.jpg)
Hereford United are expected to publish their latest set of accounts within the next six weeks. The previous set of accounts were released last November. They covered the year to May 31st 2011. Here's a reminder of some of the figures.
Net Profit: £431,601
Operating Loss: £173,537
Turnover: £2,055,026
Wages and Salaries: £1,286,805
Net Assets: £218,078
Total Assets: £596,851
Total Liabilities: £378,773
Shareholders Funds: £218.078
It's worth noting that at the end of May 2010, effectively the last year Graham Turner was in charge, shareholders funds were in the red to the tune of £213,523. So in David Keyte's first year the club made a paper profit of over £400,000 (£431,601). However this was all because of buying back the Richardson's debt at less than it was stated on the balance sheet.
So what about the latest figures?
Firstly there has been a substantial amount of spending on the Starlite Club which appears to have been covered, in the main, by loans or gifts to the club. It's thought four directors/supporters each put around £80,000 into the venture but the total cost is understood to have been nearer £400,000.
Keyte spoke to BN about the investors (May 11th)
There were four investors. One part came by way of a donation, one is on the basis of it being repaid as and when surplus funds allow and two are loans to be repaid over the medium term.
Keyte spoke to BN about the investors (May 11th)
There were four investors. One part came by way of a donation, one is on the basis of it being repaid as and when surplus funds allow and two are loans to be repaid over the medium term.
Secondly there was no FA cup run last season and several players still on relatively high wages.
Thirdly there was little income from tranfers when compared with the previous season. Maybe £70,000 as against £297,730.
These figures alone point to a large six-figure loss or a 'significant loss' as predicted by chairman David Keyte last December.
So the club will, once again, have a negative balance sheet.
