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Mansfield Town Accounts for 6 Months Ended 31/12/17

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Mansfield Town Accounts for 6 Months Ended 31/12/17

Postby Stags Fans United » Wed Oct 02, 2019 7:14 am

These were the accounts for when John Radford started to pump in £2.5 million to support Steve Evans' promotion campaign in 2017-2018. There were massive increases in wages and money spent on overnight stays although some of the £117,57 spent in the first six months of the season could include the cost of the pre-season trip to Malta. The FA Report on agents' fees stated Mansfield Town spent £85,940 on Agents' fees from 1st February 2017 to 31st January 2018 and £77,932 on Agents' fees from 1st February 2018 to 31st January 2019 which was the 3rd highest after Northampton Town (£92,125) and MK Dons (£80,263).


The football club had changed its year end to 31st December so the club presented accounts for the six month period from 1st August 2017 to 31st December 2017. These accounts covered the first half of the 2017-2018 season which was the start of Steve Evans’ first full season in charge. Steve Evans ended up leaving in February 2018 when the Stags were 5th and just two points off the automatic promotion places. The Stags eventually finished 8th with David Flitcroft in charge after only winning two of the last twelve games.

Jim Beachill, the Finance Director, had stated at the AGM in August 2017 that: “The current season will see a major investment through John Radford and his group of companies, in the form of increased sponsorship and equity injection. An investment of £2.5m has been injected into the club for 2017-18 and may increase further, it was confirmed. There is a big determination by John and Steve Evans to achieve promotion this season. The determination John is showing is incredible. This football club is at his heart, he's been a supporter since his childhood. I know one of his main ambitions in life is to take this club to the Championship. He wants to take it as far as he can, without being daft."

The fact that the accounts only covered a 6 month period made it difficult to compare the accounts with previous accounts which covered a whole season. However it was clear that Player Wages and Travelling Costs had significantly increased. We have attempted to carry out a comparison. The figures stated are based on an assumption that the income and expenditure will be the same in the next 6 months from 1st January 2018 to 30th June. We have therefore just doubled the figures referred to in the accounts to give a figure for 12 months unless stated otherwise. This is not ideal but it gives us a rough idea of possible income and expenditure for the season. The figures in brackets are the figures taken from the accounts for the 6 month period ended 31st December 2017. We will only be able to check the figures when we see the detailed profit and loss account for the year ended 31st December 2018.

The main issues revealed by the accounts were as follows:

The football club made a loss of £265,570 (£132,785) compared to a small profit of £6,403 in 2016-2017 and small losses of £10,077 and £74,510 in the two previous seasons.

Turnover (Income) increased from £2,619,535 to £4,340,254 (£2,170,127). Administrative Expenses also increased from £2,318,644 to £4,149,610 (£2,074,805).

Money received from the Football League, Premier League and the Media increased from £1,025,245 to £1,362,414 (£681,212).

Attendances had risen from an average of 3,439 in 2015-2016 to 3,774 in 2016-2017 and then 4,757 in 2017-2018.

Overall Expenditure increased from £2,290,847 to £4,133,135 (£2,066,567). The largest item of expenditure is always wages paid to staff and these increased from £1,884,466 to £3,200,441 (£1,600,221).

Matchday Expenses increased for the first time for a couple of seasons from £269,247 to £442,464 (£221,232).

Agents fees and expenses increased significantly from £10,324 to £117,380 (£58,690). The FA Report on agents' fees stated Mansfield Town spent £85,940 on Agents' fees from 1st February 2017 to 31st January 2018 and £77,932 on Agents' fees from 1st February 2018 to 31st January 2019 which was the 3rd highest after Northampton Town (£92,125) and MK Dons (£80,263).

Rent and Rates increased slightly from £58,940 to £69,301 (£34,651). Insurance costs were similar at around £22,377 assuming no further insurance payments were made. Cleaning Costs fell significantly from £18,475 to £4,362 (£2,681). Repairs and Renewals were stated at £66,378 for 6 months.

Travelling Costs increased massively from £7,999 to £234,919 (£117,457) as the Stags had overnight stays for most of their away games. This figure may also include the cost of the pre-season trip to Malta. Motor Expenses seemed to reduce from £44,885 to £24,542 (£12,271).

Light and Heating costs were extremely low again and went down to £26 (£13) from £231.

Bank Charges were £8,238 for the six month period. Legal and professional costs were £4,089.

Entertainment Expenses were reduced to zero from £391.

Computer Costs were £3,218 for the 6 month period. Telephone Costs were £5,379. Post and stationery was £2,516.

Payments to the Elite Player Performance Fund increased from £25,000 to £52,000.

Trade Debtors falling due within 1 year increased from £109,388 to £265,955. Other debtors amounted to £107,310. Tax and social security owed increased from £107,701 to £223,875.

The average number of employees was 38.

The accounts again did not give full details of the long term loans as in the previous accounts. Long term loans fell from £4,955,794 to £4,934,139.

Around £709,354 is still owed to Andy Saunders so the balance of £4,200,000 will be owed to One Call Insurance Services Limited and other companies controlled by John Radford. These loans are interest free and repayable on no specific terms.

Called up share capital increased by £35,000 from £1,382,957 to £1,417,957.

There was one payment left of £214,285 to be made to Keith Haslam for Field Mill (One Call Stadium) which was due in March 2019.

John Radford said: “These accounts are not a bad set of results and it does seem like we are making progress.”

Thanks to John Radford and Jim Beachill, the Finance Director for their hard work in bringing the accounts up to date and for their commitment to be transparent about the club’s finances and to keep the fans fully informed. This is very much appreciated by the fans.
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