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.
