The statutory accounts of Ipswich Town Football Club Company and its subsidiaries will be filed at Companies House in due course. The financial highlights below are extracted from the Club’s draft consolidation accounts.
Aaron Cresswell was sold to West Ham United in July 2014 for an undisclosed fee and will therefore feature in the 2014-15 accounts. The Club is due to report a loss before tax of £7.2m (2012-13 £9.8m loss) for the year with no major player sales made in the season 2012-13.
Profit and Loss Account
30 June 2014
30 June 2013
Cost of sales
Depreciation and amortisation of players' registrations
Other operating income
Profit on disposal of players and other assets
Loss before interest and taxation
Interest receivable and similar income
Interest payable and similar charges
Loss on ordinary activities before taxation
Key Performance Indicators
Average League Attendance
Net Player Trading *
*Profit/loss on sale of player registrations less amortisation charge.
Football League including TV & radio fees
Our commercial revenue was also lower than 2012-13 although sales improved in the second half of the season showing signs of recovery. However, our attendance remained higher than the average Championship attendance for 2013-14 of 16,555 (2012-13: 17,331). Gate receipts were lower than last season due to a reduction in our average league attendance.
Football League income was slightly higher than last year due to an increase in our basic award distribution and solidarity payment.
Direct costs reduced from £17.8m in 2012-13 to £16.7m due mainly to lower player wages and associated agent fees.
Administrative expenses have also reduced from £2.6m to £2.1m in the season 2013-14 as the Club continues to make cost savings and efficiencies wherever possible in off-field operations in an effort to reduce ongoing losses and maintain compliance with the League’s Financial Fair Play rules.
The Club’s funding position
ITFC is not in debt to any financial institution. The increase in ‘other group loans’ represents the ongoing funding and player investment provided by Marcus Evans during the year. The table below shows the analysis of net debt as at 30 June 2014.
1 July 2013
30 June 2014
Loan Notes 2026
Other group loans (non-interest bearing)
Convertible loan notes