The accounts were filed at Companies House on 31 March hence Maguire’s tweet as soon as the info was publicly available.
The cash figure given is slightly wrong - we didn’t have £8k in the bank ( I presume the £8k was some form of petty cash) , we were actually £110k overdrawn. Perhaps surprising we have an overdraft facility at all.
Other unclears was a £900k “other debtor” which may have been an unpaid transfer fee (did we sell anyone that season especially in May/June 22) or may have been at least in part Derby money invoiced in June but not received until July (in which case it is included as a reduction in the large accounting loss).
A reduction in “other” borrowing (loan to the club from Couhig?) accounted for roughly £1m of the fall in cash.
Normally you would expect a “related party” note outlining transactions with owners or their companies. Not included here which is surprising. Must be a reason but not sure what.
Just received the full accounts as a founder member. Confirmed in the "Other Income" note that we received £400k in "a legal settlement", presumably from Derby (as per Rob C's statement, where he also said we spent about £100k on lawyers to get that payment). The same note to the accounts also says that we received £2.5m for business interruption insurance for the previous year. I'm not sure where that scores in terms of the profit/loss and financial years, given that it was presumably received after 31.7.21. But given that we made a £2.4m loss in 21/22, I guess it must contribute to the £3.2m profit for 20/21.
Interesting article in The Sunday Times re Kent Teague the US major shareholder at Orient (good away game likely next season). Seems to ‘get’ the lower league game.
Eg “American owners believe they have to be a little bit over the top so they can win over the fans, when in reality it’s the opposite, that over-exuberance, that overpromising, that American style is really scary to Europe. My experience is our fans do not want to be over promised, they want someone being realistic. Orient does not need to be fixed. It doesn’t need to Americanise. It doesn’t need to be multimedia blitzed. It just needs to be what it is. Let it be”.
And plenty more wise words besides. It’s a very good read, to be recommended to owners everywhere, where ever they may be.
I read about a game designer and the writer kept calling him American McGee. I thought he was a bit obsessed with his nationality until I realised American was the bloke's first name.
Comments
The accounts were filed at Companies House on 31 March hence Maguire’s tweet as soon as the info was publicly available.
The cash figure given is slightly wrong - we didn’t have £8k in the bank ( I presume the £8k was some form of petty cash) , we were actually £110k overdrawn. Perhaps surprising we have an overdraft facility at all.
Other unclears was a £900k “other debtor” which may have been an unpaid transfer fee (did we sell anyone that season especially in May/June 22) or may have been at least in part Derby money invoiced in June but not received until July (in which case it is included as a reduction in the large accounting loss).
A reduction in “other” borrowing (loan to the club from Couhig?) accounted for roughly £1m of the fall in cash.
Normally you would expect a “related party” note outlining transactions with owners or their companies. Not included here which is surprising. Must be a reason but not sure what.
Very good analysis @DevC
Just received the full accounts as a founder member. Confirmed in the "Other Income" note that we received £400k in "a legal settlement", presumably from Derby (as per Rob C's statement, where he also said we spent about £100k on lawyers to get that payment). The same note to the accounts also says that we received £2.5m for business interruption insurance for the previous year. I'm not sure where that scores in terms of the profit/loss and financial years, given that it was presumably received after 31.7.21. But given that we made a £2.4m loss in 21/22, I guess it must contribute to the £3.2m profit for 20/21.
Thanks @our_frank
these are the accounts that they won’t share with the Trust members sadly.
If that is the case, then that might explain why we’ve had a double tilt at promotion.
I maybe misunderstanding but could it mean the 2.5M insurance covered down of this season and the profit from championship covered last season?
Interesting article in The Sunday Times re Kent Teague the US major shareholder at Orient (good away game likely next season). Seems to ‘get’ the lower league game.
Eg “American owners believe they have to be a little bit over the top so they can win over the fans, when in reality it’s the opposite, that over-exuberance, that overpromising, that American style is really scary to Europe. My experience is our fans do not want to be over promised, they want someone being realistic. Orient does not need to be fixed. It doesn’t need to Americanise. It doesn’t need to be multimedia blitzed. It just needs to be what it is. Let it be”.
And plenty more wise words besides. It’s a very good read, to be recommended to owners everywhere, where ever they may be.
Kent Teague is such an American name
I read about a game designer and the writer kept calling him American McGee. I thought he was a bit obsessed with his nationality until I realised American was the bloke's first name.