Earlier this week, we notified our shareholders that due to the current Covid-19 restrictions, we would be unable to hold this year’s Annual General Meeting in November, but that in accordance with the agreement reached several years ago to receive the notice of the meeting electronically, the financial statements for the year ended 31st May 2020 would shortly be available on our Shareholder Portal.
The financial statements are now available to those shareholders who already have access to the Portal. For those who do not, you will need to register to obtain access to the financial statements and other information that is available to our shareholders on the Portal.
The Directors are pleased to report that despite the early curtailment to the 2019/20 season, the trading results for the year show an operating surplus of £145,660 after Taxation.
The loss of the matchday income from the 5 home games that were not played due to the early curtailment of the season reduced turnover by just under 4% from the previous year, this being offset by accessing the various Government business support schemes where we felt these were appropriate for the club’s circumstances.
The financial statements take account of the season ticket and commercial sponsorship refunds and all other events arising in respect of the early curtailment of the season, however, the issue of the new shares and other fundraising activities of our supporters and commercial partners to assist the club will be reflected in the 2021 financial statements.
During the year, we have continued with our programme of improvements to Blundell Park which this year included the new floodlighting and we will continue to progress our plans for relocation to a new community stadium and training facilities to provide facilities and benefits for our local communities.
The sound financial principles which the board have adopted for many years has ensured that whilst there remain significant uncertainties and events that are outside of our control ahead that Grimsby Town Football Club is far better placed than many other clubs to deal with those challenges.
For example, all amounts due to HMRC in respect of VAT and PAYE are paid up to date, thus ensuring that pressure is not placed on our financial resources in the future when deferred payments become payable, deferring liabilities does not make them go away.
There will be difficult times ahead but the board have undertaken a full assessment of the potential impact of the current situation on the club’s finances for the 2020/21 season and with the financial controls we have in place, are able to continually review this as circumstances change to ensure that the club is able to come through these unprecedented times.
As we do not know when and in what format the AGM will be held, we are inviting any questions that shareholders may have on the financial statements that they would ordinarily ask when these are open for discussion, to be submitted to the club which we will be happy to deal with by responding via email.
Any such questions will be recorded in the minutes for the AGM as they would if they had been raised during the meeting.
If any shareholder has a question on the 2020 financial statements, please send their enquiry to email@example.com.
Finally, the Directors would like to express their gratitude to all of our supporters and commercial sponsors who have supported and continue to support the club through this difficult period.