Post by Macmoish on Nov 29, 2011 9:10:03 GMT
11 Million pounds this last year....almost 12 millions pounds the previous year. Don't Understand it.
Bristol City Official Site
CITY REVEAL LATEST ACCOUNTS
Posted on: Tue 29 Nov 2011
City's annual accounts are now available online, showing a loss of £11,454,525 on the year ended May 31st 2011.
This is compared to a loss of £11,808,085 for the previous financial year.
Chairman Colin Sexstone writes in his chairman's statement:-
"The financial results for the year ended 31 May 2011 once again reflect a disappointing and difficult year for the club. The loss of £11,454,525 illustrates how much work needs to be done to reduce costs and grow income. It also shows how fixed-term contracts for players ensure there is no easy or quick solution. In addition, the ongoing delays to our new stadium development (now over four years) have been expensive and very frustrating. We are faced with yet another hurdle as our opponents launch a judicial review to challenge Bristol City Council's decision to register only half the land as a village green. A further delay is, I'm afraid, inevitable.
"Of course the year began badly (as reported last year) with Steve Coppell resigning after just two months. His resignation put the club in a very difficult situation and the Board asked Keith Millen to take over having been very successful at the end of the previous season. Once Keith 'settled the ship' taking us to safety, we finished with a very creditable 60 points. In the circumstances, Keith and his coaching team did an excellent job.
"This year also marked Stephen Lansdown's decision to stand down as chairman after nine hugely successful years. Stephen has been a truly exceptional chairman, providing ongoing financial support of the club and the stadium development, as well as a drive and determination to make the club successful. I am delighted to report that he is still our main investor and remains totally committed to Bristol City Football Club.
"I am honoured to have been given the task of leading a new Board of Directors at a time of significant change for the club, and this means it is a challenging but extremely exciting period. In this respect, Guy Price takes over as chief executive, and, with a number of new senior executives, I firmly believe that we have the right team in place to take us forward. The main challenge facing the Board will be to reduce our losses, whilst remaining competitive. This will not be easy and there is no short term solution, whilst the likely introduction by the Football League in 2012 of new regulations to control losses through the Financial Fair Play Scheme, makes this imperative.
"The new season has once again been very disappointing and as a result of this, the Board has decided to change the manager. In this regard, we thank Keith Millen for his 12 years of service to the club and wish him well for the future.
"I would like to thank all our staff for all their hard work throughout the last 12 months and a special mention to Rita Murgatroyd, who has retired from the club after 20 years of loyal and dedicated service, including 10 years as my secretary.
"Finally, my thanks also go to our supporters whose continued support through good times and bad is essential for a successful club, and I know that this will continue throughout the next 12 months."
During the last financial year the turnover rose from £11.1m to £11.9m, but staff costs also rose from £13.8m to £15.9m. Click here for the full Accounts 2011 document in PDF form.
The club will be holding a Supporters Meeting in the Dolman Exhibition Hall at Ashton Gate on Wednesday, December 7th at 7pm. This meeting will be open to all fans on a first-come, first-served basis (900 limit on numbers due to room layout).
Chairman Colin Sexstone will take part in a question-and-answer session alongside new manager Derek McInnes and chief executive Guy Price.
Note: Shareholders who requested hard copies of the Accounts will receive them by post. All other shareholders will receive a postcard prompting them to view the Accounts online. All shareholders who requested the Accounts by e-mail should have them today.
www.bcfc.co.uk/page/NewsDetail/0,,10327~2530998,00.html
Bristol City Official Site
CITY REVEAL LATEST ACCOUNTS
Posted on: Tue 29 Nov 2011
City's annual accounts are now available online, showing a loss of £11,454,525 on the year ended May 31st 2011.
This is compared to a loss of £11,808,085 for the previous financial year.
Chairman Colin Sexstone writes in his chairman's statement:-
"The financial results for the year ended 31 May 2011 once again reflect a disappointing and difficult year for the club. The loss of £11,454,525 illustrates how much work needs to be done to reduce costs and grow income. It also shows how fixed-term contracts for players ensure there is no easy or quick solution. In addition, the ongoing delays to our new stadium development (now over four years) have been expensive and very frustrating. We are faced with yet another hurdle as our opponents launch a judicial review to challenge Bristol City Council's decision to register only half the land as a village green. A further delay is, I'm afraid, inevitable.
"Of course the year began badly (as reported last year) with Steve Coppell resigning after just two months. His resignation put the club in a very difficult situation and the Board asked Keith Millen to take over having been very successful at the end of the previous season. Once Keith 'settled the ship' taking us to safety, we finished with a very creditable 60 points. In the circumstances, Keith and his coaching team did an excellent job.
"This year also marked Stephen Lansdown's decision to stand down as chairman after nine hugely successful years. Stephen has been a truly exceptional chairman, providing ongoing financial support of the club and the stadium development, as well as a drive and determination to make the club successful. I am delighted to report that he is still our main investor and remains totally committed to Bristol City Football Club.
"I am honoured to have been given the task of leading a new Board of Directors at a time of significant change for the club, and this means it is a challenging but extremely exciting period. In this respect, Guy Price takes over as chief executive, and, with a number of new senior executives, I firmly believe that we have the right team in place to take us forward. The main challenge facing the Board will be to reduce our losses, whilst remaining competitive. This will not be easy and there is no short term solution, whilst the likely introduction by the Football League in 2012 of new regulations to control losses through the Financial Fair Play Scheme, makes this imperative.
"The new season has once again been very disappointing and as a result of this, the Board has decided to change the manager. In this regard, we thank Keith Millen for his 12 years of service to the club and wish him well for the future.
"I would like to thank all our staff for all their hard work throughout the last 12 months and a special mention to Rita Murgatroyd, who has retired from the club after 20 years of loyal and dedicated service, including 10 years as my secretary.
"Finally, my thanks also go to our supporters whose continued support through good times and bad is essential for a successful club, and I know that this will continue throughout the next 12 months."
During the last financial year the turnover rose from £11.1m to £11.9m, but staff costs also rose from £13.8m to £15.9m. Click here for the full Accounts 2011 document in PDF form.
The club will be holding a Supporters Meeting in the Dolman Exhibition Hall at Ashton Gate on Wednesday, December 7th at 7pm. This meeting will be open to all fans on a first-come, first-served basis (900 limit on numbers due to room layout).
Chairman Colin Sexstone will take part in a question-and-answer session alongside new manager Derek McInnes and chief executive Guy Price.
Note: Shareholders who requested hard copies of the Accounts will receive them by post. All other shareholders will receive a postcard prompting them to view the Accounts online. All shareholders who requested the Accounts by e-mail should have them today.
www.bcfc.co.uk/page/NewsDetail/0,,10327~2530998,00.html
