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Trading Loss of 102k For Lincoln City

The Annual General Meeting will take place on Thursday 6th February in the Travis Perkins Suite. It will start at 7.30pm.

Covering letter from Chairman Bob Dorrian:

'During this Financial Year we were able to reduce costs in 70% of our cost centres when compared to the previous accounts for 2011/2012 and in fact staff costs have been nearly halved since 2011 (1,847k in 2011 to 937k in 2013). For the most part the Club has been able to match the revenues from the previous financial year, with the biggest difference coming from the loss of the previous year's parachute payment of 225k, however due to some prudent cost cutting this loss of income has had no impact on the overall financial performance of the Club, as you can see from the following.

The Club has made a loss of 199k (of which 97k is depreciation) leaving a trading loss of 102k to June 30th 2013. This compares to a loss of 230k (96k depreciation) and a trading loss of 134k to June 2012. In essence we have swallowed the loss of the parachute payment (225k) and reduced our losses by a further 32k, which tacitly is a saving of 257k on the previous year! I think that since relegation from the Football League the directors and staff have done a tremendous job in keeping the Club viable and solvent.

As in most businesses cash flow continues to be our biggest enemy, however so far we have been able to manage this and we are confident that going forward it will continue to be a manageable situation.

I believe that as each year passes by the Club is getting stronger financially and that can only augur well for its future.'

The AGM will be followed by a Fans' Forum, where Gary Simpson and his team will be happy to answer questions from the floor.

There is also a Fans' Forum with the Board of Directors on Thursday 30th January in the Travis Perkins Suite, where questions relating to the Accounts can be put forward from supporters and shareholders alike.


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The Journalist

Writer: Jules Mail feedback, articles or suggestions

Date:Monday January 13 2014

Time: 5:05PM


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