The accounts for the years ended 30th June 2014 and 2015 were both available to the shareholders.
This is as up to date that the club has been with producing its accounts since Keith Haslam purchased the club for £1 in 1993. Thanks to John Radford and Jim Beachill, the Finance Director for their hard work in bringing the accounts up to date. The main issues revealed by the accounts were as follows:
The football club made a loss of £721,146 for the year ended 30th June 2014 (first season back in League 2) which was significantly reduced to £74,510 for the year ended 30th June 2015 (last season). This is good news as it demonstrates that the club can be run on a sustainable basis.
Turnover (Income) increased to £2,660,215 for 2014 but fell slightly to £2,296,277 for 2015.
Money from the Football League and Media was £681,591 in 2014 and £673,366 in 2015 which demonstrates the financial importance of the club obtaining promotion from the Conference Premier in 2013.
The money received from Chesterfield for Sam Clucas has been included in the accounts for 2015 but the money from the sell on clause will be included in next year’s accounts.
Expenditure was £2,613,099 in 2014 which reduced to £1,878,504 in 2015. The largest reduction was that Wages were significantly reduced from £2,071,083 to £1,486,334.
Matchday Expenses increased dramatically from £255,502 to £644,652 in 2014 due to higher policing costs but fell again to £390,534 in 2015. The policing costs for both Chesterfield home games was around £18,000 per game.
Agents fees and expenses were reduced from £91,600 to £22,265.
Other savings included Computer Costs being reduced from £41,210 to £12,443, Light and Heat reduced from £24,666 to £5,123 and Rent and Rates reduced from £63,813 to £49,079.
Loans from One Call Insurance Services Limited and other companies controlled by John Radford amounted to £3,900,750. The loans are interest free and repayable on no specific terms.
Loans from former directors amounted to £1,161,630.
Steve Hymas and Steve Middleton have agreed to convert their existing loans to the football club into Preference Shares. John Radford has also agreed to do the same for more than £600,000 of loans which means that over £1.2 million of debt will be removed from the club's Balance Sheet.
The payments to Keith Haslam for Field Mill (One Call Stadium) are up to date.
REPORT FROM THE MEDIA:
Mansfield Town delight as accounts show massive cuts to annual losses at AGM
chad.co.uk, by John Lomas, Thursday 21 January 2016
Mansfield Town Football Club is taking massive strides towards being self-sustaining, despite struggling to attract fans through the turnstiles.
The club’s annual meeting, held this afternoon, covered two sets of accounts and showed that the club’s loss of £1.1 million from 2013 had been reduced to £721,000 in 2014 and by last year had dropped dramatically to £74,510 for the year ended 2014/15.
After several years of reporting losses of over £1m, it was agreed this was a fantastic achievement.
There was further good news for the club as it was announced that owner John Radford and directors Steve Hymas and Steve Middleton have all agreed to convert loans totalling around £1.2m into preference shares in the club, wiping more debt off the books.
Read more: http://www.chad.co.uk/sport/mansfield-town/mansfield-town-news/mansfield-town-delight-as-accounts-show-massive-cuts-to-annual-losses-at-agm-1-7689277#ixzz3xttkpuuy
£1.2m debt wiped off the club’s books
mansfieldtown.net, 21st January 2016
Mansfield Town are pleased to announce that a debt of £1.2m has been written off the club’s books.
Documents have been signed to turn a total sum of £1.2m, which derived as loans from chairman John Radford and directors Steve Hymas and Steve Middleton, into preference shares.
Read more at http://www.mansfieldtown.net/news/article/directors-write-off-1.2m-of-debt-2913789.aspx#RoIbvGcdEG2OJOi7.99