[A38]

https://www.worcesternews.co.uk/sport/1 ... -finances/

The Worcester News article makes interesting reading.

The word "complicated" appears quite a few times and it will be intriguing to follow the various transactions through the accounts and the auditors' report.

[TeflonTed]

Well, Jason seems to be very calm about it doesn’t he.

Which is probably good news, as is the fact that we have a highly qualified man, with vast experience of interpreting other people’s accounts, who will no doubt be reporting here in due course.

And I hugely look forward to his comments.

Meanwhile, while half the population seems to be obsessed with some blokes playing football a long way away, and some of the other half are more interested in 22 blokes dressed in white, one of whom is standing in front of 3 sticks while another throws a hard ball at them, I shall go back to my book in a shady part of the garden.

[west brom warrior]

If anyone can suggest why a government grant paid in 2020 delayed accounts due in 2019 then please feel free to suggest it

[butthead]

They've been trotting out "it's complicated" as the reason for delayed accounts for ages. Now this "exclusive" Worcester News interview confirms the reasons for the delays as "it's complicated". Glad we've cleared that up!

[Latecomer]

They've been trotting out "it's complicated" as the reason for delayed accounts for ages. Now this "exclusive" Worcester News interview confirms the reasons for the delays as "it's complicated". Glad we've cleared that up!

Ahh, the good old Worcester News, that local hub of investigative journalism

[A38]

To be fair, until the accounts - which will be well out of date - are available it would be very difficult to ask significant questions.

[butthead]

Quite right, and I wouldn't expect a sports reporter to have the understanding to ask questions of the accounts. However, it was billed in advance as an explanation from the owners and it really wasn't.

[Latecomer]

For clarity, my implied criticism of the Worcester News was not particularly aimed at the Sports Reporter (who does a reasonable job in what must be difficult circumstances), more the publication itself which I think lost its credibility a long time ago. The quality, accuracy and credibility of much of the content is really quite shocking (with sport being the one possible exception).
I still lovingly remember the days of the Green 'Un ..............

[butthead]

I maintain that when they changed name from "Evening News", they changed the wrong word!

[ROLLO]

Glos just published their accounts for June 2020 a £900 k loss. That seems pretty good in the circumstances.

[west brom warrior]

Within 7 days as outlined in the interview has now passed and no sign of accounts being made public. The smoke and mirrors continue

[FlipFlop]

The last interaction I had with Co house for filing was impacted significantly by Co House staff working from home and the scanning team being overwhelmed with influx of Accounts. Maybe not time to query further just yet.

[A38]

As time goes by, the accounts in question will be of historic interest only.

What is more to the point is the club' s seeming ability to cover the cost of JT's shopping list - presumably up to and quite close to the cap. And all that has been done with little cash flow coming from match day income.

It's the accounts which cover the financial year just ending, to 30 June 2021, which are of far more interest.

[butthead]

The last interaction I had with Co house for filing was impacted significantly by Co House staff working from home and the scanning team being overwhelmed with influx of Accounts. Maybe not time to query further just yet.

I don't doubt that is the case, but the accounts in question cover the year ending June 2019, were due to be submitted March 2020 and are still not submitted as of June 2021. If they'd been submitted, but not yet processed you'd think the interview might have said as much, and not "it's complicated".

[A38]

I could have started a new thread but as the development of a hotel etc does relate to overall finances I thought it best to include it here:-

https://www.worcesternews.co.uk/sport/1 ... ys-update/

Especially as, I imagine, those who will be developing and / or financing the hotel will require up to date accounts to give them the necessary comfort.

[TeflonTed]

Redevelopment of the North Stand.

There go grandfather rights!

[west brom warrior]

As time goes by, the accounts in question will be of historic interest only.

What is more to the point is the club' s seeming ability to cover the cost of JT's shopping list - presumably up to and quite close to the cap. And all that has been done with little cash flow coming from match day income.

It's the accounts which cover the financial year just ending, to 30 June 2021, which are of far more interest.

Agreed but I’m interested about what I can learn reference the takeover and any debt we have taken on.

I imagine the accounts which are submitted to cover the empty stadiums pandemic period will be horrific across sport as major income streams will have dried up but again will be fascinating reading.

[FlipFlop]

The last interaction I had with Co house for filing was impacted significantly by Co House staff working from home and the scanning team being overwhelmed with influx of Accounts. Maybe not time to query further just yet.

I don't doubt that is the case, but the accounts in question cover the year ending June 2019, were due to be submitted March 2020 and are still not submitted as of June 2021. If they'd been submitted, but not yet processed you'd think the interview might have said as much, and not "it's complicated".

Understood re the period of accounts be nearly 2 years ago, but WBW raised a query of a week had passed and referenced the “..filed in days “ comment from owners. Just suggesting why delay now, not justify the Accounting period delay.

[FlipFlop]

As time goes by, the accounts in question will be of historic interest only.

What is more to the point is the club' s seeming ability to cover the cost of JT's shopping list - presumably up to and quite close to the cap. And all that has been done with little cash flow coming from match day income.

It's the accounts which cover the financial year just ending, to 30 June 2021, which are of far more interest.

Agreed but I’m interested about what I can learn reference the takeover and any debt we have taken on.

I imagine the accounts which are submitted to cover the empty stadiums pandemic period will be horrific across sport as major income streams will have dried up but again will be fascinating reading.

If Glaws have lost £900k, I think we’d safely double that, maybe more due to our site costs and some hefty salaries, but no income. Just my finger in the air guess.

[TeflonTed]

As time goes by, the accounts in question will be of historic interest only.

What is more to the point is the club' s seeming ability to cover the cost of JT's shopping list - presumably up to and quite close to the cap. And all that has been done with little cash flow coming from match day income.

It's the accounts which cover the financial year just ending, to 30 June 2021, which are of far more interest.

Agreed but I’m interested about what I can learn reference the takeover and any debt we have taken on.

I imagine the accounts which are submitted to cover the empty stadiums pandemic period will be horrific across sport as major income streams will have dried up but again will be fascinating reading.

If Glaws have lost £900k, I think we’d safely double that, maybe more due to our site costs and some hefty salaries, but no income. Just my finger in the air guess.

Is it that simple though? We have zero gate income, on going salaries for staff, (furloughed?) at a reduced rate, players salaries reduced (25% reportedly), but additional income from long term govt support loans all to thrown into the calculation for the pandemic period, but the basic issue concerns the reporting period preceding the pandemic does it not.

I’m lost!

[A38]

Accounts to 30 June 2019 now available, i.e. exactly 2 years out of date.

40 plus pages to look through, analysis will take a while.

[TeflonTed]

Accounts to 30 June 2019 now available, i.e. exactly 2 years out of date.

40 plus pages to look through, analysis will take a while.

Looking forward to Thu Zoom!

[west brom warrior]

Well I’ve had a look through the accounts and the contain some nuggets of information.

The reported profit after tax was £12.9 million but this includes increases in fair value which is basically clever accountancy that I don’t understand. The accounts contained lots of mentions of COVID as a concern for the period which considering these accounts were to year end June 2019 I found baffling, I suspect they are to set up for deficits in future accounts which are fully understandable and to be expected.

The main take outs for me was the waving of £19.1 million debt from the previous owners and the new owners paid back £4.9 million of a previous loan and took out a new loan of £3.9 million.

The club during the financial period covering these accounts has sold and leased back the land and buildings and on another separate lease the P shares which since 2018 have nearly doubled in value thanks to the CVC investment. In the notes of the published accounts it indicated that on 17th Feb 2021 the lease on the land and buildings were back under group ownership, I suspect this was noted in the accounts to stop any potential questions over asset stripping by the owners so while it wasn’t required in the accounts I think it was a welcome note.

Off field commercial revenue fell sharply to June 2019, almost half the year value from the year before and turnover was down slightly.

[A38]

Yes, I think that's the importance of the accounts - what has happened since 30 June 2019.

The accounts themselves do have interest though. For instance the breakdown of turnover for the 12 months to June 2019 is as follows:-

Central distribution (i.e. PRL / RFU, I presume) £ 6.603m
Commercial £ 1.213m
Rugby £ 3.607m

Shows how dependent the club was on third party income. What the situation is for the financial year ending today will remain to be seen.

I am continuing to delve.

[patgadd]

Thanks be to A38 for boldly going where the rest of us would not blunder about.

[TeflonTed]

Thanks be to A38 for boldly going where the rest of us would not blunder about.

Yes, looking forward to a (simplified) review in due course.

And following that, I’d be interested in how our numbers compare with those of other clubs with similar profile to Wuss.

ie. Perennial bottom feeders , smaller crowds, fewer elite players. But off-hand I can only think of us and Falcons to compare. Irish seem to have found their O’mojo to a certain extent, and the other bottom 4 finisher this season (Glaws) surely have attendances way above ours in normal times?

[Latecomer]

Thanks be to A38 for boldly going where the rest of us would not blunder about.

Yes, looking forward to a (simplified) review in due course.

And following that, I’d be interested in how our numbers compare with those of other clubs with similar profile to Wuss.

ie. Perennial bottom feeders , smaller crowds, fewer elite players. But off-hand I can only think of us and Falcons to compare. Irish seem to have found their O’mojo to a certain extent, and the other bottom 4 finisher this season (Glaws) surely have attendances way above ours in normal times?

Interestingly, according to Premiership Rugby website, in season 2020/ 21 Sale, Newcastle and Bath seem to have lower average attendances than us (??) and in season 2019 - 2020 Saracens, Sale and LI were lower than us.
Does make you wonder (once again) how Saracens (and Sale to a degree) attract the calibre of elite players that make them NOT perennial bottom feeders ??

[poyntonshark]

Please don't tar us with a Saracens brush. Is it not a bit rich to be questioning anyone's signings when the bottom club by some distance, who, by their own supporters' comments, have had their worst season in living memory, who have no visible means of (financial) support have just signed 2 current Lions?

[Abmatt]

Please don't tar us with a Saracens brush. Is it not a bit rich to be questioning anyone's signings when the bottom club by some distance, who, by their own supporters' comments, have had their worst season in living memory, who have no visible means of (financial) support have just signed 2 current Lions?

There are means. Where it has come from is just not in the public arena. Much the same for all clubs.

[ROLLO]

I think it is fair to say that many of the Sale SA contigent didn't come as household names so may not have been on big salaries. I guess however that will change as their stock has improved.
Pontyshark we have some big earners in the 20 leavers so savings there despite the lowering of the salary cap ( for some )

[TeflonTed]

Thanks be to A38 for boldly going where the rest of us would not blunder about.

Yes, looking forward to a (simplified) review in due course.

And following that, I’d be interested in how our numbers compare with those of other clubs with similar profile to Wuss.

ie. Perennial bottom feeders , smaller crowds, fewer elite players. But off-hand I can only think of us and Falcons to compare. Irish seem to have found their O’mojo to a certain extent, and the other bottom 4 finisher this season (Glaws) surely have attendances way above ours in normal times?

Interestingly, according to Premiership Rugby website, in season 2020/ 21 Sale, Newcastle and Bath seem to have lower average attendances than us (??) and in season 2019 - 2020 Saracens, Sale and LI were lower than us.
Does make you wonder (once again) how Saracens (and Sale to a degree) attract the calibre of elite players that make them NOT perennial bottom feeders ??

Very odd. Season 20/21 was not by any means normal, and stadium attendance was at times zero or at other times strictly regulated by COVID controls. Don’t understand those stats at all.

[g2forumsm]

TT - you will need t see which games the teams were allowed to play at home for last season or failing that just totally ignore them as they are a true comparison

[TeflonTed]

TT - you will need t see which games the teams were allowed to play at home for last season or failing that just totally ignore them as they are a true comparison

Which would be research I can't be bothered to undertake, but it seems very odd that Bath and Saracens are shown as having lower attendances than us. I could easily believe Falcons and LI though. But hey-ho, there are bigger things to worry about now.

Including Mrs Ted's interest in Ollie Lawrence's bum cheeks.