2020/21 accounts/AGM - shareholders presentation/Q&A announced ( updated )

[Rudolf]

9 hours ago, Jambo 4 Ever said:

What was the excuse for the years before championship - we’ve had benefactors putting money in for a few years now 

Are you being deliberately obtuse.  What’s that big shiny new thing just off the Foundation Plaza? 

[iantjambo]

8 minutes ago, Rudolf said:

Are you being deliberately obtuse.  What’s that big shiny new thing just off the Foundation Plaza? 

Best ignored mate. He revels in finding a cloud for every silver lining.

[Poseidon]

2 hours ago, sadj said:

So reading what youve said there Anderson basically covered the shortfall in turnover so as a business we would have made that profit without him in a normal year. Bodes well

We'll have to spend more to run at full capacity and we've definitely upgraded the playing squad which will have come at a cost so don't expect a profit, we must be close to break even though 

[part_time_jambo]

12 minutes ago, Rudolf said:

Are you being deliberately obtuse.  What’s that big shiny new thing just off the Foundation Plaza? 

Spaceship?

What is it for those of us who genuinely don't have the answer to your cryptic clue 

[Gordon Ramsay]

They are absolutely fuming 🤣🤣🤣

 

Desperately trying to scrape together a fiver each to put into HSL while we turn a profit of 2 mill 🤣

 

It's only going to get better for us if the team keep up the good work on the park. 

 

Feeling pretty positive about the club again for the first time in quite a while. 

[August Landmesser]

7 minutes ago, part_time_jambo said:

Spaceship?

What is it for those of us who genuinely don't have the answer to your cryptic clue 

The new main stand.

 

Unless he meant Tynecastle High School, but I don't think the club has chipped in anything for their refurb.

[part_time_jambo]

1 minute ago, August Landmesser said:

The new main stand.

 

Unless he meant Tynecastle High School, but I don't think the club has chipped in anything for their refurb.

Thanks for clarifying.

[Brave Hearts]

10 hours ago, Jambo 4 Ever said:

What happens when the benefactors decide they no longer want to donate - then what 

 

not all that impressive as it’s not sustainable long term 

 

We made a £2m Profit last year with FoH donating £1.66m.

We dropped £4.6m in revenue because we were demoted to championship and there were no crowds at games.

 

Benefactors contributed £4.7m to cover this drop in revenue.

Therefore, as we are now back in Premiership and crowds are back, our revenues should be back to normal levels and no need for anything to be covered by donations.

 

With the club operating normally this year then no reliance for any donations.

 

Means our club is being run effectively and efficiently as revenues matching costs and not dependent on benefactors.

 

The generous donations from our FoH, Mr James Anderson and other benefactors will and are providing the club with the funds to use for the ongoing investment and development on and off the park. 
 

Plus offering the club some security for any unforeseen events like being demoted by the victims, hobos, SPFL during a pandemic.

It’s a shame that you can’t enjoy the recovery of our club, both on and off the park, from the events where certain clubs took spiteful actions to attempt to ruin us.

 

Well they have failed.

 

You should be happy and rejoicing our club as this is impressive and it is sustainable in the long term.

 

[kingantti1874]

17 minutes ago, Brave Hearts said:

 

We made a £2m Profit last year with FoH donating £1.66m.

We dropped £4.6m in revenue because we were demoted to championship and there were no crowds at games.

 

Benefactors contributed £4.7m to cover this drop in revenue.

Therefore, as we are now back in Premiership and crowds are back, our revenues should be back to normal levels and no need for anything to be covered by donations.

 

With the club operating normally this year then no reliance for any donations.

 

Means our club is being run effectively and efficiently as revenues matching costs and not dependent on benefactors.

 

The generous donations from our FoH, Mr James Anderson and other benefactors will and are providing the club with the funds to use for the ongoing investment and development on and off the park. 
 

Plus offering the club some security for any unforeseen events like being demoted by the victims, hobos, SPFL during a pandemic.

It’s a shame that you can’t enjoy the recovery of our club, both on and off the park, from the events where certain clubs took spiteful actions to attempt to ruin us.

 

Well they have failed.

 

You should be happy and rejoicing our club as this is impressive and it is sustainable in the long term.

 

don’t bother replying. That lad is 100% hibs.  

[Vlad Magic]

1 minute ago, kingantti1874 said:

don’t bother replying. That lad is 100% Kevin Moffat.  

FTFY 🤣

[EIEIO]

9 hours ago, RobNox said:

I started supporting Hearts in the 70s, this is definitely the most well run the club has been in my lifetime.  I have seen various saviours come along, rescue us from the brink then leave us in an increasingly worse situation, i.e. Mercer, Robinson and Vlad.  All of those individuals had good intentions initially, but things eventually turned sour.

 

Now the fans own the club, so there is no reason why we should ever be at the mercy of any individual owner ever again.

The same applies to me we are in such a good and strong position as a club in terms of finance and professionalism it is almost unbelievable. The only disappointment in the last 4 or 5 years was the displays on the pitch this has now been tackled and the future looks very bright on and off the pitch. Thanks to Budge, The FoH, the benefactors and the loyalty of the Hearts fans.

[Shanks]

11 hours ago, Jambo 4 Ever said:

What happens when the benefactors decide they no longer want to donate - then what 

 

not all that impressive as it’s not sustainable long term 

 

 

 

 

 

[EIEIO]

12 minutes ago, kingantti1874 said:

don’t bother replying. That lad is 100% hibs.  

Correct. Just wish folk would stop quoting his posts.

[Brave Hearts]

11 minutes ago, kingantti1874 said:

don’t bother replying. That lad is 100% hibs.  

that’s why I replied !!!

 

tried to ruin us but hibsit

 

 

[Stu_HMFC]

11 hours ago, hughesie27 said:

I think I might have to update my signature for the first time in a very long time.

 

 

Mickey Weir 09:35 PM Today

Give it time and HSL will overtake their direct debit scheme and we will continue to grow while they go under.

The strange thing I have always found Hibs fans they are so interested in our finances more than we are with our own 😂

 

What a strange deluded set of football fans they really are, How long has there HSL been going on for 😂

[132goals1958]

11 hours ago, Jambo 4 Ever said:

What happens when the benefactors decide they no longer want to donate - then what 

 

not all that impressive as it’s not sustainable long term 

 

 

Just to cheer you up further we don't even have to pay corporation tax on the profit as we offset it against prior year losses.

Lovely Jubbly. We must be the most financially disciplined team in the league.

[Rogue Daddy]

2 minutes ago, Stu_HMFC said:

The strange thing I have always found Hibs fans they are so interested in our finances more than we are with our own 😂

 

What a strange deluded set of football fans they really are, How long has there HSL been going on for 😂

It's because most of them hate us more than they love their own club. Strange, sad, insecure behavior.

[Stu_HMFC]

11 hours ago, Jambo 4 Ever said:

I’m allowed to ask the questions mate 

Just not stupid ones. 

[Rogue Daddy]

4 minutes ago, 132goals1958 said:

 

 

Just to cheer you up further we don't even have to pay corporation tax on the profit as we offset it against prior year losses.

Lovely Jubbly. We must be the most financially disciplined team in the league.

This!... at the moment I'm thinking back to when we were demoted and Ann Budge was slated in the media for trying to get our team to reduce their wages. At the time we were being lambasted in the media (as usual) with idiots like wishart and tam arsehole-face, yet here we are, turning a profit in (almost) the worst of times. 

[Stu_HMFC]

Just now, Rogue Daddy said:

It's because most of them hate us more than they love their own club. Strange, sad, insecure behavior.

We had a tenp chef at my work massive Hibs fan could hear it in his voice when speaking about Hearts absolutely hated us! He would always go on about the finances and create numbers up in his head what were just pathetic and out of this world. Started off a bit of a laugh couple weeks later we were nearly boxing in the car park 😂  The guy never returned to work. 

[Bazzas right boot]

13 minutes ago, 132goals1958 said:

 

 

Just to cheer you up further we don't even have to pay corporation tax on the profit as we offset it against prior year losses.

Lovely Jubbly. We must be the most financially disciplined team in the league.

 

I think we made a small profit last year as well. 

 

We pay our taxes. 👍

 

We don't take money from the tax payer via written off bank loans. 

Edited November 17, 2021 by Smith's right boot

[Rogue Daddy]

3 minutes ago, Stu_HMFC said:

We had a tenp chef at my work massive Hibs fan could hear it in his voice when speaking about Hearts absolutely hated us! He would always go on about the finances and create numbers up in his head what were just pathetic and out of this world. Started off a bit of a laugh couple weeks later we were nearly boxing in the car park 😂  The guy never returned to work. 

🤣.. it always amazed me that my old hobo boss, seemed (or so he thought) to know more about Hearts than me. I was always inviting him to come to the maroon side as he clearly had more interest in us than his own team.🤣

[Stu_HMFC]

4 minutes ago, Rogue Daddy said:

🤣.. it always amazed me that my old hobo boss, seemed (or so he thought) to know more about Hearts than me. I was always inviting him to come to the maroon side as he clearly had more interest in us than his own team.🤣

Their just sad people very angry and not very clued up on what they are preaching, But seems to have all the answers on everything Hearts 😂

[SE16 3LN]

They voted to expel us on the back of a world pandemic in the hope it would finish us. In fairness to them, they must be hurting that we came back stronger than the greeting faced spoon burners of Leith.

 

We're a fan owned, community based club and that's why we attract the philanthropists. Lets make sure that continues.

[The Old Tolbooth]

12 hours ago, Jambo 4 Ever said:

What happens when the benefactors decide they no longer want to donate - then what 

 

not all that impressive as it’s not sustainable long term 

 

Apologies if someone covered this already, but I didn't see it, so felt the need to. 

 

In a normal season our turnover would be circa £4.6M more than it was due to no fans being allowed into the stadium during the pandemic, no hospitality on the go etc, and what James Anderson has done is plug the gap by donating £4.7M that we wouldn't normally have, so in a nutshell, in a normal season we would be operating at those levels anyway (and aiming higher every year) without the donation, so to answer your question of what do we do when the benefactors don't want to donate any more, then under normal circumstances, we shouldn't really need them unless it's to fund projects (like a great big shiny new £20M stand etc), and those levels as long as fans and hospitality are allowed to continue should be self sustainable, or thereabouts. 

 

James Anderson promised we wouldn't have any financial worries for the next 5 years as a result of being unfairly booted out of the top flight 20 months ago, and absolute credit to the guy, he's stuck to his word and I'm eternally grateful to him (as all Hearts fans should be) for doing this for us. 

 

I can't wait to have a chuckle at the accounts of the wee team when they come out just to see how much Ron the con has stabilised them

[Craig_]

So let me get this straight, we're turning a profit in the most challenging environment in living memory, fan-owned with a new main stand, a team right up there in the league, with marketable assets on the playing side and stability in the boardroom and at manager level and a enormously wealthy benefactor?

 

Surely I must be dreaming?!

[Jambo92]

People are jealous of the financial results, making profit after the last 2 years is simply stunning. 

Demotion plus fixing the Levein mess was never going to be pretty. Can see us making profit without any additional help in the next few years.

[Pasquale for King]

3 hours ago, Des Lynam said:

They are praising Pat McGinlay by watching his goals for Celtic! 
 

 

 

 

 

 

I’m going to say there’s probably not a post about Kenny Millers goals for Rangers 🤔😂?

[adambraejambo]

12 hours ago, Jambo 4 Ever said:

What happens when the benefactors decide they no longer want to donate - then what 

 

not all that impressive as it’s not sustainable long term 

Benefactors pledges have helped us with new stand. New pitch. New floodlights. New IT System. Womans team been invested in....the list goes on and on. It not as if we have spent the benefactors cash all on the player budget. Obv some of it has but the cash has helped lay the foundations for us to be able to concentrate more  on the football side now. I'd also give Anderson a little credit. I'm sure  he and Budge have spoken about what happens  after the 5yrs. He not the kind of guy who not thinking 3 or 4 steps ahead. 

 

[Selkirkhmfc1874]

10 minutes ago, adambraejambo said:

Benefactors pledges have helped us with new stand. New pitch. New floodlights. New IT System. Womans team been invested in....the list goes on and on. It not as if we have spent the benefactors cash all on the player budget. Obv some of it has but the cash has helped lay the foundations for us to be able to concentrate more  on the football side now. I'd also give Anderson a little credit. I'm sure  he and Budge have spoken about what happens  after the 5yrs. He not the kind of guy who not thinking 3 or 4 steps ahead. 

 

Spot on ! After the main stand fit out finished all the foundations are layed for the future and we'll then be able to move forward without benefactors donations 

[HMFC01]

29 minutes ago, adambraejambo said:

Benefactors pledges have helped us with new stand. New pitch. New floodlights. New IT System. Womans team been invested in....the list goes on and on. It not as if we have spent the benefactors cash all on the player budget. Obv some of it has but the cash has helped lay the foundations for us to be able to concentrate more  on the football side now. I'd also give Anderson a little credit. I'm sure  he and Budge have spoken about what happens  after the 5yrs. He not the kind of guy who not thinking 3 or 4 steps ahead. 

 

 

I found that interesting about the floodlights.    I forgot they were upgraded.  I can't wait to see them in use!   Here's a snippet to add to our potential profits. 

 

"

The 176 halogen floodlights have been replaced with just 56 ArenaVision LED gen3.5 800 lux lamps which ensures that the lighting conforms with the Scottish Football Association’s 800 lux Eh Gold Criteria. The design of the lighting allows for the addition of more lamps in the future, which meets UEFA Level B criteria and qualifies the ground for hosting a wider array of games.

As well as illuminating the action, the new lighting solution will help Heart of Midlothian Football Club significantly reduce its impact on the environment. With the change to the more energy efficient LED lights, more than 34,000 kilos of CO2e could be saved each year. This stems from a calculated energy saving of circa 78 percent, which could also deliver an approximate cost saving in excess of £125,000 for the football club over ten years."

 

 

I'll just add this quote as well, because its delightful. 

 

" 

Ready for the big leagues

The new lighting system ensures that Tynecastle Park is ready for the future. New four-way TP&N 100 Amp distribution boards have been added to the stanchions upon which the lights are fitted. With the new distribution boards and the spare space on the floodlight gantry, Heart of Midlothian have the ability to add more lights to accommodate changing regulations or have the ability to install specialist lights and management software to enable the light shows common at many large stadiums."

 

https://mobile.spie.com/en/new-lighting-heart-midlothian-football-club-will-help-climate-take-it-extra-time

 

Edited November 17, 2021 by HMFC01

[martoon]

They've extended Hanlon's contract to 2024.

 

If Carlsberg did good news weeks...

[jamboinglasgow]

8 minutes ago, Selkirkhmfc1874 said:

Spot on ! After the main stand fit out finished all the foundations are layed for the future and we'll then be able to move forward without benefactors donations 

 

If the club is serious about leaving Riccarton for a training ground the club owns (which seems there is a lot of background talk about) then benefactors would be needed there as well as FoH. But again it is an investment that means the club can achieve more and also can help with community aims.

[Footballfirst]

I've had a look at the AGM notice that accompanied the accounts along with the changes to the Club's Articles of Association.

 

I am surprised why it is deemed necessary, to write into the AoA, that

1) Bidco will have the right to nominate a director to the club board, subject to any agreements between HMFC and Bidco.

2) AB will continue as Chair at least until until 30/08/23.

 

This appears to be AB's normal modus operandi of providing a belt and braces, handcuffs, padlock and chain approach to ensure that she retains control of the club while it remains in debt to her. Her residual shareholding in HMFC is probably sufficient to justify her being offered a place on the Board in any event. 

 

Does she fear that there will be some great groundswell of opposition to her role from within FOH?  I don't know of any significant number of FOH members seeking to get rid of her, so an informal arrangement to achieve the same result should have been sufficient.  The AoAs don't appear to have changed since 2010, so there was never an accommodation for FOH's representation on the Board within the AoA.  

 

 

[Kiwidoug]

I'm certain the FoH and the benefactors are complimentary.  If we weren't supporting MND, Save the Children. Big Hearts plus being an accredited living wage employer, the benefactors probably wouldn't be there.

 

If I'm correct, our eastern friends can seethe at the fact that FoH, directly and indirectly, brings in around £7m a year.

 

We can all give ourselves a huge pat on the back.  FoH has been an incredible success and these losing tossers can read this and weep.

 

£7m v HSL.  Like Man City taking on Stenhousemuir.

[Pasquale for King]

29 minutes ago, HMFC01 said:

 

I found that interesting about the floodlights.    I forgot they were upgraded.  I can't wait to see them in use!   Here's a snippet to add to our potential profits. 

 

"

The 176 halogen floodlights have been replaced with just 56 ArenaVision LED gen3.5 800 lux lamps which ensures that the lighting conforms with the Scottish Football Association’s 800 lux Eh Gold Criteria. The design of the lighting allows for the addition of more lamps in the future, which meets UEFA Level B criteria and qualifies the ground for hosting a wider array of games.

As well as illuminating the action, the new lighting solution will help Heart of Midlothian Football Club significantly reduce its impact on the environment. With the change to the more energy efficient LED lights, more than 34,000 kilos of CO2e could be saved each year. This stems from a calculated energy saving of circa 78 percent, which could also deliver an approximate cost saving in excess of £125,000 for the football club over ten years."

 

 

I'll just add this quote as well, because its delightful. 

 

" 

Ready for the big leagues

The new lighting system ensures that Tynecastle Park is ready for the future. New four-way TP&N 100 Amp distribution boards have been added to the stanchions upon which the lights are fitted. With the new distribution boards and the spare space on the floodlight gantry, Heart of Midlothian have the ability to add more lights to accommodate changing regulations or have the ability to install specialist lights and management software to enable the light shows common at many large stadiums."

 

https://mobile.spie.com/en/new-lighting-heart-midlothian-football-club-will-help-climate-take-it-extra-time

 

Brilliant, very progressive. 

[Footballfirst]

5 minutes ago, jamboinglasgow said:

If the club is serious about leaving Riccarton for a training ground the club owns (which seems there is a lot of background talk about) then benefactors would be needed there as well as FoH. But again it is an investment that means the club can achieve more and also can help with community aims.

You mean the James Anderson Sports Academy.  I wonder where they could/would locate such a set up.

 

The club must be seriously considering it, given that AB has mentioned it previously, and FOH (Louise Strutt) has done so recently.  

[jr ewing]

31 minutes ago, martoon said:

They've extended Hanlon's contract to 2024.

 

If Carlsberg did good news weeks...

How much is he on?

[jr ewing]

1 minute ago, Footballfirst said:

You mean the James Anderson Sports Academy.  I wonder where they could/would locate such a set up.

 

The club must be seriously considering it, given that AB has mentioned it previously, and FOH (Louise Strutt) has done so recently.  

How much does our Academy cost now to run each year?

[scott herbertson]

2 minutes ago, Footballfirst said:

You mean the James Anderson Sports Academy.  I wonder where they could/would locate such a set up.

 

The club must be seriously considering it, given that AB has mentioned it previously, and FOH (Louise Strutt) has done so recently.  

 

 

It's the one thing that surprises me

 

Owned training facilities sound good but can be very costly to run and I would be interested to see a cost benefit comparison with Heriot watt/ Oriam, including the ancillary benefit of attachment to a national facility when attracting players into the club. It's the sort of decision I would hope in future the FOH board would be looking at and presenting to members.

[J.T.F.Robertson]

13 hours ago, Jambo 4 Ever said:

We can’t rely on that though - it’s not right or sensible to assume that 

 

I know I shouldn't, but why wouldn't it be "right"? It's not as if it's illegal / immoral.

Could be construed as cheatin' right enough.

 

[Sid]

18 minutes ago, Footballfirst said:

I've had a look at the AGM notice that accompanied the accounts along with the changes to the Club's Articles of Association.

 

I am surprised why it is deemed necessary, to write into the AoA, that

1) Bidco will have the right to nominate a director to the club board, subject to any agreements between HMFC and Bidco.

2) AB will continue as Chair at least until until 30/08/23.

 

This appears to be AB's normal modus operandi of providing a belt and braces, handcuffs, padlock and chain approach to ensure that she retains control of the club while it remains in debt to her. Her residual shareholding in HMFC is probably sufficient to justify her being offered a place on the Board in any event. 

 

Does she fear that there will be some great groundswell of opposition to her role from within FOH?  I don't know of any significant number of FOH members seeking to get rid of her, so an informal arrangement to achieve the same result should have been sufficient.  The AoAs don't appear to have changed since 2010, so there was never an accommodation for FOH's representation on the Board within the AoA.  

 

 

Ann Budge comes from the business community where contract, as opposed to goodwill, prevails. 
If you were owed millions, would you rely on goodwill and not want to be involved in decisions. 
Some on here have been advocating “pushing the boat out” on a player who has had three potential career ending injuries. £10k pw contract for three years is £1.5m. We do that deal and he’s gets a fourth which does end his career. That’s the bulk of what we owe her down the pan.  Our heart(s) rules our head at times and I am greatful for a bit of business reality to be looking over our shoulders at times. 

No issue with this.  
i

[TheBigO]

1 hour ago, Rogue Daddy said:

This!... at the moment I'm thinking back to when we were demoted and Ann Budge was slated in the media for trying to get our team to reduce their wages. At the time we were being lambasted in the media (as usual) with idiots like wishart and tam arsehole-face, yet here we are, turning a profit in (almost) the worst of times. 

With no job losses, kept the academy going and we're still paying living wage.

 

Yeah, the bad guys!

[Footballfirst]

16 minutes ago, jr ewing said:

How much does our Academy cost now to run each year?

IIRC the rental cost is something of the order of £300k per annum, then you have the running costs on top of that.

 

Hearts is only a tenant and only retains limited exclusive access to facilities such as the office space. Hearts do have priority use of other facilities at certain times of the day, e.g. for training or match purposes.

 

The current lease ends in 2029 (I think), so there are still a few years available to acquire and progressively build a new centre.  

Edited November 17, 2021 by Footballfirst

[martoon]

28 minutes ago, jr ewing said:

How much is he on?

 

[jamboinglasgow]

23 minutes ago, Footballfirst said:

You mean the James Anderson Sports Academy.  I wonder where they could/would locate such a set up.

 

The club must be seriously considering it, given that AB has mentioned it previously, and FOH (Louise Strutt) has done so recently.  

 

Have wondered that myself. A few months back someone seemed to suggest that we are looking at West Lothian. Wonder could it be built between Edinburgh and Livingston.

 

Certainly seems there is serious consideration. I do wonder if cost of renting Riccarton is not the only reason we want to move, wonder if we want the freedom of a place with no restrictions on use and can be set up what suits us best. Imagine we will here more in due course.

[RobNox]

5 hours ago, TheBigO said:

Didn't know that.  Boooooooo.  Shut up RobNox!  Boooooooo

 

Mind you, one of the OF or ourselves most likely to win Scottish Cup, so it'll work itself out.

True.  It's going to feel strange though, hoping that the OF are kept apart and keep getting home draws (which I suppose is par for the course also).

[Sid]

44 minutes ago, scott herbertson said:

 

 

It's the one thing that surprises me

 

Owned training facilities sound good but can be very costly to run and I would be interested to see a cost benefit comparison with Heriot watt/ Oriam, including the ancillary benefit of attachment to a national facility when attracting players into the club. It's the sort of decision I would hope in future the FOH board would be looking at and presenting to members.

This is where I am at.  
Cost and freedom is on one side but are there benefits of being attached to a National Academy?  Medical expertise?  Facilities we don’t need to replicate. 
Think there should be a proposal put together with a balanced view on move or not. If FOH are contributing, possible seek Member views on a decision. 

[jambo-in-furness]

1 hour ago, Kiwidoug said:

I'm certain the FoH and the benefactors are complimentary.  If we weren't supporting MND, Save the Children. Big Hearts plus being an accredited living wage employer, the benefactors probably wouldn't be there.

 

If I'm correct, our eastern friends can seethe at the fact that FoH, directly and indirectly, brings in around £7m a year.

 

We can all give ourselves a huge pat on the back.  FoH has been an incredible success and these losing tossers can read this and weep.

 

£7m v HSL.  Like Man City taking on Stenhousemuir.

FoH brings in directly or indirectly £7m per annum,  

Dougie you need to attend a down under maths lesson.

[Rogue Daddy]

58 minutes ago, TheBigO said:

With no job losses, kept the academy going and we're still paying living wage.

 

Yeah, the bad guys!

Exactly BigO. If the clowns are shooting at you.... you must be doing something right!