More from the Hereford United accounts

Further to the article this morning on Bulls News in which the latest good figures from Hereford United were reported, below is a little background to the figures.

In the latest accounts just released there is a short review from the directors.

"The Board of Directors are pleased that the company has shown a significant profit for 2004/2005. The good financial results reflect a successful season on the pitch; it is obviously to everyone's regret that promotion was not acheived.

"The financial situation of the company is now better than it has been for a number of years. We hope that this is a base from which we can build further success in the future.

"It is now clear that in the long term the Club will continue to play at Edgar Street and that the ground will be developed and refurbished in partnership with Developers."

As regards the surplus arising from the settlement of the CVA, the accounts says:

On 28 January 2005 the Notice of Completion of the Voluntary Arrangement was signed by the supervisor. The Company no longer has any liability to the Creditors Voluntary Arrangement (CVA). The surplus of debts written off from the statement of the CVA is £110,074.

Although the club's debt is stated as £1,237,579 which is little different to the previous year, the club's assets have increased to £414,907 from just £132,246.

As regards directors emoluments, once again these are very reasonable for a club of the size of Hereford United. The total amount paid to directors was just £60,800, which includes a pension contribution. This was slightly less than the preceeding year.

The last two years accounts are probably the best results ever for Hereford United. A total profit of £584,042 has transformed the balance sheet of the club. Although both sets of accounts have contained money from transfers and the latest set the CVA surplus, even after stripping these amounts out the club has traded profitably.

Although the current year doesn't finish until the end of May, it looks as though the club is likely to balance the books for the third year running.

No other Conference club has returned such good figures recently.

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