REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements |
|
for the Year Ended 31 May 2022 |
|
for |
|
St Johnstone Football Club Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements |
|
for the Year Ended 31 May 2022 |
|
for |
|
St Johnstone Football Club Limited |
St Johnstone Football Club Limited (Registered number: SC007629) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 May 2022 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Chairman's Report | 2 |
|
Balance Sheet | 5 |
|
Notes to the Financial Statements | 7 |
|
St Johnstone Football Club Limited |
|
Company Information |
for the Year Ended 31 May 2022 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Statutory Auditor |
Chapelshade House |
78-84 Bell Street |
Dundee |
ANGUS |
DD1 1RQ |
St Johnstone Football Club Limited (Registered number: SC007629) |
|
Chairman's Report |
for the Year Ended 31 May 2022 |
|
The Financial Year 2021-2022 started on a very optimistic note. |
|
The Club had just won a historic Cup Double and another foray into Europe beckoned. |
|
There were signs that the Global Pandemic which had gripped the world for the previous two years was on the wane and the prospect of fans being allowed back into the Stadium was bringing great excitement to all concerned. |
Our loyal fans surpassed themselves by financially committing to the Club with record Season Ticket sales of over 3000. |
|
However, a combination of poor results, horrendous injuries, personnel changes in the transfer window and the strongest Premiership for years all conspired to make this a most difficult Season for the Club on the pitch and an anxious one for the fans off it. VAR might have been a welcome addition if introduced a Season earlier. |
|
The Season started brightly enough. |
|
The Team performed admirably in both European Away ties against the celebrated opposition of Galatasaray and LASK. Both draws were excellent results against quality clubs, with impressive European pedigrees and both went on to top their Groups in the latter stages of their European competitions. |
|
Travel to these games was a challenge, given the continuing COVID |
restrictions and arrangements had to be made very last minute due to restrictions in other countries. |
|
At one point, there was a distinct possibility that both ties against Galatasaray would be played at a neutral venue, as Turkey was on the COVID Red list for foreign travel. This made it a logistical nightmare to plan and organise both European ties. |
|
Unfortunately, fans were unable to travel to these games and restrictions were even placed upon the number of Club representatives allowed to attend, which was disappointing on a number of levels. |
|
The return home ties were celebrations of a return to normality, where |
around 9,000 fans turned out in each game to experience more European nights and in spite of the results, it was a joy to see the Stadium at near capacity with so many youngsters forming part of the crowd. |
|
The League campaign started innocuously enough with three draws out of the first four matches before the closure of the Transfer window. |
|
During that period, our Cup Double winning Captain, Jason Kerr departed for Wigan, which was not unexpected and talented midfielder, Ali McCann moved to Preston, very much at the eleventh hour. |
|
The circumstances surrounding both departures have already been commented upon in some detail elsewhere, and it goes without saying that the loss of such influential players was disappointing, but they left with the Club's thanks and good wishes. |
|
The League campaign continued and a very poor run of matches between the end of November and into January meant that the Club was in a recently unfamiliar position of being at the bottom end of the table. |
|
The Club was very active in the transfer window in January after the Board made significant sums available to the Management team to bolster the squad with a view to ensuring Premiership survival. |
|
Unfortunately, during this period, the Club's defence of the Scottish Cup ended abruptly at the hands of an in-form Kelty Hearts, which was devastating for everyone concerned with the Club. |
|
The Season culminated in the Club pulling away from Tayside rivals, Dundee to clinch the play-off spot against a confident Inverness Caledonian Thistle side. |
St Johnstone Football Club Limited (Registered number: SC007629) |
|
Chairman's Report |
for the Year Ended 31 May 2022 |
|
|
Premiership survival was assured by an excellent second half home performance in front of another near full house, and the celebrations continued well into the night for staff and fans alike. |
|
It speaks volumes of the squad, that Jason and Ali both returned for the final match to watch and support their former teammates. |
|
The Club made a good fist of the defence of the League Cup, getting past a high-flying Arbroath side, then Dundee before narrowly succumbing to eventual winners Celtic in the semi-final at Hampden Park, our only loss there in five appearances during the year. Unfortunately, David Wotherspoon picked up an injury during the game, which would keep him out for the rest of the season and beyond. |
|
Tribute must be paid to Callum Davidson and his backroom staff, who held their nerve during a difficult and testing Season to guide the Club to Premiership safety. |
|
Special mention must be made of Liam Craig, who retired as a player having reached the fantastic milestone of holding the record appearances for the Club with 453. The Club was delighted to secure the services of Liam as Football Development Manager. He should be very proud of his achievements as a player and a top pro. |
|
Long serving Director, Stan Harris resigned just after the start of the Season. The Club thanks him for all his efforts during his lengthy period of service. |
|
Associate Director, Roddy Grant stepped up to Director and he is a most welcome addition to the Board. |
|
Ian Flaherty joined the Club as Head of Operations. Ian has been brought in to oversee the financial governance within the Club. His appointment is designed to take some of the heavy lifting away from the Board in general and the Chairman in particular. |
|
The Youths enjoyed great success with the under 16's reaching the CAS Cup Final for the second year in a row. They beat Motherwell on penalties after a 2-2 draw, with local goalkeeper Kyle Thomson saving three penalties, one during the game and two in the shoot-out. |
|
The annual games against Manchester United took place in April 2022 with the under 16's winning 2-0, and the under 14's drawing 3-3. |
|
Baylay Klimionek gained international recognition for Scottish Schoolboys, playing against the three Home Nations. |
|
St Johnstone's Women's Football Team underwent a transition during the year. |
|
Jeanfield welcomed them back to play their Home Games at Riverside, which proved to be a good move. |
|
In January 2022, the Club appointed the first member of staff dedicated to the Women's Team. This had an immediate impact, as the Team went from bottom of the table to finishing joint 4th on 32 points. An excellent link was created with Jeanfield with the creation of a youth pathway. |
|
In February 2022 the SPFL announced that they would run the women's top 2 leagues with St Johnstone women playing in the SWPFL 2. |
|
A special vote of thanks must be given to Sam Milne, who assisted the Club through a transitional period, and she is doing an excellent job in Women's Football with the SFA. |
|
On the back of the historic Cup Double Win in 2021, the Club was very honoured to receive the Freedom of the City of Perth. |
St Johnstone Football Club Limited (Registered number: SC007629) |
|
Chairman's Report |
for the Year Ended 31 May 2022 |
|
|
The award recognised the historic achievement of the Club being only the fourth Scottish Club to win the Domestic Double in the history of Scottish Football and the formal Presentation to the Club took place on Saturday 5th February 2022 prior to the home game against Dundee United. |
|
The Club once again maintained its Club Licensing Gold Award and in addition a good deal of work was carried out by the Club in respect of Equality and Diversity Policies. |
|
Despite another mini-Lockdown over the Christmas period, the Commercial activities have been on the increase over the year, with fans keen to get back to some normality with match day corporate hospitality in great demand. |
|
Conference bookings and funeral parties have also been steady over the year and thanks must go to our loyal commercial team who work so hard in this very important part of the Club. |
|
The Stadium itself is now well over 30 years old and it requires regular maintenance. |
|
During the course of the year, new floors were laid at the tunnel and dressing rooms, whilst some tarring of the external areas around the ground was carried out. |
|
An eye watering six figure sum was spent on the maintenance and upkeep of the main and training pitches, as it is vital for the players that they have the best surfaces to play at the highest level. |
|
In short, the year-end Accounts show a record turnover, which whilst pleasing, is largely due to player sales and European Football. |
|
It was another eventful Financial Year from which many positives can be taken. |
St Johnstone Football Club Limited (Registered number: SC007629) |
|
Balance Sheet |
31 May 2022 |
|
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
Investments | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 7 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
|
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 12 |
|
|
Revaluation reserve | 13 |
|
|
Retained earnings | 13 |
|
|
SHAREHOLDERS' FUNDS |
|
|
St Johnstone Football Club Limited (Registered number: SC007629) |
|
Balance Sheet - continued |
31 May 2022 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
St Johnstone Football Club Limited (Registered number: SC007629) |
|
Notes to the Financial Statements |
for the Year Ended 31 May 2022 |
|
1. | STATUTORY INFORMATION |
|
St Johnstone Football Club Limited is a
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
The company's forecast and projections, taking account of reasonable changes in trading performance, indicate that the company plans to operate within cash generated. |
|
The Board of Directors acknowledge that there is a level of uncertainty in the general economic environment which may impact the trading position of its customers and suppliers.The Board of Directors have undertaken a thorough review of the company's forecasts and associated risk. The extent of this review takes into account the current economic environment, the clubs current and projected trading, and the expected position in the Scottish Football League. |
|
The Board of Directors confirm that it has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the statutory financial statements. |
|
Preparation of consolidated financial statements |
The financial statements contain information about St Johnstone Football Club Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
|
Turnover |
Turnover represents the income arising from football for the year in respect of gate receipts, advertising boards, sponsorships and corporate hospitality and is stated exclusive of value added tax. |
|
Season ticket sales are deferred and, together with gate and other matchday revenues, recognised through the football season as games are played. Sponsorship and other commercial income is recognised over the duration of the respective contracts. The fixed element of broadcasting revenues is recognised over the duration of the football season whilst broadcasting revenue for live coverage or other highlights are recognised when the relevant televised match is played. Merit awards are recognised when they are certain. |
|
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
|
Player registrations are being amortised evenly over the length of the contract. |
St Johnstone Football Club Limited (Registered number: SC007629) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
|
2. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
|
Freehold property | - |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
Financial instruments |
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs). |
|
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
|
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
|
St Johnstone Football Club Limited (Registered number: SC007629) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
|
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 June 2021 |
|
Additions |
|
At 31 May 2022 |
|
AMORTISATION |
At 1 June 2021 |
|
Amortisation for year |
|
At 31 May 2022 |
|
NET BOOK VALUE |
At 31 May 2022 |
|
At 31 May 2021 |
|
St Johnstone Football Club Limited (Registered number: SC007629) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
|
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2021 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 31 May 2022 |
|
|
|
|
|
DEPRECIATION |
At 1 June 2021 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
At 31 May 2022 |
|
|
|
|
|
NET BOOK VALUE |
At 31 May 2022 |
|
|
|
|
|
At 31 May 2021 |
|
|
|
|
|
|
6. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2021 |
|
|
32,887 |
Share of profit/(loss) | - | (2,275 | ) | (2,275 | ) |
Dividends received | - | 2,897 | 2,897 |
At 31 May 2022 |
|
|
33,509 |
NET BOOK VALUE |
At 31 May 2022 |
|
|
33,509 |
At 31 May 2021 |
|
|
32,887 |
|
Cost or valuation at 31 May 2022 is represented by: |
|
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2021 | 2 | 33,507 | 33,509 |
St Johnstone Football Club Limited (Registered number: SC007629) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other loans (see note 10) |
|
|
Trade creditors |
|
|
Deferred income |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT |
|
|
Other creditors |
|
|
Accrued expenses |
|
|
Deferred grants |
|
|
|
|
|
9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Other loans (see note 10) |
|
|
Deferred grants > 5yrs |
|
|
Deferred grants 2-5 yrs |
|
|
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Government loan >5yrs | 1,982,500 | 2,080,000 |
|
10. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Government loan |
|
|
St Johnstone Football Club Limited (Registered number: SC007629) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
|
10. | LOANS - continued |
2022 | 2021 |
£ | £ |
Amounts falling due between one and two years: |
Government loan 1-2yrs |
|
|
|
Amounts falling due between two and five years: |
Government loan 2-5yrs |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Government loan >5yrs |
|
|
|
11. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax |
|
|
Stadium maintenance |
|
|
|
|
|
Stadium |
Deferred | Maintenanc |
tax | e |
£ | £ |
Balance at 1 June 2021 |
|
|
Utilised during year | ( |
) |
|
Balance at 31 May 2022 |
|
|
|
The company needs to maintain the stadium to meet health & safety, fire and SPFL requirements. The company has commitments to improve the roads, pitch protection and stadium infrastructure and the provision reflects the current estimate to undertake identified required works. |
|
12. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
|
Ordinary | £0.25 | 157,500 | 157,500 |
St Johnstone Football Club Limited (Registered number: SC007629) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2022 |
|
13. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
|
At 1 June 2021 |
|
|
1,623,516 |
Profit for the year |
|
|
At 31 May 2022 |
|
|
2,796,836 |
|
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
|
15. | RELATED PARTY DISCLOSURES |
|
G S Brown Construction Limited, is a company in which Geoff Brown, majority shareholder in St Johnstone Football Club Limited, is a majority shareholder. During the year G S Brown Construction Limited charged a total of £35,767 (2021 - £26,009) for rent and repair expenses incurred. St Johnstone Football Club Limited charged the company a total of £20,538 (2021 - £7,637) for sales relating to advertising and hospitality. |
|
Amount due to related party at the balance sheet date was £nil (2021 - £366). |