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Annual Report


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https://d2cx26qpfwuhvu.cloudfront.net/aberdeen/wp-content/uploads/2019/11/24181429/Annual_Report_Online.pdf

 

Can someone with a finance or accounting background summarize the state of the accounts. It looks like we made a 5 million loss manly due to the value of Pittodrie. However is it me or are we just going back into debt again except this time it’s to directors and not the bank?

 

The loss is almost all down to the revaluation of Pittodrie but this isn't a cash cost. It's an accounting adjustment.

 

On an operating basis there was a cash outflow of around £1m but overall we were basically break even on a cash basis with all the funding that happened in the year.

 

There is director loan debt but some of this has already been converted into shares. The remaining director debt is £3.4m but this will just be converted into shares in 2022 if it’s not paid off (which it won't be!).

 

There is a loan on the balance sheet from the community trust for about £1m but this will be converted into a lease premium for them to use the training facilities for 22 years!

 

So we’re not getting into debt, they’ve just used loans which convert into shares for the new investment that’s come into the club.

 

 

Overall we're pretty break even, give or take £500k or so

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The loss is almost all down to the revaluation of Pittodrie but this isn't a cash cost. It's an accounting adjustment.

 

On an operating basis there was a cash outflow of around £1m but overall we were basically break even on a cash basis with all the funding that happened in the year.

 

There is director loan debt but some of this has already been converted into shares. The remaining director debt is £3.4m but this will just be converted into shares in 2022 if it’s not paid off (which it won't be!).

 

There is a loan on the balance sheet from the community trust for about £1m but this will be converted into a lease premium for them to use the training facilities for 22 years!

 

So we’re not getting into debt, they’ve just used loans which convert into shares for the new investment that’s come into the club.

 

 

Overall we're pretty break even, give or take £500k or so

Imagine the £1m loan being converted to lease for access to Cormack Park mostly came from £1.4m or thereabouts that Cormack Foundation donated to AFCCT

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