Accounts Released

Looks as though we made a loss of £931,000 over the year. To be expected given the investment and the change at the club.

Others better placed will give better insight but we seem to have a lot more assets than previously and we paid 1.1m in loans, although there seems to be 400k still outstanding on those.

A certain poster has been waiting for this for months. Currently probably going through them with a fine eye I imagine, in the need to pick up on anything to have a dig and try to fixate a situation in which anyone else will believe the club were better off with the ex owner than present occupiers.

Bless.

Reminder that this covers 2021/22, ie. the promotion season. Anything that occurred after 31 May 2022 (like paying off Fenty) will be covered in next year's accounts.

Key info:

• Turnover: £4.4m (26% increase)
  
• Wages: £3.1m (10% increase)
  
• Wages as a percentage of income: 70% (10% decrease)
  
• Debt: £1.9m (84% increase)
  
• Transfer fees: £0 (there was compensation paid for John McAtee but this doesn't appear to have been included)
  
• Player trading profit: £437K (sale of Ben Grist and sell-on fee from Siriki Dembele's transfer to Bournemouth)
  

Key point about debt:
"The new owners invested £1.5 million of loans into the company during the year. Some of this
funding was used to repay debt in the form of loans from previous principal shareholder and the
balance was used to fund improving operations and infrastructure of the club."

Sounds like Fenty's loans have been replaced with a loan to 1878 Partners. Some of this has been used to improve infrastructure.

Turnover breakdown:
Matchday: £1.5m (119% increase) [highest for a decade]
Central distribution: £725K (52% decrease)
Commercial: £1.3m (122% increase) [the way this is calculated has changed so it can't be accurately compared to other years]
Academy grant: £516K (7% increase)
"Football fortune": £437K (70% increase)

Worth noting that the Promotion Final was on 5th June so isn’t included in this accounting period.

As pointed out previously when others criticised owner funded/bankrolled clubs, the club are £1.5m in debt to the new owners. I’m sure it’s a benign loan though!

Since 31st May Fenty had received his final payment of £400,000.

The only worry is those loans from the owners, I can’t remember that being stated as part of the plan. Although no doubt you can’t just magic up 1.5m to pay Fenty back out of thin air

Quoted from GollyGTFC

As pointed out previously when others criticised owner funded/bankrolled clubs, the club are £1.5m in debt to the new owners. I’m sure it’s a benign loan though!

I might be wrong but I thought in a very early interview, if the current owners were to sell the club they would be looking at having any loans repaid?

Quoted from pontoonlew

The only worry is those loans from the owners, I can’t remember that being stated as part of the plan. Although no doubt you can’t just magic up 1.5m to pay Fenty back out of thin air

Where did people think the operating losses they were open about when purchasing the club would appear in the accounts?

Quoted from arryarryarry

I might be wrong but I thought in a very early interview, if the current owners were to sell the club they would be looking at having any loans repaid?

I think they actually said they’d look to recoup any money invested (loaned) by increasing the value of their shareholdings.
i.e. get GTFC to L1 or even the Championship and their 63.1% of the business would be worth more than the £1.5m or so they spent buying up Fenty and other shareholders.