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20/21 financial statements submitted

Sep 22, 2020
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potentially very healthy accounts on the face of it. However, not a typical trading year with huge govt covid grants, PL grant, ins payout and the NHS rent. Importantly furlough will have saved the club a huge amount of wages.

Real concern is that far from being sustainable as a trading entity the club is wholly dependent upon one individual sugar daddy. seems he has put £21m into buying shares from JB and new shares issued.

Need to stop the reliance on SH unless he is prepared to bank roll the club going forward or the 'overspending' will catch up pretty quickly.
 
Nov 9, 2008
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Forgive my lack of memory, or indeed knowledge, but who/how many players did we sell in 2020? £1,100,000 seems a large figure
 
Jan 17, 2017
3,969
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Bovey Tracey
There's one other thing that's been missed in this thread.

The level of detail presented in those accounts are far beyond what is required to be released by a company of this size.

The policy of transparency shown is immense and there are few other clubs willingly giving this amount of information.
 

metroace

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Sep 8, 2011
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Forgive my lack of memory, or indeed knowledge, but who/how many players did we sell in 2020? £1,100,000 seems a large figure
Perhaps it was money received from sales that had taken place previously, add-ons or whatever. Not saying it is, just speculating.
 

Graham Clark

🏆 Callum Wright 23/24
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🚑 Steve Hooper
Nov 18, 2018
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David Ray is on record as saying in relation to the 2020 accounts
“It is important to note that, in addition to this turnover, we also generated income from player transfers. This amounted to over £1.1m and included proceeds from the sale of Freddie Ladapo to Rotherham United and a sell-on fee received following Sam Gallagher’s transfer from Southampton to Blackburn Rovers."

Gallagher sell on clause was reportedly 10% of the £5m fee paid by Blackburn.
 

Tugboat

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Feb 24, 2007
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I think it would have been selling future clauses on previous player sales.

The likes of Ben Purrington, Ladapo stephens etc.
 
Jan 6, 2004
6,439
6,644
A lot of the income was due to..... season ticket holders not withdrawing their money .... one offs due to the virus ....and a cash injection from the chairman..plus the windfall from the insurance..we are nowhere near being one of the big hitters in this division.....
The insurance was not a windfall, insurance only pays out for income that would have otherwise been earned but for the pandemic so should be treated as normal income for purposes of looking forward
 

JannerinCardiff

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Jul 16, 2018
7,835
3,608
Cardiff
The insurance was not a windfall, insurance only pays out for income that would have otherwise been earned but for the pandemic so should be treated as normal income for purposes of looking forward

To me it was windfall, because he other 23 clubs in league 1 probably didn't have this money from an insurance claim so it puts us at a competitive advantage. I'd wager that we are one of a very few, if not the only club in league 1 that made a profit in this accounting year (unless they sold major player assets) .
 

IJN

Site Owner
Nov 29, 2012
9,162
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David Ray seems to be a very switched on guy. A real football fan as well, although he has exceedingly bad taste. :)
 

Graham Clark

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Nov 18, 2018
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It would appear that the Premier League, EFL clubs and Scottish clubs are advised, understandably, to take out Business Interruption Insurance, including against contagious diseases. Pay outs appear to be determined on the wording of the policy (see link below) . The Supreme Court decision on the matter in January this year was based on the particular wording of policies and widened the types of policies that should pay out and enabled the Argyle pay out.

Clearly, the original policy taken out by James Brent and maintained by the club after his departure was, thankfully, appropriately worded to provide the necessary level of cover. However, settling the claim is another matter and I recall Simon Hallett saying David Ray had worked hard to provide all the evidence needed to demonstrate the loss and maximise the claim outcome.

Argyle are the first club to report their accounts for the relevant period. It will be interesting to see what other clubs have also made a successful ,claim.

 
May 8, 2011
5,788
793
It would appear that the Premier League, EFL clubs and Scottish clubs are advised, understandably, to take out Business Interruption Insurance, including against contagious diseases. Pay outs appear to be determined on the wording of the policy (see link below) . The Supreme Court decision on the matter in January this year was based on the particular wording of policies and widened the types of policies that should pay out and enabled the Argyle pay out.

Clearly, the original policy taken out by James Brent and maintained by the club after his departure was, thankfully, appropriately worded to provide the necessary level of cover. However, settling the claim is another matter and I recall Simon Hallett saying David Ray had worked hard to provide all the evidence needed to demonstrate the loss and maximise the claim outcome.

Argyle are the first club to report their accounts for the relevant period. It will be interesting to see what other clubs have also made a successful ,claim.

I believe Morecambe have had a successful claim.
 
Feb 26, 2012
2,700
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Ivybridge
I know what you mean, but it really was a windfall.
In accounting terms it would be classified as an 'exceptional item'. When assessing a company's financial health you would tend to look at the 'norm' and exclude the exceptions. Very difficult to assess the last financial year for all the reasons mentioned by previous posters...normally you could compare year on year and home in on (and query) large variances in income and costs. I think, on a quick skim through (attention span of a goldfish!) we are doing OK. We are set up to diversify income streams in the future and, in theory, reduce dependency on a single wealthy donor.