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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
Yeah, profit/loss for the year and how much cash is in the bank would be lovely!Can anyone with any accounting knowledge simplify this please?
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?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!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)
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.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.