[Benno Spire]

Info from the club website about the accounts, can't believe the debt has grown!!
The year end accounts for 2014/15 have been sent out to shareholders ahead of the club's annual general meeting on Monday, November 9.
In relation to the accounts, the following statement has been issued:

The 2014/15 season saw a return to the Sky Bet League 1 and achieving the last place in the play-offs, ultimately losing out to Preston North, who went on to gain promotion.

Immediately after the last match of the season, we lost our manager, Paul Cook, who went to Portsmouth FC and appointed Dean Saunders as his successor. As with all changes in management, there were additional costs in terminating the employment of the coaching staff and bringing in Dean’s own staff.

The final results in the profit and loss account show the company's turnover has increased from £6.34m in the prior year to £7.4m, a rise of 16.7%. This is mainly due to an increase in gate and season ticket receipts, player sales (Liam Cooper and Eoin Doyle) and an increased conference and banqueting activity.

The cash generated from the sale of players meant that the player budget was increased during the season to £1.8m, which was the 14th highest in the league. In total we spent just over £3m on the football side, including players, coaching staff, management and bonuses.

This has led to an overall profit for the year of £84,879, compared against £1,069,818 loss the previous year.

Read more at http://www.chesterfi...dfsjOPQII1sc.99
The final figure does not include the major player sales after the year end of Sam Clucas or Tendayi Darikwa.

The net debt at June 30, 2015 was £8,181,728, which was an increase of £198,544 on the previous year.

The AGM of the shareholders will be held on Monday, November 9 at the Proact and will start at 7pm. After the formal part of the meeting, there will be opportunities to put general questions to the chairman, board, chief executive and manager.

Ashley Carson
Company Secretary

This post has been edited by Benno Spire: 20 October 2015 - 09:08 AM

[brianclose]

An 84k win after all that. Wowsers.

[dim view]

Benno Spire, on 20 October 2015 - 09:04 AM, said:

Info from the club website about the accounts, can't believe the debt has grown!!

That was my first thought, but on reflection I think it's best to wait for a professional assessment of the full accounts by those whose judgement is trusted on here before jumping in.

[CFC91]

From the outside, if the clubs debt grew last year after all that happened then we probably will never make any money and are infact in trouble off the field!! Scary stuff - pretty shocked.

[martatcross]

need to remember that Clucas sale and Tendayi are not on these accounts and I suspect I will know more when I have read them the installments for Doyle will not be fully included. dont fire the bullets just yet read them first.

This post has been edited by martatcross: 20 October 2015 - 09:21 AM

[dim view]

CFC91, on 20 October 2015 - 09:16 AM, said:

From the outside, if the clubs debt grew last year after all that happened then we probably will never make any money and are infact in trouble off the field!! Scary stuff - pretty shocked.

They may have decided to increase the debt in order to pay off some expensive long standing loans. Or something unexpected has 'jumped out of the woodwork'.?

[ArcticSpireite]

With the sale of Clucas and Darikwa, along with the others (Roberts, Ryan e.t.c) off the wage bill after the 30th of June; shouldn't we be in a better position at this current moment as opposed to what's in this report?

This post has been edited by ArcticSpireite: 20 October 2015 - 09:27 AM

[martatcross]

ArcticSpireite, on 20 October 2015 - 09:27 AM, said:

With the sale of Clucas and Darikwa, along with the others (Roberts, Ryan e.t.c) off the wage bill after the 30th of June; shouldn't we be in a better position at this current moment as opposed to what's in this report?

Yes but that's next years accounts now. DA is constantly trying to get the council to write their debt off (doubt he will ever get that done) The accounts up to June are already the best part of 6 month out of date but thats how accounts work isnt it ? The problems start when DA declares he cant manage the debt!

[Stoptalkingbol]

Doesn't look promising once Morsy goes and we've run out of players to sell to balance the books.

[ArcticSpireite]

martatcross, on 20 October 2015 - 09:33 AM, said:

Yes but that's next years accounts now. DA is constantly trying to get the council to write their debt off (doubt he will ever get that done) The accounts up to June are already the best part of 6 month out of date but thats how accounts work isnt it ? The problems start when DA declares he cant manage the debt!

I guess so chief. I'm just trying to sort it out in my head; can't really understand why after the sale of Doyle and Cooper amongst other factors, we ended up being more in debt!

[brianclose]

Stoptalkingbol, on 20 October 2015 - 09:36 AM, said:

Doesn't look promising once Morsy goes and we've run out of players to sell to balance the books.

Still got Raggers and Gboly and probably in future at least one of Dierswuerve, Simons or Orrell.

[martatcross]

my accounts have just arrived some light reading to be done now lol. Actually I got two sets

[Search & Destroy]

Stoptalkingbol, on 20 October 2015 - 09:36 AM, said:

Doesn't look promising once Morsy goes and we've run out of players to sell to balance the books.

You forgot Armand to moneybags Stevenage

[Wooden Spoon]

dim view, on 20 October 2015 - 09:14 AM, said:

That was my first thought, but on reflection I think it's best to wait for a professional assessment of the full accounts by those whose judgement is trusted on here before jumping in.

£84k profit after selling Doyle Cooper Roberts and Cook.


I did say last season we were not operating a profit and wouldn't make much money buts that's even worse than I thought


" we're operating in the black" Chris Turnip


I also said I would publicly apologise if we operated in the black excluding player sales.


So Turnip, can you explain why we are still running at a loss?

[Wooden Spoon]

martatcross, on 20 October 2015 - 09:20 AM, said:

I will know more when I have read them the installments for Doyle will not be fully included.

Yes they will

[Siberian Spireite]

85k profit but the debt has grown- does that mean that the debt interest is not included in that 85k figure?

[Dancingwilldoit]

a kick in the balls, on 20 October 2015 - 10:24 AM, said:

Yes they will

Why will they ? If its not income during last year then it shouldn't be included.

[Brookie]

This means in day to day running they have improved income by £1154, not insignificant and yes they are running in black and sets out a good prospect for the next end of year figures.

Debt has probably risen by interest on existing loans, they may have chosen to pay off other debts in the knowledge they will have funds to address longer term loans this year

[azul]

Well at least this time we know how much we've spent on the football side, just over £3M

So with a turnover £7.4M that is way over £4M on other things irrespective of hoe they've restructured the debt

[Spire-Power]

Dancingwilldoit, on 20 October 2015 - 11:23 AM, said:

Why will they ? If its not income during last year then it shouldn't be included.

According to our financial experts on this forum the full amount of the sale is included in the year when the transaction takes place, regardless of instalments.