SWFC Accounts Published

[wellbeaten-the-owl]

3 minutes ago, room0035 said:

Turnover down £2m because of 5 fewer home games, wages down £2.8m even though Abdi, Boyd, Hooper, Matias, Jones, Pudil, Murphy, bates, Da Cruz and Wickham plus a few lesser players probably saving the club 8-10m a season in wages. Yet wages have barely dropped?

 

£6m of player registration released. £2.7m has been paid to players in loyalty bonuses. For me a complete farce. We are paying players to stay to the bitter end we wonder why we had players sat in the stand never playing in Boyd, Jones, Abdi. They were getting loyalty payments for it.

 

The worrying thing for me is not the massive losses i was expecting around the £20m mark.  But the £7.5m payment for the stadium has been used to reduce DC loan account. When the club is needing financial support DC has taken out of the club £7,265,000.

 

There is £1.5m in income from DC from presumably his name on everything but £3.2m in costs the rent is £1.5m so what is the other £1.7m costs for?

 

Also Prepayment and deferred income should include all the early bird season ticket money for the following season but its dropped from £8.6m to £0.6m which suggest either no one purchased a season ticket or the income got released but against the wrong years accounts. But without knowing the breakdown of this we dont know how much the losses of £24m would have been.

 

Also final there is no change in the 2019 figures even though the excuse used for the hold up was the ground sale but nothing changed which suggest that was a bit of a smoke screen.

Why would the 2019 figure change? It was the 2018 figure that changed when the 2019 accounts were issued in march re the ground sale.

[mogbad]

5 minutes ago, @owlstalk said:

 

 

If the accounts are as 'healthy' as they are then why were they delayed so long and at such cost?

 

My guess is they weren't that "healthy" to start with and certain "adjustments" have had to be made that satisfy legal requirements and the auditors.

Edited July 6, 2021 by mogbad

[heard that pardon]

4 minutes ago, @owlstalk said:

 

 

If the accounts are as 'healthy' as they are then why were they delayed so long and at such cost?

Give him an inch he'll take a mile.

[owlinexile]

49 minutes ago, bobness said:

 

Was also surprised by that, expected it to be a lot lower, especially with the departure of David Jones.

 

Player loyalty bonuses more than halved though. I don't know what those typically look like, but the number in 2019 (and maybe even 2020) seems a bit high in relation to the wages.

 

It was £60million before Jones left.

[Box_Man]

Realistically IF Channers will continue to fund us up to the rolling loss limit average it does give us quite a bit of room to rebuild the squad this season. From a league 1 perspective.

 

We've probably got around 6-8 million to play with wages wise which is around £150k per week, that's 10 decent players on £15k per week. Obviously he needs to pay them but that's a different matter all together...

[scott159]

5 minutes ago, mogbad said:

 

For FFP purposes the losses will be adjusted to allow for expenditure on items like the academy etc which I believe is normally in the region of £1.5m.

 

So the £35.5m loss will be approx £34m, the £19m profit will be approx £20.5m profit and the £24m loss approx £22.5m. Therefore total adjusted losses over 3 years would be approximately £36m

So next years accounts will minus the £34 million on the 3 year rolling period?. Leaving us with a 20.5 million profit and £22.5 million loss. So we basically next year crnt lose more than £37 million with a COVID season or we’re over FFP? 

[wellbeaten-the-owl]

4 minutes ago, @owlstalk said:

 

 

If the accounts are as 'healthy' as they are then why were they delayed so long and at such cost?

Said last week that accounts would be published this week.  

 

Delay would have been around the auditors signing off the going concern assessment.

 

No way would they have signed off whilst club owed millions in unpaid player wages.

[@owlstalk]

Just now, wellbeaten-the-owl said:

Said last week that accounts would be published this week.  

 

Delay would have been around the auditors signing off the going concern assessment.

 

No way would they have signed off whilst club owed millions in unpaid player wages.

 

Ah yeah forgot about that 

Thanks mate!

[bobness]

1 minute ago, owlinexile said:

 

It was £60million before Jones left.

 

Wasn't that just his weekly earnings?

[bobness]

1 minute ago, wellbeaten-the-owl said:

Said last week that accounts would be published this week.  

 

Delay would have been around the auditors signing off the going concern assessment.

 

No way would they have signed off whilst club owed millions in unpaid player wages.

 

"If it wasn't for them pesky auditors we could've posted a profit!!"

[@owlstalk]

1 minute ago, bobness said:

 

Wasn't that just his weekly earnings?

 

Drove a Bentley too

[Guest mrbluesky]

Just now, @owlstalk said:

 

Drove a Bentley too

5 seater

[room0035]

3 minutes ago, wellbeaten-the-owl said:

Why would the 2019 figure change? It was the 2018 figure that changed when the 2019 accounts were issued in march re the ground sale.

We were told the ground sale was the reason for the delay yet nothing ha s changed with it.

 

i suspect the delay was because the figures were so bad.

[wellbeaten-the-owl]

1 minute ago, scott159 said:

So next years accounts will minus the £34 million on the 3 year rolling period?. Leaving us with a 20.5 million profit and £22.5 million loss. So we basically next year crnt lose more than £37 million with a COVID season or we’re over FFP? 

Also can add back covid related costs so if club could prove the 5 games with no fans etc had lost them £2m in income they can also add that cost back.

 

Also need to remember there is no ffp three year period ending 2020 as 2020 + 2021 accounts being assessed together so it will be 2018 loss plus 2019 profit plus average of 2020/2021 losses in next assessment.

[mogbad]

4 minutes ago, scott159 said:

So next years accounts will minus the £34 million on the 3 year rolling period?. Leaving us with a 20.5 million profit and £22.5 million loss. So we basically next year crnt lose more than £37 million with a COVID season or we’re over FFP? 

 

That's how I would interpret it.

[Manwë]

Well done Chansiri, looking good.

[wellbeaten-the-owl]

Just now, room0035 said:

We were told the ground sale was the reason for the delay yet nothing ha s changed with it.

 

i suspect the delay was because the figures were so bad.

No we weren't, we were told the ground sale delayed the 2019 accounts, which it did as the 2018 accounts were restated in the very late 2019 accounts published in march this year.

[scott159]

1 minute ago, wellbeaten-the-owl said:

Also can add back covid related costs so if club could prove the 5 games with no fans etc had lost them £2m in income they can also add that cost back.

 

Also need to remember there is no ffp three year period ending 2020 as 2020 + 2021 accounts being assessed together so it will be 2018 loss plus 2019 profit plus average of 2020/2021 losses in next assessment.

Agh thanks for that. You reckon we should have some room to be under the £39m loss taking into account the 2020/21 period? 

[vulva]

Great news. 

[poite]

It's weird that the account documentation specifically pulls out attendance figures.

 

What is the relevance of this when the fans money doesnt pay for anything?