Club Record Annual Trading Profit Despite COVID Crisis Club Record Annual Trading Profit Despite COVID Crisis
Posted by: Bescot Banter

Club Record Annual Trading Profit Despite COVID Crisis

The Club as confirmed that, despite the ongoing COVID pandemic, it has achieved a pre-tax profit.
The financial statement reveals a trading profit for the year ending May 31st, 2021 of £13,000, which is down by £12,000 when compared to the previous financial year.

Turnover is down by £1,389,000 to £4,208,000
Operating Costs are down £1,023,000 to £4,804,000
Other Operating Income increased by £333,000 to £618,000
Interest Payable reduced by £21,000 to £9,000
Resulting in a Profit for the Year of £13,000 (2020 - £25,000)
As of 31st May, 2021 Walsall FC employed a total of 120 people, down from the 137 the previous year, with 81 of them being part of the club's playing and coaching staff, which sees the club spending £2,812,000 on wages, down from the £3,162,000 declared during the previous twelve months.
Turnover has obviously fallen due to the continued impact of Covid-19. The entire season was played behind closed doors, and this had a significant knock-on effect on revenue. Within Match Receipts, only Season Ticket income of £374,000 was generated during the year, with individual matchday receipts down by £541,000 on the previous season. Average attendances fell from 4,517 in Season 19/20 to NIL in Season 20/21.

Football and Commercial Income which includes such things as all other football revenue (not including match receipts), conference & events income, M6 digital advertising, the Sunday Market and retail shop sales collectively have fallen by £848,000 to £3,834,000.

The Club has also received £618,000 in the financial year as a result of taking advantage of the Government’s Coronavirus Job Retention Scheme to furlough certain employees.

Annual rent of Banks's Stadium, the club's Essington Training Ground, the overflow car park, and machinery has risen to £502,000 when compared to £479,000 in 2020. Meanwhile, Operating Costs fell by some £1,023,000 as a direct result of nationwide restrictions meaning the Stadium was closed for large periods during the year.
The Club’s Net Debt, which includes loans from Directors and a new Coronavirus Business Interruption Loan (CBILS) of £500,000, has increased by £462,000 to £2,362,000. Directors’ Loans at the Balance Sheet date were £1,176,000 (2020 - £1,180,000).
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