MANSFIELD TOWN AGM - MONDAY 21st AUGUST 2017
ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2016 (2015-2016)
Stags Fans United attended Mansfield Town's Annual General Meeting on Monday 21st August. The meeting was attended by John Radford, Carolyn Radford, Jim Beachill and Steve Middleton.
Finance Director, Jim Beachill, presented the accounts for the year ended 30th June 2016 to the shareholders. This was the season that the football club finished 12th in League 2 under Adam Murray’s management. The main issues revealed by the accounts were as follows:
The football club continued to reduce its losses for the third consecutive year. It made a loss of only £10,077 for the year ended 30th June 2016 compared to a loss of £74,510 for the year ended 30th June 2015 and a loss of £721,146 for the year ended 30th June 2014 (first season back in League 2). This is excellent news as it continues to show that the football club can be run on a sustainable basis. However losses are expected to significantly increase for the years ended 30th June 2017 and 30th June 2018 due to the arrival of Steve Evans and his management team and the new players that have been recruited.
Turnover (Income) fell very slightly to £2,243,164 compared to £2,296,277 in 2014-2015.
Money received from the Football League, Premier League and the Media increased to £753,489 in 2015-2016 compared to £673,366 the previous season which demonstrates the financial importance of the club obtaining promotion from the Conference Premier in 2013 and remaining in the Football League.
The money received from Chesterfield for Sam Clucas from the 15% sell on clause when Chesterfield sold him to Hull City for £1.3 million was included in the accounts. However Steve Middleton confirmed that Chesterfield would not have to pay any more money to Mansfield Town if Chesterfield made a further profit from Hull City selling Sam Clucas to Swansea City for around £15 million.
Expenditure was £1,915,957 compared to £1,878,504 in 2014-2015 and £2,613,099 in 2013-2014. The largest item of expenditure is always wages paid to staff and these were similar to last season. Wages were £1,464,626 in 2015-2016 compared to £1,486,334 in 2014-2015. They were £2,071,083 in 2013-2014.
Matchday Expenses were reduced significantly by £102,046 from £390,534 to £288,458. This is a reduction of 26%. This is much better than the £644,652 paid out in 2013-2014 due to high policing costs when the policing costs for both Chesterfield home games were around £18,000 per game.
Agents fees and expenses were halved from £22,265 to £10,514.
Rent and Rates increased by around £52,000 from £49,079 to £91,777 and Insurance costs increased by around £9,000 from £6,902 to £16,115. Cleaning Costs doubled from £11,964 to £23,547 and Repairs and Renewals also increased from £51,498 to £85,216. Travelling Costs increased from £1,183 to £17,865.
Light and Heating costs were cut again from £5,123 to £1,053. They were £24,664 in 2014!
Other major savings included cutting Marketing Costs from £40,126 to £4,627. Medical Expenses were reduced from £63,589 to £37,621 and Legal and Professional Costs were reduced from £23,751 to £9,793. Entertainment Expenses were reduced from £14,821 to £5,115.
Computer Costs were fairly similar at £14,216. The same also applied to Telephone Costs of around £10,000.
Loans from One Call Insurance Services Limited and other companies controlled by John Radford amounted to £3,934,042 an increase of £39,137 from the previous year. The loans are interest free and repayable on no specific terms.
Loans from the former owners amounted to £1,338,691 with £709,354 being owed to Andy Saunders, £452,276 to Steve Hymas and £177,061 to Steve Middleton.
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 should be removed from the club's Balance Sheet in 2016-2017.
There are two payments left of £214,285 to be made to Keith Haslam for Field Mill (One Call Stadium) which are due in March 2018 and 2019.
Thanks to John Radford and Jim Beachill, the Finance Director for their hard work in bringing the accounts up to date and for their commitment to be transparent about the club’s finances and to keep the fans fully informed. This is very much appreciated by the fans.