Club's Accounts ending June 2023

[Hants_red]

They can be seen here

🧾 Exeter City publish accounts for year ending June 30, 2023

Exeter City FC have published their accounts for the year ending June 30, 2023

www.exetercityfc.co.uk

 

[Devon Red]

Can anyone with any accounting knowledge simplify this please?

 

[tavyred]

Can anyone with any accounting knowledge simplify this please?

Yeah, profit/loss for the year and how much cash is in the bank would be lovely!

 

[Rosencrantz]

Operating Loss of a bit over £1m but with transfer income of almost £1.4m we have a profit of £325k. Cash in bank is just over £1m which is down over £2m from the previous year but I guess that would be largely down to paying for the Cliff Hill upgrade. (All ballpark figures of course as having two apps open on my phone is a pain ).

It also mentions that transfer fees for Nombe and Key along with sell on for Amps will come under next year's accounts which we kind of knew already. One thing that might be a difference going forward was that we also received the last of the COVID insurance payout which was less than the previous year but still quite substantial.

 

[Red & White]

We made a profit for the year to 30 June 2023, before tax, of £312,253 compared with £1,233,842 in the previous year. Turnover was £5,843,630 for our first season back in league 1 compared with £4,527,552 in our promotion season from league 2. This does not include transfer fees, which in the year to 30 June 2023 stood at £1,393,037 compared with £1,499,775.

We are heavily reliant on the income from player sales otherwise this year we would have made a loss of circa £1m!

Cash at bank has taken a large hit and stood at just over £1m, compared with £3,3m in the previous year. Some of this would have related to the works at the C&F.

Corporation tax of approximately £62k owing at 30 June 2023, which will be payable by 1 April 2024.

Interesting to note that wage costs stood at £4,9m compared with £3,9m in the previous year. The cost of promotion is huge, we are doing well to compete at this level and need to keep attendances around the 6,500 mark. If transfer income does not continue we will be a loss making entity, and this set of accounts will not include the Nombe transfer fee (which will be reported in 30 June 2024 accounts although it is included that since 30 June 2023 the club has received £2,326,000 in connection to player sales)

 

[Rosencrantz]

We made a profit for the year to 30 June 2023, before tax, of £312,253 compared with £1,233,842 in the previous year. Turnover was £5,843,630 for our first season back in league 1 compared with £4,527,552 in our promotion season from league 2. This does not include transfer fees, which in the year to 30 June 2023 stood at £1,393,037 compared with £1,499,775.

We are heavily reliant on the income from player sales otherwise this year we would have made a loss of circa £1m!

Cash at bank has taken a large hit and stood at just over £1m, compared with £3,3m in the previous year. Some of this would have related to the works at the C&F.

Corporation tax of approximately £62k owing at 30 June 2023, which will be payable by 1 April 2024.

Interesting to note that wage costs stood at £4,9m compared with £3,9m in the previous year. The cost of promotion is huge, we are doing well to compete at this level and need to keep attendances around the 6,500 mark. If transfer income does not continue we will be a loss making entity, and this set of accounts will not include the Nombe transfer fee (which will be reported in 30 June 2024 accounts although it is included that since 30 June 2023 the club has received £2,326,000 in connection to
player sales)

Isn't it a case of that we only spend what we have and spread transfer income over budgets for a few seasons ahead (to increase your base budget) so it doesn't just come to crashing halt? If we don't get transfer income in for a season then budgets for upcoming seasons get adjusted accordingly?

Of course that means in order to keep playing budgets up, as well as any infrastructure spending we do need transfer income coming in, but we wouldn't necessarily be a loss making entity. Just have to cut our cloth accordingly despite how difficult that might make it to compete.

 

[Fareham Grecian]

These accounts look pretty good. 95% of clubs would kill for figures like these - we are solvent, profitable and sustainable. And kudos to the club for publishing the full accounts - have we done this before??

 

[Fareham Grecian]

We made a profit for the year to 30 June 2023, before tax, of £312,253 compared with £1,233,842 in the previous year. Turnover was £5,843,630 for our first season back in league 1 compared with £4,527,552 in our promotion season from league 2. This does not include transfer fees, which in the year to 30 June 2023 stood at £1,393,037 compared with £1,499,775.

We are heavily reliant on the income from player sales otherwise this year we would have made a loss of circa £1m!

Cash at bank has taken a large hit and stood at just over £1m, compared with £3,3m in the previous year. Some of this would have related to the works at the C&F.

Corporation tax of approximately £62k owing at 30 June 2023, which will be payable by 1 April 2024.

Interesting to note that wage costs stood at £4,9m compared with £3,9m in the previous year. The cost of promotion is huge, we are doing well to compete at this level and need to keep attendances around the 6,500 mark. If transfer income does not continue we will be a loss making entity, and this set of accounts will not include the Nombe transfer fee (which will be reported in 30 June 2024 accounts although it is included that since 30 June 2023 the club has received £2,326,000 in connection to player sales)

This feels like a weirdly negative take. As we know, our model depends on transfer income, and as Rosencrantz says, if we for whatever reason didn’t make these sales we would cut our cloth accordingly. And you say yourself that the next financial year will already show transfer income a million pounds higher than these accounts!

Cash at the bank didn’t ’take a hit’ - we invested (spent) it because we had it, to improve the club’s long term health.

If you could point me to any club anywhere near our level doing as well on the pitch with accounts like these, I’d be very interested.

 

[Red & White]

Isn't it a case of that we only spend what we have and spread transfer income over budgets for a few seasons ahead (to increase your base budget) so it doesn't just come to crashing halt? If we don't get transfer income in for a season then budgets for upcoming seasons get adjusted accordingly?

Of course that means in order to keep playing budgets up, as well as any infrastructure spending we do need transfer income coming in, but we wouldn't necessarily be a loss making entity. Just have to cut our cloth accordingly despite how difficult that might make it to compete.

That is correct, but the loss of £1m to our playing budget will significantly impact the quality of player we can sign. It is good that the club budgets ahead based on what we know, it is worth highlighting that this could change quite quickly if we aren't selling players.

 

[HH12]

Good set of accounts make pleasing reading - in the current Financial climate as has been said above other clubs would be falling over each other for a set of figures like that