2205ian Posted November 17, 2017 Share Posted November 17, 2017 Details of AGM and Report & Accounts on Main Website. I will leave it to the "techy" posters on here to supply the link. Link to comment Share on other sites More sharing options...
Manny1874 Posted November 17, 2017 Share Posted November 17, 2017 Apologies if it's been posted but this year's AGM will be held on Tuesday 19 December at 11am. Notice and accounts at the following link. http://www.heartsfc.co.uk//pages/agm-2017 Link to comment Share on other sites More sharing options...
Bowmans_Boot Posted November 17, 2017 Share Posted November 17, 2017 Cant see anything about it. Work allowing, I am going to attend. Link to comment Share on other sites More sharing options...
oh ah grantona Posted November 17, 2017 Share Posted November 17, 2017 Shareview have sent the email but I didn’t see on Hearts site Link to comment Share on other sites More sharing options...
Bowmans_Boot Posted November 17, 2017 Share Posted November 17, 2017 www.heartsfc.co.uk//pages/agm-2017 Link to comment Share on other sites More sharing options...
Don Dan Posted November 17, 2017 Share Posted November 17, 2017 Link to comment Share on other sites More sharing options...
2205ian Posted November 17, 2017 Author Share Posted November 17, 2017 1 minute ago, oh ah grantona said: Shareview have sent the email but I didn’t see on Hearts site It's on the bar above Main Topics on website...for the want of a better description Link to comment Share on other sites More sharing options...
Don Dan Posted November 17, 2017 Share Posted November 17, 2017 Trying to copy and paste pages but not happening Link to comment Share on other sites More sharing options...
Don Dan Posted November 17, 2017 Share Posted November 17, 2017 Turn over increased by £1.3m to £11.3m Net Assets £11.5m. £6m capitalised from Stadium redevelopment. Link to comment Share on other sites More sharing options...
redjambo Posted November 17, 2017 Share Posted November 17, 2017 Notice of the AGM 2017 Annual Report & Financial Statements Link to comment Share on other sites More sharing options...
Don Dan Posted November 17, 2017 Share Posted November 17, 2017 I am waiting for FF to summarise ?? Link to comment Share on other sites More sharing options...
2205ian Posted November 17, 2017 Author Share Posted November 17, 2017 4 minutes ago, redjambo said: Notice of the AGM 2017 Annual Report & Financial Statements . Many thanks redjambo. I was confident someone would dig me out of my "less than adequate PC skills" hole PS. I will leave the comments to the "qualified" financial experts on here.........awaiting Greenginger's contibution with interest Link to comment Share on other sites More sharing options...
corryjambo Posted November 17, 2017 Share Posted November 17, 2017 5 minutes ago, Dannie Boy said: I am waiting for FF to summarise ?? I am waiting for Hibs.net to summarise as they are the experts on our accounts. Link to comment Share on other sites More sharing options...
Kiwidoug Posted November 17, 2017 Share Posted November 17, 2017 2 minutes ago, corryjambo said: I am waiting for Hibs.net to summarise as they are the experts on our accounts. Snap. I fully expect that we are on the verge of bankruptcy but on the credit side our charity theft income is up on previous years. Link to comment Share on other sites More sharing options...
TurboT Posted November 17, 2017 Share Posted November 17, 2017 18 minutes ago, Dannie Boy said: I am waiting for FF to summarise ?? That’s where I am at Link to comment Share on other sites More sharing options...
kila Posted November 17, 2017 Share Posted November 17, 2017 19 minutes ago, Dannie Boy said: I am waiting for FF to summarise ?? Me too, top poster for these sort of things Link to comment Share on other sites More sharing options...
Spencer Posted November 17, 2017 Share Posted November 17, 2017 CL remuneration down from £154k to £135k Link to comment Share on other sites More sharing options...
davemclaren Posted November 17, 2017 Share Posted November 17, 2017 46 minutes ago, Spencer said: CL remuneration down from £154k to £135k I assume that means his remuneration is performance related. Link to comment Share on other sites More sharing options...
Spencer Posted November 17, 2017 Share Posted November 17, 2017 4 minutes ago, davemclaren said: I assume that means his remuneration is performance related. Presume so. £154k would've probably had some incentive element following promotion Link to comment Share on other sites More sharing options...
davemclaren Posted November 17, 2017 Share Posted November 17, 2017 Just now, Spencer said: Presume so. £154k would've probably had some incentive element following promotion Indeed. Will be more interesting next year to see how his remuneration varies now he is manager. Link to comment Share on other sites More sharing options...
Footballfirst Posted November 17, 2017 Share Posted November 17, 2017 53 minutes ago, Spencer said: CL remuneration down from £154k to £135k No bonus then. Link to comment Share on other sites More sharing options...
ejbh Posted November 17, 2017 Share Posted November 17, 2017 Total remuneration of key management personnel, including directors is £497,000 up from £415,000 the year before. hard to tell what it all means. Just had a quick glance, but a few interesting things. Will look more closely later on. Link to comment Share on other sites More sharing options...
Footballfirst Posted November 17, 2017 Share Posted November 17, 2017 The headline profit was only achieved by means of the £2.5m donation (I assume this is the benefactors contribution to the stand funding) The "Assets in the course of construction" figure has gone up to £6.207m which reflects the amount spent on the new stand. £1.4m of those have now been transferred to "Land and Buildings freehold " which is the Wheatfield undercroft development. A footnote states that a total of £6.9m has been spent so far. One little surprise (although I suspected it was the case) is that Bidco has been charging an ongoing "Arrangement Fee" which amounts to £22k over the year in respect of the £2.4m loan. I haven't seen any reference to any arrangement fee other than the initial £110,000 which was mentioned in the original loan agreement. I suspected that this had been going on because I couldn't reconcile the amount of interest (and arrangement fee) charged (£172K) in previous years, by doing an interest calculation on its own. Ann also acknowledges a family connection with one of the contractors. Link to comment Share on other sites More sharing options...
ejbh Posted November 17, 2017 Share Posted November 17, 2017 Trying to work out if the £2.5m donation is part of the £3m total, or in addition. Any idea FF? Link to comment Share on other sites More sharing options...
Footballfirst Posted November 17, 2017 Share Posted November 17, 2017 1 minute ago, ejbh said: Trying to work out if the £2.5m donation is part of the £3m total, or in addition. Any idea FF? I think it is but I will have to look in more detail. It's not helped by the club using an image based PDF file instead of a text based one as you can't search for anything. I will convert the file into a text format later. I note that a £1.75m loan facility was arranged in October 2017. Link to comment Share on other sites More sharing options...
Elias Henry Furst Posted November 17, 2017 Share Posted November 17, 2017 2 minutes ago, Footballfirst said: I think it is but I will have to look in more detail. It's not helped by the club using an image based PDF file instead of a text based one as you can't search for anything. I will convert the file into a text format later. I note that a £1.75m loan facility was arranged in October 2017. (excel is the best - much easier to use than PDF's) Link to comment Share on other sites More sharing options...
Footballfirst Posted November 17, 2017 Share Posted November 17, 2017 We have a lease that will cost £292k during this financial year. I assume that this is the cost of renting Riccarton. Link to comment Share on other sites More sharing options...
ejbh Posted November 17, 2017 Share Posted November 17, 2017 Just now, Footballfirst said: I note that a £1.75m loan facility was arranged in October 2017. Yes I saw that, which is interesting. Link to comment Share on other sites More sharing options...
Footballfirst Posted November 17, 2017 Share Posted November 17, 2017 Just now, ejbh said: Yes I saw that, which is interesting. It looks like we have plans to spend a further £5.878m on the stand this financial year. (note 30) Link to comment Share on other sites More sharing options...
Elias Henry Furst Posted November 17, 2017 Share Posted November 17, 2017 3 minutes ago, Footballfirst said: It looks like we have plans to spend a further £5.878m on the stand this financial year. (note 30) Link to comment Share on other sites More sharing options...
Footballfirst Posted November 17, 2017 Share Posted November 17, 2017 A sign of the good health of the club is a reduction in the amount of cash deposit retained by the club's credit card merchant in respect of ticket sales , down by £839k on last year. (note 16) Link to comment Share on other sites More sharing options...
Footballfirst Posted November 17, 2017 Share Posted November 17, 2017 Looks like we spent £466k on acquiring player registrations (transfer fees and agents fees). (note 12) How much of that was Cathro's signings I don't know. Link to comment Share on other sites More sharing options...
Footballfirst Posted November 17, 2017 Share Posted November 17, 2017 21 minutes ago, ejbh said: Trying to work out if the £2.5m donation is part of the £3m total, or in addition. Any idea FF? It's confirmed as being a donation towards the main stand development in Note 6 Link to comment Share on other sites More sharing options...
Hungry hippo Posted November 17, 2017 Share Posted November 17, 2017 6 minutes ago, Footballfirst said: It looks like we have plans to spend a further £5.878m on the stand this financial year. (note 30) So £5.9m intended spend this financial year plus £6.2m already spent only takes us to £12.1m. As it's acknowledged that the cost will be greater than this what do you think the reason for this being on the low side is? Link to comment Share on other sites More sharing options...
ejbh Posted November 17, 2017 Share Posted November 17, 2017 4 minutes ago, Hungry hippo said: So £5.9m intended spend this financial year plus £6.2m already spent only takes us to £12.1m. As it's acknowledged that the cost will be greater than this what do you think the reason for this being on the low side is? I think “intended spend” is what we are already contracted to pay in this financial year. I guess there will be other costs which we haven’t yet contracted to pay yet, if that makes sense? Link to comment Share on other sites More sharing options...
Balders Posted November 17, 2017 Share Posted November 17, 2017 As per previous year the £1.5m received from foh is not included in the headline turnover figure of £11.3m. It is capitalised against other reserves with the note stadium redevelopment reserve. Link to comment Share on other sites More sharing options...
Footballfirst Posted November 17, 2017 Share Posted November 17, 2017 8 minutes ago, Hungry hippo said: So £5.9m intended spend this financial year plus £6.2m already spent only takes us to £12.1m. As it's acknowledged that the cost will be greater than this what do you think the reason for this being on the low side is? There was another £700k spent in a previous year (for planning and acquiring on site buildings to be demolished) Link to comment Share on other sites More sharing options...
kingantti1874 Posted November 17, 2017 Share Posted November 17, 2017 45 minutes ago, ejbh said: Yes I saw that, which is interesting. Ann stated in the last stand update that we had agreed a loan facility should it be required to complete the stand.. However was confident that it would not be required Link to comment Share on other sites More sharing options...
Footballfirst Posted November 17, 2017 Share Posted November 17, 2017 One negative - Looking at the increase in the staff costs and numbers in each functional area of £364K, I think we can take it as read that the football budget is being constrained because of the current capital spending, i.e. the increase in turnover (£1.288m) is being mainly spent on non football activities. That situation is likely to continue at least for the current season, and will probably continue until the £1.75m loan facility (if used) is paid off. The FOH money will also be directed to repaying the Bidco loan from May 2018 onwards and will take 20 months to pay off, so there will be no direct benefit to the club for that period. Link to comment Share on other sites More sharing options...
1971fozzy Posted November 17, 2017 Share Posted November 17, 2017 13 minutes ago, Footballfirst said: One negative - Looking at the increase in the staff costs and numbers in each functional area of £364K, I think we can take it as read that the football budget is being constrained because of the current capital spending, i.e. the increase in turnover (£1.288m) is being mainly spent on non football activities. That situation is likely to continue at least for the current season, and will probably continue until the £1.75m loan facility (if used) is paid off. The FOH money will also be directed to repaying the Bidco loan from May 2018 onwards and will take 20 months to pay off, so there will be no direct benefit to the club for that period. Thanks. More or less what I thought would be the case. A bit of pain for long term gain. Link to comment Share on other sites More sharing options...
WorldChampions1902 Posted November 17, 2017 Share Posted November 17, 2017 I just want to say a big "thank you" to FF for his significant contributions to this forum on these important financial issues. Your explanations, interpretations and insights are clear, concise and perfectly comprehensible. Kind regards WC1902 Link to comment Share on other sites More sharing options...
Footballfirst Posted November 17, 2017 Share Posted November 17, 2017 Looking at the Lease figures once again. it seems we have 10 years left on the Riccarton lease, based on the £292k a year figure. Link to comment Share on other sites More sharing options...
Footballfirst Posted November 17, 2017 Share Posted November 17, 2017 Here is the text of the family connection between Ann and one of the contractors: During the year, the company purchased construction services from JB Contracts (Scotland) Limited amounting to £1,465,000 (2016 - £248,000). At 30 June 2017, the company owed JB Contracts (Scotland) Limited £200,000 (2016 - £240,000). Whilst there is a family connection between Dr A Budge and the director and controlling shareholder of this company, there are no shared business interests. The construction services were procured by our independent 3rd party Construction Manager, who was responsible for the evaluation, selection and appointment of suitable trade contractors, via a structured tender process. The Board are satisfied that the services were purchased on an arm's length basis. Link to comment Share on other sites More sharing options...
Baxfee Posted November 17, 2017 Share Posted November 17, 2017 Finance bods - please translate into simple words. Are we doing ok? Anything to worry about? Any surprises? Link to comment Share on other sites More sharing options...
Bowmans_Boot Posted November 17, 2017 Share Posted November 17, 2017 25 minutes ago, 1971fozzy said: Thanks. More or less what I thought would be the case. A bit of pain for long term gain. Yeah, come 2020/21 we may see some progress. Good times. Link to comment Share on other sites More sharing options...
Footballfirst Posted November 17, 2017 Share Posted November 17, 2017 1 minute ago, Baxfee said: Finance bods - please translate into simple words. Are we doing ok? Anything to worry about? Any surprises? Generally pretty positive, but don't expect much in the way of increased investment in the team for another couple of years at least. Just as long as the club performs reasonably well on the park so that revenue levels remain buoyant, then its looking positive for the medium term. Link to comment Share on other sites More sharing options...
Footballfirst Posted November 17, 2017 Share Posted November 17, 2017 I'm pleased to see that FOH has been able to sustain the £125k a month donation throughout the last financial year, despite all the doom merchants and those who stopped contributing because of the results under Cathro. FOH's own accounts are due to be published soon, so we will get a full picture of total donations made by pledgers and the amount used by FOH for its own administration and running costs. Link to comment Share on other sites More sharing options...
JamboGraham Posted November 17, 2017 Share Posted November 17, 2017 10 minutes ago, Footballfirst said: Here is the text of the family connection between Ann and one of the contractors: During the year, the company purchased construction services from JB Contracts (Scotland) Limited amounting to £1,465,000 (2016 - £248,000). At 30 June 2017, the company owed JB Contracts (Scotland) Limited £200,000 (2016 - £240,000). Whilst there is a family connection between Dr A Budge and the director and controlling shareholder of this company, there are no shared business interests. The construction services were procured by our independent 3rd party Construction Manager, who was responsible for the evaluation, selection and appointment of suitable trade contractors, via a structured tender process. The Board are satisfied that the services were purchased on an arm's length basis. I had previously been told that it is her brother in law and relates to the work in the Wheatfield undercroft. Link to comment Share on other sites More sharing options...
Nightwing Posted November 17, 2017 Share Posted November 17, 2017 33 minutes ago, WorldChampions1902 said: I just want to say a big "thank you" to FF for his significant contributions to this forum on these important financial issues. Your explanations, interpretations and insights are clear, concise and perfectly comprehensible. Kind regards WC1902 Seconded, big thanks from us laymen. Link to comment Share on other sites More sharing options...
John mcCartney Posted November 17, 2017 Share Posted November 17, 2017 ann`s brother,james(jimmy) bryden.....jb contracts Link to comment Share on other sites More sharing options...
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