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Accounts to 31st May 2022


Fawlty Towers
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Much healthier than I was expecting to read.  The worry for me is that it looks like they invested for promotion last season and didn’t make it. I hope it’s not all out this year.

If the finances are as good as presented and the ambition is as described, perhaps the peg holding McCall’s jacket is a little more shoogly 

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I don't know much about accounts but I can see bullsh*t when its been hammered into a keyboard and served up as a steaming pile on a website. Here's my interpretation:

"There are two things the Board would like to note in relation to these accounts. First, our assets have grown significantly to almost £14.3m in May 2022 from £5m in May 2021, giving us a solid foundation going forward. This is as a result of the land in the south of the stadium, along with The Colin Weir Main Stand, returning to Club ownership. It is 13 years since the whole of Firhill was in Partick Thistle’s hands and we remain grateful to the late Colin Weir for making this possible."

The only way we could balance the books was by over inflating the value of the land and stadium. David Murray did it for years at Rangers, why won't it work for Thistle?

"Second, there has been some negative comment with respect to the Club in the course of the year, talk of hidden debts, secret payments and implying financial difficulties. These accounts give lie to all of that."

The lady doth protest too much, methinks

"There is an overall profit in terms of £1.5m, but there is an in-year operating loss of £215k that we want to explain. The Board planned for a balanced budget but then chose to exceed the budget in one area, the football budget. Directors made a considered decision to increase it in line with what the manager asked for as we share his aspirations to return to the topflight at the earliest opportunity."

Its all Ian McCall's fault even though we could have easily said no.

"We will continue to work to a balanced budget in future but will ultimately aim to generate profit as all monies go straight back to the Club."

If we don't get promoted this year we'll be lucky to survive in the championship next year

"As ever, we are grateful to our CEO for his ongoing close control and management of expenditure, as well as income, ensuring that we met all of our obligations on and off the pitch whilst keeping our reserves positive. "

Love you Gerry and your work on sorting out those nasty TJF folk didn't go un noticed

But it was a team effort overall and we thank every member of staff, player, volunteer and fan for their contribution to the Club’s continued positive re-emergence from a challenging period."

I, the great and all powerful Jlow, have been brilliant as have all my appointee's but not you fans and especially not you nasty TJF folk.

Edited by laukat
typo
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Excuse my ignorance but...   in 2020/21 we had a turnover of 1.5m which was covid impacted. The year before it was 2.7m. How can we make of profit of 1.5m in 2021/22 given that our turnover (not quoted in the statement) must be in the region of 3m? 

Or does the "in year 215k operating loss" mean we spent a combined 1.7m on player/coaching staff wages?

Edited by JAG1970
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11 minutes ago, JAG1970 said:

Excuse my ignorance but...   in 2020/21 we had a turnover of 1.5m which was covid impacted. The year before it was 2.7m. How can we make of profit of 1.5m in 2021/22 given that our turnover (not quoted in the statement) must be in the region of 3m? 

Or does the "in year 215k operating loss" mean we spent a combined 1.7m on player/coaching staff wages?

No expert myself but as I recall in the accounts to 31st May 2020 there was reference to £1.8M which would appear on the balance sheet when the shares and land transferred to the fan's group. My guess is that has now been factored in but happy to be corrected by someone with more expertise.

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Based on my very limited understanding, things are probably “ok” financially but to claim there is no reliance on Weir money is disingenuous. 

TBC donated £1.7m of assets using Colin’s money to buy back the rest of the stadium.  That turned £200K loss into £1.5m “profit”.  That support won’t be available going forward. 

That £1.7m also added to existing £4.5m valn of Firhill that suddenly jumped another £7.8m to £14m!!  Hard to see how Firhill is worth that much, given that value is just as a football stadium. 

The £200K loss was to strengthen the squad, which was a fair enough gamble.  However, it only bought us 4th in league. It also halved our cash in bank, important for a company that has no lines of credit. 

Plus buried in all that was Queens Park groundshare money, but we still lost £200K.

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4 hours ago, Lambies Lost Doo said:

So is it good or bad.  Do we have £1.5m cash or is that the land?

"There is an overall profit in terms of £1.5m, but there is an in-year operating loss of £215k

 

It’s interesting that we quote a &1.5m profit figure but only have £330k in the bsnk,,,,

 

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Page 22 of the 2020-21 accounts, explaining the basis for the valuation of Firhill as “open market value”

image.png.428404a93647b2996c2e3bd2fb75001b.png

i.e. what would someone actually pay for the land and buildings.

Page 23 of the 2021-22 accounts, explaining the basis for the valuation of Firhill as “depreciation replacement cost method”

image.png.aef0cdf318eeec970e665746d41f1592.png

i.e. what it would cost to replace the ground with a modern equivalent.72A7C465-87B0-432A-81FB-6479E4388478.png.72ccddb8fa4a123e324cd2f863d00ee9.png

 

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5 hours ago, javeajag said:

It’s interesting that we quote a &1.5m profit figure but only have £330k in the bsnk,,,,

 

The £1.7m brought in to turn a £200k loss to a profit, was spent on land, so technically it can’t be a profit, it was spent in same accounting period. Assets increase yes, but not profit.

If we post same loss this year, then that leaves £130k in bank, but we also don’t have Queens Park revenue so loss could be greater unless we increase revenue and/or decrease wages

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