Annual Report & Accounts 2013

I'll dig a little deeper later.

Bank Overdraft £2,312,000
Bank Loans £19,836,000
Leases £44,000
Trade Creditors £6,455,000
Tax Man £8,127,000
Accruals & Deferred Income £21,648,000

My next point is I have no idea what the £21.6M accruals and deferred income is.

Hmmm.. not as great a financial report as I was hoping to see. I expected to see a big drop in the debt situation, or will we see that in the next year?

NB: To those who say that BK & the other shareholders have not invested a single penny beyond the purchase price, the shareholders have seen the value of their investment reduce by 70.748 million, which they would have to write off from their personal guarantees were the club to 'go under' tomorrow - not that there is much chance of that happening, hopefully!

As for the bank loan due within a year, we have a history of taking out loans most years to repay other loans, so presume these will be rolled over again.

To be honest I'm surprised we made a profit but was not expecting a massive improvement on the debt side. However, this years' accounts should be much much better due to the increased TV money (about 20m!) and the sales of Fellaini, Anichebe and Jelavic, all for a massive profit as well as getting Moyes, Neville etc off the wage bill. Moyes alone was 4m a year!

Club's been temporarily saved by the sky money, hopefully we won't piss it all away on a huge increase in players wages.

Think kit bag or Chang giving us £9m up front for the next 3 seasons. £9m in the bank, but we see through £3m going through revenue for each year for the 3 years. The deferred entry on the balance sheet is hooking up those future amounts. Or it is amounts we have incurred like player loyalty expenses but have still have yet to pay in cash terms. I.e. League position bonus. The players will be due it, but we might not have paid at the year end. I.e. After 31.5.2013.

Large creditors like these can be seen as bad. Let me explain. When they are paid, the overdraft will increase. If it is deferred income, Chang, then giving us cash up front, will probably mean the overall deal is discounted. The above sounds a bit washy washy. However the balance sheet will be dictated by good cash flow management and meeting the terms of the loan covenants etc.

Anyway, results are better than I expected.

The big question for me, is where's the arteta money, bill, and how many lawnmowers have we got now....

You are the Joe Beardwood that was at the Co-op for a time?

We don't, relative to a lot of other clubs in the Premier League, actually have particularly high debts.

But we still don't seem to be doing anything other than simply servicing them. Our debt level never actually decreases; and it's a continual weight around the neck of the club.

While I appreciate that our revenues aren't massive compared to some other clubs, if we never do anything other than service the interest payments then we cripple ourselves long term.

I don’t think the shareholders are down £70m. At least half of that could be recouped by selling Barkley whose asset value in our accounts is virtually zero. I think the rest of Everton FC squad might be worth rather more than £30m, no?

There’s no news in these accounts. They are the accounts of a board who are happy for upper mid table finishes and a relatively steady ship till a buyer comes along. If they cut the price they want )allegedly around £150m), maybe they’d finally have a taker and still make a small profit….

A bright future for all is in prospect.

Phil, where do you see this new £ 10m loan?

When I read that it explains somewhat to me why Roberto is talking about having no money worries about adding to the squad in the summer.

I just wish he'd spend some today.

And if this, below, comes off, can you imagine what things will look like and what the reality will be. Our ground, as it is, and a redeveloped 55k over the road with a shitload of corporate? Game over.

http://www.telegraph.co.uk/sport/football/teams/liverpool/10607548/Liverpool-aim-to-submit-planning-application-for-Anfield-redevelopment-before-end-of-season.html

"The best news of the week was about our balance sheet."

Can you elaborate a little bit of that, Paul? Our financial situation doesn't look that different from recent years, although some things seem to be ge continually getting worse.

So how come it's "The best news of the week"??? Please explain.