kpi's and financial details
This week, Dundee FC released a financial statement and the latest KPI's, with the following press release.
DUNDEE FOOTBALL CLUB PRESS RELEASE
Tuesday 30th April 2013
Dundee FC Publish 2011/12 Accounts and Announce Latest KPIs
Dundee FC today published the accounts for season 2011/12 and these are available for supporters and shareholders to download from the club’s website, or on request from the main office at Dens Park.
It is important to reiterate that while the accounts for last season in the First Division show a loss of £346,520, as had been advised by the board in a Q&A earlier this season, this was offset by post-CVA cash injections of £300,000 which were received in the previous financial year plus upwards of £80,000 worth of shares issued during season 2011/12, neither of which are reflected in the profit and loss account for 2011/12. In other words, expenditure was within the club’s means and the difference between income and expenditure was funded from cash reserves and investment.
The directors have prepared financial projections which reflect the economic reality of Scottish Football and the generally poor economic climate, and have put strict controls in place to monitor the company’s financial performance against projections, including the preparation of mon
thly management accounts and the review of defined Key Performance Indicators.
Given the possibility of operating in the First Division again next season, the club’s projections are based on the receipt of a parachute payment of £250,000 which was not the case in season 2011/12, but the additional revenue which the proposed league restructure would have offered (at least £300,000 more) means that operating close to SPL levels will not be possible. The club’s directors and CEO continue efforts to develop other sources of income and investment, while budgeting and operating prudently.
The board also today published their latest set of Key Performance Indicators. The agreed measures are as follows, and as at 31st March 2013, the board can confirm that KPIs were achieved as outlined below.
Percentage of total wages to turnover is 53%.
89% of trade creditors due, excluding administrator’s fees, were paid within agreed terms, as opposed to the target of 95%, but overdue items have been resolved in April.
Confirmation that projected cash flow shows a positive po
sition at season end.
Confirmation of no debt to HMRC, i.e. all outstanding PAYE and NI liabilities and VAT liabilities are up to date.
Confirmation of no bank debt.
Finally, the club board has agreed to change the financial year end for season 2012/13 from 31st July to 31st May, which will simplify the club’s accounts by bringing them much closer in line to the timing of actual revenues and costs associated with the season in question.
Further, in response to a number of questions recived by the Society regarding the clubs financial statement, the Society board asked the club board for clarification, and received the following response regarding a payment made to a club director.
'The payment was paid to an employed full-time director of Dundee Football Club in the year to 31 July 2012. Payment was made under a confidential employment agreement. No Board member of the Society has ever received any payment in their capacity as a director of Dundee Football Club. No current directors of Dundee Football Club receive any payments for their time and services rendered.'
Source: Dundee Mad
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