Accounts out this morning

[RFC55 108,733]

I dont think we can sit back with the cigar in the mouth and think everything is rosy. The bottom line is that without Green and Ahmad getting the £22m in last season, we would have been stuffed. They should be congratulated and rewarded for that, though i still think the "wages" they took were a bit of a disgrace as their reward, for me, was their 1p shares.

I think its good they are gone now and I would get rid of Stockbridge as he is far too tainted for my liking with the Video stuff as well as not being able to answer questions honestly in my opinion.

We 100% NEED to cut costs. The additional cash balance at 30th June 2013 will not be the same as at 30th June 2014 if we dont either cut our costs dramatically or secure more income via natural means or a secondary share option. We need to be working 24-7 to secure 2014/15 season in my opinion mate.

Thanks mate and that probably seems a more fair post than some who'd have us think everything is great.

As I say securing more income is the biggest worry for me, I don't know if after a lot of the shite that's happened in the past 4 months we are an attractive investment for those outside the fans as it stands.

[RFC55 108,733]

Are you Jimmy Hill

Some say I'm a poof

[Zappa 358]

£15.5m of it was used to run us between December and 30th June.

Which is a MASSIVE deviation from what the IPO cash was supposed to be used for as detailed in the prospectus.

[Non_Sucumbi 876]

When you add up, Football debt, IPO expenses, Investigation expenses, acquisition expenses, Charles Greens money, Ahmads money, set up loans and our managers justified pay cut, the non recurring expenses are close to £6m.

Turnover should be higher given that we will have a full 12 months sponsorship from Puma, Blackthorn and Sports Direct as some of these deals were done as late as March 2013. The £14m gap could easily be down to £4m this season and as Boss has said, we can be working towards that being £0 for 2014-15

I said it wouldnt be easy reading these as there is a lot of shite in them that wont repeat itself but by taking the step of declaring the amount of matchday money included in our cash balance allows us to look ahead and clearly see that Dave King, the RST and all the other doom mongers who said we would be bust by xmas are looking like a total bunch of wanks.

I see the RST are out peddling dhim like nonsense because they simply cannot handle the truth of what the accounts show.

To summarise my view though:

1) Nothing I really didnt expect.

2) Healthy cash position explained.

3) Clear cost reduction opportunities.

4) Certain directors took the piss but in the main, they are now gone.

5) No wonder our manager is volunteering a pay cut. He should be embarrassed.

6) Auditors have signed off as a going concern (This is what Whyte failed to get auditors to do months before we went into admin)

7) There is no way we will run out of money this season.

8) Still a lot of work to be done on other costs and the jury is still out for me if we have the right people to do it.

9) Paul Murray can fukk off

Good summation, especially points #5, 8 AND 9.

[Dennis 1,011]

.

[Non_Sucumbi 876]

Some say I'm a poof

You're trying to get me to mention jaffa cakes but I'm not biting

[Zappa 358]

Beelin'

Away and threaten some Rangers fans with legal action.

[TheLawMan 6,240]

Which is a MASSIVE deviation from what the IPO cash was supposed to be used for as detailed in the prospectus.

Some of the money was used for the asset purchases.......or at least it freed up season ticket cash to purchase them as i think we concluded on at least one of them prior to the IPO but I think i have said before that it was clear from our Board Meetings that some people still think are fake, that we would have had no cash in January or February without the IPO.

[Jimfanciesthedude 24,504]

But there are still questions to be asked, mind some of us only want answers for the benefit of Rangers not so a Paul Murray or the like can move in

agreed, and the AGM will hopefully provide they answers, again until then we should just simply focus on the football

[boss 1,941]

I may be coming across as a prick, but I still mind feb14th in work on cathedral street and breaking down in tears. That day was fucking hellish and it may just be my backing of whyte that now won't allow me to properly back anyone else but I just never want any Rangers fan to suffer that again.

If it means we have to ask question the board and forum members don't like then so be it.

I'm with you on all of that. Nothing in any of my accounts posts should infer that I trust anyone involved.

[boss 1,941]

It is not a cast in stone rule

Thank you for finally agreeing.

[bawsburst 1,381]

Away and threaten some Rangers fans with legal action.

So when you cease being "beelin " you can refresh our memory of this scam you were accusing people of. :lol:

[boss 1,941]

When you add up, Football debt, IPO expenses, Investigation expenses, acquisition expenses, Charles Greens money, Ahmads money, set up loans and our managers justified pay cut, the non recurring expenses are close to £6m.

Turnover should be higher given that we will have a full 12 months sponsorship from Puma, Blackthorn and Sports Direct as some of these deals were done as late as March 2013. The £14m gap could easily be down to £4m this season and as Boss has said, we can be working towards that being £0 for 2014-15

I said it wouldnt be easy reading these as there is a lot of shite in them that wont repeat itself but by taking the step of declaring the amount of matchday money included in our cash balance allows us to look ahead and clearly see that Dave King, the RST and all the other doom mongers who said we would be bust by xmas are looking like a total bunch of wanks.

I see the RST are out peddling dhim like nonsense because they simply cannot handle the truth of what the accounts show.

To summarise my view though:

1) Nothing I really didnt expect.

2) Healthy cash position explained.

3) Clear cost reduction opportunities.

4) Certain directors took the piss but in the main, they are now gone.

5) No wonder our manager is volunteering a pay cut. He should be embarrassed.

6) Auditors have signed off as a going concern (This is what Whyte failed to get auditors to do months before we went into admin)

7) There is no way we will run out of money this season.

8) Still a lot of work to be done on other costs and the jury is still out for me if we have the right people to do it.

9) Paul Murray can fukk off

Excellent summation.

[DAVIE8CH 296]

better than expected, now for the AGM so we can look to the future and get our great and wonderous club going forwards and upwards.

[Shuggy 1,308]

Would any of the new signings' wages appear on this report? I presume not.

[mitre_mouldmaster 21,509]

Thank you for finally agreeing.

My stance has not changed. I just showed you why the 12 month criteria is important.

"Auditors only attest to a company as a going concern, meaning it has enough cash or access to capital to survive for the following 12 months, but this will be extended to a period longer than a year under the FRC's new guidelines, which remain subject to consultation."

http://www.accountancyage.com/aa/news/2240440/auditors-going-concern-judgment-to-extend-beyond-12-months

Seriously though, we both agree that we are safe for the following season. How we fund after that we can continue to debate over the coming year.

The major shareholders view of the accounts is more important than either of us at the end of the day. Lets see how it plays out.

FYI, I dont think the accounts are a disaster, I just think they could be better. Im undecided on the board.

[Redsox1 1,361]

Would any of the new signings' wages appear on this report? I presume not.

probably right but Boca etc`s will then.Our wages will be down from the start of last season when we still had broadfoot / goian / boca / alexander.

Those 4 players wages will cover all our new players that came in.

[cameron1873 510]

Ive not really had a chance to look through the accounts yet as been busy today.

But im presuming there is a good breakdown of the expenditure and especially why we have lost 14million.

[Zappa 358]

Some of the money was used for the asset purchases.......or at least it freed up season ticket cash to purchase them as i think we concluded on at least one of them prior to the IPO but I think i have said before that it was clear from our Board Meetings that some people still think are fake, that we would have had no cash in January or February without the IPO.

So, why did the IPO prospectus detail that a large percentage of the money invested would be getting spent on X, Y & Z with only a certain percentage going towards working capital/running costs, when what has happened is very different indeed from what was detailed in the prospectus and a very large portion of the money invested has been spent on running costs? Or am I wrong? Have the plans for spending the cash which were detailed in the prospectus been upheld?

[cushynumber 25,178]

They are not perfect but they don’t make as bad a reading as I envisioned though I have to admit the negative goodwill of approx £20M is a complete mystery to me.

A few comments from the FD caught my eye in a positive way:

· The business strategy remains for the Club to keep Ibrox Stadium and Murray Park free from any kind of security over bank debt. These assets will continue to remain under the full ownership of the Club

· Significant savings have been made but it has to be remembered that Rangers exists because it plays football and it has to be successful. Without an adequate squad and good players that would not be achievable. As in any football club the largest cost is wages but these outgoings cannot be addressed overnight. The overall staff costs for the Club have been reduced from £30.0m to £17.9m. It will be reduced further for next season and non-playing staff numbers have decreased by 15.

· Whilst an operating loss of £14m was made on a turnover of £19.1m in the period, it will not be repeated this season

In no way are we out of the woods though. Keeping player wages in check while continuing to rise through the leagues will be a great challenge and further cuts to non-playing staff appears to be required. Negative goodwill can also surely not be continually accrued at £20M a year.

However, I have to point out that the first point above is a great finger in the eye to everyone on the Internet who were absolutely sure that sale and leaseback of the stadium was the only viable way forward in order to keep us going to xmas.

[boss 1,941]

My stance has not changed. I just showed you why the 12 month criteria is important.

Please don't quote Accountancy Age. It's like quoting the Sun on matters of high finance.

I reiterate, if the board's projections indicated that we would run out of money in 13 months, that does have an impact for the audit report. You were fixated on 12 months. There is no 12 month rule. You now agree.

[boss 1,941]

Ive not really had a chance to look through the accounts yet as been busy today.

But im presuming there is a good breakdown of the expenditure and especially why we have lost 14million.

There is more detail in the accounts in general than we have ever seen before. So much for a lack of transparency.

[mitre_mouldmaster 21,509]

Please don't quote Accountancy Age. It's like quoting the Sun on matters of high finance.

I reiterate, if the board's projections indicated that we would run out of money in 13 months, that does have an impact for the audit report. You were fixated on 12 months. There is no 12 month rule. You now agree.

Of course if the board stated to the auditors that it was going to run out of money they would be duty bound to take this into consideration. However my stance is that the board may have self asserted that extra credit facilities will be in place rather than stating the club will break even.

An auditor will be much more likely to allow a self assertion outside of the 12 month period than inside it.

Again, im not saying we are going into admin, only that i feel it is likely we will require external funding in 2014-2015.

[Zappa 358]

What's this about a change of broker today btw?

[nachothelegend 1,932]

Right now we've had time to digest them.

All in all around what most sensible people expected.

The board now need to implement some wage cuts, especially their own and the Coaching staff, they are on far too much for where we are.

By the Time we get back we should be in a decent position.

Sorry but no admin and Hopefully Minicos mob can let our Club stabilise now.

Who needs enemy's eh?