Hibs Accounts - Year end June 2023

[AugustaHibs]

Thought I would create a separate thread so it doesn’t get lost within the AGM thread and whilst related, they are separate discussion.

https://d3tepru76oevpi.cloudfront.net/production/Final-Signed-Accounts-30.06.2323.pdf

Accounts linked above.

What do people make of them?

The figures that jump out is a £7.1m trading loss (minus player sales) and a wage to turnover ratio of 81% which is way above the recommended 70%.

[MelbourneHibees]

Thought I would create a separate thread so it doesn’t get lost within the AGM thread and whilst related, they are separate discussion.

https://d3tepru76oevpi.cloudfront.net/production/Final-Signed-Accounts-30.06.2323.pdf

Accounts linked above.

What do people make of them?

The figures that jump out is a £7.1m trading loss (minus player sales) and a wage to turnover ratio of 81% which is way above the recommended 70%.

As was highlighted on the other thread Hibs predict that with record tur over expected this year the wage ratio will return to around 65% next year hopefully.

[AugustaHibs]

As was highlighted on the other thread Hibs predict that with record tur over expected this year the wage ratio will return to around 65% next year hopefully.

Hopefully then.

We have signed a fair few boys and a lot of them will be on decent wages (vente , youan and levitt) which won’t help the next set of figures.

We should be doing everything we can to try and get 5th as we need the money.

[Hibees1973]

Hmm, I'm struggling to find a positive spin on this.

Maybe someone else can.

[Stairway 2 7]

As was highlighted on the other thread Hibs predict that with record tur over expected this year the wage ratio will return to around 65% next year hopefully.

Yeah trinityhfc shared it

'Based on that, the Club expects to have record breaking revenue for the year ending 30 June 2024. For the period to 31 December 2023, the Club has produced positive earnings before interest and amortisation, inclusive of gains from player trading, and maintained a staff to turnover of 65%.'

[Stairway 2 7]

Hmm, I'm struggling to find a positive spin on this.

Maybe someone else can.

That many million of it is one of purchases like the pitch or hospitality that will increase our turnover in the following years. Also the Gordon's willing to write off 6 million debt for shares

[southern hibby]

Is there anywhere I could buy a share or two just so I could attend the AGM, etc?

Also would love to have a share just so I can say I’m a ( minuscule ) part owner.

GGTTH

[CropleyWasGod]

That many million of it is one of purchases like the pitch or hospitality that will increase our turnover in the following years. Also the Gordon's willing to write off 6 million debt for shares

Those costs don't affect the loss.

But I'm with you on the crumbs of optimism.

[CropleyWasGod]

Is there anywhere I could buy a share or two just so I could attend the AGM, etc?:greengrin
Also would love to have a share just so I can say I’m a ( minuscule ) part owner.

GGTTH

It would need to be from a current shareholder.

I'm not sure if the Club maintain a register of "willing sellers", but you could approach them in the first instance.

Or wait until Saturday evening, and you'll get someone on here paying you to take them off their hands. :greengrin

[DarrenSQH]

£326,818 pay and £25000 pension for Ben Kensall over the year

[Brightside]

I think its really important to create another thread where we get a chance to post all the information again. Just so we don't lose track of it of course....

[Hibees1973]

That many million of it is one of purchases like the pitch or hospitality that will increase our turnover in the following years. Also the Gordon's willing to write off 6 million debt for shares

So the best way to sum it up is The Gordons have more money than sense.

[Stairway 2 7]

So the best way to sum it up is The Gordons have more money than sense.

You could say that about all people that give millions to football clubs, Anderson across the road too. Oh to be rich

[WhileTheChief..]

I think its really important to create another thread where we get a chance to post all the information again. Just so we don't lose track of it of course....

One day you might post something interesting that folk want to read.

Nothing wrong with this thread. It’s handy for those of us interested.

[CropleyWasGod]

So the best way to sum it up is The Gordons have more money than sense.

No.

The best way to sum it up is to say that the Gordons have decided that the best way of getting their loan back is to invest in a business that they have grown, and can continue to grow to the extent that they will get that money back, and more.

[Nakedmanoncrack]

Hmm, I'm struggling to find a positive spin on this.

Maybe someone else can.

I'm sure the usual suspects will!

[jeffers]

No.

The best way to sum it up is to say that the Gordons have decided that the best way of getting their loan back is to invest in a business that they have grown, and can continue to grow to the extent that they will get that money back, and more.

So it’s in their best interests for the club to do well. Sounds reasonable to me.

[Paul1642]

Hmm, I'm struggling to find a positive spin on this.

Maybe someone else can.

I’m yet to see you find a positive spin on anything Hibs related so why would this be any different.

I’ll take a shot at it - Our owners have invested in both the infrastructure of the club which will benefit us long term, and the playing squad which despite not having paid off yet, at least shows intent to take us forward as a club rather than settling for bottom end of the top 6 which will be our limit if we don’t match the spending of Aberdeen and Hearts. If we hadn’t invested in the squad and were performing the way we are now there would likely be the same outrage seen in the Petire out day.

The Gordon’s have then absorbed these losses as shares so nothing lost as a club as far as I can see, the risk is all on the owners.

Then to top of off we have million of £ in investment inbound.

[overdrive]

It would need to be from a current shareholder.

I'm not sure if the Club maintain a register of "willing sellers", but you could approach them in the first instance.

Or wait until Saturday evening, and you'll get someone on here paying you to take them off their hands. :greengrin

I don't think they do. IIRC they stopped allowing shareholders transferring their shares to others shortly after the takeover. I think the suggestion was so to stop folk transferring their individual shareholding over to HSL. Presumably there was exceptions, e.g. when shareholders died.

https://www.hibs.net/showthread.php?344678-New-HSL-email-No-more-shares/page1

[lucky]

There is nothing positive in these results. We've overspent and underachieved.

[SickBoy32]

I’m yet to see you find a positive spin on anything Hibs related so why would this be any different.

I’ll take a shot at it - Our owners have invested in both the infrastructure of the club which will benefit us long term, and the playing squad which despite not having paid off yet, at least shows intent to take us forward as a club rather than settling for bottom end of the top 6 which will be our limit if we don’t match the spending of Aberdeen and Hearts. If we hadn’t invested in the squad and were performing the way we are now there would likely be the same outrage seen in the Petire out day.

The Gordon’s have then absorbed these losses as shares so nothing lost as a club as far as I can see, the risk is all on the owners.

Then to top of off we have million of £ in investment inbound.

We managed to compete (with a smaller budget) with Aberdeen and hearts when we were being run as a football club, not buying this nonsense that we need to have x number of hospitality lounges to have a prayer of competing. Just need someone competent running the club.

As for the Gordons absorbing the losses? Too right they should, they have created this mess. In addition to that, the proposed share issue will dilute the shareholding of fans wishing to safeguard the future of the club. To me, that is the club losing out.

And the Foley investment - expect yet more infrastructure to simply boost the value of the club (for the owners benefit) with a few token loans thrown in.

These accounts just show in black and white what a mess our owners / CEO are continuing to create. All very bleak IMO.

[Not In The Know]

We managed to compete (with a smaller budget) with Aberdeen and hearts when we were being run as a football club, not buying this nonsense that we need to have x number of hospitality lounges to have a prayer of competing. Just need someone competent running the club.

As for the Gordons absorbing the losses? Too right they should, they have created this mess. In addition to that, the proposed share issue will dilute the shareholding of fans wishing to safeguard the future of the club. To me, that is the club losing out.

And the Foley investment - expect yet more infrastructure to simply boost the value of the club (for the owners benefit) with a few token loans thrown in.

These accounts just show in black and white what a mess our owners / CEO are continuing to create. All very bleak IMO.


Thats a very short-sited and outdated opinion.

[SickBoy32]

Thats a very short-sited and outdated opinion.

What part(s) do you disagree with?

We were told to be patient many times previously, when we were reducing the debt / upgrading the stadium / building the training centre - when can we expect to ‘compete’ ?

[Torto7]

I’m yet to see you find a positive spin on anything Hibs related so why would this be any different.

I’ll take a shot at it - Our owners have invested in both the infrastructure of the club which will benefit us long term, and the playing squad which despite not having paid off yet, at least shows intent to take us forward as a club rather than settling for bottom end of the top 6 which will be our limit if we don’t match the spending of Aberdeen and Hearts. If we hadn’t invested in the squad and were performing the way we are now there would likely be the same outrage seen in the Petire out day.

The Gordon’s have then absorbed these losses as shares so nothing lost as a club as far as I can see, the risk is all on the owners.

Then to top of off we have million of £ in investment inbound.

:agree: Which is broadly what Ron Gordon said when he arrived. Leanne failed utterly off the field. Wasn't she on higher wages than BK as well.

[SickBoy32]

:agree: Which is broadly what Ron Gordon said when he arrived. Leanne failed utterly off the field. Wasn't she on higher wages than BK as well.

Give me utter failure off the field with what she helped deliver on the field.

Did RG say that we’d have to watch Aberdeen and Hearts x 2 enjoy group stage football, whilst we flounder to try and sneak into the top6?

Less than half the salary of Kensell too, but bash on.

[Paul1642]

We managed to compete (with a smaller budget) with Aberdeen and hearts when we were being run as a football club, not buying this nonsense that we need to have x number of hospitality lounges to have a prayer of competing. Just need someone competent running the club.

As for the Gordons absorbing the losses? Too right they should, they have created this mess. In addition to that, the proposed share issue will dilute the shareholding of fans wishing to safeguard the future of the club. To me, that is the club losing out.

And the Foley investment - expect yet more infrastructure to simply boost the value of the club (for the owners benefit) with a few token loans thrown in.

These accounts just show in black and white what a mess our owners / CEO are continuing to create. All very bleak IMO.

Yes we competed with Hearts and Aberdeen on a lower budget but that is not going to happen very often. It relies on us over performing and then both underperforming at the same time. Terrible long term strategy.

Investment off the field is essential for our long term success. The years of prioritising it over the playing squad have been painful but now we are prioritising both equally and that’s the right approach.

[Paul1642]

That’s not much of an argument that.

Sickboy has raised the points he feels are concerning yet all the posts have just insulted the quality of the post/the poster.

None have refuted the claims made.

See above….

Are folk suggesting that despite incoming investment we only spend what we earn (which will be lower without off field investment).

We tried this since the early 2000s and it’s been pretty grim for the most part.

[southern hibby]

It would need to be from a current shareholder.

I'm not sure if the Club maintain a register of "willing sellers", but you could approach them in the first instance.

Or wait until Saturday evening, and you'll get someone on here paying you to take them off their hands. :greengrin

Thanks CWG. I will ask tomorrow night when I’m in.

GGTTH

[Alex Trager]

See above….

Are folk suggesting that despite incoming investment we only spend what we earn (which will be lower without off field investment).

We tried this since the early 2000s and it’s been pretty grim for the most part.
I thought that was the point?

Raise income via all fields possible and spend it?

[Paul1642]

I thought that was the point?

Raise income via all fields possible and spend it?

Yes, and doing this whilst simultaneously spending on the playing squad is why we build up the new debt (which has been absorbed by owners).

Which one of these two should we not have spend money on?

Easy to say the playing squad because the current squad have not worked out but that’s easy to say with hindsight.

[Alex Trager]

Yes, and doing this whilst simultaneously spending on the playing squad is why we build up the new debt (which has been absorbed by owners).

Which one of these two should we not have spend money on?

Easy to say the playing squad because the current squad have not worked out but that’s easy to say with hindsight.

That’s all fine and well if it had been a success but they’ve come in and ripped up the model that was working (we finished third the season prior to BK arriving) and replaced it with whatever we have now.

They’ve bought players for a development squad which has disappeared into the ether, as well as by all accounts spending big money on the likes of Mueller and Tavares who have about 4 goals between them.

They’ve run a mock at the club in the footballing department for the last while so they absolutely should be taking their financial hit.

But as far as I understand it, they have (or will shortly) absorb they costs by diluting the power that the fans have to protect the club.

I could be wrong, but some initial research suggests that only Romanov and Mike Ashley have been involved in share issues. Perhaps the huns have been doing that recently but by all accounts they have an owner who is happy to take the hit for they costs.

[superfurryhibby]

Most of us haven't really got a clue, but we recognise concerns and no matter how "optimistic" the club are, there's no doubt things are changing after the relative stability of the STF ownership.

There was always potential growth at Hibs commercially, for any competent owner. It's not some miracle gifted to us by the grace of the Gordon regime.

If the ownership showed any hint of knowing what they're doing on the field we all might be swallowing all of this less challengingly. The things that stand out most are debt, wages to turnover, the fact that we have actually raked in good money on transfers and that isn't so common and the directionless football team.

The implications of Foley, this is new territory in many respects for Hibs, but there's many questions too.

[Not In The Know]

What part(s) do you disagree with?

We were told to be patient many times previously, when we were reducing the debt / upgrading the stadium / building the training centre - when can we expect to ‘compete’ ?


We 100% have to generate more money - to then spend it on the pitch. Thats what the Gordons have done.


Have heid the baw managers spent it wisely? nah! But thats not an excuse to stop generating it or trying to generate more.

[Ozyhibby]

So we are losing money hand over fist and the football is crap.
And that’s after the CEO has been here three years?
If I was employing him it would have to be some sales pitch to keep him in position.


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[Tyler Durden]

So we are losing money hand over fist and the football is crap.
And that’s after the CEO has been here three years?
If I was employing him it would have to be some sales pitch to keep him in position.


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Or alternatively playing devil's advocate, he's overseen a massive growth in turnover. We've invested in longer term income streams and they're effectively now paid for with the owners absorbing those costs.

He's played an integral role in bringing in new multi million investment with no discernible downside. Those are the points that would be argued in his defense.

Get the right people on the football side, and we've never been in a stronger position.

[greenpaper55]

How much did it cost to get rid of our manager ? With these losses getting rid of our present one looks out of the question but so does relegation !

[Hibby Bairn]

£326,818 pay and £25000 pension for Ben Kensall over the year

Incredible package for a small business with £12m of turnover. Only in football.

[Billy Whizz]

Or alternatively playing devil's advocate, he's overseen a massive growth in turnover. We've invested in longer term income streams and they're effectively now paid for with the owners absorbing those costs.

He's played an integral role in bringing in new multi million investment with no discernible downside. Those are the points that would be argued in his defense.

Get the right people on the football side, and we've never been in a stronger position.

That’s a bit of a fallacy
Our turnover in 2018-19 was £10.8m
Turnover in the latest account is £12.4m
That’s an increase of just over 14%, not earth shattering

[Glory Lurker]

Or alternatively playing devil's advocate, he's overseen a massive growth in turnover. We've invested in longer term income streams and they're effectively now paid for with the owners absorbing those costs.

He's played an integral role in bringing in new multi million investment with no discernible downside. Those are the points that would be argued in his defense.

Get the right people on the football side, and we've never been in a stronger position.

We'll only know if this is right in a few years from now but I agree it's the reasonable way to look at it at the moment.

[ShetlandHibby]

How can we lose so much money and have such a poor product on the pitch?!? I’d love to optimistic about something here but I honestly see nothing.

[sesoim]

We managed to compete (with a smaller budget) with Aberdeen and hearts when we were being run as a football club, not buying this nonsense that we need to have x number of hospitality lounges to have a prayer of competing. Just need someone competent running the club.

As for the Gordons absorbing the losses? Too right they should, they have created this mess. In addition to that, the proposed share issue will dilute the shareholding of fans wishing to safeguard the future of the club. To me, that is the club losing out.

And the Foley investment - expect yet more infrastructure to simply boost the value of the club (for the owners benefit) with a few token loans thrown in.

These accounts just show in black and white what a mess our owners / CEO are continuing to create. All very bleak IMO.

Totally agree.

[WhileTheChief..]

That’s a bit of a fallacy
Our turnover in 2018-19 was £10.8m
Turnover in the latest account is £12.4m
That’s an increase of just over 14%, not earth shattering

Inflation probably accounts for most of the increase!!

[Yorkshire HFC]

:agree: Which is broadly what Ron Gordon said when he arrived. Leanne failed utterly off the field. Wasn't she on higher wages than BK as well.

I think I'm the only person that couldn't care less what happens off the field. I'd rather have a decent striker than a nice lounge.

I've got more than enough worries with my own finances to start worrying about a football clubs.

[Glory Lurker]

That’s a bit of a fallacy
Our turnover in 2018-19 was £10.8m
Turnover in the latest account is £12.4m
That’s an increase of just over 14%, not earth shattering

Or, .5 million up on the previous year, despite achieving less in the football department. I know, I know, that's the department we care about and it's unlikely to be better this year but I don't think we need to hit the panic button yet.

[CropleyWasGod]

Or, .5 million up on the previous year, despite achieving less in the football department. I know, I know, that's the department we care about and it's unlikely to be better this year but I don't think we need to hit the panic button yet.

I think it will be better.

A wee run in Europe, sell-out v Villa, semi-final at Hampden.

BK has already said it will be record-breaking.

[Glory Lurker]

I think it will be better.

A wee run in Europe, sell-out v Villa, semi-final at Hampden.

BK has already said it will be record-breaking.

Good points, thanks.

[Billy Whizz]

I think it will be better.

A wee run in Europe, sell-out v Villa, semi-final at Hampden.

BK has already said it will be record-breaking.

Think the rumour was it is around £15m for this financial year
Can’t see our costs being much lower though

[Tyler Durden]

That’s a bit of a fallacy
Our turnover in 2018-19 was £10.8m
Turnover in the latest account is £12.4m
That’s an increase of just over 14%, not earth shattering

It's not earth shattering. But the increase this year would need to take into account the Cup performance where we didn't get out the LC group stage and we had one game in the Scottish Cup.

So with those football receipts down, the commercial revenue increases would have helped offset and contributed more proportionally to overall Turnover.

[CropleyWasGod]

Think the rumour was it is around £15m for this financial year
Can’t see our costs being much lower though

Again from the Club. Wages to turnover is currently at 65%

That's a pretty huge drop. Possibly £3m, plus an increase in turnover of £3m. Almost wipes the trading losses out.

[TrinityHFC]

People wanted us to invest, to spend more on the team, to develop other parts of the club. The owners have done that and they are picking up the tab. That all gets accounted for as losses. We’ve now attracted further investment. That is all positive.

We’d prefer the product on the pitch to be better but the numbers are what they are and don’t think it is in any way worrying.

[JohnM1875]

Doesn't make great reading, especially for folk like me, who don't really have a clue about it or begin with.

But will that mean that next years will include the European run, LC semi final, money owed from Doig and the sell on plus the fee received for Melkersen?

[Stairway 2 7]

Again from the Club. Wages to turnover is currently at 65%

That's a pretty huge drop. Possibly £3m, plus an increase in turnover of £3m. Almost wipes the trading losses out.

That would be good although you'd expect it could change in many ways in the summer

[Renfrew_Hibby]

Think the rumour was it is around £15m for this financial year
Can’t see our costs being much lower though

So when do these results get released, this time next year?

[CropleyWasGod]

People wanted us to invest, to spend more on the team, to develop other parts of the club. The owners have done that and they are picking up the tab. That all gets accounted for as losses. We’ve now attracted further investment. That is all positive.

We’d prefer the product on the pitch to be better but the numbers are what they are and don’t think it is in any way worrying.

This touches on a point which comes up for me every year.

These accounts are for a period starting 18 months ago. They were ready in October. Why couldn't we see them then, and avoid everyone losing their **** when they're already months out of date? (I know the reason, btw, but it doesn't negate the point of the question)

I'd prefer to focus on what's happening business-wise just now, which is why the AGM notes that have been published are IMO far more newsworthy and relevant than the accounts.

[Billy Whizz]

So when do these results get released, this time next year?

Yeah, still got to the 30th June this year
A wee Scottish Cup win in May would help massively

[Scotty Leither]

It’s lucky for Kensell that his tan will hide his red face at the AGM.

How many dud signings, hiring and firing crap managers, and the invisible development team have contributed to that loss?

Maybe we can get an audit on that?

[Bakerman]

Again from the Club. Wages to turnover is currently at 65%

That's a pretty huge drop. Possibly £3m, plus an increase in turnover of £3m. Almost wipes the trading losses out.

If I remember correctly, many clubs have a lot higher ratio than 65% wages to turnover. That's actually impressive, and should serve us well going forward. I suspect a lot of clubs would be envious of that figure. If it wasn't for Anderson, Hearts would be running a big deficit. Anyone know Hearts wages to turnover ratio?

[CropleyWasGod]

If I remember correctly, many clubs have a lot higher ratio than 65% wages to turnover. That's actually impressive, and should serve us well going forward. I suspect a lot of clubs would be envious of that figure. If it wasn't for Anderson, Hearts would be running a big deficit. Anyone know Hearts wages to turnover ratio?

75%

[the_ginger_hibee]

It’s lucky for Kensell that his tan will hide his red face at the AGM.

How many dud signings, hiring and firing crap managers, and the invisible development team have contributed to that loss?

Maybe we can get an audit on that?

His main KPI, 'bridges walked under while holding a beer' is showing a 100% increase. 'Interactions with a faux ultras mob' also high this quarter.

[marinello59]

His main KPI, 'bridges walked under while holding a beer' is showing a 100% increase. 'Interactions with a faux ultras mob' also high this quarter.

:greengrin

[Bakerman]

75%

Thanks for that Cropley. Probably where a lot of clubs are. Glad we've got ours down to a more manageable ratio though.

[Nicho87]

Hmm, I'm struggling to find a positive spin on this.

Maybe someone else can.

If ben Kensell forgets his bag for life in Waitrose he’s no bothered

[Stairway 2 7]

75%

Do donations by FOI or Anderson count as income, I know you said they are taxable if they didn't have losses previously that is

[CropleyWasGod]

Do donations by FOI or Anderson count as income, I know you said they are taxable if they didn't have losses previously that is

They do, although they are shown separately from turnover.

Their turnover of £20m is all trading, and the donations are added to that.

A small point on that, which probably won't help the general mood on here. Without the donations, Hearts loss would be about £6m. Double ours.

Just saying :cb

[Stairway 2 7]

They do, although they are shown separately from turnover.

Their turnover of £20m is all trading, and the donations are added to that.

A small point on that, which probably won't help the general mood on here. Without the donations, Hearts loss would be about £6m. Double ours.

Just saying :cb

Thanks, shame they will get group stage football again which I think is included.

[CropleyWasGod]

Thanks, shame they will get group stage football again which I think is included.

Given that they barely broke-even in their last Group-stage adventure, this year's results aren't going to be pretty.

[tamig]

It’s lucky for Kensell that his tan will hide his red face at the AGM.

How many dud signings, hiring and firing crap managers, and the invisible development team have contributed to that loss?

Maybe we can get an audit on that?

🥱🥱🥱

[7Hero]

They do, although they are shown separately from turnover.

Their turnover of £20m is all trading, and the donations are added to that.

A small point on that, which probably won't help the general mood on here. Without the donations, Hearts loss would be about £6m. Double ours.

Just saying :cb

hearts have a turnover of £20m before any donations ?

[CropleyWasGod]

hearts have a turnover of £20m before any donations ?

They had that, in the year they made the EL group stages. It won't be that this season.

It wouldn't surprise me if theirs was about £15m this season, which is what BK said ours will be.

[Is It On....]

£326,818 pay and £25000 pension for Ben Kensall over the year

The legal minimum is actually a 10% employer contribution of basic salary so his basic must be £250k.

[hibee-boys]

The legal minimum is actually a 10% employer contribution of basic salary so his basic must be £250k.

3% is the minimum employer contribution into a workplace pension scheme.

[WhileTheChief..]

The legal minimum is actually a 10% employer contribution of basic salary so his basic must be £250k.

10%???

That might also include his own contributions and tax relief, but there's no legal requirement for an employer to contribute 10%. Hardly any of us will be lucky enough to have an employer contributing that much!

3% is all an employer has to contribute.

[mixumatosis]

They had that, in the year they made the EL group stages. It won't be that this season.

It wouldn't surprise me if theirs was about £15m this season, which is what BK said ours will be.

All that sweet, sweet GHD rental income from the hotel tho ? That's going to be the difference for years to come.

[TrinityHFC]

This touches on a point which comes up for me every year.

These accounts are for a period starting 18 months ago. They were ready in October. Why couldn't we see them then, and avoid everyone losing their **** when they're already months out of date? (I know the reason, btw, but it doesn't negate the point of the question)

I'd prefer to focus on what's happening business-wise just now, which is why the AGM notes that have been published are IMO far more newsworthy and relevant than the accounts.

Agree.

Although this year I suppose they were aligning the AGM, when we'd normally receive and approve the accounts, with the resolutions needed for the investment. Also allows for the context of the DfE rather than just reporting losses and debt.

[Is It On....]

3% is the minimum employer contribution into a workplace pension scheme.

The legal minimum is 8% for employee + employer [recommended minimum is 10%]. I would stunned if we were paying our chief exec the 3% minimum employer contribution.

[Hibee Mac]

The legal minimum is 8% for employee + employer [recommended minimum is 10%]. I would stunned if we were paying our chief exec the 3% minimum employer contribution.When he's getting paid that much I don't think any % of pension contributions are relevant, he's basically being paid a massive pension contribution as his main salary.

Different for your average Joe obviously

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[.Sean.]

His main KPI, 'bridges walked under while holding a beer' is showing a 100% increase. 'Interactions with a faux ultras mob' also high this quarter.
�� He should maybe get a shot of a balaclava from one of his wee saddo Block 7 pals for the agm, sounds like he might need one

[Ozyhibby]

That’s a bit of a fallacy
Our turnover in 2018-19 was £10.8m
Turnover in the latest account is £12.4m
That’s an increase of just over 14%, not earth shattering

And how much have costs increased? Anyone can increase revenue if you are spending massively to build the business. The trick is to spend less than you bring in. We are not doing that.


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[TrinityHFC]

And how much have costs increased? Anyone can increase revenue if you are spending massively to build the business. The trick is to spend less than you bring in. We are not doing that.


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You can’t spend less than you bring in when you’re making the capital investments in those things in the first place.

We need to see future accounts when we are spending the money on valuable projects but we are seeing the income from the facilities to know the benefits.

[superfurryhibby]

I
You can’t spend less than you bring in when you’re making the capital investments in those things in the first place.

We need to see future accounts when we are spending the money on valuable projects but we are seeing the income from the facilities to know the benefits.

What income from the facilities are we seeing and what benefits are we knowing?

The Gordon regime has failed to deliver benefit to the football team, that's a deficit we all know and we also know that there’s no sign that they know to fix that.

[TrinityHFC]

What income from the facilities are we seeing and what benefits are we knowing?

The Gordon regime has failed to deliver benefit to the football team, that's a deficit we all know and there’s we also know that there’s no sign that they know to fix that.

Not sure it should really need to be explained but these accounts are a position in the middle of last year. We had paid money out on projects like the screens, LED advertising, hospitality and the pitch.

What the accounts don’t capture are the long term income streams you get from the advertising and hospitality. We’ve speculated to some extent on players too.

We’ve noted that we are expecting record income and that costs are also down now that we aren’t paying on capital projects.

Agree on the team. They’ve backed managers though and everything they are doing is to try and create more money for the team in future.

[hibee-boys]

The legal minimum is 8% for employee + employer [recommended minimum is 10%]. I would stunned if we were paying our chief exec the 3% minimum employer contribution.

I wasn’t suggesting we were paying him the minimum 3%, just pointing out that it is the minimum employer contribution.

[Danderhall Hibs]

The legal minimum is 8% for employee + employer [recommended minimum is 10%]. I would stunned if we were paying our chief exec the 3% minimum employer contribution.

Depends on the type of scheme, if it’s an auto enrolment scheme it’s minimum 3% employer with 5% employee. The numbers quoted suggest about a 7-8% contribution.

[CropleyWasGod]

Depends on the type of scheme, if it’s an auto enrolment scheme it’s minimum 3% employer with 5% employee. The numbers quoted suggest about a 7-8% contribution.

If it helps. the number in the accounts is the Employer's share only.

[scm70nyd1973]

I don't think they do. IIRC they stopped allowing shareholders transferring their shares to others shortly after the takeover. I think the suggestion was so to stop folk transferring their individual shareholding over to HSL. Presumably there was exceptions, e.g. when shareholders died.

https://www.hibs.net/showthread.php?344678-New-HSL-email-No-more-shares/page1

I’ve just transferred half of my shares over to my daughter- share cert arrived 2 weeks ago.

[LaMotta]

I’ve just transferred half of my shares over to my daughter- share cert arrived 2 weeks ago.

Who did you contact at the club to sort that out for you? I have an issue I'm looking for advice on how to sort....

[WhileTheChief..]

If it helps. the number in the accounts is the Employer's share only.

Salary sacrifice :offski:

[Danderhall Hibs]

Salary sacrifice :offski:

👍🏼 that shows as an Employer contribution.