The Grimsby Town FC


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Profit and Loss Figures

By: Bill Osborne
Date: 17/11/2002

IN response to a number of requests, we publish here a brief outline of the profit and loss account of Grimsby Town as presented to the 2001 AGM. In addition to the 2001 figures there are also the 2000 figures for comparison.

It should be noted that some of the losses in relation to the players, were because the board decided to publish more realistic figures in relation to their value.

Profit and Loss Account For The Year Ending 31st May 2001

Turnover 3,066,262 2,759,014
Staff costs (4,345,541) (2,969,678)
Operating costs (772,186) (665,917)
Depreciation and amortisation of players' registrations (415,621) (678,240)
Operating (loss) (2,467,086) (1,554,821)
Net profit on disposal of players' registrations 70,312 455,000
Net interest payable (11,130) (25,051)
Other income 75,786 78,282
(Loss) on ordinary activities before taxation (2,332,118) (1,046,590)
(Sustained loss) for the year (2,332,118) (1,032,473)
Retained profit brought forward 298,323 1,330,796
(Accumulated losses) retained profits carried forward (2,033,795) 298,323

It is important to point out that no conclusions can be drawn from these figures alone. A full picture cannot be seen without viewing the full statement of accounts and notes referring to them.

With further adjustments, the operating loss was fixed at £1,796,895 The club statement to the shareholders contained the following:

"The company has traded at a loss during the year ended 31 st May, 2001 and has a net asset deficiency at that date of £1,796,895. In order to be able to continue to trade, the company is reliant on the continued financial support of its bankers and directors.

Financial projections indicate that the company's bank facilities may be exceeded during the forthcoming season. The directors will continue to provide financial support and therefore they are not aware of any reason to suggest that the company should not be able to finance its trading and other obligations for at least twelve months from the date of approval of these financial statements and therefore to prepare the financial statements on a going concern basis.

The financial statements do not include any adjustments which would result from an inability to secure the continued financial support which may be required to enable the company to continue as a going concern."

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