Annual accounts

[Rattus Norvegicus]

Was anyone expecting any different here.

There have been so many ups, lefts, forwards, rights, backwards & downs over recent times that I'm not too sure what to expect at times. [shoulder shrug]

I will look forward to the club article and especially news about progress since the change in ownership & cutting into that annual deficit.

 

[Supershrimper]

What’s the sales league income? That’s taken quite a haircut.

Is that not just normal match day tickets?

 

[Jai]

I seem to remember there was a large number of historic creditors that had to be paid. I suspect we will see an even higher loss next year as loads have been coming out of the woodwork since the takeover. Ron knocked so many people and businesses over the course of a quarter of a century...

 

[WestyReturns]

They won't give a true reflection of how the finances are now....however they do give a clue how bad things were under the previous scum ownership.

 

[Thundersley Blue]

I seem to remember there was a large number of historic creditors that had to be paid. I suspect we will see an even higher loss next year as loads have been coming out of the woodwork since the takeover. Ron knocked so many people and businesses over the course of a quarter of a century...

Plus of course the amount of money that has been spent on repairs to Roots Hall.

 

[CaptainSmudger]

Old news, waste of space on the forum. That’s my opinion and I am entitled to it!

 

[Westcliff Shrimper]

What’s the sales league income? That’s taken quite a haircut.

As @Supershrimper says above, I assume too that this is non-season ticket match ticket sales. Remember this was 2023/24 season where a lot of people boycotted the games as part of the Martin Out campaign that weren't already season ticket holders. Would suggest with the crowds we've been experiencing, sales for both season tickets and matchday tickets would increase as would food and drink etc.

Shop Royalties income should increase - especially if the range of things to purchase does increase as per the latest CEO Update at the Civic Centre.

 

[Evening Echo]

A FINANCIAL report has revealed the Blues reported a pre-tax loss of £2.65million for the year to the end of July 2024

Read more on this story


Help with Echo links

 

[Its Only A Game]

I seem to remember there was a large number of historic creditors that had to be paid. I suspect we will see an even higher loss next year as loads have been coming out of the woodwork since the takeover. Ron knocked so many people and businesses over the course of a quarter of a century...

In theory though, if these were known about before the accounts were signed off, then a provision should have already been made in these accounts for them.

 

[SHRIMPERR]

Does anyone know the league average for loss for the financial year?

 

[Thundersley Blue]

Does anyone know the league average for loss for the financial year?

Would say if you have concerns then read the report which is on the Club Website, plus comments from Justin. There is a forecast for the current financial year, which shows things like the cost of the new training ground for example. Yes a loss is forecast, but you need to weigh that against expenditure. Significant amounts are one off payments. I am more than satisfied that the Club is in very safe hands.

 

[Liam AAS]

Does anyone know the league average for loss for the financial year?

This is from the divison above

 

[Kenny]

I enjoyed going through the PDF on the website, still takes a bit of getting used having this kind of information presented to us at regular intervals.

 

[Supershrimper]

Have just seen they put up an accompanying piece explaining some of the figures and an anticipated forecast fir the next lot of accounts. Will read that with interest. Had a quick browse and on first inspection looks quite informative.

Really am liking this new regime.

 

[Medway Blue]

Excellent. Informative and transparent, and absolutely not shying away from the fact of the losses.

Justin and John Watson walked the FAB and Trust through the document about an hour before it was published, so happy to try to answer any questions or pass along any that we can't.

 

[ms brush]

Two things I have observed

1) COSU have been true to their word and are being very transparent with the state of things

2) shows the potential for the future, and exposes just how much of a lia(r)biliry the old regime was!

 

[Holy Joe]

Is this bit true? Thought posu owned the training ground, which in turn is owned by COSU.

 

[Supa Shrimpa]

Well done Justin and the consortium We've always wanted transparency and now we have it. It really feels like the club cares about it's customers now, rather than just being pawns in Ron's master plan. I'm sure it'll also give huge confidence to existing and potential sponsors. Onwards and upwards !!

 

[Supershrimper]

Excellent. Informative and transparent, and absolutely not shying away from the fact of the losses.

Justin and John Watson walked the FAB and Trust through the document about an hour before it was published, so happy to try to answer any questions or pass along any that we can't.

Is the capital expenditure that they mentioned (upgrade to the North west etc) included with the cost of sales / overheads or completely separate.

Can they also confirm if they are paying the £1 peppercorn rent to Ron in pennies

 

[londonblue]

Is the capital expenditure that they mentioned (upgrade to the North west etc) included with the cost of sales / overheads or completely separate.

Can they also confirm if they are paying the £1 peppercorn rent to Ron in pennies

It's completely separate. It will be capitalised and appear on the balance sheet as an increase in the fixed assets.

It won't be on the P&L.