Accounts out this morning

[craigyrfc11 24]

fairly poor figures could be worse though not sure sometimes these things can be dressed up look better than they really are so will wait see outcome after all numbers get crunched down we wont see any really progress off field untill were back at top of spl and challenging in europe again.

[No.12 508]

I wonder how much we spent on Bonuses and payoffs.

[dummiesoot 16,005]

We won't break even this year with Transfer fees now payable. If indeed Ally chooses to do so in Jan.

If??? Aye ok I would rather trust Boss than your supposition.

[dummiesoot 16,005]

I wonder how much we spent on Bonuses and payoffs.

If you read the accounts might well be in there rather than doing a jaffa cake eater job.

[allgers 735]

Nobody was expecting these figures to be sparkling, what we need is solvency and that has been delivered.

[bill moles 0]

We won't break even this year with Transfer fees now payable. If indeed Ally chooses to do so in Jan.

There is a need to axe £10m non player spending to get us into the black.

[Turnberry18 3,204]

From where we are at these look much of what should be expected. There are even some positives to be had also.

[bawsburst 1,381]

Attention of accusers of fraudulent practises and skulduggery,,,there's yir dinner along with accounts as expected.

20

We have audited the financial statements of Rangers International Football Club plc for the 13 month period ended 30 June 2013 which comprise the

Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated

Statement of Changes in Equity, the Consolidated Statement of Cash Flows and the related notes 1 to 30. The financial reporting framework that has been

applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union, and as regards

the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006.

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has

been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other

purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members

as a body, for our audit work, for this report, or for the opinions we have formed.

RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR

As explained more fully in the Directors’ Responsibilities Statement, the Directors are responsible for the preparation of the financial statements and for

being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with

applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical

Standards for Auditors.

SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the

financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting

policies are appropriate to the Group’s and the parent Company’s circumstances and have been consistently applied and adequately disclosed; the

reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read

all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements. If we become

aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

OPINION ON FINANCIAL STATEMENTS

In our opinion:

• the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs at 30 June 2013, and of the Group’s

profit for the 13-month period then ended;

• the group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;

• the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union and as applied in

accordance with the provisions of the Companies Act 2006: and

• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

EMPHASIS OF MATTER – UNCERTAIN OUTCOME OF POTENTIAL LITIGATION

In forming our opinion on the consolidated financial statements, which is not modified, we have considered the adequacy of the disclosures made in note

29 to the financial statements concerning the uncertain outcome of the potential litigation following the receipt of two letters before claim from legal

advisers to Craig Whyte and Aidan Earley. The Company commissioned an independent investigation (‘the Investigation’) to investigate the first letter

before claim, which was concluded on 17 May 2013. On 30 May 2013, following the receipt of a second letter before claim, the Company announced that

the Investigation had been concluded. The Company is satisfied that a thorough investigation was conducted despite the inherent limitations of a private

inquiry, and considers the claims have no legal merit. The Company has also engaged the services of Allen & Overy to defend against these possible

claims, and the Company has had no communication with Messrs Whyte & Earley or their legal advisers since 30 May 2013. The ultimate outcome of

this matter cannot presently be determined, and accordingly no adjustments have been made to these financial statements as a result of this matter.

Independent Auditor’s Report to the Members of

Rangers International Football Club PLC

21

OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the

financial statements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not

visited by us; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

The company has passed a resolution in accordance with section 506 of the Companies Act 2006 that the auditors name should not be stated.

Deloitte LLP

Chartered Accountants and Statutory Auditor

Glasgow, United Kingdom

28 September 2013

[Albertz 78 918]

Biggest worry for me is non playing staff wages are £10m higher than players.

That needs to be sorted asap.

[No.12 508]

If??? Aye ok I would rather trust Boss than your supposition.

You do that, that's fine.

It's a forum. Opinions an all that.

[Sasa_Papac_No1_Fan 605]

KEEP THE BOARD!! KEEP THE BOARD!! I knew those idiots on Saturday were wrong for their stupid protest, the accounts were always going to show a loss but the board were doing their job in keeping this club running

[RFC Eagle 4,888]

There is a need to axe £10m non player spending to get us into the black.

Or increase revenue from sponsorship and other activities. Have you missed the relative lack of sponsor revenue in the figures? Increased revenue from catering also to be included after Azure were ditched. Lets see how much extra this brings in. Cuts may be needed but probably half your figure at most.

[No.12 508]

If you read the accounts might well be in there rather than doing a jaffa cake eater job.

if you look up my posts you cheeky cunt, you'll see that it's difficult to read in my phone.

[bombaybadboy08 15,660]

Doesn't seem to be anywhere near as bad as was being made out.

[Copland bear 7,966]

Boss? Going bust by Christmas? This was much as expected, after Saturday demonstration they got them out pretty quick. Losing about 1.25m a month or 300,000 per week. But we have had to deal with a lot of shit. We have bought the edminson suite wifi etc. I am fairly happy with this report. But the manager and back room staff are on too much money, they should renegotiate their contracts, and the directors could do like wise.mJust until we are back at the top and we get more tv revenue etc which will pay for this. Directors lent the club money with no interest except Ahmed, This was expected, we knew we were losing 1m a month but as I said it has been a very difficult 13months. Now can we all please move on and support the club. What will be will be, that's why we have a agm.

[bill moles 0]

Doesn't seem to be anywhere near as bad as was being made out.

Not so sure now what are the other costs of £13m ???

[dummiesoot 16,005]

You do that, that's fine.

It's a forum. Opinions an all that.

Perhaps if you formed a reasoned point instead of innuendo a supposition you and I could debate such things.

[j1mgg 3,766]

The figures on here being banded about of non playing staff seems very high. I would expect it to be higher than some due to the amount of people we hire, but that seems ridiculous.

Needs to be wage cuts all round.

[Guardian 4,281]

Wow, those accounts don't leave much room for the "aye but, aye but" brigade.

It won't deter them though, since they can't batter the board with smears about the accounts, we can look forward to renewed efforts to smear them personally.

It's worked well for them before.

I wish they would now fuck right off.

True "Rangers men" would.

[boss 1,941]

We won't break even this year with Transfer fees now payable. If indeed Ally chooses to do so in Jan.

Only 6 months amortisation for which will be charged in this year's accounts so would have minimal effect. Return to base and await instructions.

[bawsburst 1,381]

The board and tupe have been very generous to Alistair, £2 million in wages and benefits in kind, nice.

[dummiesoot 16,005]

Perhaps Ally and his teams wage cuts are the start of non playing wage cuts.

[simon 1,743]

It's just about to start getting messy. Twitter is awash with negative spin from the Supporters trust.

It seems very premature for that though, proper opinions surely can't be formed just yet? Although agendas will have been in place for a while.

[Guardian 4,281]

We won't break even this year with Transfer fees now payable. If indeed Ally chooses to do so in Jan.

Aye cos only negative figures will make the next accounts.

The positives from commercial activities etc will be left out.

[bombaybadboy08 15,660]

Not so sure now what are the other costs of £13m ???

There's been a lot paid out to buy buildings, Rangers Shop at the Airport etc.

Not going to pretend to be an expert on these but we were being told to wake up and that we were heading for Admin 2 and the board were filling their pockets with our cash bla bla.