The Hereford FC accounts for the year to May 31st 2018 were received by shareholders early last week. They revealed that the club made a profit before tax of £44,084 up from £5,263 the previous year.
There was a big rise in turnover up from £711,686 to £988,770. However the cost of sales went up from £437,998 to £569,521.
Administrative expenses were also well ahead of the previous year at £394,850, an increase of £109,885.
Cash at the bank and in hand was revealed to be £691,430 but this figure is somewhat inflated as it includes £117,164 of season ticket sales, sponsorship and advertising income from the current year.
Net assets of the club were stated as £493,077, up from £403,319 twelve months ago. The increase in assets came from retained profit, £37,758, and extra share capital, £52,000.
There has been a big turnover of directors during the twelve months of these accounts. Only two directors have been in office for the full year, Ken Kinnersley and George Webb.
Five resigned, DC Williams, P Eynon, M Watson, M Langford and M W Cole.
Five joined, P J Churchus, A R Graham, M C Merrick, P P Quarrell and A M Taylor.
The average number of employees rose from 27 to 29.
A look at turnover reveals that match day ticket sales rose from £185K to £318K, whilst season ticket sales went up by £8K to £205K.
Biggest rise was from prize money and TV income up from £12K to £122K. Sponsorship and advertising also showed a good increase from £141K to £185K. Programme sales also rose, from £26K to £37K.
However merchandise sales dropped from £102K to £71K and the share of bar profits also dropped, by £2K, to £27K.
As regards the cost of sales, these rose by £121k, the main reason being team and management wages up to £331K from £256K. Team and managment wages include manager and all background staff and all playing staff.
Matchday stewarding costs rose to £47K from £29K.
Wages for non-playing staff went up from £97K to £115K.
Legal costs increased from £9K to £21K,
One other big cost was refurbishment and general repairs, up from £50K to £105K. This work included stadum inspection and general repairs to the stadium, the refurbishment of Radfords Bar and the Hereford Suite.