Post by nigelp on Jan 15, 2011 13:35:49 GMT
A short, sharp summary of the recently issued CUFC accounts for the year to May 2010. I’m no accountant so I won’t try any fancy analysis.
• The headline is that CUFC made a loss of £422,000 for the year, that’s an increase of £337,000 on the previous year.
• Gate receipts were down by £216,000 (-23%) but that was effectively negated by a reduction of £208,000 (-17%) in playing costs.
• Commercial receipts were up £74,000 (+25%). That is especially good in that commercial and catering costs were down by £18,000 (-8%).
• Match day costs were down £20,000 (-12%).
• The most notable figure, in my view, is that administration costs shot up by £61,000 - a whopping great 53%. I wonder how much of that relates to the appointment of Gareth Baldwin as a Commercial Consultant?
These numbers don’t really explain why our losses increased so dramatically. That appears to be down to transfer activity. Transfer fees received were down from £575,000 in 2008-09 to £103,000 last year. I guess in the main these figures represent the transfers of Michael Morrison and Chris Holdroyd respectively. We paid nothing in transfer fees last year, as opposed to splashing out £52,000 the year before (on our abortive second trip to Wembley).
Clearly without moving on one or two players for big money each year CUFC is going to make an operating loss. No great surprise. Personally I regard player transfers as a core part of a football club’s business – the only problem being that is it such an unpredictable part of the business.
Paul Barry provides a very open and frank forward to the accounts. He confirms the remaining Board (after Rolls and his supporters left) found some major financial irregularities and “questions unanswered”. He leaves us in no doubt as to who he blames for those problems – Rolls (and possibly his admin staff). Paul also updates the concerns he had regarding the £28,000 Rolls took out of the Club before he left. An investigation found no justification for Rolls to invoice the Club for services. Moreover, any monies that might have been owed would have been payable to Trade Recruitment and not Rolls! CUFC has been unable to recover these funds, nor monies due from Trade Recruitment in respect of the Stadium Naming agreement.
Nigel
• The headline is that CUFC made a loss of £422,000 for the year, that’s an increase of £337,000 on the previous year.
• Gate receipts were down by £216,000 (-23%) but that was effectively negated by a reduction of £208,000 (-17%) in playing costs.
• Commercial receipts were up £74,000 (+25%). That is especially good in that commercial and catering costs were down by £18,000 (-8%).
• Match day costs were down £20,000 (-12%).
• The most notable figure, in my view, is that administration costs shot up by £61,000 - a whopping great 53%. I wonder how much of that relates to the appointment of Gareth Baldwin as a Commercial Consultant?
These numbers don’t really explain why our losses increased so dramatically. That appears to be down to transfer activity. Transfer fees received were down from £575,000 in 2008-09 to £103,000 last year. I guess in the main these figures represent the transfers of Michael Morrison and Chris Holdroyd respectively. We paid nothing in transfer fees last year, as opposed to splashing out £52,000 the year before (on our abortive second trip to Wembley).
Clearly without moving on one or two players for big money each year CUFC is going to make an operating loss. No great surprise. Personally I regard player transfers as a core part of a football club’s business – the only problem being that is it such an unpredictable part of the business.
Paul Barry provides a very open and frank forward to the accounts. He confirms the remaining Board (after Rolls and his supporters left) found some major financial irregularities and “questions unanswered”. He leaves us in no doubt as to who he blames for those problems – Rolls (and possibly his admin staff). Paul also updates the concerns he had regarding the £28,000 Rolls took out of the Club before he left. An investigation found no justification for Rolls to invoice the Club for services. Moreover, any monies that might have been owed would have been payable to Trade Recruitment and not Rolls! CUFC has been unable to recover these funds, nor monies due from Trade Recruitment in respect of the Stadium Naming agreement.
Nigel
