First suggests a preference to move at some time in the future... Second is arrogant beyond belief... Third suggests something needs to be done...

 

[Boyo]

Cost of sales up £1m and Administrative expenses up £200k vs. the previous year.

I assuming that's a massive increase in playing budget, but who knows?

 

[Red Nose]

Should we be worried that in a season where we played two TV games against Liverpool (£1m income?) and received £250k in transfer fees, that we only made £185k profit?

 

[malcolms]

Should we be worried that in a season where we played two TV games against Liverpool (£1m income?) and received £250k in transfer fees, that we only made £185k profit?

It appears that the club has used up any "carry over" losses from previous financial years so it is sensible to mitigate the profit you show to avoid unnecessary taxation... (perhaps)

 

[IndoMike]

The 1m rise in cost of sales and 200k rise in admin costs seem huge to me. Am I wrong? What has been the difference to make such a huge increase?

 

[Alistair20000]

First thoughts: given that they've taken four months to write this little summary, it would have been nice if the words were in full and coherent sentences. I don't want to make my head hurt but am going to read on regardless.

A lot of blather, bluster and vague platitudes in the wordage.

 

[Alistair20000]

On a quick reading of the accounts and the blather we are told the expenses are disproportionately high due to the change in accounting date.

It would be interesting to see what the profit or more likely the loss was with the windfalls stripped out and the results compared with budget and the business plan. Oh hang on, the business plan has yet to surface.