Full accounts in pdf format :- https://www.carlisleunited.co.uk/siteassets/documents/car816-cufc-1921-accounts-2021.pdf
This is from the club web site. These are the main points of the accounts. The full accounts are yet to appear on the Companies House web site.
https://www.carlisleunited.co.uk/new...accounts-2021/
Full accounts in pdf format :- https://www.carlisleunited.co.uk/siteassets/documents/car816-cufc-1921-accounts-2021.pdf
When a company has a substantial debt that could terminate its existence then the auditors of the accounts ask for a Letter Of Comfort from the creditor. Such letter states that for a specified duration of time the creditor will not ask for repayment of the debt. The usual duration is for one year. Then a year later another similar letter may again be sent etc.
To paraphrase Neville Chamberlain's famous speech from The Cabinet Room of 10 Downing Street in 1939 :- I have to tell you now that no such undertaking has been received, and consequently The Three are at war with Philip Day.
From page 22 of the accounts for year ending 30th June 2021 :-
Material uncertainty related to going concern
We draw attention to note 1.2 in the financial statements, which highlights that at 30 June 2021 an amount of
£2,329,699 was owed to Purepay Retail Limited (‘PRL’). The company has not received confirmation from
PRL that they will not seek repayment of the amounts owed to it for a period of twelve months from the date of
approval of these financial statements, and as a result PRL could seek repayment of the balance. As stated in
note 1.2, the uncertainty around the repayment of the PRL debt indicates that a material uncertainty exists
that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not
modified in respect of this matter.
It won’t be war it’ll be a walkover. Day holds all the cards, dice, balls, skittles bats and clubs and has pocketed the stakes. I’d say the custodians need to go cap in hand to him, but I don’t think they can afford a cap.
It does not detail the payoff Chris Beech got unless it is buried somewhere
Let's assume that Chris Beech and Keith Millen did not accept lump sums, that both let their regular weekly wages be paid to them until the end of their contracts. If this is true we are currently paying 3 managers.
We have 28 full time professional players on proper wages. 5 joined the club on the last day of January. We also have a few 1st and 2nd year professionals on 'living at home with mum & dad' wages. The 28 full time professionals are 5 too many to be optimal.
We have a ground that needs more attention (money) with each passing year in order that the EFL pay 1921 the annual fee. If the EFL regard the ground as sub-standard they can withhold this fee. To join the EFL a club's ground needs to meet EFL standards. But once the club is in the league it cannot be relegated for having a sub-standard ground. But that crucial annual revenue from the EFL can be withheld.
The accounts of the year ending 30th June 2022 will be spectacularly grim unless people's wildest dreams about Henderson and Branthwaite come true. We have to believe that this revenue will never appear or will appear in several years. I can envisage that Manchester United and Henderson will have the sort of common sense necessary. Henderson wants regular top level football but right now but he is number 2 at his club. Here is a common sense sequence of actions that will probably happen. David de Gea now has the first team place but he will be 32 in November. He maybe still has another 2 years at top level. Manchester United could loan Henderson to a Premier club next season and then consider the position at the end of that season. If de Gea's form has slipped then bring back Henderson to take over otherwise Henderson remains on loan. So that keeps everyone happy. Manchester United have all options open, Henderson is getting Premier football and it is only a matter of time before he becomes the number one at Manchester United. Would any ambitious goalkeeper want to leave Manchester United and go to another English club. They would not sell him to the likes of Arsenal, Chelsea, Liverpool or Manchester City. So any transfer to an English club would be a step down.
I think that we are unlikely to get any more money out of a Henderson transfer. As for Branthwaite, the entire Everton defence with him in it does not seem to be worth much money, so I am also sceptical about spectacular sell on money coming from Branthwaite. Of course in any event he may become a 'good club man' who stays at Everton for a long while even if just as a reliable squad player.
So the key people who have Carlisle United's future in their hands should put into any ownership deal 'What if' clauses regarding future transfer income and get on with ownership change now.
Comedy In The Accounts
According to the accounts the value of freehold land and buildings as at 30th June 2021 was :- £8,471,337
The real value of Brunton Park, taking into account that it is categorised as land that has a flood risk and that there is a covenant (sports use only) on it makes its value almost zero. The club would have problems in giving it away.