2017 Accounts (merged)

Quoted from Jaws

So if we hadn't sold Bogle we'd have been just the same as our last season in the Conference?

Not really we would have been promoted, Pearson still here and Bogle worth £2million and crowds double and everybody leaving B P with a smile .

Those loans should be written off.

£200k repayment to JF or Mr Mullen repaid ? guess we will never know

Can someone fluent in accountants speak please translate the club statement and accounts and answer the following to a simpleton...

How much real debt is the club actually in ?  Ie - the total sum amount if everyone ( whether individual, institution or government department ) who is entitled to have monies repayed demands it back tomorrow.

Thanks in advance.

I read £7 000 000 minus £200K

Interesting to note that the media revenue increased by £700k and matchday (gate receipts) stayed virtually the same.
Would be interested to know whose director loans were paid back - suspect it's a former director.

Main points page by page from the accounts from a layman’s point of view. Hope it helps anyone who can’t be assed to read through the full accounts. Willing to be corrected by anyone on anything.. I'm no expert.


PAGE 2

On return to the Football League, turnover was up by solely the £600k payment from the EFL.  Even though home attendances were up by an average of 900 per game, there was no discernible increase in matchday income.

Bank loan of £300k paid off which has remained with the club in whichever form pre ITV Digital collapse.

Investment in youth and training facilities (as per EFL funding rules).


PAGE 3

Potential risks and uncertainties include “potential reliance on the company's principal shareholder to fund operations.” It’s even in the accounts as a weakness.


PAGE 4

Future developments – “The company will continue to invest prudently in the playing squad in order to remain an established EFL club, whilst also progressing it's plans for relocation to the new community stadium.” Invest isn’t really entirely accurate as it should be spend instead of invest. There is no fresh investment going into the club at all, the club is merely choosing how to spend income.


PAGE 5

Share capital – “During the year 24 ordinary shares at the value of £100 have been issued.” So, inward investment in the club for the year was £2400. That’s it, after regaining league status £2400. Either there’s a lack of interest in investing in the club or the club don’t want any or aren’t actively looking for any. This is surprising as it clearly states in these accounts on page two that reliance on the company's principal shareholder to fund operations is a risk.


PAGE 7

Going concern – “Although  the  company  generated  a  trading  profit,  after  tax,  of  £1,069,791  during  the  year  ended 31st May 2017, at that date the company had net liabilities of £568,931. These conditions along with the other matters explained within the accounting policies to the financial statements, indicate the existence of a material uncertainty which may cast doubt about the company's ability to continue as a going concern.” Officially the books show that we still have an uncertain future.


PAGE 9

An operating profit of over £1/4m was made without the Bogle money. Including the Bogle sale net player trading income was £826k.

Accumulated losses stand at £3m which can be written off against any future profit. This isn’t debt that needs to be paid back. It’s actually the figure we are able to show as a profit over future years and not attract any Corporation Tax. ie no tax bill for this year’s profit, the profit is taken away from the previous years accumulated loss figure. If we make a loss next year the accumulated loss figure will go up accordingly.


PAGE 13

JF was paid back circa £200k in director’s loans. This underpinned the outstanding bank loan if I recall correctly. As a side note, I seem to remember Lee Mullen’s investment in the club was in shares not a loan. So the repayment of director’s loans has to be JF.

The bank was paid back £313k.


PAGE 16

For accounting purposes our players are valued at £0.

Commercial income reduced by £30k even though we returned to the Football League.


PAGE 17

Even though there was an increase of £470k in salaries, taking into account there was an increase of 7 full time employees and 9 part-time staff, it points to an increase of around 20% in playing budget when comparing League Two football to the Conference.

Directors were not paid anything other than expenses.


PAGE 19

Blundell Park’s value has reduced by nearly £1m in the past couple of years, down to £650k.


PAGE 21

JF’s director’s loan is £2m.


PAGE 23

Ultimate controlling party – “The company is considered to be controlled by Mr JS Fenty by reason of  his shareholdings and financial commitment to the company.” There in black and white!


AGM 2016 - NOTES

“For many years director’s loans have been shown in the accounts as a long term liability on the basis that the board of directors consider that the loans are long term financing for the company and will not be repaid in the short term. As there are no set repayment terms for the loans the accounting standard requires them to be show as short term liabilities. Loans are still covered by the director’s protocol agreement.”


There is no doubt that the club runs a tight ship but there seems a lot a stagnation in the key areas of raising investment and marketing initiative.

Quoted from golfer

I read £7 000 000 minus £200K

Don't know where you read that Golfer.

Overall a good year financially. Our annual level of losses have been falling since the involvement of the Trust on the club board and now we're profit-making, even without the £826k profit on player trading. And even that player profit you could argue is down to the Trust because it involved the sale of you-know-who, signed with the proceeds of Operation Promotion.

So a big thank you to Jon, and the Trust board for their quiet work to help get the club managed on a sensible footing.

Quoted from Bigdog

PAGE 23

Ultimate controlling party – “The company is considered to be controlled by Mr JS Fenty by reason of  his shareholdings and financial commitment to the company.” There in black and white!

.”

Absolute poppycock....we all know The Fishy runs GTFC...along with its other controlling interests in Radio Humberside and The Grimsby Evening Telegraph.  

Going by the Summary by Bigdog does that mean we at most only got 826k for Bogle?? I hoped for atleast a million