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Profound thanks to Niall who passed on to me



(I tried copying tables/really doesnt work well. But get the gist from the accounts)







First the QPR Official Site Statement QPR REDUCE LOSSES 2nd March 2015



Queens Park Rangers post a loss for the year ending May 2014 of £9.8m …



QPR have filed its account for the year ending May 2014

Club posted a loss of £9.8m for the year

Expenditure was reduced by £22m

Shareholders write off £60m of shareholder loans

QPR filed its accounts for the year ending May 2014 showing the club posted a loss for the year of £9.8m. Expenditure was reduced by £22m mainly driven by lower player costs and this trend will continue in future years as the club will continue to bring losses down. In addition the club’s shareholders reiterated their long term support for the club by strengthening the club’s balance sheet by writing off £60m of shareholder loans.



The club’s shareholders and directors are of the opinion that the club is moving in the right direction and on track with its mid-term and long-term business plans. The impact of relegation and promotion inevitably has a material impact on the short-term financial results of clubs but the shareholders are comfortable that the medium-term outlook is positive with Premier League revenues growing and the club’s costs continuing to fall.

www.qpr.co.uk/news/article/qpr-accounts-may-2014-shareholders-loans-2306179.aspx#f3zJD0LZqssH0h72.99







QPR Holdings Limited



Financial statements



Year ended 31 May 2014







Year ended 31 May 2014



Principal activities



The principal activity of the Group is that of a professional football club, with related commercial activities.



Business Review



The results for the year are summarised below:



• Group tumover was E38.7m, which was lower than in the previous year (E60.6m) being primarily due to QPR playing in the Championship rather than the Premier League;



• Total ticketing revenue at E5.6m, was significantly lower than in the prior year (E8.3m), as a result of relegation to the Championship, this represented an average of E223,OOO per home Championship match, compared with



E410,OOO per home Premier League match in 2012/13;



• Group operating losses were E9.8m, reflecting the continuing investment in the playing squad;



• At the balance sheet date the Group had bank reserves of E5.5m, an increase of El .9m on the prior year.



• At the balance sheet date the Group's deficit position was El 32.6m, compared with a E 127.8 million deficit in the prior year. This is principally supported through financing obtained via shareholder loans.



The Club views on-pitch performance as a key measure of success and during the year under review, QPR succeeded in its aim to gain promotion back to the Premier League. A critical driver of any club's value is its presence in the Premier League, and the Club is pleased to have regained its Premier League status as quickly as possible. The financial results reflect the Club's focus on trying to achieve on-pitch success.



Cash flow and treasury



Net cash outflow from operations amounted to E65.5m as compared to E44.4 million for the previous year.



The Group paid E9.Om (2013: E41.1m) to acquire additional players during the year. The Group received E57.4m (2013: E72.7m) in shareholder financing during the year and in addition secured a bank loan of E27rn. The Group paid out E270,OOO (2013: EIOO,OOO) in relation to interest during the year.



Net debt as at 31 May 2014 has increased to El 79.6m (2013: E 177.1m).



Risks and uncertainties



There are a number of potential risks and uncertainties that could have a material impact on the Group's long terrn performance. These risks and uncertainties are monitored by the Board on a regular basis and the Board remains



confident that the Group has sufficient financial backing to manage these issues.



Football



The Group's income will always be directly affected by the perforrnance of the first team and the Club's league status.



The level of attendance may be influenced by factors such as the success of the team, ticket prices, broadcast coverage and the general economic climate.



The performance of the playing squad, as well as the football management staff, is hugely important to the Group, which maintains its strategy of trying to retain the highest quality playing and management staff. The Group operates in a highly competitive rnarket for talent and the market rates for transfers and wages is, to a varying degree, dictated by competitors and the Group recognises the significance of this in relation to the desire to maintain the strength of the first team.



The Club is regulated by the rules of the various governing bodies and any change to these rules could have an impact on the Group. The Group monitors its compliance with all applicable rules and considers the impact of any changes.



Commercial



The Group derives income from sponsorship and other commercial arrangements.



Broadcasting and certain other revenues are derived from contracts that are currently centrally negotiated by the Premier League; the Group does not have any influence on the outcome of the relevant contract negotiations.



Post Balance Sheet Events



The details of these are included in note 25 to the financial statements.





Year ended 31 May 2014



Future Developments



Having being promoted back to the Premier League at the end of the 2013/14 season, the Group's key short-term objective is to retain its Premier League status. The Board believe that some restructuring of the playing squad is required in order to achieve this, however they are conscious of the need for expenditure to be closely monitored and controlled.



Going Concern



The group's business activities, together with the factors likely to affect its future development and performance are set out above. The financial position of the group, its cash flows, liquidity position and borrowings are described in



these financial statements.



The directors, based on cash flow projections prepared by management and through confirmation of conbnuing support from the groups' main shareholders and creditors, have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.



Financial risk management objectives and policies



Financial instruments are used for financing purposes only. It is company policy not to trade in financial instruments.



The board of directors sets out the financial risk management policies that are implemented by the finance department. The Board considers that financial risks do not pose a major threat to the company.



Tony Femandes



Chairman



Approved by the directors on 28 November 2014 QPR REDUCE LOSSES 2nd March 2015Queens Park Rangers post a loss for the year ending May 2014 of £9.8m …QPR have filed its account for the year ending May 2014Club posted a loss of £9.8m for the yearExpenditure was reduced by £22mShareholders write off £60m of shareholder loansQPR filed its accounts for the year ending May 2014 showing the club posted a loss for the year of £9.8m. Expenditure was reduced by £22m mainly driven by lower player costs and this trend will continue in future years as the club will continue to bring losses down. In addition the club’s shareholders reiterated their long term support for the club by strengthening the club’s balance sheet by writing off £60m of shareholder loans.The club’s shareholders and directors are of the opinion that the club is moving in the right direction and on track with its mid-term and long-term business plans. The impact of relegation and promotion inevitably has a material impact on the short-term financial results of clubs but the shareholders are comfortable that the medium-term outlook is positive with Premier League revenues growing and the club’s costs continuing to fall.Year ended 31 May 2014Year ended 31 May 2014Principal activitiesThe principal activity of the Group is that of a professional football club, with related commercial activities.Business ReviewThe results for the year are summarised below:• Group tumover was E38.7m, which was lower than in the previous year (E60.6m) being primarily due to QPR playing in the Championship rather than the Premier League;• Total ticketing revenue at E5.6m, was significantly lower than in the prior year (E8.3m), as a result of relegation to the Championship, this represented an average of E223,OOO per home Championship match, compared withE410,OOO per home Premier League match in 2012/13;• Group operating losses were E9.8m, reflecting the continuing investment in the playing squad;• At the balance sheet date the Group had bank reserves of E5.5m, an increase of El .9m on the prior year.• At the balance sheet date the Group's deficit position was El 32.6m, compared with a E 127.8 million deficit in the prior year. This is principally supported through financing obtained via shareholder loans.The Club views on-pitch performance as a key measure of success and during the year under review, QPR succeeded in its aim to gain promotion back to the Premier League. A critical driver of any club's value is its presence in the Premier League, and the Club is pleased to have regained its Premier League status as quickly as possible. The financial results reflect the Club's focus on trying to achieve on-pitch success.Cash flow and treasuryNet cash outflow from operations amounted to E65.5m as compared to E44.4 million for the previous year.The Group paid E9.Om (2013: E41.1m) to acquire additional players during the year. The Group received E57.4m (2013: E72.7m) in shareholder financing during the year and in addition secured a bank loan of E27rn. The Group paid out E270,OOO (2013: EIOO,OOO) in relation to interest during the year.Net debt as at 31 May 2014 has increased to El 79.6m (2013: E 177.1m).Risks and uncertaintiesThere are a number of potential risks and uncertainties that could have a material impact on the Group's long terrn performance. These risks and uncertainties are monitored by the Board on a regular basis and the Board remainsconfident that the Group has sufficient financial backing to manage these issues.FootballThe Group's income will always be directly affected by the perforrnance of the first team and the Club's league status.The level of attendance may be influenced by factors such as the success of the team, ticket prices, broadcast coverage and the general economic climate.The performance of the playing squad, as well as the football management staff, is hugely important to the Group, which maintains its strategy of trying to retain the highest quality playing and management staff. The Group operates in a highly competitive rnarket for talent and the market rates for transfers and wages is, to a varying degree, dictated by competitors and the Group recognises the significance of this in relation to the desire to maintain the strength of the first team.The Club is regulated by the rules of the various governing bodies and any change to these rules could have an impact on the Group. The Group monitors its compliance with all applicable rules and considers the impact of any changes.CommercialThe Group derives income from sponsorship and other commercial arrangements.Broadcasting and certain other revenues are derived from contracts that are currently centrally negotiated by the Premier League; the Group does not have any influence on the outcome of the relevant contract negotiations.Post Balance Sheet EventsThe details of these are included in note 25 to the financial statements.Year ended 31 May 2014Future DevelopmentsHaving being promoted back to the Premier League at the end of the 2013/14 season, the Group's key short-term objective is to retain its Premier League status. The Board believe that some restructuring of the playing squad is required in order to achieve this, however they are conscious of the need for expenditure to be closely monitored and controlled.Going ConcernThe group's business activities, together with the factors likely to affect its future development and performance are set out above. The financial position of the group, its cash flows, liquidity position and borrowings are described inthese financial statements.The directors, based on cash flow projections prepared by management and through confirmation of conbnuing support from the groups' main shareholders and creditors, have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.Financial risk management objectives and policiesFinancial instruments are used for financing purposes only. It is company policy not to trade in financial instruments.The board of directors sets out the financial risk management policies that are implemented by the finance department. The Board considers that financial risks do not pose a major threat to the company.Tony FemandesChairmanApproved by the directors on 28 November 2014

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Directors' report



Year ended 31 May 2014



The directors have pleasure in presenting their report and the audited financial statements of the group for the year ended 31 May 2014.



Results and dividends



The toss for the year amounted to E9.8m (2013: E65.4m). The directors have not recommended a dividend.



Directors



The directors who served the company during the year were as follows:



Mr A Bhatia



Mr T Femandes



Mr K Meranun Mr S Maheshwari



Strategic Report



The business review and risk management policy are located in the strategic report.



Auditor



Chantrey Vellacott DFK LLP are deemed to be re-appointed under section 487(2) of the Companies Act 2006.



Insofar as the directors are aware:



there is no relevant audit information of which the group's auditor is unaware; and



the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.



Signed on behalf of the directors



Tony Femandes



Chairman



Approved by the directors on 28 November 2014

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Statement of directors' responsibilities



Year ended 31 May 2014



Directors' responsibilities



The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.



Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that year.



In preparing those financial statements, the directors are required to:



select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent;



state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;



prepare the financial statements on the going concem basis unless it is inappropriate to presume that the group will continue in business.



The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and companys transactions and disclose with reasonable accuracy at any time the financial position of the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Independent auditor's report to the shareholders of QPR Holdings Limited



Year ended 31 May 2014



We have audited the group and parent company financial statements of QPR Holdings Limited for the year ended



31 May 2014 which comprise the group profit and loss account, group and parent company balance sheets, group cash flow statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).



This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company s members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.



Respective responsibilities of directors and auditors



As explained more fully in the Directors' Responsibilities Statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a tme and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and Intematiönal Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.



Scope of the audit of the financial statements



An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition,



we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.



Opinion on financial statements



In our opinion the financial statements: give a true and fair view of the state of the group's and the parent company's affairs as at 31 May 2014 and of the group's loss for the year then ended;



• have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice;



and



• have been prepared in accordance with the requirements of the Companies Act 2006.



Opinion on other matter prescribed by the Companies Act 2006



In our opinion the information given in the chairman's' statement, strategic report and directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements.



Matters on which we are required to report by exception



We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:



• adequate accounting records have not been kept by the parent company, or retums adequate for our audit have not been received from branches not visited by us; or



• the parent company financial statements are not in agreement with the accounting records and retums; or



• certain disclosures of directors' remuneration specified by law are not made; or



• we have not received all the information and explanations we require for our audit.



c.h4M45



MARK STEVENS (Senior Statutory Auditor) for and on behalf of CHANTREY VELLACOTT DFK LLP



Chartered Accountants and Statutory Auditor



London



28 November 2014



7

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Profit and loss account



Year ended 31 May 2014



Turnover



Cost of sales



Gross loss



Administrative expenses



Operating loss



Exceptional Item



(Loss)/profit on disposal of player registrations



Interest receivable Interest payable and similar charges



Loss on ordinary activities before taxation



Taxation on loss on ordinary activities



Loss for the financial year



All ofthe activities of the group are classed as continuing.



Note



2



4



3



7



8



9



2014 EOOO



38,692



95,380 (56,688)



(8,574)



(65,262)



60,000



(4,245) (9,507)



(270)



(9,777)



(9,777)



2013 EOOO



60,618



114,637



(54,019)



(11 ,696)



(65,715)



433 (65,282)



1



(100)



(65,381)



(65,381)



The company has taken advantage of section 408 of the Companies Act 2006 not to publish its own profit and loss

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Tangible assets



Current assets



Stocks



Debtors



Cash at bank



Creditors: amounts falling due within one year



Net current liabilities



Total assets less current liabilities



Creditors: amounts falling due after more than one year



Capital and reserves



Called up equity share capital



Share premium account



Revaluation reserve



Profit and loss account



Deficit



Note



11 12



13 14



15



16



20



21



21



21



22



2014



EOOO



23,751 23,937



47,688



465



18,683



5,517 24,665



(63,487)



(38,822)



8,866



(141,451)



(132,585)



36,000



7,617 7,981 (184,183)



(132,585)



2013 2000



46,244



21 ,814



68,058



657



6,793



3,606



11 ,056 (131 ,800)



(120,744)



(52,686)



(75,122)



(127 ,808)



31 ,ooo



7,617 7,981



(174,406) (127,808)



These financial statements were approved by the directors and authorised for issue on 28 November 2014, and are signed on their behalf by:

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Fixed assets Tangible assets Investments



Current assets



Stocks



Debtors



Cash at bank



Creditors: arnounts falling due within one year



Net current liabilities



Total assets less current liabilities



Creditors: amounts falling due after more than one year



Capital and reserves Called up equity share capital



Share premium account



Revaluation reserve



Profit and loss account



Deficit



Note



12



23



13 14



15



16



20 21



21



21



2014



E000



23,937



5,520



29,457



465 21 ,361 4,447



26,273



(54,347)



(28,074)



1,383



(139,542) (138,159)



36,000



7,617 7,981



(189,757)



(138,159)



2013



21 ,814



5,520



27,334



657 29,701 587



30,945 (118,317)



(87,372)



(60,038)



(72,650)



(132,688)



31 ,ooo 7,617 7,981



(179,286)



(132,688)



These financial statements were approved by the directors and authorised for issue on 28 November 2014, and are signed on their behalf by:

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1.



Accounting policies



Basis of accounting



The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets and in accordance with applicable United Kingdom accounting standards.



Basis of consolidation



The consolidated financial statements incorporate the financial statements of the company and its subsidiary undertaking. The subsidiary financial statements are adjusted, where appropriate, to conform to group



accounting policies.



Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over five years from the year of acquisition. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively.



As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.



Going Concern



The directors, based on cash flow projections prepared by management and through confirrnation of continuing support from the group's main shareholders and creditors, have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.



Turnover



Tumover represents match receipts, sponsorship and other income associated with the continuing principal activity of running a professional football club and excludes Value Added Tax.



Fixed assets



All fixed assets are initially recorded at cost, however the stadium has been revalued.



Depreciation



Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:



Freehold Buildings — 10 to 50 years straight line



Plant & Machinery — 5 years straight line Fixtures & Fittings — 5 years straight line



Freehold land and assets under construction are not depreciated.



Stocks



Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.



Operating lease agreements



Operating lease rentals are charged to the profit and loss account on a straight-line basis over the period of the lease



Deferred taxation



Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.



Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognised to the extent that it is regarded more likely than not



that they will be recovered.



Investments



Investments in subsidiary undertakings are stated at cost less provision for permanent impairment, if any.\

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Fees payable to other clubs on the transfer of player registrations with associated costs are capitalised as intangible assets and are written off over the period of the relevant player's contract tern-I. Payments or



receipts that are contingent on future events are accounted for in the period that the events crystallising such payments or receipts have taken place.



Player signing-on fees



Signing-on fees are charged to the profit and loss account in the accounting period in which they become payable.



Foreign currency transactions



Where payments are made or received in a foreign currency, they are recorded at their sterling equivalent at



2.



3. 4.



the date of the transaction with all exchange differences being reflected in the loss for the year.



Turnover



The tumover and loss before tax are attributable to the one principal activity of the group.



2013



EOOO



60.618



2013



EOOO



8,309



5,055



42,729



3,640



257



628



60,618



2013 E000



17,111 I ,044



320



25



10



3



An analysis of turnover is given below:



United Kingdom



Gate Receipts



Sponsorship & Advertising Broadcasting Rights



Commercial Income IJEFA Solidarity



Other Income



Exceptional Item



The Exceptional Item is historic loans that the shareholders have agreed to write-off.



Operating loss



Operating loss is stated after charging:



Amortisation of intangible assets



Depreciation of owned fixed assets



Operating lease rentals on land and buildings



Auditors remuneration



- as auditor for current year



- accountancy



- taxation advice



13



2014



EOOO



38,692



2014 E000



5,636



1 ,094



28,062



3,376



524



38,692



2014



EOOO



16,596



1 ,285 280



25 20 3

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Year ended 31 May 2014



5.



6.



7.



8.



Particulars of employees



The average number of staff, including executive directors, employed by the group during the financial year can be analysed as follows:



Number of administrative staff Players, managers, coaches and support staff



Commercial, marketing and retail staff Stadium and maintenance staff



The aggregate payroll costs of the above were:



Wages and salaries



Social security costs



Directors' remuneration



No remuneration was paid to directors during the year (2013: ENil)



(Loss)/profit on disposal of player registrations



(Loss)/profit on disposal of player registrations



Interest payable and similar charges



Bank Interest



14



2014



No



30



112 19



8



169



2014 EOOO



66,409



8,978



75,387



2014



EOOO



(4,245)



2014



E000



270



2013 No



30 107



18 9



164



2013



68.031 9,976



78,007

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A potential deferred tax asset exists at the balance sheet date in respect of tax losses carried forvvard. This has not been recognised in the financial statements as there is insufficient evidence that the asset will be recoverable within the meaning of Financial Reporting Standard No 19 Deferred Tax.



Tax losses carried forward at the balance sheet date were 2209m (2013: E199m).



Loss attributable to members of the parent company



The loss dealt with in the financial statements of the parent company was (2013:



Intangible fixed assets



Cost



At 1 June 2013



Additions Disposals



At 31 May 2014



Amortisation



At 1 June 2013



Charge for the year On disposals



At 31 May 2014



Net book value At 31 May 2014



At 31 May 2013



15



Player Registrations



EOOO



69,916



9,008



(22, 540)



56,384



23,672 16,596



(7,635)



32,633



23,751



46,244

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Bank loan



Trade creditors Other creditors



2014 EOOO



19,000



1,910



120,542



141 ,452



The bank loan of along with the short term borrowings shown in note 15, are secured by a charge on Loftus Road Stadium.



Included within long term creditors are:



El 15,277,000 of loans from Tune QPR Sdn. Bhd, which carry zero interest and are repayable on 22 June



2014 (€911 ,000), 27 June 2014 (E500,OOO), 19 July 2014 26 September 2014



19 October 2014 21 November 2014 28 December 2014 31



January 2015 (El 2 February 2015 20 February 2015 16 May 2015 18 July 2017 20 August 2015 5 September 2015



18 October 2015 19 November 2015 17 December 2015 16 January



2016 12 February 2016



of loans from Sea Dream Limited, which carry zero interest and are repayable on 19 October 2014 (El ,931 ,000), 21 November 2014 (El 28 December 2014 (El



Commitments



As at the 31 May 2014, the Club was committed to paying signing on fees in respect of players of (2013: E6,051 ,000).



In addition the Club was committed to paying E340,OOO (2013: E280,OOO) per annum under a non-cancelable operating lease in relation to land & buildings.



Related party transactions



During the year, loans were provided to the company by Tune QPR Sdn. Bhd. A shareholder of the company. Details of these loans are shown in creditors.



In addition during the year E60m (2013: ENiI) of shareholder loans have been waived of which 26.6m has been waived by Sea Dream Limited with the balance being waived by Tune QPR Sdn Bhd..



During the year the Company donated El 05,000 to QPR in the Community Trust. Include within creditors is 22,000 owed by the Company to the Trust at the balance sheet date.



During the year AirAsia sponsored the Club's playing shirts. Both Tony Fernandes and Kamarudin Meranun hold an interest in AirAsia.



During the year the company spent (2013: ENil) on behalf of Rangers Developments Limited, an entity under common control. This amount is still owed to the company at the balance sheet date.



In accordance with the exemption permitted by Financial Reporting Standard 8 "Related Party Disclosures", transactions with other group undertakings have not been disclosed in these financial statements.

Macmoish

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Administrator The QPR Accounts... (March 2015) Quote Select Post

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Member Back to Top Post by Macmoish on And summarized far better than I could...





Niall @nrogers959 · 16m 16 minutes ago

@nrogers959 follows you





Niall @nrogers959 · 3m 3 minutes ago



Of the £60m written off only £6.6m came from the Mittals (1/3 shareholders) the remainder from Tune group. #QPR

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Niall @nrogers959 · 6m 6 minutes ago



#QPR is now £205m in debt. That is with £60m of debt written off. In 2011 we owed £40m and have spent 2 years in the Prem since then.







Niall @nrogers959 · 11m 11 minutes ago



#QPR loss on player transactions of £4m is strange as Samba sold for £12m during the financial year. His purchase was in previous year.

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Niall @nrogers959 · 12m 12 minutes ago



#QPR managed to increase staff by 5 when relegated. So much for cost saving. Also a £4m loss on player transactions.

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Niall @nrogers959 · 16m 16 minutes ago



If this works it creates a massive loophole in the rules and begs the question why they did not put through more to avoid any fine. #QPR

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Can't see how the £60m can be seen as anything other than director/ owner finding. This is not taken into account for FFP. #QPR

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Niall @nrogers959 · 22m 22 minutes ago



#QPR accounts show wages decreased by only £2m in the championship and true losses close to £70m before exceptional items.

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Niall @nrogers959 · 23m 23 minutes ago



So #QPR accounts make for a fun read. £60m put through P&L as an exceptional item. Can't see how the FL will accept this for FFP.

Macmoish

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Administrator The QPR Accounts... (March 2015) Quote Select Post

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PUBLISHED



12:30 2nd March 2015 QPR Reduces Losses



by @qprfc



Queens Park Rangers post a loss for the year ending May 2014 of £9.8m …



QPR have filed its account for the year ending May 2014

Club posted a loss of £9.8m for the year

Expenditure was reduced by £22m

Shareholders write off £60m of shareholder loans



QPR filed its accounts for the year ending May 2014 showing the club posted a loss for the year of £9.8m. Expenditure was reduced by £22m mainly driven by lower player costs and this trend will continue in future years as the club will continue to bring losses down. In addition the club’s shareholders reiterated their long term support for the club by strengthening the club’s balance sheet by writing off £60m of shareholder loans.



The club’s shareholders and directors are of the opinion that the club is moving in the right direction and on track with its mid-term and long-term business plans. The impact of relegation and promotion inevitably has a material impact on the short-term financial results of clubs but the shareholders are comfortable that the medium-term outlook is positive with Premier League revenues growing and the club’s costs continuing to fall.





R www.qpr.co.uk/news/article/qpr-accounts-may-2014-shareholders-loans-2306179.aspx#QVB4zmaAQJiGidjz.99

www.qpr.co.uk/news/article/qpr-accounts-may-2014-shareholders-loans-2306179.aspx And reminder of the QPR Announcement last weekPUBLISHED12:30 2nd March 2015 QPR Reduces Lossesby @qprfcQueens Park Rangers post a loss for the year ending May 2014 of £9.8m …QPR have filed its account for the year ending May 2014Club posted a loss of £9.8m for the yearExpenditure was reduced by £22mShareholders write off £60m of shareholder loansQPR filed its accounts for the year ending May 2014 showing the club posted a loss for the year of £9.8m. Expenditure was reduced by £22m mainly driven by lower player costs and this trend will continue in future years as the club will continue to bring losses down. In addition the club’s shareholders reiterated their long term support for the club by strengthening the club’s balance sheet by writing off £60m of shareholder loans.The club’s shareholders and directors are of the opinion that the club is moving in the right direction and on track with its mid-term and long-term business plans. The impact of relegation and promotion inevitably has a material impact on the short-term financial results of clubs but the shareholders are comfortable that the medium-term outlook is positive with Premier League revenues growing and the club’s costs continuing to fall.

eusebio13

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Terry Venables The QPR Accounts... (March 2015) Quote Select Post

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Niall @nrogers959 · 16m 16 minutes ago

@nrogers959 follows you





Niall @nrogers959 · 3m 3 minutes ago



Of the £60m written off only £6.6m came from the Mittals (1/3 shareholders) the remainder from Tune group. #QPR

0 replies 1 retweet 0 favorites

Niall @nrogers959 · 6m 6 minutes ago



#QPR is now £205m in debt. That is with £60m of debt written off. In 2011 we owed £40m and have spent 2 years in the Prem since then.







Niall @nrogers959 · 11m 11 minutes ago



#QPR loss on player transactions of £4m is strange as Samba sold for £12m during the financial year. His purchase was in previous year.

0 replies 1 retweet 0 favorites

Niall @nrogers959 · 12m 12 minutes ago



#QPR managed to increase staff by 5 when relegated. So much for cost saving. Also a £4m loss on player transactions.

0 replies 2 retweets 0 favorites

Niall @nrogers959 · 16m 16 minutes ago



If this works it creates a massive loophole in the rules and begs the question why they did not put through more to avoid any fine. #QPR

0 replies 1 retweet 0 favorites





Can't see how the £60m can be seen as anything other than director/ owner finding. This is not taken into account for FFP. #QPR

0 replies 2 retweets 0 favorites

Niall @nrogers959 · 22m 22 minutes ago



#QPR accounts show wages decreased by only £2m in the championship and true losses close to £70m before exceptional items.

0 replies 2 retweets 0 favorites

Niall @nrogers959 · 23m 23 minutes ago



So #QPR accounts make for a fun read. £60m put through P&L as an exceptional item. Can't see how the FL will accept this for FFP. And summarized far better than I could...Niall @nrogers959 · 16m 16 minutes ago@nrogers959 follows youNiall @nrogers959 · 3m 3 minutes agoOf the £60m written off only £6.6m came from the Mittals (1/3 shareholders) the remainder from Tune group. #QPR0 replies 1 retweet 0 favoritesNiall @nrogers959 · 6m 6 minutes agoNiall @nrogers959 · 11m 11 minutes ago#QPR loss on player transactions of £4m is strange as Samba sold for £12m during the financial year. His purchase was in previous year.0 replies 1 retweet 0 favoritesNiall @nrogers959 · 12m 12 minutes ago#QPR managed to increase staff by 5 when relegated. So much for cost saving. Also a £4m loss on player transactions.0 replies 2 retweets 0 favoritesNiall @nrogers959 · 16m 16 minutes agoIf this works it creates a massive loophole in the rules and begs the question why they did not put through more to avoid any fine. #QPR0 replies 1 retweet 0 favoritesCan't see how the £60m can be seen as anything other than director/ owner finding. This is not taken into account for FFP. #QPR0 replies 2 retweets 0 favoritesNiall @nrogers959 · 22m 22 minutes ago#QPR accounts show wages decreased by only £2m in the championship and true losses close to £70m before exceptional items.0 replies 2 retweets 0 favoritesNiall @nrogers959 · 23m 23 minutes agoSo #QPR accounts make for a fun read. £60m put through P&L as an exceptional item. Can't see how the FL will accept this for FFP. I don't see that number in the accounts...were is it?