Your chance to ask questions
Darlington FC has today released draft 2019/20 accounts to shareholders and owners -- and is inviting you to an online fans' forum.
As a fan owned club we are committed to keeping our supporter-owners fully informed on the club’s financial position. The full accounts and report are available to download for DFCSG owners from the document section of supporters' YourClub accounts: https://yourclub.darlingtonfc.co.uk/
There will be an online fans forum covering the results, an update on current trading, the impact of the recent null and void decision plus discussion on footballing matters to be held at 7pm this Wednesday evening, 24th February. David Johnston, Alun Armstrong, Will Hatfield plus the Board will be available for questions.
To sign up for the online forum please register in advance here: https://us02web.zoom.us/webinar/register/WN_9Yt7b57mQ_OanSDmPIenRg
Fans will be able to ask questions during the forum. You can also submit questions in advance – email: email@example.com
An abbreviated summary of our 2019/20 results:
2019/20 was a year of positive progress despite the pandemic curtailing our season in mid-March. On the pitch under Alun Armstrong’s management, we improved our league position, reached the FA Cup 1st round for the first time under fan ownership and increased our average home attendance.
Off the field we controlled our costs with football spend broadly similar to the prior year despite having three long term injuries across the majority of the season. This cost control alongside increased revenues saw us record an operating profit for the first time since 2013/14.
The small operating profit alongside continued investment from our supporter-owners via Boost The Budget and David Johnston’s equity purchase strengthened our balance sheet with a significant improvement in our net cash / external debt ratio. Additional progress on this front is required to further strengthen the club’s financial position. The debts incurred in 2016-18 period whilst developing Blackwell Meadows and when the forecast revenue uplift from a return to Darlington did not occur will take some time to work through.
The COVID-19 pandemic in the final quarter of the year presented significant challenges for the club. The support of our supporter-owners was central to providing financial stability at an incredibly challenging time, alongside central and local government support. We are also grateful to Darlington Rugby Club as we worked closely with them to vary our licence fee payments during the lockdown period.
A more detailed analysis of our 2019/20 financial results and full accounts are available to download for DFCSG owners from the document section of supporter’s YourClub accounts here: https://yourclub.darlingtonfc.co.uk/
Update on the current financial year
In the first half of the current financial year we continued our positive financial performance (up to the end of 2020) with exceptional income from our FA Cup run strengthening our balance sheet and the National Lottery grants going some way towards covering our operational losses whilst playing behind closed doors.
The lack of continued grant funding made the start of the second half of the financial year more challenging albeit one that we had anticipated as a potential scenario in our forward planning. The recent decision to null and void the season will significantly reduce our costs over the rest of the financial year. We have made an application to the Winter Survival fund and will review the terms attached to any loan and/or grant offer if one is forthcoming.
Finally we look forward to when we can welcome all our fantastic supporters back to Blackwell Meadows safely and in the meantime thank you for your continued support.