WANDERERS MAKE LOSS
(Thursday 19th September 2002)
Wanderers' Chairman Ivor Beeks and Jason Cousins The Club have issued the financial statements to their members that report a net trading loss of 455,000 for the 2001/2 season compared to a a profit of 150,000 in the previous campaign. The Club's Financial Director Rod Tomlin stated in his report that the figures were "a significant improvement on the Board's original plan. In cash terms, after allowing for depreciation of fixed assets and writing down the value of players contracts, the loss computes to 238,000"
The Board's "original plan" was to budget for a loss of 750,000 but some tightly drawn purse strings kept the figure down. Lawrie Sanchez managed to tone the wage bill down to 150,000 less than his budget and kept transfer fees to a minumum. Speaking at fans forum back in April 2002, Sanchez said "My job as Manager is not just on the field but part of that is to look after the finances of the club. That's why I don't demand, like some managers do, loads of money to spend on players".
Turnover for the season was 4.56m - down fractionally on the previous season but still remarkably healthy considering the 1m of unbudgeted FA Cup revenue during the memorable 2000/1 season. Commercial and general merchandising activities were up by 20% which according to Tomlin were due to "..a deliberate policy for spreading income streams and reducing the Club's dependence upon results "on the field". This is especially pertinent at a time when other well publicised threats to mainstream football cash flow have become manifest"
Elsewhere in the accounts it's revealed that operating costs rose 570,000 to 4.98m, with approximately 40% of this increase related to wages and salaries of both staff and players. Significant investment is also reported with the construction of the new "away end" which was helped out by of over 300,000 from the Football Foundation.
The figures will be tabled to members at the club's AGM on Monday 14th October. However, the accounts will probably take a backseat as members are sure to be keen to hear the official view on the mystery departure of Chief Executive Simon Monkman after just six months in office.
The meeting will also see Chairman Ivor Beeks retire by rotation. According to the AGM notice Beeks will stand again for another five years but it has been no secret that the long standing Chairman is keen to retire and is grooming Vice Chairman Brian Kane to take over at some point in the future.
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