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2002-03
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Go figure
As a number cruncher, I've been asked to give you some points of interest to mull over from the GTFC financial accounts for the year to 31 May 2003. I must warn you, however, that I am the sort who gets excited when figures balance, so I can't guarantee that it won't be boring!
Here goes, then. Despite the loss of income from TV and broadcasting as a result of the collapse of ITV Digital, the board has done well to reduce the cost base so significantly (by 26 per cent) in an attempt to stay in line with the lower revenues (39 per cent less). The club has still made a small loss for the year, however (£100,000), compared with a profit of £1.1m in the year to 31 May 2002. It will be interesting to see how the board copes with the further reduction in revenues to be expected this year as a result of relegation. Let's hope the new sponsorship arrangement is a generous one!
That's the semi-good news; now for the more concerning aspects of the accounts. The creditor days slipped from 35 days to 52, indicating that the club is taking longer to pay its bills. Of particular note, whilst amounts owing to taxation authorities have risen steeply during the year (not the sort of people you want to fall behind with), a director loan made the previous year has been repaid in full. The increase in outstanding tax is strange since receipts have fallen along with the number of employees, and the company should not have any outstanding income tax liability (given that it has £3m worth of tax losses against which it can claim relief) – so there is no reason to expect any increase in taxation costs. However, despite these items, the board has pledged its support of the club – and long may it continue!
Back on a lighter note, the costs incurred to date for the new stadium are still capitalised, indicating that there is at least still an intention to fulfil that proposal. Additionally, the share issue seems to have gone well, with 1,607 £50 shares having been issued since the accounts were prepared.
All that being said, I must now point out from my anonymous hut in the Brazilian rainforest that all these points are not intended as a professional opinion (since I have limited information to work with); they are merely to assist the average Town fan in understanding what can seem to many a sea of numbers. It should not therefore be relied upon in any capacity...
- cost base: costs of running the club year on year
- revenues – monies received from TV and broadcasting, match receipts, sponsorship and merchandising (e.g. pies, club shop)
- capitalised: costs carried forward and not included in the running costs of the club year on year
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