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Charlton publish 23/24 Accounts
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My hope is that the owners have seen the amount of money being paid to executives who promised to reduce the losses by at least half, but instead increased them and even in the next season, with more success planned than the prior year, still only getting the losses back to where they were before the "experts" took over.
With a Manager obviously galvanising the squad and choosing much better transfer targets than the previous incumbents, maybe the think cut out £2m of fatty executive, push some more money in next year when the rules become more stringent and cash mad Birmingham are out of the division and if we don't go up, make sure we do next year.
That's as I said, my hope.2 -
I think, that's probably what everyone would like to know, what is the state of play now ? How much did trimming the squad and trimming the execs, save us. Also what's the comparison with fellow promotion contenders ?fenaddick said:I know it’s not the one that jumps out but I’m trying to work out the figure from selling players. As they’re 23/24 figures I’m assuming May doesn’t count so the only sale is CBT and some loans. Does that figure include wages covered for loans as well as loan fees? It feels quite high1 -
Exactly.Henry Irving said:
And that ommission of the 23/24 numbers was pointed out by many at the time.Weegie Addick said:This was shared at the online directors’ Q&A in January showing the current financial year with a similar outturn to 22/23. The accounts just released are for the year inbetween.
Now we know why.
It was bleeding obvious to any clear thinking person that the 23/24 forecast had been left out because it was not good.2 -
There aren’t any surprises for the owners in these figures. They have regular up to date management accounts after all.Still shows we were not on a net basis spending much on the squad.They have spent money on the pitch and other things subsequently so that is a sign of continued interest albeit I’m sceptical on how much cash.The worry will always be what if we fail to get promotion as the figures show no chance of cutting losses in this league and still maintaining an interest.0
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How does it show that?valleynick66 said:There aren’t any surprises for the owners in these figures. They have regular up to date management accounts after all.Still shows we were not on a net basis spending much on the squad.They have spent money on the pitch and other things subsequently so that is a sign of continued interest albeit I’m sceptical on how much cash.The worry will always be what if we fail to get promotion as the figures show no chance of cutting losses in this league and still maintaining an interest.0 -
I thought @airmanBrown broke it down earlier on the thread unless I’m getting confused ?Henry Irving said:
How does it show that?valleynick66 said:There aren’t any surprises for the owners in these figures. They have regular up to date management accounts after all.Still shows we were not on a net basis spending much on the squad.They have spent money on the pitch and other things subsequently so that is a sign of continued interest albeit I’m sceptical on how much cash.The worry will always be what if we fail to get promotion as the figures show no chance of cutting losses in this league and still maintaining an interest.
EDIT
I realise now it was in the tweet from Maguire:Player purchases £1.9m⚽️Player sales £1.3m0 -
Asking the IT guys on here, wouldn't you have expected old records to have been backed up?ForeverAddickted said:
You have to wonder though, with the cyber attack, has this conveniently hidden higher figures paid out to Execs...ForestHillAddick said:
I agree I would expect losses to go up in the short term.TheHerminator said:
It’s not mismanagement if this was the plan.supaclive said:I am surprised why anybody is shocked
There is no way Methven would have been involved without a massive salary attached.
Lost MORE than previous years.
I mean those who questioned their financial plans as very difficult to achieve can see in black and white their total mismanagement.
Nothing Charlton surprises me.
you have to invest to get out of the league which is what they’ve done on and off the pitch.If they hadn’t we’d all be complaining it was the same old same old.
now they have done it’s now management?
The disappointing thing is that a huge chunk of that 18% increase in wages has been taken up by executive pay rather than the squad.
If you brought that exec pay down to a still inflated £1m that frees up £900k, which is equivalent to 2 very good league one players on roughly £8.5k a week.
Hopefully it'll be a figure we simply wont have to worry about next year!!2 -
You’d have thought so. I work for a small local Solicitors but we always back up the system to disk every end of day.Kap10 said:
Asking the IT guys on here, wouldn't you have expected old records to have been backed up?ForeverAddickted said:
You have to wonder though, with the cyber attack, has this conveniently hidden higher figures paid out to Execs...ForestHillAddick said:
I agree I would expect losses to go up in the short term.TheHerminator said:
It’s not mismanagement if this was the plan.supaclive said:I am surprised why anybody is shocked
There is no way Methven would have been involved without a massive salary attached.
Lost MORE than previous years.
I mean those who questioned their financial plans as very difficult to achieve can see in black and white their total mismanagement.
Nothing Charlton surprises me.
you have to invest to get out of the league which is what they’ve done on and off the pitch.If they hadn’t we’d all be complaining it was the same old same old.
now they have done it’s now management?
The disappointing thing is that a huge chunk of that 18% increase in wages has been taken up by executive pay rather than the squad.
If you brought that exec pay down to a still inflated £1m that frees up £900k, which is equivalent to 2 very good league one players on roughly £8.5k a week.
Hopefully it'll be a figure we simply wont have to worry about next year!!3 -
I would be staggered if Charlton did not have to keep financial data for HMRC minimum of 6+1 for accounting purposes.Kap10 said:
Asking the IT guys on here, wouldn't you have expected old records to have been backed up?ForeverAddickted said:
You have to wonder though, with the cyber attack, has this conveniently hidden higher figures paid out to Execs...ForestHillAddick said:
I agree I would expect losses to go up in the short term.TheHerminator said:
It’s not mismanagement if this was the plan.supaclive said:I am surprised why anybody is shocked
There is no way Methven would have been involved without a massive salary attached.
Lost MORE than previous years.
I mean those who questioned their financial plans as very difficult to achieve can see in black and white their total mismanagement.
Nothing Charlton surprises me.
you have to invest to get out of the league which is what they’ve done on and off the pitch.If they hadn’t we’d all be complaining it was the same old same old.
now they have done it’s now management?
The disappointing thing is that a huge chunk of that 18% increase in wages has been taken up by executive pay rather than the squad.
If you brought that exec pay down to a still inflated £1m that frees up £900k, which is equivalent to 2 very good league one players on roughly £8.5k a week.
Hopefully it'll be a figure we simply wont have to worry about next year!!Failure to hold a recoverable backup (they may have backed it up, might not actually have been a recoverable backup) is surely a breach of their own fiduciary responsibilities.2 -
Can’t wait for the next smooth talking bullshitters to turn up and the usual drop to their knees fellatio crew to be there to swallow it all up .18
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Hopefully might be cheaper than 1.9 million!KingKinsella said:h
How about inviting Kevin Maguire for an interview? Bromley addicks? Probably cost afew dollars1 -
A top heavy board for the level spinning corporate jargon to justify themselves was one thing, these figures are another - yes I'm surprised by £1.9M.Sillybilly said:
Yep. I’m surprised anyone is surprised.supaclive said:I am surprised why anybody is shocked
There is no way Methven would have been involved without a massive salary attached.
Lost MORE than previous years.
I mean those who questioned their financial plans as very difficult to achieve can see in black and white their total mismanagement.
Nothing Charlton surprises me.0 -
So, when do we find out that CM’s rented house on Court Road was paid for by the club?1
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Pardon my ignorance of boardroom procedure,but surely if a board of directors being paid 1.9m to run a company turned in these sort of losses,they should as a unit be told to piss off ,but clearly football does not operate like this.
Take away the owners ,how many board members do you need.0 -
It's when you see figures like this it makes you realise how vulnerable we are if we don't go up. Should we not achieve promotion I would be staggered if at least 3 players didn't move on to a higher level.0
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I would suggest that would happen regardless of strong finances or not?charente addick said:It's when you see figures like this it makes you realise how vulnerable we are if we don't go up. Should we not achieve promotion I would be staggered if at least 3 players didn't move on to a higher level.0 -
So we’re nowhere near making a profit, unless we’re in the championship, which is sort of what we know.
We just have to get out of this division asap.0 -
Two points: this is not the pay of the board of directors. There is no fixed definition of key management personnel - Millwall limit it to the board, for example - and Charlton use a broader interpretation. Otherwise we would have to assume that Meire, Murray and Duchatelet were paid circa £1m, which is unlikely.thickandthin63 said:Pardon my ignorance of boardroom procedure,but surely if a board of directors being paid 1.9m to run a company turned in these sort of losses,they should as a unit be told to piss off ,but clearly football does not operate like this.
Take away the owners ,how many board members do you need.
Secondiy, the board at Charlton has not really been a board. With the exception of Gavin Carter, it has been in effect the SMT scrutinising itself. This was always likely to be a problem. Methven wasn’t even listed as part of it in 23/24, and he, Carter and Elliott have never even been directors of the football company. Its only directors are Rodwell and Warrick.6 -
I’m not justifying the £1.9m in anyway but this would have been signed off by the owners. They haven’t delivered so the likes of CM have gone. They haven’t been robbing the club ala Southall !The accounts in general don’t make for good reading and those saying we need to get into the championship to stem the losses I’m pretty sure the losses will increase if we get there unless we sell our key players and replace them with bargain basement which means we come straight back down. It will be interesting to see what the owners do if we get promoted I fancy them to double down and invest to build after all a season in the premiership is their only chance of recovering lost monies1
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No chance we make money in the championship eitherMendonca In Asdas said:So we’re nowhere near making a profit, unless we’re in the championship, which is sort of what we know.
We just have to get out of this division asap.6 - Sponsored links:
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Losses would probably be worse with the level of investment you'd need to be competitive.sam3110 said:
No chance we make money in the championship eitherMendonca In Asdas said:So we’re nowhere near making a profit, unless we’re in the championship, which is sort of what we know.
We just have to get out of this division asap.3 -
The only reason I mentioned the championship, was because looking at Ricks figures, being I. The championship for 1 season in the last 10 years, is the closest we’ve got to break even (still didn’t make break even, I admit, but closest).
So we’re a club that loses money, season after season, so effectively insolvent (I’m sure we’re not the only club) but am I right in understanding, if it wasn’t for our benevolent owners, (whatever right or wrong, you think they’ve done, we wouldn’t have a football club?2 -
I’m sure I heard or read somewhere CM saying it cost the club 2 million a year to run the academy, and if the SMT are taking for arguments sake another 2 million, then that’s 4 million down, before you pay any players wages.
So effectively if we didn’t pay any wages to our players (wage bill 6-7 million?) we still wouldn’t turn a profit, at this level?Which means there is no wiggle room for signing poor players, that don’t work out.Feels like financially, we are running in treacle, oh to find a young Peter Varney!0 -
It’s not a given that losses would be higher - we’d have stayed up in 2019/20 if RD had sanctioned investment in the team below the level of the L1 losses. The key point is that the value of the club will increase, although I agree that the only game in town is reaching the PL whoever is the owner at that point.AndyG said:I’m not justifying the £1.9m in anyway but this would have been signed off by the owners. They haven’t delivered so the likes of CM have gone. They haven’t been robbing the club ala Southall !The accounts in general don’t make for good reading and those saying we need to get into the championship to stem the losses I’m pretty sure the losses will increase if we get there unless we sell our key players and replace them with bargain basement which means we come straight back down. It will be interesting to see what the owners do if we get promoted I fancy them to double down and invest to build after all a season in the premiership is their only chance of recovering lost monies0 -
The management pay in 2021/22 who was that to?
And did we make as much of a fuss over it as we are now?0 -
And the only reason any of them ever get involved. Jobs for their mates.bolloxbolder said:This is a real concern. Methven and co are just as bad as Southall and co. Hands in the troth and no accountability. Parasites0 -
Sandgaard season.sam3110 said:The management pay in 2021/22 who was that to?
And did we make as much of a fuss over it as we are now?
We had Gallen in a Director role but not sure of the make-up of the board at the time other than Sandgaard and his wife (illegally).1 -
She wasn’t on the board and the money doesn’t relate directly to that anyway. I don’t have an obvious explanation for that number but Nigel Adkins might be a factor.SELR_addicks said:
Sandgaard season.sam3110 said:The management pay in 2021/22 who was that to?
And did we make as much of a fuss over it as we are now?
We had Gallen in a Director role but not sure of the make-up of the board at the time other than Sandgaard and his wife (illegally).0 -
So has the cyber attack wiped all the bar receipts? That is rotten luck?1
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She wasn't on the board anyway, but even if she was why would that have been "illegal"?SELR_addicks said:
Sandgaard season.sam3110 said:The management pay in 2021/22 who was that to?
And did we make as much of a fuss over it as we are now?
We had Gallen in a Director role but not sure of the make-up of the board at the time other than Sandgaard and his wife (illegally).0
