Just catching up with the analysis of the last few sets of accounts which is now a little more difficult due to the year end changing to 31st December. These were the last set of accounts which covered a whole season (2016-2017). The club then published a 6 month set of accounts from 1st July 2017 to 31st December 2017 and has recently filed the accounts at Companies House for the year ended 31st December 2018.
MANSFIELD TOWN AGM - THURSDAY 15th NOVEMBER 2018
Finance Director, Jim Beachill, presented the accounts for the year ended 30th June 2017. This covered the 2016-2017 season where Adam Murray was replaced as manager by Steve Evans in November 2016. The Stags eventually finished 12th in League 2 under Steve Evans’ management which was the same as under Adam Murray in 2015-2016.
ACCOUNTS FOR THE YEAR ENDED 30TH JUNE 2017 (2016-2017)
The main issues revealed by the accounts were as follows:
The football club made a small profit of £6,403 for the first time since the club made a profit of £302,500 in 2004. It had made a small loss of £10,077 and £74,510 in the two previous years. This was excellent news as it continued to show that the football club can be run on a sustainable basis.
Turnover (Income) increased from £2,243,164 to £2,619,535. Administrative Expenses also increased from £1,918,883 to £2,318,644.
Money received from the Football League, Premier League and the Media increased from £753,489 to £1,025,245.
Overall Expenditure increased from £1,915,957 to £2,290,847. The largest item of expenditure is always wages paid to staff and these increased from to £1,486,334 to £1,884,466.
Matchday Expenses reduced again from £288,458 to £269,247.
Agents fees and expenses remained were £10,324 which was similar to the £10,514 paid in the previous season. Medical Expenses increased from £37,621 to £68,724.
Rent and Rates fell significantly from £91,777 to £58,940. Insurance costs increased by around £4,000 to £22,434. Cleaning Costs fell from £23,547 to £18,475. Repairs and Renewals stayed similar at £82,315.
Travelling Costs fell £17,865 to £7,999. Motor Expenses increased from £33,561 to £44,885.
Light and Heating costs were extremely low at £231.
Bank Charges increased from £13,003 to £21,394. Legal and professional costs were £10,479.
Entertainment Expenses were reduced again from £5,115 to £391.
Computer Costs fell significantly from £14,216 to £2,772. The same also applied to Telephone Costs increased from £10,113 to £15,694. Post and stationery stayed around £4,000.
Trade Debtors falling due within 1 year increased from £32,883 to £109,388. Other debtors amounted to £304,672.
The average number of employees was 35.
Disappointingly the accounts did not give details of the long term loans which had fallen from £5,698,306 to £4,955,794 which was probably due to Steve Hymas converting his £452,276 loan into preference shares and Steve Middleton doing the same with his loan of £177,061. John Radford was also going to convert the same amount of his loans into preference shares as Steve Hymas. This is supported by the fact that called up share capital increased from £278,405 to £1,382,957. A confirmation statement filed in December 2018 showed that John Radford and Steve Hymas both had 452,276 preference shares. Steve Middleton had 200,000 preference shares.
Around £709,354 is still owed to Andy Saunders so the balance of £4,000,000 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.
There is one payment left of £214,285 to be made to Keith Haslam for Field Mill (One Call Stadium) which was due in March 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.