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Albion Announce Annual Accounts
Albion have filed their company accounts for year ending June 2003. Despite the fact that the club was playing in the First Division, overall income fell which resulted in increased losses. But in addition, the club has had to make a provision for a Capital Gains tax charge on the sale of the Goldstone Ground, which could arise if the decision on Falmer goes the wrong way.
The accounts, for the fourth season at Withdean, show ordinary trading losses have increased to £891,000 (£357,000 year to June 2002). In addition to the trading losses, a further £267,000 (£388,000 year to June '02) was written off against the costs of developing Withdean Stadium, and the club also spent a further £890,000 (£569,000 year to June '02) on the Falmer planning application and Public Inquiry in the year reported, making a total expenditure of £2.1 million on the new stadium project to June 2003.
The figures clearly demonstrate the problems faced by the club while based at its Withdean temporary home. Although it was playing some of the largest Football League clubs in the country, average attendance was limited to just 6,650 (6,599 in the 2001/02 season), with all home seats being sold at every match.
This tiny increase generated an uplift in gate receipts of just £37,000 over the previous season, when the club was playing in the Second Division. The problems caused by the restricted capacity at Withdean were made worse by dramatic losses in income resulting from the collapse of ITV Digital and the renegotiation of the Football League website deal with Premium TV.
The restricted capacity at Withdean is crippling the club
Central distribution income from the Football League increased as a result of promotion to Division One, but this was more than offset by the loss of royalties from ITV Digital and reduced income from the revised website deal. Overall, despite playing in Division One, turnover dropped in the year by £113,000 to £4.77 million.
In a further development, the club has now been advised by its auditors that it should make provision for a potential Capital Gains tax charge by the Inland Revenue resulting from the sale of the Goldstone Ground.
When the Goldstone Ground was sold in 1996, the residual Capital Gain was liable to tax. The new Board claimed roll-over tax relief to which the club was entitled, setting the costs of developing Withdean against this taxable gain. However, this does not entirely extinguish the tax liability, and the roll-over relief is time-limited.
The delays in resolving the Falmer planning application could mean that the Inland Revenue will demand payment of the Capital Gains Tax. A decision by the Secretary of State against Falmer would almost certainly mean that the tax would have to be paid.
The directors have agreed that it is prudent to make a provision of £347,000 to cover this potential liability. The provision is therefore included in the accounts for the first time.
Albion Chairman Dick Knight said, "The year's figures demonstrate the stark reality of playing at Withdean. We entertained some of the largest clubs in the country in Division One, but we could not get any more people in to see them. Our gates were the same in Division Three. It is a lost opportunity and just shows how damaging this long drawn-out fight for our new stadium is.
"And it is bitterly ironic that even after eight battling years, the sale of the Goldstone Ground could come back to haunt this club._ We will fight on and the message needs to go out to John Prescott; he must be in no doubt that the future of the Albion is in his hands. This club cannot survive indefinitely without our new stadium."
Albion Chief Executive Martin Perry said, "At the Public Inquiry a number of objectors said that we should stay at Withdean. These figures show just how flawed that argument is. We are struggling to increase the capacity there by just 2,000 more seats. To increase the capacity to a level where the club is a viable entity at Withdean is an impossible task.
"Nevertheless I pay tribute to all our staff, both playing and non-playing, for their dedication and commitment and who continue to work in extremely difficult circumstances.
"Finally, we thank our supporters for their unfailing loyalty and support. We simply would not exist without them."
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For f***'s sake Prescott, let us get us out of there...
Albion Announce Annual Accounts
Albion have filed their company accounts for year ending June 2003. Despite the fact that the club was playing in the First Division, overall income fell which resulted in increased losses. But in addition, the club has had to make a provision for a Capital Gains tax charge on the sale of the Goldstone Ground, which could arise if the decision on Falmer goes the wrong way.
The accounts, for the fourth season at Withdean, show ordinary trading losses have increased to £891,000 (£357,000 year to June 2002). In addition to the trading losses, a further £267,000 (£388,000 year to June '02) was written off against the costs of developing Withdean Stadium, and the club also spent a further £890,000 (£569,000 year to June '02) on the Falmer planning application and Public Inquiry in the year reported, making a total expenditure of £2.1 million on the new stadium project to June 2003.
The figures clearly demonstrate the problems faced by the club while based at its Withdean temporary home. Although it was playing some of the largest Football League clubs in the country, average attendance was limited to just 6,650 (6,599 in the 2001/02 season), with all home seats being sold at every match.
This tiny increase generated an uplift in gate receipts of just £37,000 over the previous season, when the club was playing in the Second Division. The problems caused by the restricted capacity at Withdean were made worse by dramatic losses in income resulting from the collapse of ITV Digital and the renegotiation of the Football League website deal with Premium TV.
The restricted capacity at Withdean is crippling the club
Central distribution income from the Football League increased as a result of promotion to Division One, but this was more than offset by the loss of royalties from ITV Digital and reduced income from the revised website deal. Overall, despite playing in Division One, turnover dropped in the year by £113,000 to £4.77 million.
In a further development, the club has now been advised by its auditors that it should make provision for a potential Capital Gains tax charge by the Inland Revenue resulting from the sale of the Goldstone Ground.
When the Goldstone Ground was sold in 1996, the residual Capital Gain was liable to tax. The new Board claimed roll-over tax relief to which the club was entitled, setting the costs of developing Withdean against this taxable gain. However, this does not entirely extinguish the tax liability, and the roll-over relief is time-limited.
The delays in resolving the Falmer planning application could mean that the Inland Revenue will demand payment of the Capital Gains Tax. A decision by the Secretary of State against Falmer would almost certainly mean that the tax would have to be paid.
The directors have agreed that it is prudent to make a provision of £347,000 to cover this potential liability. The provision is therefore included in the accounts for the first time.
Albion Chairman Dick Knight said, "The year's figures demonstrate the stark reality of playing at Withdean. We entertained some of the largest clubs in the country in Division One, but we could not get any more people in to see them. Our gates were the same in Division Three. It is a lost opportunity and just shows how damaging this long drawn-out fight for our new stadium is.
"And it is bitterly ironic that even after eight battling years, the sale of the Goldstone Ground could come back to haunt this club._ We will fight on and the message needs to go out to John Prescott; he must be in no doubt that the future of the Albion is in his hands. This club cannot survive indefinitely without our new stadium."
Albion Chief Executive Martin Perry said, "At the Public Inquiry a number of objectors said that we should stay at Withdean. These figures show just how flawed that argument is. We are struggling to increase the capacity there by just 2,000 more seats. To increase the capacity to a level where the club is a viable entity at Withdean is an impossible task.
"Nevertheless I pay tribute to all our staff, both playing and non-playing, for their dedication and commitment and who continue to work in extremely difficult circumstances.
"Finally, we thank our supporters for their unfailing loyalty and support. We simply would not exist without them."
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For f***'s sake Prescott, let us get us out of there...
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for selling goldstone. 
