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Huxtable? Surely no relation?If anyone is interested there is 23 pages of persons holding shares in Exeter City AFC on Companies House site from 3 days ago.
Huxtable? Surely no relation?If anyone is interested there is 23 pages of persons holding shares in Exeter City AFC on Companies House site from 3 days ago.
Sorry! Was typing away as I was listening.There might be more information on this thread
ECFC Accounts: End of Year June 2019
The accounts up to June 2019 for the Club have just dropped at Companies House for those who are interested (and, unlike me, understand balance sheets). https://beta.companieshouse.gov.uk/company/00097808/filing-historywww.exeweb.com
COVID-19 Challenges
As noted earlier, these are extremely challenging times and I wanted to provide some insight into what the club and Trust are doing to mitigate the many issues that face us.
Perhaps most importantly, and as I'm sure you realise, much of what is happening is, of course, totally out of our hands. Over recent weeks communications from the EFL have been arriving thick and fast but again, even they are waiting on instruction from the government in understanding next steps!
As you will have seen from various statements made by the club, most staff (including players) at both St James Park and the Clifford Hill Training Ground have been furloughed under the government scheme. Senior players have deferred a significant portion of their wages and those Club Board directors who receive some form of payment for services they provide continue to work on our behalf but are foregoing payment.
Last year, at the Trust's request, the club set up a small group of people to closely examine our cash-flow capacity over the coming years to ensure we are operating at a sustainable and competitive level. This work has now been advanced and the effort increased to look at the more immediate impact as well. Of course, no one had imagined the 2019/20 season not finishing (yet!), nor any prospect of not playing in front of crowds, nor the uncertainty of the forthcoming season! These uncertainties have added enormous impetus to that group. It would be foolish to say we are not going to be impacted by events but until decisions are made relating to these matters it's hard to accurately assess how. Numerous scenarios are being examined and planned for, but until we have more clarity around what will actually happen next, and how the football authorities and government respond to that situation, it is very much a case of wait and see.
What I can say is how very proud I am at the response from the staff, the players, and the senior management here at Exeter City FC. As you would expect from a supporter-owned club, everybody has behaved with an amazing degree integrity and desire to help. I hope you'll join me in thanking them all!
Hi Indo follow the attachment on no12 and it is the first item. If you want to follow all information re City just click on the link Follow This Company put in your email and set up a password. Its all free and when ever City files any information regarding their accounts you will receive a text message confirming receipt of the paperwork.RED. I couldn't find the list of shareholders when I went to the site. Could you point me in the right direction or add a link.?
Thanks in advance
The club call it a budgeted loss which seems a fairly accurate description. I know that the club could possibly release more detailed accounts but I am happy with the level of transparency and feel well-informed of the club's financial position.Wait, at 51 minutes, he says we lost 700k in the accounts he has seen, losses would have doubled if it wasn't for player sales.
I'm fine with everything too, I was just transcribing some bits. They were both loving the fact we have a BardThe club call it a budgeted loss which seems a fairly accurate description. I know that the club could possibly release more detailed accounts but I am happy with the level of transparency and feel well-informed of the club's financial position.
📝 Exeter City publish accounts for year ending June 30, 2019
Exeter City FC have published their accounts for the year ending June 30, 2019.www.exetercityfc.co.uk
Agree with all this. Having now had a listen to the podcast it's a shame that they make a one-line comment about us losing seven hundred thousand pounds last year without putting it in the wider context that this was a budgeted loss and that we still have two million in the bank.There is a big difference between cashflow and financial profits/losses recorded in a period. The transfer fees received would have been recognised when they were contractually due (so any initial fees from Watkins/stockley etc). This would have meant financial results look better in the year that they took place. From a budgeting perspective, the club would have then budgeted to spend this income over the next 1-2 years. In the accounts, this spend in the current financial year, therefore looks like we are making large operating losses, which is true in the year in isolation, but was budgeted for, and therefore should be no cause for alarm. Obviously the alarm comes, when we are making operating losses, with no transfer income having been received initially. It's difficult to work out exactly what is on our balance sheet, however it shouldnt include things like future sell on income from watkins/ampadu until this is virtually certain. It would be interesting to know exactly (if any), what has been budgeted for the next 5 years in relation to income potentially due to be received from those two.
As with any business in the current environment, the key is around cashflow and money in the bank, and the ability to trade day to day, as opposed to the financial results themselves which are going to look pretty dire for all industries in the coming year!