How secure are we? : Tue Jul 19, 2016 2:10 pm  

There have been a few comments on here about the foundations that are being set by our BOD.

My main complaint is that it is impossible to tell if these are having any impact on the clubs financial position as we don't say much or publish figures. The last set of accounts, and these are short form so quite opaque, were as at 30/12/14. Next ones are due by 31/8/16, our BOD always leave it to the last minute to file details.

If you look at where we have been

30/12/14 showed us with negative shareholders funds of £365,619 and a loss of £591,245
30/12/13 showed us with negative shareholders funds of £274,935 and a loss of £455,569
30/12/12 showed us with negative shareholders funds of £219,142 and a loss of £339,769

All of these show that in reality it was our BOD guarantees that kept the club going. So they deserve our praises for that, but this doesn't look to me like solid foundations.

Given that most of our shares are also owned by non-board members my guess would be that we must have large outstanding loans owed to previous board members as well as present ones to cover most of the negative funds.

Hopefully the next set of accounts will be better, but this could be a clear indication of why the club has not been spending it's £750k prize money, are old directors getting their money back.

Re: How secure are we? : Tue Jul 19, 2016 2:28 pm  

It was always my view that building solid foundations translated to taking debt out of the business.How secure we are now we've missed out on the 750k is anyone's guess.

Re: How secure are we? : Tue Jul 19, 2016 3:56 pm  

We are as secure as, if not more so, than greeces next set of bailouts
Sport at this level is what it is, hindsight is always 20/20 vision is the saying that springs to mind.
We really could have done with that top 4, asking folks to come and watch the competition we'll now be in, or the reserves is one hell of a big ask.

Re: How secure are we? : Tue Jul 19, 2016 3:58 pm  

Looks like a typical sports clubs accounts tbh.

Re: How secure are we? : Tue Jul 19, 2016 6:01 pm  

Now I understand where the £750k went.

Re: How secure are we? : Wed Jul 20, 2016 5:53 am  

Just to be clear - those losses are brought forward & carry forward losses. ie, we didn't lose £591,245 in 2014. We lost £591,245 - £455,569 = £135,676

As GFB says - those look like typical sports club accounts.

Re: How secure are we? : Wed Jul 20, 2016 2:53 pm  

I agree with GFB and LittleRich as most sports clubs accounts never look too healthy.

The problem that we have is that we have no income stream other than gate revenue and the money that we get from the RFL which is why top 4 is crucial.

The only tangible assets that we have are the players, we don't own anything else.

The bar and food revenue is taken by the council/venue. The shop is owned by someone under a separate deal as I am lead to believe, so the money doesn't go to the club it goes to HX1 sports.

Most other clubs generate cash through bar & food sales and commercial revenue that they make through their shops. We don't have that luxury.

That is why top 4 is so important. I agree that we should build solid foundations but we seem to be very much 'hand to mouth' every year, especially with the debts that we have and the fact that the directors have been bailing us out for so long.

We are in a classic b*ggers muddle, we want it but can't pay for it!

We have to finish in the top 4 every year to pay for the following year ...........

Re: How secure are we? : Wed Jul 20, 2016 3:58 pm  

Smaller squad next year and Dual-reg with Hull FC. You heard it here first! Reserve team undecided

Re: How secure are we? : Wed Jul 20, 2016 4:06 pm  

Impalatable as that sounds it could well be reality.

Re: How secure are we? : Wed Jul 20, 2016 4:07 pm  

I would guess you have taken a big chunk of the 750k and paid off a substantial amount of DL's etc, it will be interesting to see what '17 has instore with 500k less coming in.