Hearts Recorded A Huge Loss

BY: DENNIS NARTERH ADZIGODI, soccerfactsghana.com.

The managing Director of Accra Hearts of Oak sporting club, Mr. Gerald Ankrah said the club recorded a huge loss in the 2013/14 financial year but management of the club are going to turn things around. He said the supporters of the Phobia family must stay focus and rally behind the club as things will change for the better soon. Accra Hearts of Oak in it’s 2013/14 financial year recorded a loss of GHC 1,907,407 as against a profit of GHC 40,179 in the year 2012/13.
In an exclusive interview with Asempa FM an Accra based Radio station immediately after the club’s Annual General Meeting (AGM) over the week. “We (Management) are aware of the numerous problems facing the club especially in 2013/14 season and this has affected our finance for the period. We have put pragmatic measures in place and we hope things will change for the better this season” Mr. Ankrah promised.
The MD also revealed that Accra Hearts of Oak will be participating in this year’s African Confederation Cup. But during a press conference last Thursday organized by the Ghana Football Association to announced new committee members for the national teams, GFA Boss Mr. Kwesi Nyantekyi disclosed that only two clubs from Ghana will be eligible to participate in the Continental competition, meaning Hearts dream of going to Africa has been shuttered.
About the T.T Brothers huge debt, he responded positive by saying that all payables have been considered and the club will settle all debts in due course.
Mr. Ankrah disclosed that the aim of forming the Hearts of Oak Executive Club is to help raise enough funds for the club in the coming years.
………………………But reacting to the formation of the executive Club, Mr. Aziz Haruna Futah an executive Hearts National Chapters Committee member said that the move to form the executive committee club was in a bad direction as it will eventually conflict with the work of the National Chapters Committee. He said he sees that as just a duplication of work of the supporters Unions.
Mr. Aziz Haruna also commented on the need for NCC representation on the Hearts of Oak Management board. He urged the Board to get things done right because some of their decisions are adversely affecting the performance of the club.
He warned that until the Management board resolved matters concerning the formation of the Hearts Executive Club and other matters with the supporters front, they (NCC) will organized all the supporters to boycott all Hearts matches to show their displeasure. “It’s time the Board get things right, what will the role of the executive club? If they don’t rescind their decision we (NCC) are going to organized all our supporters’ front to boycott Hearts of Oak matches. Believe me we can do that” Mr. Haruna Aziz Futah stressed in an interview.
The pronouncement on the club's statement of account was made public on Wednesday during the club's Annual General Meeting (AGM) held at the World Trade Centre in Accra.


READ BELOW IS THE FULL REPORT.

For the year ended 30th June 2014, revenue reduced drastically by about 73% from GHC 986, 623 to GHC 262,102 in 2013/14. This was partly because; the club was unable to make any revenue in the transfer market, coupled with the lack of sponsorship in the 2013/14 financial year.

Total income also dropped by 75% from GHC 1,792,716 to GHC 440,546 in 2013/14.

General and Administrative expenses dropped from GHC 2, 208,974 in 2012/13 to GHC 2,071,548 in 2013/14 financial year(6% decrease). On a whole the club recorded a LOSS of GHC 1,907,407 as against a PROFIT of GHC 40,194 in the 2012/13 year.

Total Assets reduced by 41% from GHC 1,817,530 as at the end of 2012/13 to GHC 1,607,O65 at the end of 2013/14.

Current Liabilities increased by 31% from 3,729,333 at the end of 2012/13 to GHC 4,892,150 at the end of 2013/14.

Shareholders fund also increase by 100% from(GHC 1,911,802) to (GHC 3,825,084).