Wednesday, 2 October 2019



The football club had changed its year end to 31st December so the club presented accounts for the six month period from 1st August 2017 to 31st December 2017. These accounts covered the first half of the 2017-2018 season which was the start of Steve Evans’ first full season in charge. Steve Evans ended up leaving in February 2018 when the Stags were 5th and just two points off the automatic promotion places. The Stags eventually finished 8th with David Flitcroft in charge after only winning two of the last twelve games.

Jim Beachill, the Finance Director, had stated at the AGM in August 2017 that: “The current season will see a major investment through John Radford and his group of companies, in the form of increased sponsorship and equity injection. An investment of £2.5m has been injected into the club for 2017-18 and may increase further, it was confirmed. There is a big determination by John and Steve Evans to achieve promotion this season. The determination John is showing is incredible. This football club is at his heart, he's been a supporter since his childhood. I know one of his main ambitions in life is to take this club to the Championship. He wants to take it as far as he can, without being daft."

The fact that the accounts only covered a 6 month period made it difficult to compare the accounts with previous accounts which covered a whole season. However it was clear that Player Wages and Travelling Costs had significantly increased. We have attempted to carry out a comparison. The figures stated are based on an assumption that the income and expenditure will be the same in the next 6 months from 1st January 2018 to 30th June. We have therefore just doubled the figures referred to in the accounts to give a figure for 12 months unless stated otherwise. This is not ideal but it gives us a rough idea of possible income and expenditure for the season. The figures in brackets are the figures taken from the accounts for the 6 month period ended 31st December 2017. We will only be able to check the figures when we see the detailed profit and loss account for the year ended 31st December 2018.

The main issues revealed by the accounts were as follows:

The football club made a loss of £265,570 (£132,785) compared to a small profit of £6,403 in 2016-2017 and small losses of £10,077 and £74,510 in the two previous seasons.

Turnover (Income) increased from £2,619,535 to £4,340,254 (£2,170,127). Administrative Expenses also increased from £2,318,644 to £4,149,610 (£2,074,805).

Money received from the Football League, Premier League and the Media increased from £1,025,245 to £1,362,414 (£681,212).

Attendances had risen from an average of 3,439 in 2015-2016 to 3,774 in 2016-2017 and then 4,757 in 2017-2018.

Overall Expenditure increased from £2,290,847 to £4,133,135 (£2,066,567). The largest item of expenditure is always wages paid to staff and these increased from £1,884,466 to £3,200,441 (£1,600,221).

Matchday Expenses increased for the first time for a couple of seasons from £269,247 to £442,464 (£221,232).

Agents fees and expenses increased significantly from £10,324 to £117,380 (£58,690). Medical Expenses increased from £68,724 to £117, 006 (£58,503). The FA Report on agents' fees stated Mansfield Town spent £85,940 on Agents' fees from 1st February 2017 to 31st January 2018 and £77,932 on Agents' fees from 1st February 2018 to 31st January 2019 which was the 3rd highest after Northampton Town (£92,125) and MK Dons (£80,263).

Rent and Rates increased slightly from £58,940 to £69,301 (£34,651). Insurance costs were similar at around £22,377 assuming no further insurance payments were made. Cleaning Costs fell significantly from £18,475 to £4,362 (£2,681). Repairs and Renewals were stated at £66,378 for 6 months.

Travelling Costs increased massively from £7,999 to £234,919 (£117,457) as the Stags had overnight stays for most of their away games. This figure may also include the cost of the pre-season trip to Malta. Motor Expenses seemed to reduce from £44,885 to £24,542 (£12,271).

Light and Heating costs were extremely low again and went down to £26 (£13) from £231.

Bank Charges were £8,238 for the six month period. Legal and professional costs were £4,089.

Entertainment Expenses were reduced to zero from £391.

Computer Costs were £3,218 for the 6 month period. Telephone Costs were £5,379.  Post and stationery was £2,516.

Payments to the Elite Player Performance Fund increased from £25,000 to £52,000.

Trade Debtors falling due within 1 year increased from £109,388 to £265,955. Other debtors amounted to £107,310. Tax and social security owed increased from £107,701 to £223,875.

The average number of employees was 38.

The accounts again did not give full details of the long term loans as in the previous accounts. Long term loans fell from £4,955,794 to £4,934,139.

Around £709,354 is still owed to Andy Saunders so the balance of £4,200,000 will be owed to One Call Insurance Services Limited and other companies controlled by John Radford. These loans are interest free and repayable on no specific terms.

Called up share capital increased by £35,000 from £1,382,957 to £1,417,957.

There was one payment left of £214,285 to be made to Keith Haslam for Field Mill (One Call Stadium) which was due in March 2019.

John Radford said: “These accounts are not a bad set of results and it does seem like we are making progress.”

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.


Cost of Mansfield Town promotion push so far revealed at AGM, by John Lomas, published Thursday 15 November 2018

Mansfield Town’s promotion push, starting with the ‘Steve Evans Revolution’, over the past two years has inevitably come at a cost. But club chairman John Radford and CEO Carolyn Radford were happy with the figures released at the club’s annual meeting today and, with crowds and income on the up, all pointed to a bright future for the Stags.

Having made a loss of £10,077 the year before, the club’s finances to June 30th 2017 even showed the promised profit from last year’s AGM - the first for many years - with a surplus of £6,403.

However, the Radford ultimately want to bring the club in line with the rest of John Radford’s One Call group of companies, and eventually bring it within the group to give it more strength, so for the first time produced extra figures for the six months ended 31st December 2017. They showed how wages, travel costs and agents fees had shot up under previous manager Evans when he was given his war chest to help the club chase promotion.

So by the turn of the year on 31st December 2017 that small profit had turned into a £132,785 loss.

Wages for the year ended 30th June 2017 were £1,884,446 (up £420,000 from the year before), but just for the following six months were £1,600,221 – a rise of 68 per cent over a whole year’s period compared with 29 per cent the year before.

Agents fees for the 12 months ending 30th June 2017 were £10,324 but the next six months alone saw them total £58,690.

Travel costs for the 12 months ending 30th June 2017 were £7,999 but the next six months saw them total £117,457 as boss Evans began to plan overnight stays before almost every away game to have players better prepared.

New boss David Flitcroft has continued that and the Stags are now on a club record 12 away games unbeaten.

The good news was that attendances had increased and other income shot up with the club turnover totalling £2,619,535 over the 12 months ending 30th June and over the next six months already bringing in almost the same with £2,170,127.

Attendances had risen from an average 3,439 in 2015/16 to 3,774 in 2016/17 and then 4,757 last season.

Another significant change in figures came in the year ended 30th June 2017 when Stags’ net current liabilities figures changed due to John Radford and directors Steve Hymas and Steve Middleton all agreeing to convert their loans into share capital. That saw share capital rise from £278,405 to £1,382,957.

Stags financial director Jim Beachill explained: “There is a big difference to the football club between loans and share capital. Loans can be recalled at a specific point in the future. But when it becomes part of the share capital it can only be repaid when the club is sold or if it goes out of business, if there are any assets left. It is a sign of the confidence of the directors in the future of the football club.

“It is growing because of the directors’ determination to get this football club where they feel it rightly belongs, which is League One. All efforts are being made for that purpose. The great thing is that attendances are rising too.”

Chairman John Radford said: “These accounts are not a bad set of results and it does seem like we are making progress.”