Hibs Annual Accounts

[WhileTheChief..]

I wouldn’t expect next years accounts to show much more profit, if any.

Turnover will hopefully be up again but the wages we’re paying for this squad will also be much higher.

[CMurdoch]

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The original agreement was until 2025.

So in effect we owe STF a little over £3 million (6 years of £500k)

[CropleyWasGod]

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So in effect we owe STF a little over £3 million (6 years of £500k)

I will wait until I see the accounts before I say.

(but, it's 7 years......)

[Ged]

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So in effect we owe STF a little over £3 million (6 years of £500k)

We should have just given him John McGinn to clear it off.

[Hibernian32]

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The original agreement was until 2025.

Let's be honest STF will be up in the heavens with our other angels in 2025 couldn't see it being that long a loan

[CropleyWasGod]

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Let's be honest STF will be up in the heavens with our other angels in 2025 couldn't see it being that long a loan

That was the original deal. Let's not forget that the loan is from a company, not STF personally. The debt will remain with that company.

[One Day Soon]

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I will wait until I see the accounts before I say.

(but, it's 7 years......)

Or to put it another way, in 7 years time everything will be bought and paid for - and we will be £500,000 a year better off.

That's another three good first team player salaries covered should we want to add them to the squad...

I would think that with a horizon of just 7 years left on that loan the Club will already be thinking about what new commitments it may wish to plan for - possibly even commence - before the ending of the 7 year term.

[CropleyWasGod]

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Or to put it another way, in 7 years time everything will be bought and paid for - and we will be £500,000 a year better off.

That's another three good first team player salaries covered should we want to add them to the squad...

I would think that with a horizon of just 7 years left on that loan the Club will already be thinking about what new commitments it may wish to plan for - possibly even commence - before the ending of the 7 year term.

We could do all that now if he'd just do the right thing and write it off.

[One Day Soon]

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We could do all that now if he'd just do the right thing and write it off.

Oi!

[CropleyWasGod]

I've had a quick look at the accounts.

There has been an additional £60k paid on the loan, over and above the usual. The remainder is still repayable at 41,667 per month, " plus any accelerated annual payments which are triggered by the results of the company".

That, to me, suggests that the additional payment is contractual, and not an arbitrary decision made by the Board.

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[danhibees1875]

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I've had a quick look at the accounts.

There has been an additional £60k paid on the loan, over and above the usual. The remainder is still repayable at 41,667 per month, " plus any accelerated annual payments which are triggered by the results of the company".

That, to me, suggests that the additional payment is contractual, and not an arbitrary decision made by the Board.

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That makes sense.

Is there an accompanying letter that says what date the AGM is on?

[CropleyWasGod]

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That makes sense.

Is there an accompanying letter that says what date the AGM is on?

24th October

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[Hibernian32]

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That was the original deal. Let's not forget that the loan is from a company, not STF personally. The debt will remain with that company.

I was sort of thinking that, but it's got me thinking who is STF leaving his assets too? Who will be inheriting us? Could we get the dick head grandson who wants the cash pronto? Could the circumstances change say he did pass away and the new owner doesn't want to play ball

[Ozyhibby]

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I was sort of thinking that, but it's got me thinking who is STF leaving his assets too? Who will be inheriting us? Could we get the dick head grandson who wants the cash pronto? Could the circumstances change say he did pass away and the new owner doesn't want to play ball

As good a reason as any to get HSL to 26% shareholding. Who knows what the future holds but we can protect the club if want to.


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[Sergio sledge]

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I've had a quick look at the accounts.

There has been an additional £60k paid on the loan, over and above the usual. The remainder is still repayable at 41,667 per month, " plus any accelerated annual payments which are triggered by the results of the company".

That, to me, suggests that the additional payment is contractual, and not an arbitrary decision made by the Board.

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So the jambos were right all along and STF does trouser a percentage of our profits?!



In all seriousness it makes absolute sense, even though it is an interest free loan, to pay it off quicker if we are making a profit as we'll be able to start spending the annual £500k payments on the playing squad sooner.

[danhibees1875]

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24th October

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Thanks.

[Speedway]

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We could do all that now if he'd just do the right thing and write it off.

Cash reserves of £4.2m...

Did there end up being any truth in the rumour years ago (around the time of the collapse of the TV deals) that if the board was to establish cash reserves of £5m, STF would match it as his final gift to the club?

If true, forgiveness of debt could be factored into that.

[SirDavidsNapper]

Once the STF loan (fantastic deal for the club) is paid off we will be in a very, very good place. Exciting times.

[Peevemor]

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So the jambos were right all along and STF does trouser a percentage of our profits?!



In all seriousness it makes absolute sense, even though it is an interest free loan, to pay it off quicker if we are making a profit as we'll be able to start spending the annual £500k payments on the playing squad sooner.

But if we don't use any surplus dosh on early debt repayment, we can spend it on the squad now. That's even sooner.

[Sergio sledge]

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But if we don't use any surplus dosh on early debt repayment, we can spend it on the squad now. That's even sooner.

Maybe they tried and a signing that they had anticipated completing in the last accounting year wasn't able to get over the line in time? Mallan possibly, or Horgan as both were on the radar for a while. I would guess that as Hibs' aim is to break even every year these over payments would be pretty minimal, but it does make sense to use a surplus at the year end to reduce debt. You can only make hay while the sun shines.

[danhibees1875]

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Maybe they tried and a signing that they had anticipated completing in the last accounting year wasn't able to get over the line in time? Mallan possibly, or Horgan as both were on the radar for a while. I would guess that as Hibs' aim is to break even every year these over payments would be pretty minimal, but it does make sense to use a surplus at the year end to reduce debt. You can only make hay while the sun shines.

I don't agree that it does.

It makes sense to tuck away any excess into a savings account or investment fund and continue paying the minimum towards debt repayment (in this instance when there is no interest).

However, it sounds like we've revised the wording in our creditors note to highlight the fact that excess payments were a contractual obligation - so I'd be inclined to assume that's the reason we've paid more than £500K.

[CropleyWasGod]

I've had a look at the accounts now. Other than the edited highlights provided by Rod, I'd mention the following:-

1. HSL contributed £164k during that year. At the end of June, they had 15% of the shares; a further 22% was owned by fans.

2. LD was paid £157k. (for those conspiracy theorists looking in, see Note 1 )

3. on the question of the STF loan, as previously mentioned, we paid £60k over the norm in that year. However, we also seem to be committed to paying an additional £155k in the current year (for those conspiracy theorists looking in..... etc etc.). Presumably, that is a clause in the loan agreement that hasn't been mentioned in the past, as it wasn't relevant.

4. we spent £534k in transfer fees, signing-on fees and agents' fees. There is no breakdown of that.

5. I can't get my head around the income from player sales etc. (Cav - help?) AFAIK, the only income we might have had was add-ons for Cummings.

[lucky]

I noticed that pension contributions are up £58k but only 4 additional employees. That being said Hibs have 100 employees but only spend £100k a year on pensions. That seems a ridiculously low amount. I thought every employer had to provide a pension now? Could it be all the players have opted out and Hibs only offer the rest of the staff the bare minimum? Or I’ve totally misread it.

[0762]

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I noticed that pension contributions are up £58k but only 4 additional employees. That being said Hibs have 100 employees but only spend £100k a year on pensions. That seems a ridiculously low amount. I thought every employer had to provide a pension now? Could it be all the players have opted out and Hibs only offer the rest of the staff the bare minimum? Or I’ve totally misread it.

£45.1k of pension seems to have gone to one person!

[lucky]

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£45.1k of pension seems to have gone to one person!

How do you know that?

Also I was not **** stirring or wanted a witch-hunt!

[0762]

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How do you know that?

Also I was not **** stirring or wanted a witch-hunt!

Didn't say you were! It's in the Accounts - page 16.

[lucky]

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Didn't say you were! It's in the Accounts - page 16.

I know you didn’t but this is .net where even the simplest of questions gets turnaround by some.

So if an individual got £42.1k in their pension pot, why are the other 99 employees only getting £58k between them?

[CropleyWasGod]

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£45.1k of pension seems to have gone to one person!

That will be for LD, the highest-paid director. She has had in increase in her salary, possibly on the basis of a performance-related bonus. The additional pension contributions will be as a result of that.

[CropleyWasGod]

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I know you didn’t but this is .net where even the simplest of questions gets turnaround by some.

So if an individual got £42.1k in their pension pot, why are the other 99 employees only getting £58k between them?

Last year, non-LD pension contributions were £28k.

This year, they are £55k.

[lucky]

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That will be for LD, the highest-paid director. She has had in increase in her salary, possibly on the basis of a performance-related bonus. The additional pension contributions will be as a result of that.

I assumed it was her but can’t help think that Hibs are screwing over every other employee by offering the minimum in pension contributions whilst gold plating LDs.