Saturday’s victory is unlikely to feature in the season’s highlights DVD but it was our ninth consecutive domestic win and despite a few shaky moments at the back we’ve conceded only twice during that run. That compares to only three clean sheets in our nine previous domestic games.
Despite selecting from the same personnel, Celtic have a vastly improved defensive unit; comparable to last season’s record breakers.
Europe is different. We conceded home and away to Salzburg and Astra, keeping a clean-sheet only at home to Thursday’s opponents, Dinamo Zagreb.
Done in the name of Celtic fans yesterday:
Did you read that the Celtic Foundation hosted 120 people who use the services of the Glasgow Simon Community yesterday? The Community have assisted the homeless for over 40 years. Community chief exec, Lorraine McGrath, said, “Too many people still find themselves without a home; more than 6500 people registered as homeless in Glasgow last year alone.”
You can get involved with the Foundation’s work this Christmas by coming to the game a little early on Sunday and shaking a collection bucket. As well as the Simon Community, the Foundation aim to help Glasgow East Women’s Aid, Spirit Aid, Loaves and Fishes, The Wayside Club, Glasgow City Mission, the Scottish Refugee Council, The Invisibles and Yorkhill Children’s Charity.
That’s an incredible amount of work to carry out in your name over the coming weeks. You can sign up to help with the bucket collection here. You’ll enjoy it.
The CQN Annual is coming off the presses this week. It’s a full colour Celtic extravaganza. Order yours HERE now in time for Christmas!
823 Comments- Pages:
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- ...
- 22
- »
Patrick27
Jason D in the Victor role could also be interesting, can tackle and pass the ball…
Syd@14.13
Some very bad news for the teddies tomorrow at 10 am confirming what we already knew…….They are dead. Taking a hell of a long time for rigor mortise to set in though.
Hh
Focus have stated the toilet rolls were also stolen, investigators have nothing to go on.
BSR- I agree,i think there might be a few surprises in January.We will get a LB to cover Izzy,Paul Dixon fae Huddersfield{ex DU} possibly,Ryan Gauld on loan and another midfielder,as i think Commons,Henderson,Berget will be offski.
steinreignedsupreme
Mash I think has a 9 % stake presently.
Mash has had this since challz o normandy:-) had their world record ipo.
Mash already had his shell companies set up prior to this ipo!
Mash and craigy go back further than Mash and the laird o normandy.
imo its not in Mash interest to own the dodo as all he wants to do here is sell guff kit.
Mash is involved in lucrative onerous contracts dependent on sales.
Mash is already involved in a more lucrative league and market with Newcastle.
I believe Mash would rather see someone else run the club so long as his kit agreement is inplace.
I think at this upcoming agm there will be some resolutions with a nuclear opt out.ie if this isnae passed am out sort o thing.
all good fun
whatever opinion you take,
let it notbeof scottish msm,
who showed yesterday they will stop at nothing, to defame our club whilst refusing to investigate murray or masterton for their role in the ibrox clubs death.
:-)
hh
Summa of Sammi….
13:36 on 8 December, 2014
.
Strange But True..
Funnily enough l had 2 Young Green Brigaders at My House on Saturday Night for the Motherwell Game..Great Lads..
But After a Few Beers it was Noticed l had Graffiti on Both of my Toilet Doors..
So l had some Strong words with the One who obviously Did the Wrong thing..
I told him the Reason l have Graffiti on My Toilet Doors Gentlemen’s and Ladies is that..If you a Going to Leave the Toilet seat up and Pee on the Floor do it in the Bhoys room..
But Great Lads none the Less..
Summa of StangeButTrueGraffitiGateStoriesCSC
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
;))
Just how good were Celtic on Saturday?
And this Party ain’t even started yet. We witnessed a mere glimpse of the Celtic future, IMO, of course.
patrick27
My reply to you should have had the words , at least in a defensive role anyway , at the end .
Fat fingers and posting on a phone don’t go well together.
Efe in a midfield role? Not for me .
I read this today:
“Corporate power now lives within us. Confronting it means shaking off the manacles it has imposed on our minds.” George Monbiot.
I like it very much.
Advent in a nutshell – shake of the manacles. Happy Christmas.
bournesouprecipe
14:20 on 8 December, 2014
jamesgang
It’s a cheap Celtic fans cliche *see the dictionary* under Olivier Tebily.
I also put forward Captain Caldwell, Loovens Majstorovic and Hooiveld.
—–
all of whom had ‘tick tock’ moments, many more frequent and glaring than Efe’s!
Sadly I see it as shorthand for the too many members of the sieve we’ve had over the years. I take zero pleasure in criticising anyone in Hoops.
geordie munro
14:25 on 8 December, 2014
“Tends to lungs in often from the wrong side.”
Did I actually say that?!? I’m hilarious at times. Never intentionally!
Pesky blinkin iPhone thingie!
HH jamesgang
An Tearmann 14:32 on 8 December, 2014
I know he’s pulling the strings, but his investment is minimal and likely to remain so.
Do you think he has ever set foot in Ibrox or ever will?
HH
.
Just seen this Scribbled on the Loo door..;-)
Rangers 2014 Accounts Analysed
08 December 2014 By Arnold Black
4
0 Comments
Everything that comes out of Ibrox seems to come with a health warning. Rangers recently released their annual accounts and it is fair to say that they did not come under as much scrutiny as the previous year’s accounts. Not because they are good, but possibly because everyone had been hardened over what to expect. This article is an attempt to look at the accounts in a simplified manner and put them into more basic terms to ease the understanding.
Although people anticipate that the annual accounts reveal everything, that is not the case. The accounts disclose only what is required by the Companies Act and financial regulations. If I make any assumptions in trying to explain items that are not absolutely obvious, I will say so.
What period do the accounts cover?
They cover the 12 month period from 1st July 2013 to 30th June 2014. Comparative figures are given for the previous period, a 13-month period, the period from when the assets and trade were acquired from the administrators of the old company up until 30th June 2013.
What businesses are included in the accounts?
The accounts show information for the holding company (Rangers International Football Club Plc) and for the group. As such, it includes the financial information for Rangers Football Club Ltd (which operates the club), Rangers Media Ltd and Garrion Security Services Ltd which are all fully owned. Rangers also own 51% of Rangers Retail Ltd and its figures are included within the group accounts.
Layout of the Accounts
The accounts follow a traditional format – there is a lengthy Board report and Business Review, followed by the Auditors’ Report, then the main accounting statements – the Income Statement, Balance Sheet and Cash Flow Statement. These are followed by the Notes to the Accounts (page 29 on) which provide supporting information and required disclosures.
The accounts show only the group position. Little information is given on the subsidiary companies and the detail of these subsidiary company accounts will not be obtainable until they are filed with Companies House in 2015.
Consolidated Income Statement (page 23)
This is more commonly known as the Profit and Loss Account and it summarises the income and expenditure that relate to the period being reported on. As such, any season ticket income for 2014/15 or other income which relates to future periods is not included.
The accounts show that Rangers generated £25.2m in the year, of which £12.3m came from gate receipts and hospitality, and £7.6, came from the retail side. The remainder of the income came from sponsorship, advertising, broadcasting, commercial and other activities. That’s an increase of £6.1m on the previous period with the increase coming almost entirely on the retail side. A drop of £0.9m in gate receipts and a fall of £0.3m in commercial income was offset by increases in the areas of sponsorship, advertising, broadcasting and other income.
The operating expenses for the year totalled £33.8m (£33.7m in the previous 13-month period). That total is made up of staff costs of £14.7m and general operating costs of £16.4 (covering the running costs of the business – everything from upkeep and maintenance, heat and light, telephones, etc). The increase in the general operating costs is put down to the increased cost of the retail operations although this amount is not specified.
Curiously, the breakdown of operating costs on page 11 differs from the breakdown in note three to the accounts on page 35. An additional item ‘cost of inventories recognised as an expense’ appears in that note in the amount of £4.6m. My guess would be that this represents the cost of generating the retail sales of £7.6m. But I’ll return to Rangers Retail Ltd later.
Along with some other items, the end result is a £8.1m loss for the year. The interim six-month accounts showed a loss of £3.7m. The first six months would generally be expected to bring in a higher profit (or lower loss) but the operating costs for the 2nd six months are slightly higher than the first half of the year. With revenue for the second half lower, it is disappointing and worrying that no great inroads have been made into the operating costs.
Consolidated Balance Sheet (page 25)
The balance sheet summarises the position at the year-end date (30th June 2014). It is split into sections: Non-Current (or Fixed) Assets (the property, equipment, the brand and the player registrations), Current Assets (the trade assets such as stock, debtors and cash), Current Liabilities (amounts to be paid or income to be earned in the next year), and Non-Current Liabilities (the portion of liabilities that will require to be paid in more than a year’s time).
The fixed assets are stated at £65m, relatively unchanged from last year. There was £1.8m of additions in the year, mainly on stadium wi-fi, LED advertising boards and stadium screens. Offsetting these additions were depreciation charges of £1.3m. Player registrations are also treated as assets and written off against income over the length of the contracts.
The current assets of £8.2m include £4.6m in the bank and £3.4m in debtors. Of that £3.4m, £926,000 relates to money to be collected from season tickets for 2014/15 which were sold up to 30th June and a further £1.1m relates to a combination of income due in for the year or expenses paid in advance at the year end. One key point to note is that of the £4.6m in the bank, £3.1m was held within Rangers Retail and was not available for use outside the retail business.
The Current Liabilities figure of £15.3m is slightly misleading as it includes £6.2m of income which has been earned in advance and has been deferred until the following year. This is a mix of season ticket renewals, sponsorship, advertising etc in advance of the 2014/15 season. The remaining liabilities are a mix of creditors and finance leases, with £1.3m due to HMRC re PAYE and VAT at the year-end date; and £1.5m in loans subsequently repaid to Mr Letham and Mr Easdale.
There is, however, provision of £552,000 for stock obligations and onerous leases which I’ll return to under Rangers Retail.
The Non-Current Liabilities of £7.8m include £476k of finance lease payments in relation to the refurbishment of the food outlets, £266k in payments to acquire player contracts, and £6.7m in future tax liabilities that may emerge (but only if properties are disposed of at their revalued amounts) as well as a further £281,000 provision re Rangers Retail.
Overall, the balance sheet shows that Rangers had net assets of £50m, £47m of which was represented by the value of property and equipment.
Consolidated Statement of Cash Flows (page 27)
So where has the cash gone in the year? Firstly, the revenue generated in the year from day-to-day operations wasn’t enough to meet the day-to-day costs and the cash needed to fund this shortfall was £5.7m.
The group had started the year with cash reserves of £11.1m. In addition to the operating revenue coming in through the business, £1.5m was received in loans and a further £360,000 was received from the sale of player contracts.
That money has been used up as follows:
To fund the day-to-day operational cash shortfall: £5.7m
To purchase property and equipment: £1.5m
To purchase players’ contracts: £0.3m
To make finance lease payments: £0.7m
Interest charges incurred: £74,000
Dividends to the 49% shareholders in Rangers Retail: £109,000
That leaves the balance of £4.6m in the bank.
That is a shortened summary of the main financial statements in the accounts, but what else is of interest in the accounts?
Auditors’ Report (page 21)
The auditors have issued an unqualified audit report. That means that, among other things, they are satisfied that the accounts give a true and fair view. They do, however, emphasise the need for funding and they detail continuing issues that are concerning enough to suggest material uncertainty over the company remaining a going concern for the next 12 months if these funding requirements are not met. That is 12 months from the date of signing the audit report (not 12 months from the year-end).
They have referred to a potential liability arising from legal claims made by Craig Whyte and Aidan Earley, stating that the outcome of these claims cannot be determined at this stage but that no change to the position has arisen over the last year
Auditors’ Fees
The auditors have charged £155,000 for the audit of the group. That is up from £90,000 the previous year and the level of the fees is no doubt reflective of the issues that they have to consider. However, that is a substantial increase and a very high fee for the type of business Rangers should be. As a comparison, Celtic’s fees for their audit were disclosed in their accounts at £34,000.
Given the size of the audit fees, it is disappointing that the odd error still creeps into the accounts. For instance, if you are confused by page 26, that appears to be the Company Balance Sheet, although it is not headed up as such. I think the disclosure in note three is wrong, whereby the ‘cost of inventories’ is shown as if it is separate from ‘other operating charges’ whereas I believe it is included within the total of other operating charges. And I have come across the occasional typo as well.
Staff Costs
Staff costs in the year were £14.7m, with the 1st team squad wages stated to be £6.5m. National insurance and pensions account for £1.5m, directors’ remuneration for £787,000, with the balance of £6m being non-1st team squad players, non-playing and non-football staff. The total wages represent 58.3% of total revenue. As a comparison, Celtic’s wages were also 58.3% of total revenue.
Directors’ Remuneration
Directors received £787,000 in the year. The main recipients were the executive directors, Graham Wallace and Brian Stockdale. Of the existing board, David Somers received £50,000 and Norman Crighton £26,664.
Unlike last year, remuneration of key management for Rangers is not shown. It seems clear that the disclosure of the salary of Ally McCoist last year was for political reasons and not because it was required.
Rangers Retail Ltd
It is clear from these accounts that the Rangers Retail business has a major impact on the figures in Rangers accounts so it is disappointing that there is not clear segmental reporting rather than having to fish around for figures. From a turnover of £7.6m from the retail business, it appears that the Sports Direct owners of the business (i.e., the 49% minority shareholders in Rangers Retail Ltd) earned profits of £567,000 in the year.
However, additional earnings to Sports Direct would seem to arise on the obligation of Rangers Retail Ltd to acquire its stock for 2013/14 at a cost higher than its resale value (yes, exactly!). There has also been a provision made for Rangers Retail on lease obligations where the retail stores are operating at a loss.
Because of the nature of the operating arrangements within Rangers Retail, it is probably not the case that the profits are split in proportion of the shareholdings so it is difficult to assess how valuable this area of the business is to Rangers. It is certainly a question worth raising at the AGM for the board to specific the level of profit, if any, Rangers themselves earned from Rangers Retail in the year.
Conclusion
Rangers are clearly hamstrung by the lack of cash within the business. Ignoring the cash locked in Rangers Retail, there was £1.5m cash available at the year-end (which was soon repaid to those that had provided £1.5m in loans). There is little evidence that inroads have been made into the level of operating costs and it is clear that the group needs a major input of funds to be able to continue. We will see at the AGM a proposal to go to the market again to raise substantial funds.
This is my interpretation of the group’s accounts. It does not constitute investment advice.
Summa
gearoid1998
14:30 on 8 December, 2014
Syd@14.13
Some very bad news for the teddies tomorrow at 10 am confirming what we already knew…….They are dead. Taking a hell of a long time for rigor mortise to set in though.
Hh
=========================================================
It’s set in all right. In fact they are decomposing. It’s just that they didn’t get a decent burial and the deranged son(s of Struth) decided to keep everything the way it was before it died, dressed up the corpse in a stadium, car park, training facility and blue top and tried to convince everyone it was still with us. The smell, as you will appreciate, is beyond rotten…..
Jamesgang,
Aye you said it pal.
I blame the iPhone too. It can sometimes make your spelling appear offal ;)
Summa of Sammi….
14:38 on 8 December, 2014
You got a link to that article?
Is the guy who wrote it a CA?
Anyone recommend a good meaningful book to read over the advent/ Christmas period – something hopeful, positive, uplifting, happy – other than fitba stuff that is – I’m in need of something to lift the old spirits…….
roberttressell
The Bible!
PetecCSC!
;-)
HH jamesgang
The reason we are getting to loan Denayer is to give the boy 1st team football.City will be subsidizing his wages.They would not be amused at him sitting in the reserves.Not that good a prospect.Neither would we,if our loanees were sat on a bench somewhere.
Denayer will go on to be a real star in the EPL.He aint to shabby at the moment.
proud bhoy
Maybe when Jason is fit the three can rotate? Who knows
borgo
I know it was only Raith Rovers, but Efe on his debut was very good CDM. Like I say though, Bitton better option
Starry Plough
Could work, never know until you try it! He’s technically very good Denayer – does the defence splitting pass though?
HH
Best graffiti I saw was on the walls of the ould toilets n Balloch between the Tourist House and Balloch Park:
“Merry Xmas to all our readers”, and
“you would think by all this writing
rabbie burns was in here scheidting”.
jamesgaang,
A toilet, is ipox.
You chill big yin. Keep well.HH
Roberttressell@14.38
Bates motels
HH
.
Ernie..
Yes..
Give me 2 Minutes..Think it was Rangers Standard..
Summa
Robert Tressell –
The Ragged Trousered Philanthropists
:-)
Should be
Batesmotelfc
.
Ernie..
http://www.therangersstandard.co.uk/index.php/articles/current-affairs/332-rangers-2014-accounts-analysed?
Summa
Anyone know how our bhoys are doing ?
pukki.. balde..mcgeouch..fridijohnson
Id say all 4 are finished at paradise
havent heard tony watt mentioned for a while… any info there ?
@barrymcgonigle
On Celtic – now that the early season hysteria has died away, Ronnie D seems to be settling in and getting to grips with things. Players looking like they have some belief in themselves and most of the are playing in positions that suit their talents – none more so than Johanson, who appeared lost and out of his depth in the deeper role he was playing in early on.
If we were under serious pressure to win every game in the league Ronnie may well have been gone before now, such is the lunacy of the game at present.
For me, the first 5 months of his management of Celtic have seen significant improvement and the games I have seen of late have been entertaining. I’ll settle for that right now.
I think we’ll get through January with the squad in tact and, believe it or not, I think we might even get John Guidetti signed up. We’re in for an interesting couple of months.
Signing off for now. Adios compadres
Sips
;-)
Luv
HH jamesgang
Tom McLaughlin
14:48 on 8 December, 2014
Robert Tressell –
The Ragged Trousered Philanthropists
:-)
======================================
Never heard of it…………
Efe is a bombscare, played well the last couple of games but the guy has been a liability more often than not shouldn’t be anywhere near our first 11 when young denayer is fit.
Summa of Sammi….
14:48 on 8 December, 2014
Used to know him. Never realised he was a hun.
gearoid1998
14:47 on 8 December, 2014
Roberttressell@14.38
Bates motels
HH
=====================================
Bates Motels True Blue Loyal No1 RSC
I was past Ibrox during the summer. It always had that sinister look about it, but with the lack of upkeep and a general run down feeling about the whole surrounding area, it’s got even more creepy. Someone should tell Stephen King – there’s a novel there for a talented horror writer…..
Proudbhoy –
Tony Watt isn’t on loan. He was transferred.
Anyway, he has started 10 league games out of 17 this season in Belgium and has lost his place recently. HAs scored 3 goals in all competitions (15 games).
.
CowieBhoy..
Or Any of the CowieBhoy Clique..;-)
You mentioned your Wee Ghirl is over in Bondi on her Travel and would be up for a Meet up..
Its the Sydney CSC Christmas BBQ at Centennial Park this Saturday they get a Big crowd Old Young lots of Kids and Santa too..
Drop me a line @ BhoysOfOz@gmail.com and l can put her in touch with some members..
001
bournesouprecipe
13:45 on 8 December, 2014
If commons stays he’ll be a impact sub, he’s to slow for Ronny’s team so can’t see him starting much.
I like commons proberly one of the best players we have but dosent fit the system I’m afraid HH
Jamesgang
How you doing big guy. Mass said in Clonard 12.30 for your intentions y’day and for the happy repose of Coleen soul.
Keep the faith. Is funeral over?
jamesgang
14:46 on 8 December, 2014
roberttressell
The Bible!
PetecCSC!
;-)
HH jamesgang
=============================================
I’ve been listening to the edited highlights at the chapel on a Sunday. Not sure where the story line is going………..
So far it has been a Revelation!!! Boom boom