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Club Accounts to June 2003
Club Accounts to June 2003

Copy of Club's financial statements available on-line

Within the past month, the Football Club announced its financial results for the period from incorporation (i.e. when the Company was set-up on 6 March 2003) to 30 June 2003. A copy of the Clubs Financial Statements is now available here on the Trusts website (via the link below).

The Accounts includes the period during which the Trusts Rescue Package was completed (on 28 March 2003), through the vehicle of the York City Football Club Limited, and the subsequent trading that has taken place between that time and the end of June.

The comments of Finance Director Terry Doyle are also included on the Trust website (via the link below).

At the time of writing, there are probably less than a dozen UK football clubs who have announced their financial results for the season ending in May 2003 and most of them are Listed PLCs. The figures presented in the Accounts including a detailed Profit & Loss Account can provide readers with a greater understanding of the financial results and position of the Club. Of course, the figures do not reflect a full football season and also include some exceptional and/or one-off items in relation to the deal to Save City and the financial restructuring of the football club.

Also, for the non-accountants out there, please note that due to normal accounting practices, figures recorded in the Profit & Loss Account do not necessarily equate to actual cash flows in the same period.

Some highlights:
- Turnover of just around 252,000, of which less around a third was from Gate Receipts;
- Total costs of around 584,000, of which almost 80% related to Employee Costs (including exceptional redundancy costs of 72,000 explained in Note 2 of the Accounts);
- Overall net loss for the period of 332,000;
- At the end of June 2003, the Club had an overall cash balance of 100,000. (The nature of football club cash flows are such that they tend to be loaded towards the front-end of a season e.g. season ticket monies);
- As part of the Trusts Rescue Package, consideration of 181,000 was paid to acquire the business and certain assets (with a value of around 244,000) and liabilities (of around 277,000) from the old club (i.e. York City Association Football & Athletic Club plc (in Administration).

- Extensive further details about the Trusts Rescue Package have been released by the Trust previously, including at the Fans Meeting held in April 2003 and the subsequent report of that meeting that can be viewed (from the News Archive) by clicking on the link below.


The Clubs financial commitments were inherited by the Trust as part of the Rescue Package. The Clubs Directors have been, and continue, to deal with this challenging financial legacy. As noted in the Clubs own comments, whilst the financial position continues to be challenging and donations/fundraising remain essential due to the work of the Trust/Club, the financial position is now much improved.

Any City fans able to provide assistance to the Trusts ongoing fundraising efforts is encouraged to contact Kirsten Gillies (via the Club or at kirsten@ycst.org.uk) or, even better, please get on and raise some money!

 
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