The accounts for the year ending 31 May 2009 have just been released.

The main headline results are:

Loss for the year: 2009 (113,937) 2008 (432,496)

Turnover: 2009 3,608,155 2008 3,409,754

Admin Exps: 2009 (3756,709) 2008 (3,409,754)

Overall salary costs were 59% of turnover, down from 70% in the previous year.

Edited August 22, 200916 yr by Kind of Blue

A loss is never good but better than last years accounts. I think por football under Brewster along with poor cup runs didn't help matters. Better luck next year.

These accounts will include the money received for Marius, as well as the Euro 2008 money, but they will probably also include a provision for the legal cases going in his favour which will pretty much cancel out the transfer profit.

These accounts will include the money received for Marius, as well as the Euro 2008 money

I've asked this before in another thread ages ago. Do we get money for Hastings when he's playing with Canada?

given the state of the CSA (Canadian Soccer Association), I would very much doubt it.

The money we got for Niculae at the Euros was from UEFA/FIFA for taking part in the competition finals ... there was no mention of money from normal games in the qualifiers for it.

These accounts will include the money received for Marius, as well as the Euro 2008 money, but they will probably also include a provision for the legal cases going in his favour which will pretty much cancel out the transfer profit.

yeah but doubt they'll include provision for legal cases going in his favour

Are the full details available to view anywhere?

Are the full details available to view anywhere?

Just this i think

http://www.ictfc.premiumtv.co.uk/page/News...1764193,00.html

Thats not bad at all, better than last year which is a surpise beacause we never got any money for staying in the spl ect..

How can anyone describe a loss as "not bad"???...and the fact that it was for two years running and we're looking down the throat of another likely loss this season as well as having a law suit hanging over us that could cost us in the region of ?350k.....aye the whole world's feckin rosey right enough!!!!

Looks like we could be carrying a deficit of a million pounds by the end of the next financial year which is not good news especially if we don't bounce straight back to the SPL.

To think we had fools on here scoffing at Livi's plight :D

not good not good.

a loss two years running? there was me thinking we were on of the best run clubs around. not quite in the millions region, but if we don't generate some money this year from cups/promotion, and assuming none of our esteemed director decide to put in some money into the club, then it'll be getting to that stage.

We've made losses for two years but we're not in the mire. Assets are valued at over ?900k and we have near ?350k in the bank. This season we have the chance to win the league and do well in three cups. Success will make money.

The club has done well to get things back on track and, I'm sure, will continue to do so. We took the risk of bringing in a number of players in january to try and save our SPL status. That risk cost money and it failed.

We reduced our losses by a considerable amount and we have no debt. Hopefully that will continue and we will go on to be the club in the black.

We've made losses for two years but we're not in the mire. Assets are valued at over ?900k and we have near ?350k in the bank. This season we have the chance to win the league and do well in three cups. Success will make money.

The club has done well to get things back on track and, I'm sure, will continue to do so. We took the risk of bringing in a number of players in january to try and save our SPL status. That risk cost money and it failed.

We reduced our losses by a considerable amount and we have no debt. Hopefully that will continue and we will go on to be the club in the black.

I tend to agree with Alex's more optimistic view of things. These accounts are certainly not those of a company in immediate danger of going under. I can offer this view with some degree of professionalism as I got my daughter, who is a qualified Chartered Accountant and Tax Advisor, to have a quick shifty at them. However, I think a good cup run is essential if we don't get straight back up to SPL.

we have near ?350k in the bank

How much will we have if and when we pay out the ?350k CaleyD referred to earlier for the Marius case?

[Rhetorical question]

My biggest fear (aside from the payout to Niculae) is wages.

Last year we spent 59% of ?3.6 Million on wages. Our turnover in Div 1 before we were promoted was somewhere in the region of ?1.8 Million. We've made a few off-field redundancies, but our squad is still pretty much the same size as last year and I can't see where we'll have made any significant dents in the wages figure there. Even if we've managed to knock 20-25% off last years wage figure, we're still looking at a wages to turnover figure approaching 70 or 80% for this season if turnover is as low as it was in Div 1 last time round.

A couple of cup runs won't, IMO, stop the club dropping into the red by the end of the season.

Don, how does the potential income stack up?

In your opinion:-

Will the attendance numbers be up or down on the season prior to our promotion?

Is the 'per head' take still the same as then? This will be ticket price/corporate etc income?

I would imagine the players income could be higher than back then but in this hard times maybe not!

Would the ?350k not be within the figures in the accounts and therefore if we lose the case we become another ?350k worse off, in the balance sheet as well as in the bank?

I am hoping your opinion will be -Up, Up, Up, Income similar, ?350k set aside outwith accounts.

I'd imagine (hope) that our income would be up a bit from our previous stint in Div 1, attendances should be up as we've built, and appear to be holding on to, and growing, our fan base. However, I think that's about our only real area of growth and it will be quickly cancelled out (or worse) by increased costs...wages will be more than back then and things like Stadium Running Costs will have gone up as a result of inflation. You also have to factor in increased costs such as the additional floodlighting we now operate, the USH and the maintenance of 2 extra stands etc.

Not sure where people get the idea that any possible liability in relation to the Niculae situation might be set aside and separate from the accounts. If the club were doing that then they'd be breaking several accounting rules/laws by simply removing ?350k from our accounts/return.

I expect that we'll get a lot of spin and "We don't have to supply that information" type answers from the accountants again at this years AGM.....the question is, are the shareholders and fans going to allow themselves to be kept in the dark or are they going to start demanding proper, honest answers?

In my opinion we can survive a single season in the first division without too dire consequences but beyond that there has to be concern unless costs, and that's mainly players and management wages, are cut again at the end of this season even more radically than last.

Not having seen the accounts, could someone please tell me what our assets of ?900k actually represent (not owning the stadium etc)?

could someone please tell me what our assets of ?900k actually represent?

Lionel.

could someone please tell me what our assets of ?900k actually represent?

Lionel.

I would imagine that the assets are made up in large part by the lease(s) we hold on the Stadium/Land.

to put everything in perspective we were nearly ?2 mil in the red in 98/99 and then managed to turn everything around to become a profitable club (from being in the 2nd division I believe). I guarentee you our accounts are better than the majority of clubs in Scotland and I am thankful that we have a very prudent board

We are currently still in the black and judging by our season tickets sales, what seems to be a very popular new away top and our parachute payment we can hopefully still be there by the end of this season.

assuming none of our esteemed director decide to put in some money into the club,

Why should they? Why should you expect your Saturday afternoon entertainment to be subsidised by other people?