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Club News

Audit 2020 Annual Report and Financial Statements - A Brief Commentary

27 April 2021

The Club has today published its Annual Report and Financial Statements (“the Accounts”) for the year ended 31 May 2020.

This year more information is being provided to be read alongside the Accounts to enable Supporters to be more informed about the Club’s activities.

Publication of the Report has been delayed by the impact of the Coronavirus Pandemic and is for the year ended 31 May 2020, that saw the curtailment of the season with 10 games remaining and the closure of the majority of the Club’s activities from late March 2020.

The Report shows the position at 31 May 2020 by which time the impact of Covid-19 had taken effect but will continue to impact the Club for many years to come.

Headline Results:

Turnover is down by £1,084,000 to £5,597,000

Operating Costs are down £790,000 to £5,827,000

Other Operating Income was £285,000

Interest Payable reduced by £15,000 to £30,000

Resulting in a Profit for the Year of £25,000 (2019 -£19,000)

This small profit is a reflection of the Club’s long held policy of reinvesting as much of its income as possible to spend on the playing side of the Club without causing unnecessary debt in the process.  The Club’s aim is to strive for success whilst ensuring it is sustainable.

Income:

Turnover has obviously fallen due to the impact of Covid-19 with match receipts down by £321,000 to £915,000.  Average attendances fell from 4,927 in Season 18/19 (League One) to 4,517 in Season 19/20 (League Two).

Football and Commercial Income which includes such things as all other football revenue (not including match receipts), conference & events income, M6 digital advertising, the Sunday Market and retail shop sales collectively have fallen by £763,000 to £4,682,000.

The Club has also received £285,000 in the financial year as a result of taking advantage of the Government’s Coronavirus Job Retention Scheme to furlough certain employees.

Costs:

The main fall in Operating Costs has been in relation to staff costs following relegation from League One at the end of Season 18/19 and the reduction in business in Season 19/20 as a direct result of the Pandemic.

Net Debt:

The Club’s Net Debt, which includes loans from Directors, has increased by £151,000 to £1,899,000.  Directors’ Loans at the Balance Sheet date were £1,180,000.

The Supporters have played a major part in helping the Club by leaving their match ticket and season ticket monies with the Club for matches we have not been able to deliver due to the Government restrictions at the end of the Season and we are incredibly thankful for the continued support.


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