div Posted November 25, 2016 Report Share Posted November 25, 2016 Published today and available to download here if you are interested; http://www.blackandwhitearmy.com/downloads/accounts-may2016.pdf Salient Points; The club made a profit of £30K for the year ending May 31 2016. That is compared to a loss of £266K the previous year. Annual turnover for the year was £2.48M as opposed to the previous year (in the Premiership) which was £2.97M. The clubs wage bill for the last financial year was £1.16M, down from £1.87M in the previous financial year. The club has no bank debt. The undersoil heating is broken. The figures are healthier than expected due to sale of John McGinn, parachute payment, rental of ground to Celtic in pre-season, Rangers in the home end last day of the season and the Petrofac Cup semi final at Ibrox. The extra money was used to repay directors loans totalling £247K Pretty alarming that we had the previous board bail the club out to the tune of almost £250K. My big fear is now what will happen in the (almost inevitable) event that we need cash under the new structure? Also this is the last year of the parachute money, the Astro pitch at Ralston needs replaced, the Undersoil Heating is broken, there are issues with the buildings in Ralston as per the Chairman's last report and it looks likely that the much hated but financially lucrative JD Sports deal is about to end. Throw the spectre of relegation to the third tier into the mix, dwindling crowds and the fact that we've just paid off yet another management team and it's plain we are in some trouble. Better hope McGinn gets fit again soon and Hibs sell him for a few million. Quote Link to comment Share on other sites More sharing options...
Tommy Posted November 25, 2016 Report Share Posted November 25, 2016 (edited) As much as I hate plastic pitches, it may be best to leave Ralston, if we can break the lease (which would please the locals) and put the plastic pitch at Greenhill Rd. Ralston is draining money off us that we cant afford so just get the players to train at Greenhill Rd. Edited November 25, 2016 by renfrew Quote Link to comment Share on other sites More sharing options...
MotherwellSaint Posted November 25, 2016 Report Share Posted November 25, 2016 it appears the future looks quite bleak can only hope that in time things turn and get better for us as a club Quote Link to comment Share on other sites More sharing options...
pozbaird Posted November 25, 2016 Report Share Posted November 25, 2016 (edited) Hold on a wee minute. Get rid of Ralston? Ralston a drain on finances? Install a synthetic surface at the dinkydome? The USH is broken? Erm, I thought when we sold our spiritual home and moved to a 'state of the art' modern stadium and had a much-trumpeted dedicated training facility that only the OF and Hibs could match that it meant the following. A bright future where our new found facilities and no debt would see us push on in Scottish football and be able to attract better players due to the lure of our shiny new surrounds. What happened? Don't tell me we were lied to? Or failing that, the want-away, up-for-sale, old selling consortium right royally fcuked-up their previously decent 'balance the books' record at Love Street. Hmm. Clubs in deep shite like Dundee and Motherwell with multiple administrations are in the top flight in their traditional stadiums. We are talking about Ralston being a stone dragging us down and playing in a shoebox that no-one likes much any more with fcuked USH. Where's Drew with his FFS when you really need him? Edited November 25, 2016 by pozbaird Quote Link to comment Share on other sites More sharing options...
DougJamie Posted November 25, 2016 Report Share Posted November 25, 2016 Well said Poz Quote Link to comment Share on other sites More sharing options...
Kendo Posted November 25, 2016 Report Share Posted November 25, 2016 2 hours ago, div said: Published today and available to download here if you are interested; http://www.blackandwhitearmy.com/downloads/accounts-may2016.pdf Salient Points; The club made a profit of £30K for the year ending May 31 2016. That is compared to a loss of £266K the previous year. Annual turnover for the year was £2.48M as opposed to the previous year (in the Premiership) which was £2.97M. The clubs wage bill for the last financial year was £1.16M, down from £1.87M in the previous financial year. The club has no bank debt. The undersoil heating is broken. The figures are healthier than expected due to sale of John McGinn, parachute payment, rental of ground to Celtic in pre-season, Rangers in the home end last day of the season and the Petrofac Cup semi final at Ibrox. The extra money was used to repay directors loans totalling £247K Pretty alarming that we had the previous board bail the club out to the tune of almost £250K. My big fear is now what will happen in the (almost inevitable) event that we need cash under the new structure? Also this is the last year of the parachute money, the Astro pitch at Ralston needs replaced, the Undersoil Heating is broken, there are issues with the buildings in Ralston as per the Chairman's last report and it looks likely that the much hated but financially lucrative JD Sports deal is about to end. Throw the spectre of relegation to the third tier into the mix, dwindling crowds and the fact that we've just paid off yet another management team and it's plain we are in some trouble. Better hope McGinn gets fit again soon and Hibs sell him for a few million. Who gets the sell on for McGinn, is it the new regime or the old regime? In other words was the McGinn sell on clause transferred to the Gordon Scott? Quote Link to comment Share on other sites More sharing options...
div Posted November 25, 2016 Author Report Share Posted November 25, 2016 1 minute ago, Kendo said: Who gets the sell on for McGinn, is it the new regime or the old regime? In other words was the McGinn sell on clause transferred to the Gordon Scott? It's owned by the club. I would not be surprised if Hibs offer us a derisory amount to buy out the clause, especially if we get relegated. Club needs to stay strong on that, every chance Hibs could sell him for a couple of £million if he continues to progress, they make it back to the top flight and he starts to feature for the full Scotland team on a regular basis. We would be due a third of that and IMO it's vital we don't cave on that. Quote Link to comment Share on other sites More sharing options...
linwood buddie Posted November 25, 2016 Report Share Posted November 25, 2016 2 hours ago, div said: Published today and available to download here if you are interested; http://www.blackandwhitearmy.com/downloads/accounts-may2016.pdf Salient Points; The club made a profit of £30K for the year ending May 31 2016. That is compared to a loss of £266K the previous year. Annual turnover for the year was £2.48M as opposed to the previous year (in the Premiership) which was £2.97M. The clubs wage bill for the last financial year was £1.16M, down from £1.87M in the previous financial year. The club has no bank debt. The undersoil heating is broken. The figures are healthier than expected due to sale of John McGinn, parachute payment, rental of ground to Celtic in pre-season, Rangers in the home end last day of the season and the Petrofac Cup semi final at Ibrox. The extra money was used to repay directors loans totalling £247K Pretty alarming that we had the previous board bail the club out to the tune of almost £250K. My big fear is now what will happen in the (almost inevitable) event that we need cash under the new structure? Also this is the last year of the parachute money, the Astro pitch at Ralston needs replaced, the Undersoil Heating is broken, there are issues with the buildings in Ralston as per the Chairman's last report and it looks likely that the much hated but financially lucrative JD Sports deal is about to end. Throw the spectre of relegation to the third tier into the mix, dwindling crowds and the fact that we've just paid off yet another management team and it's plain we are in some trouble. Better hope McGinn gets fit again soon and Hibs sell him for a few million. Doesn't look great . Quote Link to comment Share on other sites More sharing options...
Kendo Posted November 25, 2016 Report Share Posted November 25, 2016 1 minute ago, div said: It's owned by the club. I would not be surprised if Hibs offer us a derisory amount to buy out the clause, especially if we get relegated. Club needs to stay strong on that, every chance Hibs could sell him for a couple of £million if he continues to progress, they make it back to the top flight and he starts to feature for the full Scotland team on a regular basis. We would be due a third of that and IMO it's vital we don't cave on that. Thanks Div. I was in rather a good mood until I read your opening post, the words Holy Shit spring to mind. When in the name of God will some positive news come in. Quote Link to comment Share on other sites More sharing options...
div Posted November 25, 2016 Author Report Share Posted November 25, 2016 2 minutes ago, linwood buddie said: Doesn't look great . No it's not a pretty picture. It also throws into question what might be available to the manager in January. The answer is surely not a lot. Quote Link to comment Share on other sites More sharing options...
div Posted November 25, 2016 Author Report Share Posted November 25, 2016 Just now, Kendo said: Thanks Div. I was in rather a good mood until I read your opening post, the words Holy Shit spring to mind. When in the name of God will some positive news come in. Yeah it seems to be a never ending wave of bad news right now but the accounts on their own aren't bad at all, it's the here and now and the immediate future that are the big problem both on and off the park. Quote Link to comment Share on other sites More sharing options...
Kendo Posted November 25, 2016 Report Share Posted November 25, 2016 Why are people liking div's opening post? It makes grim reading. Quote Link to comment Share on other sites More sharing options...
linwood buddie Posted November 25, 2016 Report Share Posted November 25, 2016 1 minute ago, div said: No it's not a pretty picture. It also throws into question what might be available to the manager in January. The answer is surely not a lot. Gone are the interest free loans I think , need to find a new group of "Sugar Daddies". Quote Link to comment Share on other sites More sharing options...
Stu Posted November 25, 2016 Report Share Posted November 25, 2016 (edited) 3 hours ago, div said: Published today and available to download here if you are interested; http://www.blackandwhitearmy.com/downloads/accounts-may2016.pdf Salient Points; The club made a profit of £30K for the year ending May 31 2016. That is compared to a loss of £266K the previous year. Annual turnover for the year was £2.48M as opposed to the previous year (in the Premiership) which was £2.97M. The clubs wage bill for the last financial year was £1.16M, down from £1.87M in the previous financial year. The club has no bank debt. The undersoil heating is broken. The figures are healthier than expected due to sale of John McGinn, parachute payment, rental of ground to Celtic in pre-season, Rangers in the home end last day of the season and the Petrofac Cup semi final at Ibrox. The extra money was used to repay directors loans totalling £247K Pretty alarming that we had the previous board bail the club out to the tune of almost £250K. My big fear is now what will happen in the (almost inevitable) event that we need cash under the new structure? Also this is the last year of the parachute money, the Astro pitch at Ralston needs replaced, the Undersoil Heating is broken, there are issues with the buildings in Ralston as per the Chairman's last report and it looks likely that the much hated but financially lucrative JD Sports deal is about to end. Throw the spectre of relegation to the third tier into the mix, dwindling crowds and the fact that we've just paid off yet another management team and it's plain we are in some trouble. Better hope McGinn gets fit again soon and Hibs sell him for a few million. A few things based on the points you've pulled out. The old board having to loan £250k is indeed worrying, however there doesn't seem to be any indication as to what timescale that was over. If that was just last season then it is a huge concern - if it was over the last 18 years then it's not quite as bad. The club should have been putting aside money for the replacement of the pitch at Ralston. Clubs and organisations in Dumfries & Galloway that have 3G pitches are told to put aside £10k a year for 10 years to help with the replacement. It's a partnership with the council so doesn't cover the full cost but it helps them fund their contribution. We should have been taking a similar approach. If there's issues with the buildings at Ralston perhaps the chairman could use his business contacts to get the work carried out at a cheaper rate? At the risk of sounding like the Dumfries equivalent of a certain pipe fitter (perhaps he could fix the undersoil heating), the Queens chairman is in the building trade and recent work at the ground and the creation of the Palmerston Arena has been carried out by his company at vastly reduced rates. Failing that there will surely be someone in the fanbase who could help in the way a few businesses helped with the alterations required for the wheelchair platform. Apologies if this is already being undertaken. I couldn't see anything about the JD Sports deal, which bit relates to that? Overall a pretty shit situation. Should have said, at which point do we stop referring to it as a new stadium and a new training ground? The training ground is seven years old, the training ground almost eight. New compared to Love Street but not that new in the grand scheme of things. Edited November 25, 2016 by Stu Quote Link to comment Share on other sites More sharing options...
TediousTom Posted November 25, 2016 Report Share Posted November 25, 2016 (edited) And on a brighter note......... Nothing....its really awful being a fan of the Saint Mirren professional football club pte ltd co first team playing squad at the moment, really awful indeed. Div neglected to mention the ageing squad of overpaid trash that needs replaced! The undersoil heating fiasco is rather embarassing but is anyone surprised? Maybe our new chairman will sort it all out. Edited November 25, 2016 by TediousTom Quote Link to comment Share on other sites More sharing options...
rea Posted November 25, 2016 Report Share Posted November 25, 2016 IIRC at the last few AGMs there were questions raised about depreciation and ongoing maintenance of existing assets. It would seem that no money was set aside. Either that or all of the "rainy day" funds have been used to pay off the long list of employees that were deemed unfit for purpose over that last few years. Perhaps someone can answer the question at this AGM as to how much money has been used to pay off contracts of players and management staff since 2010. FFS disnae even cover it. The depreciation point i have been banging on about for a very long time. Each year i was involved warning was made that saying we were not making a "cash loss" while marking up 6 figure depreciation losses was missing the point of depreciation and that eventually a major capital expense (new carpets, heating, PA etc) was going to be needed and not reserve fund was going to be available. Lets hope insurance does sort this issue and that this just acts as a wake up call to start making some capital funding savings. SMISA money would be ideal for this (with certain share %age rules ) in 10000hours once payments were complete all money was to be ring fenced for capital funding. Quote Link to comment Share on other sites More sharing options...
Stuart Dickson Posted November 25, 2016 Report Share Posted November 25, 2016 Dear oh dear. So it transpires that the previous board left a club crumbling both on and off the park with no provisions for maintenance and renovation. And still some on here will defend them to the hilt and tell us they did a wonderful job. Quote Link to comment Share on other sites More sharing options...
scottd Posted November 25, 2016 Report Share Posted November 25, 2016 1 hour ago, Stuart Dickson said: Dear oh dear. So it transpires that the previous board left a club crumbling both on and off the park with no provisions for maintenance and renovation. And still some on here will defend them to the hilt and tell us they did a wonderful job. Indeed. From the accounts it does appear that the old board left a couple of unexploded booby traps for their successors which is hardly playing fair. Quote Link to comment Share on other sites More sharing options...
Loyal Supporter Posted November 25, 2016 Report Share Posted November 25, 2016 7 hours ago, div said: Published today and available to download here if you are interested; http://www.blackandwhitearmy.com/downloads/accounts-may2016.pdf Salient Points; The club made a profit of £30K for the year ending May 31 2016. That is compared to a loss of £266K the previous year. Annual turnover for the year was £2.48M as opposed to the previous year (in the Premiership) which was £2.97M. The clubs wage bill for the last financial year was £1.16M, down from £1.87M in the previous financial year. The club has no bank debt. The undersoil heating is broken. The figures are healthier than expected due to sale of John McGinn, parachute payment, rental of ground to Celtic in pre-season, Rangers in the home end last day of the season and the Petrofac Cup semi final at Ibrox. The extra money was used to repay directors loans totalling £247K Pretty alarming that we had the previous board bail the club out to the tune of almost £250K. My big fear is now what will happen in the (almost inevitable) event that we need cash under the new structure? Also this is the last year of the parachute money, the Astro pitch at Ralston needs replaced, the Undersoil Heating is broken, there are issues with the buildings in Ralston as per the Chairman's last report and it looks likely that the much hated but financially lucrative JD Sports deal is about to end. Throw the spectre of relegation to the third tier into the mix, dwindling crowds and the fact that we've just paid off yet another management team and it's plain we are in some trouble. Better hope McGinn gets fit again soon and Hibs sell him for a few million. Now what have I been saying for weeks ? One thing we all have in common is the love of The Club we are all probably season ticket holders and again probably all subscribers to give Gordon Scott his dream . However as IVE said the figures just don't stack up and we will need to dig deep again . Now if Girdon knew his stuff he'd have known full well that there is just not enough subs coming in and 100 % we will need a big cash injection soon . Relegation is the least of our problems we are talking about people running the Club for wrong reasons ! Quote Link to comment Share on other sites More sharing options...
Stuart Dickson Posted November 25, 2016 Report Share Posted November 25, 2016 16 minutes ago, Loyal Supporter said: Now what have I been saying for weeks ? One thing we all have in common is the love of The Club we are all probably season ticket holders and again probably all subscribers to give Gordon Scott his dream . However as IVE said the figures just don't stack up and we will need to dig deep again . Now if Girdon knew his stuff he'd have known full well that there is just not enough subs coming in and 100 % we will need a big cash injection soon . Relegation is the least of our problems we are talking about people running the Club for wrong reasons ! You also called for Stewart Gilmour to be brought back in to help - yet it would appear that he's one of the people who put the club in this state in the first place. Quote Link to comment Share on other sites More sharing options...
Tommy Posted November 25, 2016 Report Share Posted November 25, 2016 21 minutes ago, Loyal Supporter said: Now what have I been saying for weeks ? One thing we all have in common is the love of The Club we are all probably season ticket holders and again probably all subscribers to give Gordon Scott his dream . However as IVE said the figures just don't stack up and we will need to dig deep again . Now if Girdon knew his stuff he'd have known full well that there is just not enough subs coming in and 100 % we will need a big cash injection soon . Relegation is the least of our problems we are talking about people running the Club for wrong reasons ! The subs coming in has nothing to do with last year accounts Quote Link to comment Share on other sites More sharing options...
scottd Posted November 25, 2016 Report Share Posted November 25, 2016 27 minutes ago, Loyal Supporter said: Now what have I been saying for weeks ? One thing we all have in common is the love of The Club we are all probably season ticket holders and again probably all subscribers to give Gordon Scott his dream . However as IVE said the figures just don't stack up and we will need to dig deep again . Now if Girdon knew his stuff he'd have known full well that there is just not enough subs coming in and 100 % we will need a big cash injection soon . Relegation is the least of our problems we are talking about people running the Club for wrong reasons ! Am I missing something here? I thought the subscriptions from Smisa members, like myself, we're going toward buying the club at some future point not to aid club finances in the here and now. The amount of subs from Smisa members is irrelevant to the financial health of the club at this point in time. Quote Link to comment Share on other sites More sharing options...
Lord Pityme Posted November 25, 2016 Report Share Posted November 25, 2016 If the USH isnt covered by the insurance then it probably makes financial sense to engage The solicitors. Quote Link to comment Share on other sites More sharing options...
TsuMirren Posted November 25, 2016 Report Share Posted November 25, 2016 Am I missing something here? I thought the subscriptions from Smisa members, like myself, we're going toward buying the club at some future point not to aid club finances in the here and now. The amount of subs from Smisa members is irrelevant to the financial health of the club at this point in time. Yes, it's only £2 per member that goes to the "to be assigned" pot each month. The use of that then gets voted upon as per the vote to assign money to the disabled supporter platform. Quote Link to comment Share on other sites More sharing options...
mad saint 2 Posted November 25, 2016 Report Share Posted November 25, 2016 said it many times before on hear that old board sold us a pup we over paid them sorry gordon did now we find out how badly they ran our club into the ground penny pinching to the end mismanagement same as selling our old ground ,to save there cash lies lies and more lies from oid chairman good riddance Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.