Accounts for the year to 20 July 2023 published

[Rattus Norvegicus]

The Accounts make pretty sad reading. Does show that when COSU own the Club, success on the football pitch isn't the only priority. A loss of £2 million plus each year just isn't sustainable, an interesting ride ahead.

This is not meant as a criticism but just taking your very valid post as a starting point then ....

.......... clearly a loss of £2 million plus is unsustainable but ........

............ I would question (and I am not an accountant) if anyone can accurately pinpoint the underlying operating position & overall profit/loss of the organisation (and by that I mean the club, the ground, the training ground etcetera) when there have been so many "ins and outs" from differing Martin companies over the years.

Add to this "one off payments" arising from sackings & other "financial turbulance" over the years and it is all a rather murky picture, no?

Still, anything like a £2 million deficit will take some work to cut through.

I have done my own private "back of a fag packet" calculations and these suggest that this is achieveable especially if there is some further investment coupled with success on the pitch. [smiley face]

 

[Supa Shrimpa]

View attachment 32386

..and accounts for SEL haven't been filed since Jan 20 !!!

 

[Mad Cyril]

Interesting there are now bank loans showing on the balance sheet.

16% interest is pretty high!

 

[Shrimper]

Wonder how much in finance costs the club has paid under Martin's tenure

 

[overseas shrimper]

Considering Gary had loaned the club £192k interest free for many years, he’s now loaned the club an extra £700k!!

What interest rate would Ron Martin get from a bank?

0% because a bank would laugh at his application and show him the door.

 

[ace]

He'd have a been a fool to believe that!!

Mostly everyone else has!

 

[Streaky]

I'm sure COSU can see the oppotunities at Southend (otherwise they wouldnt have stuck around) The £2m loss per year is signifacant but im sure that can be drastically reduced by.

* Supporters returning when Mr Martin goes.
* Basic improvements facilities (Catering, Merchandise, etc)
* Small investments into the ground - to open up additional seats that have been unavailable.
* Not paying (what seems like) regular legal fees
* Not having to pay high interest rates on debts due to poor credit history
* Hopefully not having a high turnover of crap managers

 

[Linda Loan Shark]

I didn't realise how many Southend fans are qualified accountants

 

[Yorkshire Blue]

Mr Lockett of the consortium charging the club around 16% interest on his loans

View attachment 32383

Theoretically the interest rate charged might be lower if he had lent more during the year but had been partially repaid before the end of the accounting year.

A Bit of shuffling the debts around , so that if the club goes pop it only takes down SEL and Mezcal and not Martin Dawn .

Not sure that interpretation is quite right.

I think Ron has removed himself from the companies that were still relevant to insulate them from his impending jail time (he wasn’t successfully prosecuted in the end) and/or bankruptcy but he remains a director of Martin Dawn plc.

That to me suggests it is one of the disposable companies. Also Martin Dawn plc accounts are long overdue and it is currently being sued for £400,000 by Taylor Wessing so may be going pop anyway.

I suspect Mezcal is the more important entity now to their plans. It looks to me like the debt has been shuffled away from Martin Dawn plc so that when MD plc goes bang it doesn’t bring down SUFC before his property development deal gets done.

 

[overseas shrimper]

I didn't realise how many Southend fans are qualified accountants

Really? You should never underestimate the qualifications of SZ members, just look at the number of qualified football managers, coaches, physios and talent scouts.

 

[Firestorm]

I didn't realise how many Southend fans are qualified accountants

Some of us have been discussing the accounts on here since the inception of SZ

 

[Holy Joe]

I didn't realise how many Southend fans are qualified accountants

Shouldn't surprise you too much given the proximity of London and the financial services sector.

 

[londonblue]

You just have to look where Southend are to give you that answer.

As I said, please give me examples of where he sat back. If you can't then you're being unfair.

 

[londonblue]

Really? You should never underestimate the qualifications of SZ members, just look at the number of qualified football managers, coaches, physios and talent scouts.

Reminds me of this:

 

[Blues4LifeDan]

I didn't realise how many Southend fans are qualified accountants

Wait till you get them on formations and getting Bridge to cross quicker!

 

[Smiffy]

I didn't realise how many Southend fans are qualified accountants

With all due respect Linda, you don't need to be a qualified anything to see where and why we are losing a **** load of money every season. Removing a certain person from power will save us a shed load just for starters.

 

[SeldomSeenShrimper]

I didn't realise how many Southend fans are qualified accountants

We're also football managers and Tru Gym members

 

[sufc4life21]

As I said, please give me examples of where he sat back. If you can't then you're being unfair.

2 Relegation in row which resulted in non league football with no youth set up. Numerous winding up orders and issues surrounding player's/staff late and unpaid wages. There's few to digest. He was part of that regime which allowed the rat to put Southend where they are today. Heard **** all from him regarding the state of the club and his concerns regarding the running of the club. From the outside perspective does look like he just sat back let the rat destroy the club. With all that said he not ultimately to blame.

 

[Cricko]

With all due respect Linda, you don't need to be a qualified anything to see where and why we are losing a **** load of money every season. Removing a certain person from power will save us a shed load just for starters.

I still don't fathom mate that people do not understand it is the rat who has lived on the back of SUFC for 20 years and not the other way round.

 

[londonblue]

2 Relegation in row which resulted in non league football with no youth set up. Numerous winding up orders and issues surrounding player's/staff late and unpaid wages. There's few to digest. He was part of that regime which allowed the rat to put Southend where they are today. Heard **** all from him regarding the state of the club and his concerns regarding the running of the club. From the outside perspective does look like he just sat back let the rat destroy the club. With all that said he not ultimately to blame.

How do you know he sat back? Show me proof he sat back and did nothing, and explain what he should have done differently. If you can't then you're being unfair.