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Will the 2021 festival go ahead?


JoeyT
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Glastonbury 2021   

434 members have voted

  1. 1. Following the Oxford Vaccine news will it go ahead?

    • Yes - I 100% believe
      43
    • Yes - I think so but not close to 100%. Need to see how the roll out progresses.
      158
    • Maybe - I'm 50/50
      87
    • Unlikely - Even with the latest news I think it's unlikely to take place
      79
    • No - The vaccine news is great but I can't see 200k people being allowed at Worthy Farm in June.
      67


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16 minutes ago, bamber said:

Thank you. That is a lot of people. Right now, a figuratively unimaginable number of people.

I always post a vid if I can.

Fine tune!

 

What an incredible day that was. After the torrential rain Friday to sitting under the Pyramid Tree to get some shade. Man alive I love that place. 

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12 minutes ago, Supernintendo Chalmers said:

I wonder how much the insurance payout would be on a cancelled Glastonbury? I'd imagine it increases the closer to June it gets? Either way, a serious wedge.

No idea.  According to the below it costs 40 million to put on, but how much of that insurance would pay out on, how much they can claim back\avoid paying is anyone's guess.  Also I suspect they have depleted any reserves they did have which are alos mentioned in the article.

https://www.bbc.co.uk/news/business-48750501

16 minutes ago, Quark said:

No place for that here. Give me overstated absolutes or give me death.

Cake for me please

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2 minutes ago, ShakeyCrash said:

No idea.  According to the below it costs 40 million to put on, but how much of that insurance would pay out on, how much they can claim back\avoid paying is anyone's guess.  Also I suspect they have depleted any reserves they did have which are alos mentioned in the article.

https://www.bbc.co.uk/news/business-48750501

Cake for me please

GFL finances are stretched to the limit. They are not alone. The whole Entertainment/Night-time/Hospitality etc. sector is fucked. We have no idea how this plays out. No one does.

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25 minutes ago, ShakeyCrash said:

Also I suspect they have depleted any reserves they did have which are alos mentioned in the article.

Their year end accounts for 31st March 2020 showed they had 11 million in cash reserves. 

I would guess that any cost from the cancellation would have been pushed into the 20-21 financial year but their situation doesn't on the surface appear to be financially dire. They could probably comfortable weather another cancellation.

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1 hour ago, Leyrulion said:

Their year end accounts for 31st March 2020 showed they had 11 million in cash reserves. 

I would guess that any cost from the cancellation would have been pushed into the 20-21 financial year but their situation doesn't on the surface appear to be financially dire. They could probably comfortable weather another cancellation.

Less comfortably the longer they leave it, presumably. January must be when they start to lock in contracts for June. I suspect they have a pretty solid idea of how it's looking at this point. From Emily's BBC interview, I got the impression that asking for government support was the make or break to the festival happening this year. Given the government have not been forthcoming, I'd say the writing is on the wall.

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1 hour ago, Leyrulion said:

Their year end accounts for 31st March 2020 showed they had 11 million in cash reserves. 

I would guess that any cost from the cancellation would have been pushed into the 20-21 financial year but their situation doesn't on the surface appear to be financially dire. They could probably comfortable weather another cancellation.

130,000x £50 ticket deposits is half of that cash though surely, once you take that out, and a few other costs here and there it doesn’t go far on an event of this scale. 

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37 minutes ago, Old_Johno said:

130,000x £50 ticket deposits is half of that cash though surely, once you take that out, and a few other costs here and there it doesn’t go far on an event of this scale. 

I'm not 100% on this, but I don't think that the deposits hit the balance sheet until Seetickets release them to the festival - ie after it takes place.

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41 minutes ago, Old_Johno said:

130,000x £50 ticket deposits is half of that cash though surely, once you take that out, and a few other costs here and there it doesn’t go far on an event of this scale. 

 

1 minute ago, incident said:

I'm not 100% on this, but I don't think that the deposits hit the balance sheet until Seetickets release them to the festival - ie after it takes place.

What @incident said. 

The money from ticket deposits is on top of that 11 million, it doesn't appear in the accounts as it's for the 2020 festival. People have speculated before that it's held on an account by see tickets so they can't just access it to cover day to day spending. It would definitely be treated as a reserved fund

The 11 million I think is cash reserves with the tickets gives them about £18 million.

I'm also definitely not an accountant so if anyone with more professional qualifications wants to take a look please go ahead! 

https://find-and-update.company-information.service.gov.uk/company/04348175

 

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12 minutes ago, Leyrulion said:

 

What @incident said. 

The money from ticket deposits is on top of that 11 million, it doesn't appear in the accounts as it's for the 2020 festival. People have speculated before that it's held on an account by see tickets so they can't just access it to cover day to day spending. It would definitely be treated as a reserved fund

The 11 million I think is cash reserves with the tickets gives them about £18 million.

I'm also definitely not an accountant so if anyone with more professional qualifications wants to take a look please go ahead! 

https://find-and-update.company-information.service.gov.uk/company/04348175

 

Makes sense, I’d assumed the money was made available for paying for stuff in advance 

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