Hancox: Harriers finances in good shape

HARRIERS director Joe Hancox has insisted the club's finances are in good order.

The Aggborough outfit published their accounts for the 2011-12 season which revealed the club made a loss of £253,693.

That figure has been offset by share capital of £205,570 from investors such as major backer Ernie Lane and others including fans trust KHIST, which reduces the figure to £48,123.

Hancox said: "We published the accounts for the 2011-12 season which show a loss of £250,00, they also show a share capital of over £200,000 so there is a net loss of £48,000.

"Really you have to look at the two together, because we could treat the share capital as donations, which would make the trading result better.

"But what we want is the people who are putting the money into shares, who have not had shares  in the past, to feel part of the club.

"We're setting the budget and then if directors and others like KHIST are prepared to put money in then we'll up the playing budget accordingly.

"We're setting it out in advance, we're not being reckless and saying 'we've run up this money how are we going to pay for it?'

"Football at this level is always going to need someone to put money in."

Hancox also revealed Harriers' only debt is the £56,000 they owe the brewery, which they are paying off £400 a month.

He also revealed the club are up to date with their PAYE and VAT bills.

He added: "We have no bank borrowings, we don't even have a bank overdraft facility at all.

"We have a brewery debt which we pay off £400 a month and that has been going for a few years and will continue.

"We are also up to date with the PAYE and VAT, so you cannot ask for any more."

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