Unnamed Benefactors Contribute £2M to Ensure Healthy Hearts Make Profit

By Anderson, Barry | The Scotsman, November 15, 2018 | Go to article overview

Unnamed Benefactors Contribute £2M to Ensure Healthy Hearts Make Profit


Anderson, Barry, The Scotsman


Hearts' latest annual accounts show a profit of £1.8million and an £800,000 increase in turnover. The Edinburgh club reported a 24 per cent rise in gate receipts on their balance sheet for the year ending 30 June, 2018. In a year in which Esmael Goncalves and Jamie Walker left Gorgie, a £400,000 gain from player sales was also included.

Despite investing heavily in the redevelopment of Tynecastle Park - a project which will cost £18m when completed - Hearts have managed to maintain encouraging financial figures under the stewardship of owner Ann Budge.

Net assets now total £14.7m, turnover is up from £11.3m to £12.1m, plus there was an eight per cent increase in income from commercial activities during the 12-month period.

Unnamed benefactors contributed £2m during the year, taking their total contribution towards stadium work to £4.5m. The accounts also show a further £1m income from what is reported as an "exceptional donation towards player costs".

All of the above resulted in Hearts securing a net profit of £1.8m compared to last year's £2.3m profit. The club have also drawn down £1.7m of a £1.75m loan facility made available by one of their directors.

Budge had earlier confirmed that Tynecastle's redevelopment will reach a total of £18m as she seeks to create "some-thing special" with the stadium regeneration. Foundation of Hearts have contributed £3m to that project and continue to provide £1.4m a year in funding for the club through 8,000 monthly subscribers.

In her statement provided with the annual accounts, Budge wrote: "We received an exceptional £1m donation towards player costs from our benefactors. This allowed us to enhance our playing budget for the year and consequently our staff costs increased considerably.

In addition, our operating charges increased from £5.4m to £6.1m, matching the trend of the increase in our turnover."

She added: "Financial Year 2017/18 saw us continue on our journey to re-establish Hearts as a major force within Scottish football. …

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