Year ended 30 June 2022.
The club can now confirm its audited financial results for the year ended 30 June 2022.
This was the third successive year of profit, the best income performance for a decade, and the third year without debt or shareholder funding.
We ended the year with £1.58m of cash in the bank and total debt levels slightly reduced and Football Net Debt of £1.26m.
Key headlines to note are:
- Profit after tax: £33,000 (20/21: £397,000).
- Net cash in hand: £1.58m (20/21: £1.24m) at 30 June 2022. This is cash balance less overdrafts and increased by £348,000.
- Headline turnover: £4.74m (20/21: £4.06m). This includes recurring business income from tickets, retail and commercial, and Football Fortune from player sales and cups.
- Business turnover: £1.99m (20/21: £616,000). This is from tickets, retail and all commercial activity. It increased by £1.3m in the year. In last year’s review, the 20/21 level was estimated to be circa £1.2m lower than ‘normal’ due to Coronavirus effects, and this has now returned to pre-Coronavirus levels.
- Professional Game income £1.63m (20/21: £1.58m). This comprises EFL distribution £631,000 (2020/21: £606,000), Premier League Solidarity £480,000 (2020/21: £465,000), EPPP Academy grant income of £452,000 (2020/21: £452,000) and LFE Academy education grants £70,000 (2020/21: £56,000). Together, Business Turnover and Professional Game Income make up Recurring Income. This totalled £3.62m (2020/21: £2.19m) and was the best for a decade.
- Non-recurring, one-off Business turnover: £345,000 (20/21: £825,000). This mainly is £333,000 of grant income support from the Premier League. In 20/21, the total comprised Premier League grant (20/21: £359,000) and exceptional iFollow streaming income (2020/21: £346,000), and one-off donations (20/21: £120,000) arising from the Coronavirus pandemic.
- Coronavirus Job Retention Scheme income: £nil (20/21: £242,000). From the HM Government Coronavirus pandemic support scheme.
- Football Fortune: £806,000 (20/21: £1.07m). This includes £604,000 (20/21: £977,000) of income earned from player transfers. Not all of that income was received in cash in 21/22. Some receipts will come in 22/23 and beyond. We also earned £157,000 (20/21: £90,000) from cup competitions. The remainder is mostly loan player income.
- Total wages & salaries costs: £2.93m (20/21: £2.39m). This is the payroll cost of all staff on and off the field, including players and football staff. The increase reflects a return to ‘normal’ trading, additional player and football staff wages, and termination payments made to a number of football staff leaving the club.
- Total Football Expenditure: £2.25m (20/21: £1.87m and 19/20: £2.03m). This includes all Player Costs and Other Football Expenditure in the first team (including travel, football IT, medical, scouting, Director of Football, and all other first team football staff and coaches). It is the club’s total spending on Football.
- Player transfer receipts: £606,000 (20/21: £1.35m). This includes cash received from deals in 21/22 and also from prior years.
- Net assets: £5.4m (20/21: £5.3m) at 30 June 2022. This includes £7.46m attributable to stadium fixed assets.
- Debtors receivable for player sales: £211,000 (20/21: £213,000) at 30 June 2022. These will be collected in 22/23 and beyond. This excludes other contingent add-on amounts or possible sell-on income, which is not certain.
- Total debt: £3.15m (20/21: £3.16m) at 30 June 2022. No new debt advances or debt repayments were made to Purepay Retail or Pioneer Food Group in 21/22. The change in the year comprises additional accrued interest less debt repayments to the EFL and the overdraft reduction.
- Football Net Debt £1.26m (20/21: £1.57m) This is an indicator used by UEFA to measure financial risk. It is total borrowings plus transfer creditors less cash less transfer debtors receivable.
- The Audited Annual Accounts for the year ended 30 June 2022 have been approved and lodged and will be available from Companies House shortly. We have also made them available here on the official website so that fans can see the information, if they wish to do so.
Click HERE to download the document in pdf format.
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Year ended 30 June 2022
Chief Executive Nigel Clibbens said: “The filing of the audited Annual Accounts and detail being made public now is very much historic. However, the key financial headlines have already been shared in detailed financial updates given to fans since the year end.
“The 21/22 financial results show a profit for the third year in succession and show us in a sound position day-to-day.
“The underlying trading of the club continued to hold up despite the worst season on the field for many years.
“All the exceptional adverse financial effects of Coronavirus from 20/21 reversed as trading returned back to normal.
“Player transfer income was again important. Alongside Cup income, this remains a crucial element of our funding and operating model each year.
“A full and detailed explanation of 21/22 results is contained in the Annual Accounts along with comprehensive financial and operating information. This is part of the commitment to be transparent about the club’s finances and the issues and challenges we face.
“At 30 June 2022, we had more cash in hand than the prior year and no creditor pressure or debt repayments scheduled for 22/23, except for small amounts to the EFL.
“We are pleased that we were able to get through a turbulent season on the field and continue to be well-placed financially day-to-day.
"All our PAYE and VAT liabilities continue to be paid up in full and on time. We also recognise the club faces uncertainties and challenges going forward. The position of the loan from Purepay Retail Limited had not changed at 30 June 2022 compared with the previous year end, and at the date of approval of the accounts was still unchanged.
“After a turbulent 2021/22 season, the appointment of Paul Simpson on a long-term contract aimed to bring stability and a platform to develop the playing squad and improve football results in a sustainable way. This will take time to repair the issues of the past, but we are very pleased with the progress since.
“We have increased our Player Cost spending in 2022/23 again, after the increase in 2021/22, along with increased spending on Other Football Costs as we invest in football staff and operations.
“This reflects the need to compete on-the-pitch after the serious problems in 2021/22 to support the manager and his plans.”
