Annual Accounts | Vital Football

Annual Accounts

M

Mattytindraws

Vital Reserves Team
A £2 million loss for the period ending June 2022, which is scary considering we finished 17th. Guess that maybe explains why did most of our player recruitment from the league(s) below in the summer. The one thing that did pique my interest was a reference to payments negotiated to terminate MA’s contract, which at this moment in time doesn’t necessarily feel like it’s money well spent.
 
Looks like £350k profit in player trading (Edun?). Obviously won't include any potential add-ons and sell on clauses.
 
Luke Imp said:
Not a wonder we decided to part company with MA when he led us from 5th to 17th with such an increase in budget.
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A post from after the Gillingham home defeat last season:

Luke Imp said:
I don't know what this squad is costing us, but even Clive etc must be watching us and wondering what on earth we're paying for because it's certainly not showing on the pitch.
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Academy player sold in the last financial year (doesn't say who or where to).

£800k spent on infrastructure improvements (£500k of that the pitch, drainage).
 
Commercial up to £1.65m is a healthy jump from the last 'normal' season of 2019/20 of where it was £1.37m.
 
The major take home point for me is the extent to which our directors/investors are funding our losses, 2 million this accounting year and 10 million accrued. Zero owed to the directors, as all equity leaving us debt free. Thank you for your generous funding and your integrity in the stewardship of our club.
 
Mattytindraws said:
A £2 million loss for the period ending June 2022, which is scary considering we finished 17th. Guess that maybe explains why did most of our player recruitment from the league(s) below in the summer. The one thing that did pique my interest was a reference to payments negotiated to terminate MA’s contract, which at this moment in time doesn’t necessarily feel like it’s money well spent.
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In some respects though, if we can retain our league status, reduce our staff costs this season and make c.£1m from the Appleton departure, that looks to be shrewd business.

For me, the accounts have put our approach this season into context as one where survival really is and has always been the main aim to make us a more sustainable club. Hopefully this will pay dividends in the future.
 
Luke Imp said:
The £350k is net profit after Fulham had taken their cut - Edun a free transfer to us.
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I take it nothing clear in the accounts on Grant, which was always a bit confusing? Or could be part of it if we got any performance based money, which is maybe unlikely based on the Peterbough stint and heading north of the border so quickly
 
Luke Imp said:
Not a wonder we decided to part company with MA when he led us from 5th to 17th with such an increase in budget (up £800k).
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Remember you saying this at the time and agreeing - I think I could forgive the injuries first half of the season and the patched up team but second half of it I really think we should have been better (quantifiably better)! Definite questions on recruitment but see what Whittaker has done since, even Cullen, how good Fiorini is, that we paid for an experienced striker, had Hopper back etc etc... I think it's hard to argue we hit acceptable levels. We didn't see the best of some of those players. And Mapp deserved backing after 20/21 so I can see why we'd do that when he was here.

I'm not sure we are quite where we should be with the budget available now. I.e, this isn't quite the ceiling of where we should be.

Would also echo that the support from Clive/board has been exceptional.
 
Unfortunately we appear to be on the downward curve. Attendances dropping, currently (8539) 9006, 8986, 0000, 8733 but within that an increased fall off of home fans in attendance. Losses increasing with increasing onus on director financial input. Little ability to compete in a unfettered market and recession and cost of living impacting on the clubs finances. When you see the business Ipswich and Plymouth have done in this window you see how difficult it can be. Staying in this division and playing attractive football is the aim but becoming increasingly difficult. A big window and second half of the season for the club and MK coming up. Further investment is welcomed and needed.
 
For anybody that thinks we should be mixing it with the big boys in L1, this is a sobering reminder of the level we are competing at. Thank you to the board members who continue to fund our existence at this level.

Without drastic restructuring of the EFL (salary caps etc) and distribution of TV money nothing is going to change either.
 
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