OUFC Accounts year end June 2012 published
The accounts have been filed at companies house for OUFC. In the accounts it was declared that Kelvin Thomas resigned on the 20th September 2012 and Jim Rosenthal resigned on the 10th September 2012.
The club lost over 1 million in the year mainly due to higher player related costs. This loss was mainly to cover a terrible sequence of injuries to key players.
Woodstock Partners Ltd increased their loan to OUFC by over 1.2m to over 4.5m in total but did not charge any Interest. The turnover of the club remained similar to previous year of 3.2m
Chairman Ian Lenagan said in the Directors' Report
'In financial terms the Club lost over £1million in the year. Turnover remained consistent with previous years but the cost base increased considerably primarily as a result of significantly higher player costs. The costs increased even more than anticipated at the outset of the season as due to a sequence of pre-season and in-season injuries to key players plus the need to bolster the squad during the season in the bid to reach the play-offs.
'The Club has now amalgamated the Youth Development Department into the Club consistent with our return to the Football League. Previously the Youth section was a separately run organisation but it has now been fully integrated back into the Club and the contribution from the Club during the year of £150k has been included within administration costs. The Board is happy to make this investment in the future of the playing squad and believe that our policy towards the development of young players is the correct one for the long term future of the Club.
'Despite these significant losses, the Board has supported the Club through a challenging year with Woodstock Partners Limited funding the losses incurred during the period. The Board expects the challenges of 2012 to continue for 2013 but as a result of the investments made into the playing squad, youth development and more recently into sports science and performance analytics we are confident that the Club is going in the right direction and that the investments being made will ultimately lead to success.'