| FINANCIAL REVIEW 2002-2003
(Friday 26th September 2003) 
Members of Wycombe Wanderers Football Club Limited have been notified of this year's AGM. The meeting will take place on Monday 20th October and the related accounts provided to members show a net trading loss for of £389,000 for the 2002/3 season compared to £455,000 the previous year. Turnover for the period was up fractionally to £4.6m despite match reciepts being down by around £300,000. The loss, which is less than many predicted, is indicated as computing to a 'cash loss' of around £50,000 when taking into account depreciation and the amortisation of player contracts.It what is described by Wanderers' Acting Chief Executive Rod Tomlin as "fairly depressed market conditions", Commercial Activities rose by around £650,000 to around £3.2m, boosted by income from the London Wasps ground tenancy agreement. On the flip side, Capital Expenditure on tangible fixed assetts was close to £535,000 which was almost entirely due to the installation of the desso pitch and undersoil heating. The Club also extended its long term loan with brewers Greene King by £412,000. This added to the Club's total debt of around £2m compared to tangible assets of £6m. The accounts, which are for activities up to and including 31st May 2003, show a ratio of total staff wages to turnover of 64%, which is no change on the previous season. The new shirt sponsorship deal and the controversial ground renaming deal are not included in these set of accounts as the agreements were struck after the accounting period. The much talked-up demise of ITV Digital is reflected in the accounts and confirms that all but £50,000 of the monies were recovered through the new Sky deal and ITV highlights package. Acting Chief Executive Rod Tomlin concluded in a review of the business attached to the accounts by stating "Looking ahead, the football business is currently in recession with many clubs in financial difficulty as a by-product of unfavourable market conditions, changes in their Football League status or generally poor management. Wycombe Wanderers is not insulated or protected from these risks and it will have become apparent since the year end that the Board have taken a realistic view of short term trading conditions and certain steps to ensure that the business operates within the means at its disposal. However the mood at the Club remains a very positive one and the goal remains: 'Winning promotion to Division I whilst creating, building and rewarding supporters' and interest groups' loyalty by providing great entertainment and first class service and facilities' " Sources close to Club have revealed that the Directors are expecting a rough ride at the AGM as poor results on the field couple with a growing unrest at the poor communication with the members over key financial issues. Click here to read all the latest Wycombe news |
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