Accounts Late

The full P&L have been ommitted from these accounts compared to the previous accounts. Only a basic P&L has been provided for 2022 showing a £300k loss, of which £75k is depreciation which is a book writedown loss rather than an actual loss. Net current liabilities has almost doubled, which is assets minus liabilities that are due within the next financial year. Other credititors whatever that is which could include directors loan has increased by £1m in the year.

I'd like to see a breakdown of Cost of Sale. in the prior year Cost of sale was mostly players wages, and this rose by £1m. I would guess these costs would include the faith put into Derek Adams which was far from rewarded.

 

Yes it could be deferred income, however there has been a significant increase year on year when season ticket sales have been pretty consistent.

The trade debtors baffle me a little too. They have gone from £300k to £2m, where has the cash in hand has gone from £1.5m to £370k.

The 21/22 Season ticket sales had a deadline of the 2nd July where as the 22/23 Season tickets were had a deadline of 20th June, meaning the club should in theory have been cash rich come the year end, and there is no way £2m of sales were via DD.

Other creditors can include short term Directors loans. Many DLA are shown under 1 year in various accounts, however due to the nature of the loan to increase liquidity in the business it can be manipulated pre and post 1 year.

 

Very true but the accounts specifically state that the increase is largely due to deferred income on page 4.

 

I get that, but the deferred income in this year is not really that different from the year before. There isn't a sudden increase of season tickets by 40%.

Thats the bit I am struggling to understand, why with a similar number of season ticket sales, with a similar deadline why are the figures so different year to year?

 

Hopefully I've done this correctly and uploaded the New accounts for you all

 

We got £300,000 from IFollow apparently

 

Breakdown of costs including playing and management cost which increased to £2.9mil from £2.7mil https://www.bradfordcityafc.com/news/2023/april/bradford-city-afc-financial-report-2022/

 

It's not clear what "Stadium Costs" consists of. However a season where no fans were allowed into the ground against a season where fans were let back into the ground isn't a fair comparison.

The year before costs were £486k which was about 4/5 of a season long.

I think heat and light will be in there and having various bars open and various events across the year which could easily explain the difference.

 

Is the rent for the school included in that?

Think people will start to understand why it’s important to own your own assets now.

For all this so call sponsorship and commercial work we made a loss last year.

 

To be fair Fordy, I would be surprised if many clubs made a profit last season.

 

To be fair I am not fussed about the loss but it’s been funny how the last two season it’s been we are doing great off the pitch. Look we have this fake agreement that brings in no money and overall we are losing money as a club.

 

£1.8 million on wages other than players and management is very high. I'd like to see a breakdown of who is getting paid what as there are some eye watering salaries in there.

 

@Loyalbantam will be happy.

 

Thanks for that. It was a well written and easy to digest summary, I thought.

 

Youth and academy coaches, potentially even youth players on contract but not counted as first team? It’s £30k a year for 60 people though so probably not that high in that context

 

Property costs will be maintenance and other such running costs. That can be seen from the increase in the years where the stadiums was used as opposed to the year where it was not.

The rental costs of properties are found elsewhere in the accounts and are completely irrelevant to these costs, because if you own your own properties you still have to suffer these costs.

Rent appears to be in the £1m+ admin costs, and can be confirmed on the prior years accounts.

 

I'm trying to look on the positive Fordy. Like any business, City are still recovering from the impact of Covid. It isn't ideal to be down £300k, but a big improvement on the previous year, albeit one that had the major COVID impact.

I'm not if the figures for revenue are in the public domain from before COVID, but I have a recollection of total income being around £6m including some of the McBurnie money. Getting up to £7.3m, for an underperforming L2 side, to me shows that we are making some progress off the field as well as on the pitch (broadly) this season.

As @Diamond Horseshoe Addict points out £1.8m on non-football wages seems quite high, but perhaps we need to take the view that this is a snapshot and that what we are seeing is an upwards movement in income generation of the club.