2021 accounts (published this week, £3.1m loss)

[blutarsky]

  

2 minutes ago, Gnomicide said:

😄

Just be grateful no-one has started a thread on the 2021 accounts (published this week, £3.1m loss).

Most interesting page is 13.
£3.1m loss last year. £3.1m cash currently in reserves to cover losses. 

tl;dr: it needs to happen this year. 

https://bit.ly/3Fhc3AR 

Used bit.ly as original link to the .pdf was 18 lines! 

[Leyrulion]

They've still got 8 million in the bank but that's down from over 12 million. 

I'd be interested to know what on earth brought 935k of festival income in the year end 31st march 21. That's before the livestream right? 

[dotdash79]

2 minutes ago, Leyrulion said:

They've still got 8 million in the bank but that's down from over 12 million. 

I'd be interested to know what on earth brought 935k of festival income in the year end 31st march 21. That's before the livestream right? 

Grants? Broadcast revenue from bbc?

[Hugh Jass]

They did get a government arts grant last year.

[Ozanne]

I don't think it's as drastic as it needs to happen this year. The business still has an overall worth of £3.1m with cash reserves of £8.4m. They had no additional income this year apart from the arts grant and lost circa £3.8m of cash; so given they have had additional events on this year such as 'Live at Worthy Farm' and 'Worthy Pastures' plus further arts funding I would think they would be able to survive another year or so if the festival was cancelled again. They look in a pretty decent position with the bulk of their debt being deferred income which would mostly relate to deferred ticket sales which totals £8.9m (but won't all relate to ticket sales I presume) and overall liquidity is also pretty good.

Obviously if they kept having to cancel festivals for the next several years in a row then eventually they would be in dire straights but currently I'd say they could manage fairly well if the 2022 and probably the 2023 festivals were cancelled; that's not even taking into account the massive amount of people that would most likely be willing to donate to the festival to keep them going and bank financing if they wanted to go that route.

Edited January 7, 2022 by Ozanne

[Ozanne]

I don't think it's as drastic as it needs to happen this year. The business still has an overall worth of £3.1m with cash reserves of £8.4m. They had no additional income this year apart from the arts grant and lost circa £3.8m of cash; so given they have had additional events on this year such as 'Live at Worthy Farm' and 'Worthy Pastures' plus further arts funding I would think they would be able to survive another year or so if the festival was cancelled again. They look in a pretty decent position with the bulk of their debt being deferred income which would mostly relate to deferred ticket sales which totals £8.9m (but won't all relate to ticket sales I presume) and overall liquidity is also pretty good.

Obviously if they kept having to cancel festivals for the next several years in a row then eventually they would be in dire straights but currently I'd say they could manage fairly well if the 2022 and probably the 2023 festivals were cancelled; that's not even taking into account the massive amount of people that would most likely be willing to donate to the festival to keep them going and bank financing if they wanted to go that route.

[efcfanwirral]

17 minutes ago, Ozanne said:

I don't think it's as drastic as it needs to happen this year. The business still has an overall worth of £3.1m with cash reserves of £8.4m. They had no additional income this year apart from the arts grant and lost circa £3.8m of cash; so given they have had additional events on this year such as 'Live at Worthy Farm' and 'Worthy Pastures' plus further arts funding I would think they would be able to survive another year or so if the festival was cancelled again. They look in a pretty decent position with the bulk of their debt being deferred income which would mostly relate to deferred ticket sales which totals £8.9m (but won't all relate to ticket sales I presume) and overall liquidity is also pretty good.

Obviously if they kept having to cancel festivals for the next several years in a row then eventually they would be in dire straights but currently I'd say they could manage fairly well if the 2022 and probably the 2023 festivals were cancelled; that's not even taking into account the massive amount of people that would most likely be willing to donate to the festival to keep them going and bank financing if they wanted to go that route.

Probably a good thing that they can handle another cancellation. Don't ever want to put this in the chances thread due to the positivity but things could be looking a bit dodgy around the time they have to make decisions again. Frank Turner's cancelled, not even postponed, tour for Feb made me wonder and seeing more tours drop to protect people, I'm not sure they'll want to take the risk of putting people at risk. If they were a normal festival I'd say definitely, but the lead time and uncertainty doesn't fill me with confidence 

[Supernintendo Chalmers]

Cinch presents Glastonbury Festival 2022

[Ozanne]

5 minutes ago, efcfanwirral said:

Probably a good thing that they can handle another cancellation. Don't ever want to put this in the chances thread due to the positivity but things could be looking a bit dodgy around the time they have to make decisions again. Frank Turner's cancelled, not even postponed, tour for Feb made me wonder and seeing more tours drop to protect people, I'm not sure they'll want to take the risk of putting people at risk. If they were a normal festival I'd say definitely, but the lead time and uncertainty doesn't fill me with confidence 

£70k people are still attending football matches in England this weekend, GFL will be able to have several thousand on site end of March to start building.

[stuartbert two hats]

1 hour ago, Ozanne said:

£70k people are still attending football matches in England this weekend, GFL will be able to have several thousand on site end of March to start building.

And it's not as if the workers are going to be backed in close to each other indoors. It's more COVID safe building Glastonbury than working from home and popping out for a butty every day.

[The other Bellboy]

I can't get to the report, but using simple maths, does this mean that it cost around 4 million for the preparations that were done before the plug was pulled on the 2020 festival? I know simple maths isn't really suitable for working this out, so if anyone can post an easy link to the accounts, that would be greatly appreciated - cheers. 

[Ozanne]

3 minutes ago, The other Bellboy said:

I can't get to the report, but using simple maths, does this mean that it cost around 4 million for the preparations that were done before the plug was pulled on the 2020 festival? I know simple maths isn't really suitable for working this out, so if anyone can post an easy link to the accounts, that would be greatly appreciated - cheers. 

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

2nd document from the top. 

[blutarsky]

4 hours ago, The other Bellboy said:

I can't get to the report, but using simple maths, does this mean that it cost around 4 million for the preparations that were done before the plug was pulled on the 2020 festival? I know simple maths isn't really suitable for working this out, so if anyone can post an easy link to the accounts, that would be greatly appreciated - cheers. 

Link in OP is straight to the documents 

[Ozanne]

6 hours ago, blutarsky said:

Link in OP is straight to the documents 

That link didn’t work for me mate. 

[chuckles07]

Fascinating stuff isn’t it. I am intrigued in the split between cost of sales and admin expenses. Reported in 2020 accounts for the 2019 festival, £45m income, £18m cost of sales and £28m administrative expenses. Total salaries for company employees are £1.2m. Wonder how they breakdown those cost buckets. Any accountants out there with insight?

 

Edit:

Been thinking about this - is the £18m cost of sales the fees to artists? If so how do you so,it by stage?  The £28m is the cost of setting and up and showing?

Edited January 9, 2022 by chuckles07