NUFC 2009 Accounts

[Broadsword]

So these accounts are up to June 30th 2009.  How can Kevin Keegan's payout be included as he didn't get that until October 2009? 

 

It isn't but it is disclosed in a note that it happened after the year end.

 

You can look at them here http://wck2.companieshouse.gov.uk/ab8031355966ec489a8e7faf83deaa87/compdetails but it costs £1 to download them.

 

There's also a note that says our net spend on players after 30 June 2009 was just £3.2m.  So Simpson, Routledge, Williamson, Best and the other transfer window signings cost that much in total. 

 

And we still have contingent add on payments to other clubs based on appearances etc for signings of around £3.6m.  So that's why Xisco doesn't get a game I guess.

 

Oh and as far as I can see Mike hasn't actually given a formal guarantee just an indication that he will give ongoing support.

 

The audit report is clean and they do not have a problem with going concern.

[quayside]

So these accounts are up to June 30th 2009.  How can Kevin Keegan's payout be included as he didn't get that until October 2009? 

 

It isn't but it is disclosed in a note that it happened after the year end.

 

You can look at them here http://wck2.companieshouse.gov.uk/ab8031355966ec489a8e7faf83deaa87/compdetails but it costs £1 to download them.

 

Wrong  - the Keegan payment (including costs) is included as an exceptional item - see note 3 on page 14. It has to be included since it relates to something that happened during the year ended 30th June 2009.

[Liam Liam Liam O]

Just ordered a set, just to save me some time, what page is the proof of him making £7m a month on?

[quayside]

Just ordered a set, just to save me some time, what page is the proof of him making £7m a month on?

 

It's not in there at all 

But you shouldn't believe what Ernst and Young say like, they're part of the great deception together with Ashley and all that.....

[Liam Liam Liam O]

Just ordered a set, just to save me some time, what page is the proof of him making £7m a month on?

 

It's not in there at all 

But you shouldn't believe what Ernst and Young say like, they're part of the great deception together with Ashley and all that.....

 

:kasper:

 

Must be a misunderstanding, they must have meant this year then, he's going to make £7m a month on this years projected turnover of just under £50m

[Broadsword]

So these accounts are up to June 30th 2009.  How can Kevin Keegan's payout be included as he didn't get that until October 2009? 

 

It isn't but it is disclosed in a note that it happened after the year end.

 

You can look at them here http://wck2.companieshouse.gov.uk/ab8031355966ec489a8e7faf83deaa87/compdetails but it costs £1 to download them.

 

Wrong  - the Keegan payment (including costs) is included as an exceptional item - see note 3 on page 14. It has to be included since it relates to something that happened during the year ended 30th June 2009.

 

Thats what you get skim reading, yes note 24 says provided in full.

[quayside]

Just ordered a set, just to save me some time, what page is the proof of him making £7m a month on?

 

It's not in there at all 

But you shouldn't believe what Ernst and Young say like, they're part of the great deception together with Ashley and all that.....

 

:kasper:

 

Must be a misunderstanding, they must have meant this year then, he's going to make £7m a month on this years projected turnover of just under £50m

 

Yup - it must be that. When we got relegated he got the club's costs down to zero and simply pocketed the turnover.

[Dave]

Wages were 85% of turnover then? Ouch.

[Liam Liam Liam O]

Wages were 85% of turnover then? Ouch.

 

What date were those articles talking about the mass of redundancies that had been made?

 

Staff levels have only fallen by 30 in those accounts.

[quayside]

Wages were 85% of turnover then? Ouch.

 

What date were those articles talking about the mass of redundancies that had been made?

 

Staff levels have only fallen by 30 in those accounts.

 

The staff note refers to the 1,380 temporary matchday staff whose jobs were outsourced. Could be to do with that?

[Liam Liam Liam O]

Wages were 85% of turnover then? Ouch.

 

What date were those articles talking about the mass of redundancies that had been made?

 

Staff levels have only fallen by 30 in those accounts.

 

The staff note refers to the 1,380 temporary matchday staff whose jobs were outsourced. Could be to do with that?

 

That happened around October 2008 IIRC, certainly pre the Christmas.

[Wallace]

The newspapers reported that 150-200 staff at all levels of the club were made redundant in the aftermath of relegation.

 

[PRL]

Just ordered a set, just to save me some time, what page is the proof of him making £7m a month on?

 

It's not in there at all 

But you shouldn't believe what Ernst and Young say like, they're part of the great deception together with Ashley and all that.....

 

Maybe Ashley has had them store up $50bn off balance sheet...

 

 

Cracking accounting jokes. My life is over.

[ToonTastic]

have I read this right, we paid £1.3m for Mort !!!!! Thats crazy money.

[Liam Liam Liam O]

have I read this right, we paid £1.3m for Mort !!!!! Thats crazy money.

 

It's the going rate, but considering the mess he presided over & left it's a lot of money.

[jdckelly]

Well the accounts are available now. I've had a quick look.

 

The highlights:

 

Turnover was only £86 million (all 3 areas of revenue matchday, media and commercial were down on the previous year)

 

Wages (including Keegan's £2.2m payoff) £73m

 

Profit on transfers £23m

 

Other costs £51m

 

Therefore the Loss = £15m so it was an improvement on 2008 but, due to the fall in turnover, not a massive one.

 

As at 30th June Ashley had loaned £111m making his investment a total of £247m. He took no money out in interest. At one point in the year his loan was up to £112m. Not surprisingly, as the club is technically insolvent by £51m,  he was required to give a personal guarantee to satisfy the going concern status.

well thats bad and next years ones are to look even worse tbh

[Guest neesy111]

like i've said, this club still need's to get the top earners off the wage bill, i.e. colocini, smith, nolan

 

for how much we pay them the ROI must be the worst in the footballing world

[ToonTastic]

like i've said, this club still need's to get the top earners off the wage bill, i.e. colocini, smith, nolan

 

for how much we pay them the ROI must be the worst in the footballing world

 

I don't agree, with the players who left at the end of last season and contracts that have expired our wages should be at a decent amount for premiership football next season.

[UV]

Just ordered a set, just to save me some time, what page is the proof of him making £7m a month on?

 

It's not in there at all 

But you shouldn't believe what Ernst and Young say like, they're part of the great deception together with Ashley and all that.....

 

Well they did manage to hide all that extra debt for Shepherd that Mike only found after he bought the club.

 

 

Have we always included manager's pay in the wage bill or is that new? Is the directors pay included in the £73m?

 

That's a pretty big drop in revenue, a lot lower than Llambias was saying only 4 months before the end of that accounting period when he was saying turnover was £100m. I guess some of it could be put down to the boycott, but pretty worrying nonetheless. Ashley's probably lost us more in revenue than he's "put in".

[quayside]

Just ordered a set, just to save me some time, what page is the proof of him making £7m a month on?

 

It's not in there at all 

But you shouldn't believe what Ernst and Young say like, they're part of the great deception together with Ashley and all that.....

 

Well they did manage to hide all that extra debt for Shepherd that Mike only found after he bought the club.

 

 

Have we always included manager's pay in the wage bill or is that new? Is the directors pay included in the £73m?

 

That's a pretty big drop in revenue, a lot lower than Llambias was saying only 4 months before the end of that accounting period when he was saying turnover was £100m. I guess some of it could be put down to the boycott, but pretty worrying nonetheless. Ashley's probably lost us more in revenue than he's "put in".

 

What Ashley found to his surprise was that most of the debt in the 2006 balance sheet was payable on demand if there was a change of owner. When he bought the club the latest accounts (2006) showed that the club was still solvent. Ashley didn't know, because he rather stupidly didn't do due diligence, that in May 2007 the club was in the process of losing £30 million for the year, and he had to fund it probably because no one else would. With the year end being in June the audited accounts were some months away from being prepared....

 

All employees pay including directors and management is included in the wage figure disclosed in the accounts. The highest paid director (presumably Llambias) is on £155k with £16k going into his pension, small fry compared to previous board excesses.

 

With hindsight the boycott and Ashley's unpopularity definitely had an effect on revenue. The recession probably paid a part, football clubs aren't immune from economic downturns.

[UV]

The highest paid director (presumably Llambias) is on £155k with £16k going into his pension, small fry compared to previous board excesses.

 

Seriously? I'm shocked at that. Wise was on £1m/year was he not? I'm surprised Llambias is on a tenth of what we paid out for Mort which was a lot more than Shepherd & Hall combined were paid.

 

Maybe it was heavily performance related.

[quayside]

The highest paid director (presumably Llambias) is on £155k with £16k going into his pension, small fry compared to previous board excesses.

 

Seriously? I'm shocked at that. Wise was on £1m/year was he not?

 

Wise was never a director. There were rumours about what he was earning but no one knows for sure. 

[Liam Liam Liam O]

The highest paid director (presumably Llambias) is on £155k with £16k going into his pension, small fry compared to previous board excesses.

 

Seriously? I'm shocked at that. Wise was on £1m/year was he not?

 

Wise was never a director. There were rumours about what he was earning but no one knows for sure.

 

He was a director of at least one of the Companies connected with the club, I've seen the forms being filed.

 

EDIT: That one....

 

Name & Registered Office:

NEWCASTLE UNITED FOOTBALL COMPANY LIMITED

ST JAMES PARK,

NEWCASTLE-UPON-TYNE

NE1 4ST

Company No. 00031014

 

 

[quayside]

The highest paid director (presumably Llambias) is on £155k with £16k going into his pension, small fry compared to previous board excesses.

 

Seriously? I'm shocked at that. Wise was on £1m/year was he not?

 

Wise was never a director. There were rumours about what he was earning but no one knows for sure.  

 

He was a director of at least one of the Companies connected with the club, I've seen the forms being filed

 

Maybe so - but he was never a director of Newcastle United Limited.

[Liam Liam Liam O]

The highest paid director (presumably Llambias) is on £155k with £16k going into his pension, small fry compared to previous board excesses.

 

Seriously? I'm shocked at that. Wise was on £1m/year was he not?

 

Wise was never a director. There were rumours about what he was earning but no one knows for sure.  

 

He was a director of at least one of the Companies connected with the club, I've seen the forms being filed

 

Maybe so - but he was never a director of Newcastle United Limited.

 

I've added to my post.