RFC accounts for 2021/2 published

[Royals and Racers]

Had notification they are out today- details anyone ? year up to 30th June 2022

[Elm Park Kid]

Headline figures:

- Pretax loss of £17.3m (down from £35.7m)
- Turnover of £16.9m (up from £13.8m)
- Salary costs of £25.3m (down from £32.2m)
- Wages/turnover ratio of 150% (down from 234%)

https://twitter.com/TheTilehurstEnd/sta ... 3636249600

[Snowflake Royal]

Headline figures:

- Pretax loss of £17.3m (down from £35.7m)
- Turnover of £16.9m (up from £13.8m)
- Salary costs of £25.3m (down from £32.2m)
- Wages/turnover ratio of 150% (down from 234%)

https://twitter.com/TheTilehurstEnd/sta ... 3636249600

TBF, that's actually a pretty decent drop in our wage budget for 2021/22, with a decent increase in turnover.

If we can sustain that turnover and it wasn't from some financial shenanigans - and we've been on TV a fair amount, with the FA Cup run, so it could be up in the £18m/£19m region, then we could actually get close to turning a profit this season if we've managed to stick to ~£16m wages.

That would be a bit of a coup. Does just show what an absolute cluster oxf*rd of a travesty it was running the club into the ground like that. 234% of turnover on wages ffs.

[Elm Park Kid]

Headline figures:

- Pretax loss of £17.3m (down from £35.7m)
- Turnover of £16.9m (up from £13.8m)
- Salary costs of £25.3m (down from £32.2m)
- Wages/turnover ratio of 150% (down from 234%)

https://twitter.com/TheTilehurstEnd/sta ... 3636249600

TBF, that's actually a pretty decent drop in our wage budget for 2021/22, with a decent increase in turnover.

If we can sustain that turnover and it wasn't from some financial shenanigans - and we've been on TV a fair amount, with the FA Cup run, so it could be up in the £18m/£19m region, then we could actually get close to turning a profit this season if we've managed to stick to ~£16m wages.

That would be a bit of a coup. Does just show what an absolute cluster oxf*rd of a travesty it was running the club into the ground like that. 234% of turnover on wages ffs.

Sadly I think you've misread our finances Snowflake.

Our total outgoings in the season were something like £42.2m (£25.3m wages and £16.9m other). We received £16.9m in turnover and £8m from Olise to leave us with a £17.3m loss.

If our total wage bill decreases to £16m that means out outgoings will fall to £33.2m. So, even with £19m of revenue, we'd still lose £14.2m - which is above our £13m a season target. And actually, I think the £16m is only including player wages, there is probably something like £3m of non-player wages. And it assumes that our 'other' costs stay the same - which given inflation and energy costs is unlikely.

Well, that's how i'm reading the figures.

[Winston Biscuit]

Kieran Maguire breaks down the numbers
https://twitter.com/KieranMaguire/statu ... 88UFg&s=19

[Stranded]

Headline figures:

- Pretax loss of £17.3m (down from £35.7m)
- Turnover of £16.9m (up from £13.8m)
- Salary costs of £25.3m (down from £32.2m)
- Wages/turnover ratio of 150% (down from 234%)

https://twitter.com/TheTilehurstEnd/sta ... 3636249600

TBF, that's actually a pretty decent drop in our wage budget for 2021/22, with a decent increase in turnover.

If we can sustain that turnover and it wasn't from some financial shenanigans - and we've been on TV a fair amount, with the FA Cup run, so it could be up in the £18m/£19m region, then we could actually get close to turning a profit this season if we've managed to stick to ~£16m wages.

That would be a bit of a coup. Does just show what an absolute cluster oxf*rd of a travesty it was running the club into the ground like that. 234% of turnover on wages ffs.

Sadly I think you've misread our finances Snowflake.

Our total outgoings in the season were something like £42.2m (£25.3m wages and £16.9m other). We received £16.9m in turnover and £8m from Olise to leave us with a £17.3m loss.

If our total wage bill decreases to £16m that means out outgoings will fall to £33.2m. So, even with £19m of revenue, we'd still lose £14.2m - which is above our £13m a season target. And actually, I think the £16m is only including player wages, there is probably something like £3m of non-player wages. And it assumes that our 'other' costs stay the same - which given inflation and energy costs is unlikely.

Well, that's how i'm reading the figures.

You are correct to a degree but those are the headline loss figures, not the EFL P&S.

So this year we have a headline loss of 17.3m but we can take 2.5m off that straight away as a COVID credit - so our loss is down to 14.8m - so to get under 13m we need costs of running the academy, community costs, womens team to be more than 1.8m to avoid a breach.

Wages are interesting - total wages were 25m but this includes all 249 staff at the club - so if the wage costs of the 210 non-playing staff is 4m or more (quite possible) then we have hot the 21.1m target for 21/22.

So if we have breached the business plan in any way, it is going to have been tight.

[Snowflake Royal]

Headline figures:

- Pretax loss of £17.3m (down from £35.7m)
- Turnover of £16.9m (up from £13.8m)
- Salary costs of £25.3m (down from £32.2m)
- Wages/turnover ratio of 150% (down from 234%)

https://twitter.com/TheTilehurstEnd/sta ... 3636249600

TBF, that's actually a pretty decent drop in our wage budget for 2021/22, with a decent increase in turnover.

If we can sustain that turnover and it wasn't from some financial shenanigans - and we've been on TV a fair amount, with the FA Cup run, so it could be up in the £18m/£19m region, then we could actually get close to turning a profit this season if we've managed to stick to ~£16m wages.

That would be a bit of a coup. Does just show what an absolute cluster oxf*rd of a travesty it was running the club into the ground like that. 234% of turnover on wages ffs.

Sadly I think you've misread our finances Snowflake.

Our total outgoings in the season were something like £42.2m (£25.3m wages and £16.9m other). We received £16.9m in turnover and £8m from Olise to leave us with a £17.3m loss.

If our total wage bill decreases to £16m that means out outgoings will fall to £33.2m. So, even with £19m of revenue, we'd still lose £14.2m - which is above our £13m a season target. And actually, I think the £16m is only including player wages, there is probably something like £3m of non-player wages. And it assumes that our 'other' costs stay the same - which given inflation and energy costs is unlikely.

Well, that's how i'm reading the figures.

Darn. There must be ways we can drop the other costs.

Although, remember infrastructure investment and academy spending will be on the accounts, but won't count for FFP, so if a total loss of about £14m, that would probably below FFP limits when factoring those in.

[YorkshireRoyal99]

TBF, that's actually a pretty decent drop in our wage budget for 2021/22, with a decent increase in turnover.

If we can sustain that turnover and it wasn't from some financial shenanigans - and we've been on TV a fair amount, with the FA Cup run, so it could be up in the £18m/£19m region, then we could actually get close to turning a profit this season if we've managed to stick to ~£16m wages.

That would be a bit of a coup. Does just show what an absolute cluster oxf*rd of a travesty it was running the club into the ground like that. 234% of turnover on wages ffs.

Sadly I think you've misread our finances Snowflake.

Our total outgoings in the season were something like £42.2m (£25.3m wages and £16.9m other). We received £16.9m in turnover and £8m from Olise to leave us with a £17.3m loss.

If our total wage bill decreases to £16m that means out outgoings will fall to £33.2m. So, even with £19m of revenue, we'd still lose £14.2m - which is above our £13m a season target. And actually, I think the £16m is only including player wages, there is probably something like £3m of non-player wages. And it assumes that our 'other' costs stay the same - which given inflation and energy costs is unlikely.

Well, that's how i'm reading the figures.

Darn. There must be ways we can drop the other costs.

Although, remember infrastructure investment and academy spending will be on the accounts, but won't count for FFP, so if a total loss of about £14m, that would probably below FFP limits when factoring those in.

Posted it elsewhere but it seems that we are likely to have to sell a couple of players in each season just to stay within P&S guidelines. Even with an £8m sale we are still well above the threshold.

I don't think there is much chance that we will turn a profit for this season to be honest.

[Snowflake Royal]

Remember 1 player is taking up about 10% of our wage budget. And he leaves this season.

Then there's Meite and Joao who are big chunks, gone too. And the last is Ejaria, who we will clearly be looking to move on.

Those four probably account for something ludicrous like £80k a week, or ~£4m a year. That's close to 25% of our wage bill. On four players ffs.

[Stranded]

Sadly I think you've misread our finances Snowflake.

Our total outgoings in the season were something like £42.2m (£25.3m wages and £16.9m other). We received £16.9m in turnover and £8m from Olise to leave us with a £17.3m loss.

If our total wage bill decreases to £16m that means out outgoings will fall to £33.2m. So, even with £19m of revenue, we'd still lose £14.2m - which is above our £13m a season target. And actually, I think the £16m is only including player wages, there is probably something like £3m of non-player wages. And it assumes that our 'other' costs stay the same - which given inflation and energy costs is unlikely.

Well, that's how i'm reading the figures.

Darn. There must be ways we can drop the other costs.

Although, remember infrastructure investment and academy spending will be on the accounts, but won't count for FFP, so if a total loss of about £14m, that would probably below FFP limits when factoring those in.

Posted it elsewhere but it seems that we are likely to have to sell a couple of players in each season just to stay within P&S guidelines. Even with an £8m sale we are still well above the threshold.

I don't think there is much chance that we will turn a profit for this season to be honest.

Yeah there is no way we'll make a profit next year given we have sold literally no-one but if the turnover stays at the same for 22/23 as it did in these accounts, if we have cut the wages to the levels expected then the loss should be much lower, at least from an P&S perspective.

[Hound]

Remember 1 player is taking up about 10% of our wage budget. And he leaves this season.

Then there's Meite and Joao who are big chunks, gone too. And the last is Ejaria, who we will clearly be looking to move on.

Those four probably account for something ludicrous like £80k a week, or ~£4m a year. That's close to 25% of our wage bill. On four players ffs.

Quite possibly still paying some of Puscas wage. And all being well selling him should bring in 3? Million in the summer if Genoa go up

[Brogue]

presuming that salary figure will include.

John Swift

Andy Rinomhota

Josh Laurent

Alen Halilovic

Brandon Barker

Michael Morrison

Ethan Bristow

George Puscas

Luke Southwood

Örjan Nyland

Marc McNulty

Felipe Araruna

Terell Thomas

So all of them are now off the wage bill too?

[Hound]

Could do with someone doing a proper breakdown as I’m not capable

What’s the 5,243 figure? Is that payments were still making for player transfers? Presumably Puscas/Joao/ejaria if so

No wonder accountants need a degree to read this stuff

[Hound]

Anyway seems reasonably encouraging. Big drop in the loss and obvs that figure includes nearly all the big earners - Swift, Ejaria, Meite, Joao, some of Rafael I think, Puscas, Moore. Prob some more I’ve forgotten

With that lot gone we should be in reasonable shape if we stay up.

[YorkshireRoyal99]

Remember 1 player is taking up about 10% of our wage budget. And he leaves this season.

Then there's Meite and Joao who are big chunks, gone too. And the last is Ejaria, who we will clearly be looking to move on.

Those four probably account for something ludicrous like £80k a week, or ~£4m a year. That's close to 25% of our wage bill. On four players ffs.

I'm assuming all of our figures this time next year will account for all these players currently though. So it'll be the year after where we see the difference there.

But yeah a massive difference coming off in July time this year. As you say, Moore at £30k, Joao and Meite combined at £30k as well, Puscas likely at £15k plus probably around £2.5m fee for him along with the likes of Dann, Long and the other loanees who we may be paying a little towards, it will be a shed load coming off this year.

Moore, Joao, Meite and Puscas would save us £3.9m on wages a year and then a £2.5m fee would bump that up to £6.4m - without the rest coming off either so we are probably looking at cutting off about £4.5-5m on wages come July time at least, plus a transfer fee so much more to work with, but of course these will all need to be replaced.

[YorkshireRoyal99]

Anyway seems reasonably encouraging. Big drop in the loss and obvs that figure includes nearly all the big earners - Swift, Ejaria, Meite, Joao, some of Rafael I think, Puscas, Moore. Prob some more I’ve forgotten

With that lot gone we should be in reasonable shape if we stay up.

The biggest question will be is will that be enough to cut off the nearly £10m we need to over the course of the year?

Brogue has put a list above although only really Swift and Puscas make a big difference, the others will collectively add up to a fair amount although their wages weren't big. Not sure if it will cut off what we need in order to stay within guidelines.

Not to mention the players we have added will have offset those losses some more as well.

[Brogue]

presuming that salary figure will include.

John Swift - 25k pw

Andy Rinomhota - 5k pw

Josh Laurent - 5k pw

Alen Halilovic - 3k pw

Brandon Barker -2k pw

Michael Morrison 5k pw

Ethan Bristow 2k pw

George Puscas 15k pw

Luke Southwood 2k pw

Örjan Nyland 3k pw

Marc McNulty 5k pw

Felipe Araruna 3k pw

Terell Thomas 2k pw

So all of them are now off the wage bill too?

What do we reckon the wages on the above were? I’ve put my guesstimates above. Around 80k per week in total saved which is 4 mill off the wage bill above. Then with Moore and all leaving this season that’s another 80k off the wage bill. So 8 mill off the 25 mill figure. Which would put us just about where we need to be of 11 mill loses per season 2 mill under the 13 mill allowed if turnover stays the same.

[Hound]

We’ll prob keep losing money every year but just hoepfully in the 5-10m bracket rather than +13m

Be interesting to see what the FFP figure is after all the exemptions - I imagine we’ll be below 13m for that year once the academy etc are taken off

[Hound]

presuming that salary figure will include.

John Swift - 25k pw

Andy Rinomhota - 5k pw

Josh Laurent - 5k pw

Alen Halilovic - 3k pw

Brandon Barker -2k pw

Michael Morrison 5k pw

Ethan Bristow 2k pw

George Puscas 15k pw

Luke Southwood 2k pw

Örjan Nyland 3k pw

Marc McNulty 5k pw

Felipe Araruna 3k pw

Terell Thomas 2k pw

So all of them are now off the wage bill too?

What do we reckon the wages on the above were? I’ve put my guesstimates above. Around 80k per week in total saved which is 4 mill off the wage bill above. Then with Moore and all leaving this season that’s another 80k off the wage bill. So 8 mill off the 25 mill figure. Which would put us just about where we need to be

But we’ve replaced most of those with other players who will be on similar salary. It’s really only Swift from last year who would make a big difference. Wasn’t Rafael with us first half of last year? He was a very big earner apparently

[Stranded]

Interesting* note.

Whilst the total wage bill has gone down from 32m to 25m the number of staff had increased from 192 to 249.

Number of players dropped from 46 to 39 (in 2020 we had 60 listed in the accounts).

Also director renumeration has dropped over 50% year on year from over 740k to just over 300k.

Whilst being so reliant on an owner is a scary place to be, these accounts do you show the club is taking things seriously when it comes to driving down the costs.

They are more positive than I was expecting given the threat of deductions etc - may well still come but looks like if it is breach of the plan than it hasn't been for the want of trying.