WANDERERS’ parent company, Football Ventures (Whites) Limited have posted their financial accounts for the year ending June 2021.
The accounts show the significant financial impact of Covid in a season where Government restrictions prevented fans from coming through the turnstiles.
Despite strong season ticket sales, Wanderers still saw turnover drop by 34 per cent from £9,338,622 to £6,155,673.
Losses for the year were down from £3.8m to £1.4m, based mainly on the savings made during the pandemic with staff on furlough and a £2.5m secured loan from Eddie Davies’s trust being written off the books.
Wanderers have more than £500,000 cash in the bank.
Creditors amount to more than £31m - £8.876m of which is payable by August 2022 without incurring interest. This includes a £5million loan taken out from the UK Future Funds Nominees Limited, a Government-backed scheme aimed at supporting companies during the pandemic.
The accounts also state that in January £4million was raised with a share issue to Swiss consortium BMLL Limited and to a shareholder held under a deed of trust to Sharon Brittan.
More than £12.5m in total of loans have now been converted into shares – including some after the account reporting period.
Just over £22m of the total is due more than one year after the period covered by the accounts.
That is broken down into £4.7m of loan notes, £8.1m of ‘other borrowings,’ £9.8m of ‘other creditors’ and £45,000 in bank loans and overdrafts.
Wanderers borrowed £7.5m in 2020/21 and repaid £2.75m. Borrowing was up £2.5m on the previous year (£5m).
Total wages for the group were £6.25m, slightly down on the previous year (£6.75m).
Just over £900,000 of that figure was covered by the Government’s furlough scheme.
Wanderers also purchased players worth more than £175,000 during the accounting period.
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