Post by Jon on Oct 1, 2009 22:38:50 GMT
Dave asked about the financial history of the club. I will get round to writing something up about the various financial crises that have been a recurring theme for TUFC and the various survival tactics employed. For now, I’ll just post up some hard facts and figures from published accounts.
All accounts from 1994 on are easily obtainable online at £1 a go. I’ve also got the prospectus published in 1990 for the share issue which includes summarised accounts for 1986 to 1990. Barton has put scans of the 1982 accounts up on here, so I have an almost complete financial record from 1980/81 to date.
The company TUFC Ltd was formed on 26 July 1921. In the 59 years up to the summer of 1980, it had run up cumulative losses of £86k. I haven’t a clue how that built up over the years, but would love to know!
The seasons 1980/81 and 1981/82 saw losses of £114k and £73k to bring cumulative losses to £273k. This was the kind of uncomfortable territory that led to severe doubts about our ability to carry on as a professional club shown in some of Budleigh’s cuttings and ultimately to the sale of the club to Webb.
The next figure I can pick up is that by the summer of 1985 our cumulative losses were down to £176k – so somehow we made a profit of £97k over the three seasons 1982-85. Again, I would be interested to see how that built up. I suspect that losses continued pre-Webb.
1985/86 saw a loss of £103k, but 1986/87 saw a profit of £62k – although that was entirely due to the fortuitous £79k “surplus of insurance monies received over cost of demolition and removal of fire damaged grandstand” – no comment necessary.
The arrival of Cyril heralded two profitable seasons - £87k and £78k placing the club on slightly firmer ground, but 1989/90 was another bad year with a loss of £122k putting us in difficulties again.
I have another information gap here, but by the summer of 1992 cumulative losses were £733k. This means that in Bateson’s first two seasons we lost £559k. The new boy threw the money in but was disappointed with the response leading to two years of huge losses and inevitable retrenchment. 1992/93 was a loss of £97k, but then Don O’s stewardship helped to right the ship – as I mentioned on the Don O thread. Profits of £181k and £148k in his two full seasons reduced cumulative losses from £830k to £501k. The awful 1995/96 season saw a loss of £54k and 1996/97 a loss of £23k at which point Mervyn took over as Chairman.
I mentioned in the Kevin Hodges thread that it was a shame that Hodges never had any finance yet generated huge windfalls around the time of his departure for others to enjoy. 1997/98 saw a profit of £257k and 1998/99 an incredible £1,133k (mainly Jack and Gregg) which put the cumulative figure into the black for the first time since who knows when.
1999/2000 saw a loss of £139k and the 2000/01 saw a huge loss of £407k – possibly the highest yet, but possibly surpassed by 1990/91 or 1991/92.
We then had five seasons of more or less breakeven (between £30k profit and £40k loss) – a loss of £50k in the five seasons taken together.
The infamous 2006/07 season saw a loss of £471k – probably a record – which plunged the cumulative figure back to a loss of £255k. 2007/08 saw a small profit of £10k. Figures for 2008/09 are not yet in the public domain - I have heard estimates of losses of £300k to £400k.
The share capital of the club is now £984k. Of this, £38k was put into the club between 1921 and 1981. During the 1981/82 season, a further £12k was put in. Some time between 1982 and 1985 another £26k was put in. In 1990/91, £416k was put in and during 2007/08 £492k was put in.
The other essential part to understanding the club’s finances is how much is tied up in fixed assets. In 1981, this was just £37k and by 1989, it was still ony £57k. The figure jumped to £124k on Bateson’s arrival in 1990 with the purchase of a house in Preston for player accommodation. By 1993, the figure had leapt to £850k with the rebuilding of the Ellacombe End and during 1994/95 soared to £1,681k with the redevelopment of the Pop Side.
Since then the number has reduced with depreciation apart from two years of significant further expenditure - the Babbacombe End redevelopment in 1999/2000 and the refurbishment of hospitality areas in 2007/08. The fixed asset figure at the end of 2006/07 was £1,306k and at the end of 2007/08 it was £1,437k.
All accounts from 1994 on are easily obtainable online at £1 a go. I’ve also got the prospectus published in 1990 for the share issue which includes summarised accounts for 1986 to 1990. Barton has put scans of the 1982 accounts up on here, so I have an almost complete financial record from 1980/81 to date.
The company TUFC Ltd was formed on 26 July 1921. In the 59 years up to the summer of 1980, it had run up cumulative losses of £86k. I haven’t a clue how that built up over the years, but would love to know!
The seasons 1980/81 and 1981/82 saw losses of £114k and £73k to bring cumulative losses to £273k. This was the kind of uncomfortable territory that led to severe doubts about our ability to carry on as a professional club shown in some of Budleigh’s cuttings and ultimately to the sale of the club to Webb.
The next figure I can pick up is that by the summer of 1985 our cumulative losses were down to £176k – so somehow we made a profit of £97k over the three seasons 1982-85. Again, I would be interested to see how that built up. I suspect that losses continued pre-Webb.
1985/86 saw a loss of £103k, but 1986/87 saw a profit of £62k – although that was entirely due to the fortuitous £79k “surplus of insurance monies received over cost of demolition and removal of fire damaged grandstand” – no comment necessary.
The arrival of Cyril heralded two profitable seasons - £87k and £78k placing the club on slightly firmer ground, but 1989/90 was another bad year with a loss of £122k putting us in difficulties again.
I have another information gap here, but by the summer of 1992 cumulative losses were £733k. This means that in Bateson’s first two seasons we lost £559k. The new boy threw the money in but was disappointed with the response leading to two years of huge losses and inevitable retrenchment. 1992/93 was a loss of £97k, but then Don O’s stewardship helped to right the ship – as I mentioned on the Don O thread. Profits of £181k and £148k in his two full seasons reduced cumulative losses from £830k to £501k. The awful 1995/96 season saw a loss of £54k and 1996/97 a loss of £23k at which point Mervyn took over as Chairman.
I mentioned in the Kevin Hodges thread that it was a shame that Hodges never had any finance yet generated huge windfalls around the time of his departure for others to enjoy. 1997/98 saw a profit of £257k and 1998/99 an incredible £1,133k (mainly Jack and Gregg) which put the cumulative figure into the black for the first time since who knows when.
1999/2000 saw a loss of £139k and the 2000/01 saw a huge loss of £407k – possibly the highest yet, but possibly surpassed by 1990/91 or 1991/92.
We then had five seasons of more or less breakeven (between £30k profit and £40k loss) – a loss of £50k in the five seasons taken together.
The infamous 2006/07 season saw a loss of £471k – probably a record – which plunged the cumulative figure back to a loss of £255k. 2007/08 saw a small profit of £10k. Figures for 2008/09 are not yet in the public domain - I have heard estimates of losses of £300k to £400k.
The share capital of the club is now £984k. Of this, £38k was put into the club between 1921 and 1981. During the 1981/82 season, a further £12k was put in. Some time between 1982 and 1985 another £26k was put in. In 1990/91, £416k was put in and during 2007/08 £492k was put in.
The other essential part to understanding the club’s finances is how much is tied up in fixed assets. In 1981, this was just £37k and by 1989, it was still ony £57k. The figure jumped to £124k on Bateson’s arrival in 1990 with the purchase of a house in Preston for player accommodation. By 1993, the figure had leapt to £850k with the rebuilding of the Ellacombe End and during 1994/95 soared to £1,681k with the redevelopment of the Pop Side.
Since then the number has reduced with depreciation apart from two years of significant further expenditure - the Babbacombe End redevelopment in 1999/2000 and the refurbishment of hospitality areas in 2007/08. The fixed asset figure at the end of 2006/07 was £1,306k and at the end of 2007/08 it was £1,437k.
