Having read a couple of snide references to our current financial situation in the press this week, it would appear that the media seem to be intent on looking for something to blight our good financial results, the motives for which are beyond me, (although some of us could possibly hazard a guess), but some folks are trying to seriously muddy the water here.

The club are keeping stum, pehaps because they don't want to appear clever dicks so In an effort to clear up the whole subject, (for the average fan like me who has serious trouble balancing the housekeeping), I have asked an Accountant of some repute to comment on our last set of accounts and explain in laymans terms how they work, what player valuations, assets and liabilities, etc. have to do with it all, and what our current financial situation as a club really is. That will be in the next edition of the Dentists Diary!

Although whether that will include Zebra's, Rats, Zoo's in Withernsea etc remains to be seem!

Good thinking Wilf - let's hear it from the 'horses mouth'.

explain

Liabilities exceed assets.

Now you will say how the debts are loans to directors, but facts are facts.

Doesnt worry me too much

so long as the income exceeds expenditure!

Hence the phrase "balance sheet insolvent" depends which way you view it. We are solvent in the sense of income meets expediture etc.

But if it came to a point where we needed to secure £1million for example, for the training facility, for example, it would come from directors, rather than be secured by the club against any assets.

Wheres Vince when we need him

You could never raise finance against intangible assets (players), the only way we can raise the money for the training facility would be via directors, especially as we don't own our ground.

Not having any tabgible assets also means we don't have many fixed liabilities.

Do you have any eggs that you can teach me to suck?

True, but as Wellsy13 said the £500,000 emergency repairs on the South Stand were what took us to the £300,000 loss otherwise we would have made a profit of (obviously!) around £200,000.


There isnt any work on the South Stand planned for next season, whenever any work is undertaken I assume it will be a completely new stand, probably similar to the Carnegie Stand with seats on top and standing underneath.

Was funny when bite of new stand blew off and were all over the road though.
Was to us anyway......