Accounts released today

• Profit of £195,505
  
• Turnover down 18% ( -£644,848 ), compensated by £593,216 in grants
  
• 1878 have invested £1.125m since the takeover
  
• "Despite becoming a private limited company,  as part of the B Corp commitment to transparency, the board has also decided to retain the same element of detail and transparency as was provided in its previous status as a PLC"
  

Quoted from jamesgtfc

Interesting that General Match Expenses were £32k more without any fans in the ground!

Quoted from jamesgtfc

I was curious how our accounts would be given we no longer need to be as transparent. Very happy that we've decided to go above and beyond what is necessary.

£2.84m wage bill versus £2.49m in 2020 was a surprise I've got to be honest.

Interesting that General Match Expenses were £32k more without any fans in the ground!

Quoted from GollyGTFC

Does hotel costs for away games fall undet General Match Expenses?

Players all had their own room rather than sharing & weren’t we using 2 coaches to travel to allow social distancing?

Quoted from diehardmariner

Can't quite get my head around the wage bill going up.  Won't these accounts reflect the, ahem, voluntary paycuts taken by staff?  

If the playing budget wasn't severely reduced I'll be staggered.  

Quoted from MarinerDevil

https://gtfc.co.uk/2021-club-accounts-released/

• Profit of £195,505
  
• Turnover down 18% ( -£644,848 ), compensated by £593,216 in grants
  
• 1878 have invested £1.125m since the takeover
  
• "Despite becoming a private limited company,  as part of the B Corp commitment to transparency, the board has also decided to retain the same element of detail and transparency as was provided in its previous status as a PLC"
  

Quoted from bawarmy

You can find out what sports people earn on here.
https://salarysport.com/search/
Not sure how accurate it is though

Quoted from mimma

Just had a look at Town players salaries on that. According to it, McAtee is on a lot less than Fox.

Hope it is a complete guess by someone who knows nothing about Town

Quoted from jamesgtfc

I don't recall anyone getting paid up last season either unless Runaway negotiated a handsome pay off when he ran away? I mean it's a totally plausible theory that he received a pay off because as a man who can't keep his mouth shut, he's said very little about the dodgy goings on in the boardroom he paid £500 to be part of.

It does raise some serious questions about last season though. In terms of the players Hurst signed I can't imagine the likes of Habergham (unemployed for 2 years) and Bunney (bouncing around the lower leagues) cost much. Lenny and Coke came from National League North side Hereford so again, I can't imagine they are on big money. Whatever we were paying for Matete can't have been much because he was a 19 year old kid who had played a few games for Fleetwood. Stefan Payne and Jake Eastwood might have cost a bit but still. All the talk coming out of the club at the start of the season was that our budget was significantly reduced due to Covid but the accounts seem to show otherwise.

It raises serious questions about what money we spent on people like Danny Rose, Felipe Morais, the 2 hour keeper coach, the loan signing of Kyle Bennett and the others but particularly him. Montel Gibson was given a 3 year deal and we also plucked Sisay and Ira Jackson out of obscurity. Looking at the accounts, I bet they couldn't believe what we were offering them.

A big deal was made about us not being able to keep players like Charles Vernam and Billy Clarke. Anthony Limbrick was publicly furloughed because he couldn't afford the pay cut imposed on him yet despite all this moaning about our budget from Runaway and the board, our wage bill went up £250k.

Thankfully, the people responsible for all but 3 weeks of those accounts aren't making decisions anymore but it really does leave a sour taste in my mouth.

Edit: Bilel Mohsni as well - I wonder what we were paying him?

Quoted from mimma

Just had a look at Town players salaries on that. According to it, McAtee is on a lot less than Fox.

Hope it is a complete guess by someone who knows nothing about Town

Quoted from Son of Cod

What's the difference between the 'Wages and Salaries' section on page 20 and 'Wages' on page 27 as the former shows that we spent less on that in 2021 than 2020 as far as I can make out?

Quoted from HerveJosse

No doubt Jamesgtfc will explain?

Quoted from Son of Cod

What's the difference between the 'Wages and Salaries' section on page 20 and 'Wages' on page 27 as the former shows that we spent less on that in 2021 than 2020 as far as I can make out?

Quoted from jamesgtfc

I'm no accountant and I admit to not seeing that bit but my point still stands, we've spent £250k more money under the category of wages on Page 27 in 2021 than 2020 and it's a bit baffling.

Whilst we are on the subject of Page 20, we had 125 match day staff last season when there weren't any fans attending which is a bit bizarre considering we only had 106 the year before when fans were attending.

Quoted from HertsGTFC

Generally salaries are fixed e.g. players, managers and senior staff and they get no overtime etc.. wages vary as they can be increased by overtime and if they are on casual contracts people not actually working any hours or flexed up to work on game day like a steward.

Quoted from moosey_club

It may only be the headline numbers but if we made £195k ish profit.....
How galling is it that we maybe could have spent that on a couple of decent players , broke even and stayed up !!??!!

Quoted from HerveJosse

So we have a set of accounts where the revenue breakdown doesn’t add up by £400k and in one section wages are up by £300k in the previous year and in another section down by similar amount.
No wonder they took so long to approve

Quoted from jamesgtfc

Curiouser and curiouser. If we don't have an answer beforehand, it's one for the shareholders to probe on 28th February I guess...

Quoted from HerveJosse

According to the accounts page 5 there is going to be an Annual General Meeting so I will await for that rather then the zoom Q& A.
I haven’t received my AGM notice yet

Quoted from jamesgtfc

The Zoom Q&A is only for shareholders so I think that is the AGM referred to on Page 5. You might want to clarify that with the club.

Quoted from HerveJosse

The accounts say immediately above Jason and Andrew’s signatures on page 5 that the auditors Weaver Wroot will be proposed for reappointment at the forthcoming Annual General Meeting .
An AGM requires a list of business being circulated to shareholders in advance and then a vote on the items concerned that doesn’t sound like what they have in mind for the virtual Q &A session.
Hopefully things will be made clear in due course.
Let’s hope is not just another member up and the accounts were not meant to say that.

Quoted from HerveJosse

Press release in 31 January said The company  had filed its audited accounts. As of today 15 Feb still not showing on CompaniesHouse website . As accounts are filed electronically and appear within 24 hours this is another strange development . Perhaps they haven’t been filed because of the comments pointing out that they didn’t add up,

Quoted from GollyGTFC

That’s the final straw!!!!!!!1!!!! 1878 out!!!! Bring back the fraudster’s mate!

Quoted from aldi_01

I must admit, it’s flipping hilarious seeing folk try and pick fault after allowing the previous incumbent to get away with murder for 17 years…and get in to bed with a fraudster…

Quoted from HerveJosse

So basically you are saying we shouldn’t comment on anything the new owners do because of the conduct of the previous owner. Very rational!

Quoted from HerveJosse

So basically you are saying we shouldn’t comment on anything the new owners do because of the conduct of the previous owner. Very rational!

Quoted from HerveJosse

So basically you are saying we shouldn’t comment on anything the new owners do because of the conduct of the previous owner. Very rational!

Quoted from GollyGTFC

1878 Partners have already spent more money in acquiring 60%+ of the club (£1.5m) and funding infrastructure projects and day to day losses (£1.125m) than Fenty ever had invested of his own money in the club at any point.

Give it a break.

Quoted from jamesgtfc

The accounts only represent 3 weeks of 1878 too. I do wonder why there are two vastly different figures for wages though. My thoughts are that it's linked to furlough grants.

On a side note I went to the Fishing Heritage Centre yesterday with the wife and kids. They have a board on our history which is outdated because it says the only time we got relegated from the league, we got re-elected but it states we were founded in 1879...

Quoted from ska face

When/where was this?

Quoted from pen penfras

Stockwood had an interview sat on some seats at BP where he said that people shouldn't be worried about the loans, it's not a big deal and they would expect their money back, probably through equity rather than loans. Wasn't long after they took over.

Quoted from pen penfras

Stockwood had an interview sat on some seats at BP where he said that people shouldn't be worried about the loans, it's not a big deal and they would expect their money back, probably through equity rather than loans. Wasn't long after they took over.

Quoted from HerveJosse

Re 1879 that because we were.
I have posted about this before citing the supporting comments from someone in his book who was in the team at the time but shouted down by the usual suspects

Quoted from aldi_01

I don’t think anyone would begrudge anyone making cash out of something so long as it was their own which was invented first, in their case…that would be them.

Quoted from Poojah

If done correctly, it’s win-win. Brighton owe Tony Bloom the best part of £200m, but having taken them from League One bottom feeders playing in a rented, not fit-for-purpose athletics track to Premier League mainstays playing in a state-of-the art 32,000 seater stadium. As such, they’re worth considerably more than that.

I doubt a single Brighton fan would begrudge him if he sold the club tomorrow for a £70m profit. It’s a concept known as speculating to accumulate; something the previous regime didn’t quite get.

Quoted from WOZOFGRIMSBY

The problem is, Past leaders’ disciples have seen them as Knight’s in shining armour, yet all that has been proved is that they were nothing more than polished turds in bacofoil

Quoted from Maringer

In Bob Lincoln's book (published in 1912), he says:

"Speaking from memory I don't think that any club of note to play a series of matches was formed before 1879."

He then goes on to say that even back in 1912, there was some discussion as to which club actually was formed first - Pelham, White Star or the Wanderers, but thinks it was Pelham.

In the next paragraph he writes:

"Of course I am open to correction."

Bearing in mind that he wrote the book 34 years after the formation of the club, it's perhaps not surprising he might have got the date wrong. There seems to be a reasonable amount of other evidence that the club was formed as Grimsby Pelham in 1878 (when Lincoln wasn't involved), even though he subsequently played for GTFC in some of the early seasons and was later a director.

Quoted from Maringer

I'm quite aware of the book, having being involved in its reissue back in 2003 (I think it was). I just scanned through a copy earlier and read his initial note about 1879 onwards.

I've been told that my great great (great?) grandfather was one of those who formed the club in 1878, though whether this is accurate or not, I couldn't say.

Quoted from Roast Em Bobby

Can we just agree on 1878.5 and have done with it?

Quoted from HerveJosse

Have to change the new badge if going to do that

Quoted from Gaffer58

Why not 2021, that’s at least when the current owners took over.

Quoted from HerveJosse

Accounts now filed at Companis House.
Altered from one’s published on club website at the end of January.
Missing £400k from Turnover identified above found and added to commercial income.
Erroneous accounts taken down and replaced on website announcement link posted at end of January.
So our comments on here do appear to be of value despite the abuse they bring

Quoted from aldi_01

But you’re still not making any relevant points…

Quoted from ginnywings

I'll sleep soundly tonight now that's cleared up.

Quoted from aldi_01

But you’re still not making any relevant points…

Quoted from HerveJosse

The point is obvious professional well run organisations don’t sign off accounts that don’t add up by £400k . Does that really need explaining ?.

Quoted from HerveJosse

The point is obvious professional well run organisations don’t sign off accounts that don’t add up by £400k . Does that really need explaining ?.

Quoted from Southwark Mariner

I'd argue it's the auditors who are at fault if those were the accounts sent for signature. More likely the wrong version was published online.

Quoted from HerveJosse

The version online had the directors signatures on it

Quoted from Hagrid

Give it a rest

Quoted from Hagrid

Give it a rest

Quoted from jamesgtfc

He has a point. Now they are corrected it's obvious it's a simple keying error but it's an official document and a legal one at that. If it was me, I would be reconsidering the proposal to continue using Weaver Wroot as the auditor too.

Accounts are audited for various reasons but a key one is to ensure they are accurate and on this ocassion, the auditors have failed.

Quoted from HerveJosse

The Directors report say the auditions Weaver Wroot will be proposed for re-election at the forthcoming Annusl General Meeting which is odd as there isn’t going to be an Annual General Meeting .

Quoted from HerveJosse

The Directors report say the auditions Weaver Wroot will be proposed for re-election at the forthcoming Annusl General Meeting which is odd as there isn’t going to be an Annual General Meeting .