Loss £830K

[KenH]

Could the increase staff budget be for non playing staff? So admin catering hospitality etc

So have I got this right we lost 800k but then we're bailed out by directors loans and shares of another 700k so really we lost 1.3 million.

Also do the figures take into account the other parts of the club that used to be under a different name like PMG leisure and all the off field business the globe does or is that a separate company as well.

No, the accounts split out the numbers between football and non football staff. Football staff increased, non football steady numbers. Also the accounts themselves mention an increase in player wages.

No, the loss of £800k is financed by the £700k put in by the directors. The club lost that money, so someone has to pay it. The loss is simply paying out £800k more in wages, overheads, etc than receiving from entrance fees, room hire and other trading income.

[KenH]

This is the account of 14-15 so yeah we have posted a loss for that fiscal year who knows about 15-16 fiscal year

Considering attendance are less, saturday games were fewer, less home cup matches, then there's no real reason why the loss would be much lower for 15/16. Nothing's really changed. The main difference is redshaw's transfer money, so that may reduce the loss by £200k or so, so maybe the "reduced" loss will be around £500-£600k!

[RedRedWine]

Crowds down more than 20% in 15/16 vs 14/15.

[Gone_Shrimping]

I've been in auditing for 30 odd years including some years at one of the UK's largest accounting firms and this is a standard auditors report on any business where reliance is on the continuing support of the directors.

I would not expect these results to affect any possible sale of the club as anyone considering investing will have done "due diligence" and if the position is much better for the year ending 31 May 2016 they will be aware of that.

So have I! 35 years and counting.

It's not automatic at all, especially with more recent changes to audit report formats. It may have been standard wording back in the 80's but things have changed in modern times. It's never been mentioned in previous auditor's reports for MFC, despite average half million losses each year, so there's clearly been a worsening of their opinion this last year.

Ok maybe you can answer this.

In February we filed a form shortening the financial year by 1 day from 31 May 2015 to 30 May 2015.

Yet we have just filed accounts for the year ended 31 May 2015.

Can anyone recall which players had their contracts paid up at the end of the 2014/2015 season as the costs of these terminations have been debited in the accounts just published. If it was a substantial amount and with it hopefully not recurring this season and financial year then that might explain one of the factors making the board predict a much reduced loss for the year ended 31 May 2016.

[marky No.1]

"A plan is in place to reduce costs and the Directors hope to break even by the end of May 17"
"Reduced loss will be achieved through additional income from the Football League and cost cutting"

http://www.lancasterguardian.co.uk/news ... -1-7939526

Don't know the amounts that are being handed down from Premier League to League 2, but to turn around a deficit of £18,000 a week will have to go some otherwise some serious cost cutting ahoy in the next 12 months..

Less than 6 hours to the end of May