efc 1990 1991 accounts

8/7/2019 EFC 1990 1991 Accounts

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0 1 OCI \99\

M 37

THE EVERTON FOOTBALL CLUB COMPANY lli\UTED

_________ -._0._ _ ••. _ _ ._.

ANNUAL REPORT

AND- - - - - - - , - _ . _ - - - ~

STATEMENT OFACCOUNTS- - . _ - _ .. __.-

' - - ' - - " - - -

____ , . ~__ .__ ..

~ T 3 ! sf A t ! ' ~19 ~ _ ! _.. ,,__._.,..... > _ _ . .

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•

THf. EVERTON FOOTBAll CLUB COMPANY LIMITED

NOTICE OF MEETING

NOTICEIS HEREBYGIVEN that the one hundred & twelfthAnnual GeneralMeeting ('Ifthe Company will be heldat theoffices of The Everton Football Club Company Limited,Goodison Park, liverpool L4 4EL, uu Thursday the 15th Dayof August, 1991, at 7.00 p.m. to receive and consider theReport of theDirectors,andtheAccounts for the Year ended31 stMay, 1991,to elect Directors, tuappointAuditors fortheensuing year, and to fix their remuneration, andto transact anyotherbusiness whichmay he transac'ed atthe Annual GeneralMeeting of the Company.

The Transfer Booksof theCompany wiII be closed untiI 16thAugust, ' 991.

By Order of the Board.

J. GREENWOOD, Secretary,Coodlso.i Park, Liverpool L44EL.

11 th July,1991

Admission on Presentation ofAnnualReport

Noticeis also given that aMember of the Companyentitledtoattend and vote at the above Annual General Meeting isentitledto appoint a proxy toattend and vote insteadofhim,and that the proxyneed not be a member of the Company.

Pmxies must be lodged at tile Registered Office of tile

Company, not less than 48 hours before the lime of theMeeting.

3

DirectorsSir Philip D.Carter C.B.E., ChairmanD. H. Pitcher, Deputy ChairmanA. W. Waterw''lrthJ( M. Tamlin1,1, A. B. NewtonD. M. MilrshW. Kpnwright

Secretaryand Registered OfficeJ. Greenwood,Goodison Park, Liverpool L44EL

ManagerH. Kendall

BankersTSB Bank pic

AuditorsRogers, Bowler & Co.

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THE EVERTON FOOTBALL O.UB COMPANY LIMITED

CHAIRMAN'S REPORT

Ihave pleasure insubmitting the Financial Report andAccounts.

We were illl d e l l ~ h \ e dto welcome hack H \ ) w a ~ d

KendallasourManager- hewas re-appointed on the6thNovember, 1990. .

The season startedvery badly; inthe first halfwe played19 games, won4,drew6and lost 9, butin t ' , , ~:.\:.' ond halfwe played 19, won 9. drew6 and 10514.

Itwasalso significantthatprlorto Howard rejoiningusweonlvachleved2 points from 5away games, butdurlngthe remainder ofthe seasonwecollected 17 nolnts fromthe remaining 14away games.

Our partlclpation in the threeCup Competitions wasvaried. Although we 'ost to Sheffield United in the 3rdRound ofthe Rumbelows Cup, we made progress to the5th Round of the F A Cupforthe second year, thistimelosing toWest Ham United.This was after two magnificentreplays against Liverpool inthe4th Round. I amsure allfans will never forgetthe stirrlng-l-a resultat Goodison onWednesday 2Qth February 1991. W e m a c l ~d welcome

return toWembleyinthe Zenith Data SystemsCup Final.butuntortunately lost 4-1 to Crystal Palace after extra time.The Manager and Board acknowledge that a

considerable amountoffurtnerstrengthenlng is requiredto the first team squad. The Board has confidence inHoward Kendall andis providingfinancial backing for himin his questforadditional players.

In thePontin's league we finisheci fifth, and theATeamfinished ~ l credltable third in the lancashire FootballLeague,

Sincehis re-appclntrnent as Manager, Howard Kendall

has re-organlsed his backroom staff, and we werevery

4

pleasedto welcome Colin Harvey as First Team CoaThis move re-establishes the successful managemepartnership ofthemid80's. limm'lGabdel wasappointeReserveTeam Coach and Ray Hall, Youth DevelopmOfficer. Jim Barron wasappointed Youth Team Coachbhassince lefttotakeup a position with Aston Villa. BrGreenhalgh becameChiefScoutand Jim Martin occupthe nEM postof Kit Manager.

During lastvcirv-e wereagain involved inthe tranmarket buymg Pi dy Hinchcliffe, Mike Milligan, RoWarzycha andGe'ry Peyton.

Players transferred outwere MikeStowell, Neil Poynand Mike Milligan.

Wewere extremelysorry to losethe servicesofNormWhiteside due to a sed. rs injury. He hadto retire frfootball completely and we wish him well in hisfutucareer.International HonoursWales N. Southall, K, RatcliffeScotland S. McCall, P. NevinEire K. SheedyPo/and R. WarzychaEngland: /27 J. Ebbrell (Captain)Wa/C:!s I . J ~J M. Ebdon

The re-admission or English Clubs into EuropCompetitions was most welcomeand in particularmust congratulate Manchester United for theirperformancein winningthe EuropeanCup Winners CThegreater the success by English teams in Europe,soonerthenumberof places available tothis Countryincrease. Weall look forward totheopportunltles, whicthese EuropeanCompetitionsoffer tothe successfulClin the English league.

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• •

THE EVERTON FOOTBALL CLUB COMPANYLIMITED

REPORT OF THE DIRECTORS

PrincipalactivityTheprincipal activityoftheCompanycontlnuesto bethatofa Professional Football League Club.

DirectorsThed irectors inoffke inthe yearandtheirbeneficial interestsin the issued ordinarysharecapital were as follows:

Fixedassets

FuII

detaiIsofthe changes totheFi

xed Assets are shown intNotes to the Accounts.

AuditorsThe auditors, Messrs. Rogers,Bowler& Co., will beproposforre-appointmentin accordance with Section 384 of theCompaniesAct19R5.

In accordance withthe Articles of Association Mr. D. ANewtonand Dr. D.M. Marsh retire by rotationand, beineligible, offer themselves forre-election. Nominations havebeen receivedon behalfof Messrs. G. H. E. Birch, and P.

Parry.

Review 01businessTheresultsof the period's trading aregivenon page 70ftheaccounts.

The net loss forthe year is £620,213 after the transferof

£500,000 from the Transfer Fee Reserve.Since the end of the financial year, two playershave beentransferred outandone player transferred in,witha netprofitto the Companv of £766.000. The Directors are currentlyinvolvedinother transfer negotiations withthe objectiveofstrengthening the team in order to compete for majurhonours, in the forthcoming season.

The loss on "footba II activities" is£25S,821,campa red with£536,468 last year, Profit from donations and othercc: -mercial activities increased only marginally from£':J. J,892 to£964,854 withdonations from Goodison Park

Promotionsfalling (-.)01 £113,573 to£58,938. Duringthecoming 'lear Goodison Park Promotions intend to revamptheir Lottery schemes with a view to reversing the presentdecline in profits.

The Directors consider the stateof the Company's affairs atthe yearend to be satisfactory.

Sirphilip D.Carter C.B.E.Mr. D. H. PitcherMr, /'I.W. WaterworthMr. K. M. TamlinMr.D.A. B. NewtonDr. D. M. MarshMr, W. Kenwright

31st May1990

£93

87

lS37.3

31st M19

SIR PHILIP CARTER C.B.E.Chairman

DividendThe Directors do notrecommend thepaymentofa dividend.

6

Byorderof the Board

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THE EVERTON FOOTBAll CLUB COMPANY LIMITED

CHAIRMAN'S REPORT continued

Our average League attendances wereonce (\gain downon thepreviousyearto 25,027, a reduction 0.' 4.7%.

Income from our main football activities increased from£4,244,366to£5,127,143, resultingin an improvementin ourdeficiton "football activities".The loss for thlsyearwas£255,821 compared with £536,468 in 1990.

Income from our other activitiesshowed an increasefrom£1,798,278 to£1,988,687 in spiteofdisappointingfigures for donations from Goodison Park Promotions,which fell from£113,573 inthe previous y e a r t o £ 5 6 , 9 3 ~ .

Compensation payments and transfer fees during I I I e

YP;jr "hOWM " I1Pt c n ~ t0f £1,829,246, compared \v,ch£497,416 and after taking into account t:,e reserve of

£500,000 created last year, the net loss for the year is£620,213.

The implementation by Everton F.e. of therecommendationswithin theTaylorReportarenow welladvanced andforthestartofthecoming season Gwladys

Street Terrace will becompletely sealed. Thiswill reduceour overall capacityto 38,500of which 36,400 will beseats. The regular developmentandplanningofGoodisonPark stadium over many years has placed Everton F.e.well in advance of many other First Division Clubsregarding theultimateobjectlveof achieving an all-seaterstadium.

Plans have been produced forthe re-development of theP a r ~End with a new two tier cantilever stand seating6,000,which would resultin Fverton F.C. havingoneofthe few all seater stadia in tlu, U.K. with a capacity inexcess of 40,000.

5

Additional Improvements whichareunder consuucdurlngthe close season are (1) Therelayingofthe plasurface and (2) The re-construction of the Ticket OfficeDevelopmentOffice Complexto provide a consideraimproved service to supporters. We see the Dial AService being expanded considerably, which will mavery much easier for supporters to secure a seat.

NEC, our Shirt Sponsor, continue togive the Club fusupport andthey haveextendedtheir sponsorship for afurther year.

Discussions 011 the F.A. Premier league continue, awe areconfidentthatthe leadgivenby the F.A. for thstructuring of football into the next century will bebenefit to fans, clubs and players. We at Evprtonf01\4,ard to being one ofthe major participants in surc-organ isation.

1would like to placeon record my thanks for the hand support J have received duringtheyearfrom memof the Board andChief Executive Jim Greenwoodandhstaff. We wish Howard Kendall, hisstaffandplayerseversuccess for the season ahead, andwe look forward wconfidenceto the future.

SIR PHILIP CARTER C.B.E.Chairman

11thJuly, 1991

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This i s to cer t i fy tha t t ~ i s i s a t r u ~copy o f yhp Balance Sheet. , . .anded to Members of the Company a t th e Annual General Mee ting

held on 15th Augus t lB91.- - - - - - - - - - - - - - - - - - - - -

THE EVERTON FOOTBALL CLUB COMPANY LIMITED

BALANCE SHEETASAT 31st MAY1991 Director ~ ~

Notes 1991 1990

£ £ £Fixed AssetsTangible assets 2 7,024,073 4,800,8

Current AssetsStocks 3 84,733 56,190Debtors 4 865,071 865,363Cashat bankand inhand 11,568 104,314

961,372 1,025,867

Creditors:amounts falling duewithinone year 5 3,178,716 7,509,675

Net Current Liabllltles (2,217,344) (483,8----Total Assets lessCurrent liabilities 4,806,729 4,317,0

Creditors:amountsfalling due aftermorethan one year (75,4

NetAssets 4,806,729 4,307.6

Representing

Capitaland ReservesCalledup sharecapital 6 2,500 2,Revaluation reserve 7 4,541,669 2,976,3Other reserves 7 500,0Profit and loss account 7 262,560 882,7

4,806,729 4,301,6

Signed on behalf of the Board,who approved the accounts on 11 th July, 7997

SIR PHILIP CARTER C.S.E

J Director'D. H, PITCHER )

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..

THE eVERTON FOOTBAll CLUB COMPANY LIMITED

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 37st MAY 1 9 9 ~ '

Notes 1991 1£

IncomeGatereceipts and Income from related footbaltlng actlvitles 5,127,143 4,244,Trading andother income 1,929,749 1,684,7

7,056,892 5,929,0---xpenditure

Costof goods for resale 717,509 632,.

Staffcosts 8 3,973,338 3,209,Training, travel, match and otherexpenses 679,170 670,Groundexpenses and maintenance 97,279 343,Utilities 363,815 368,Depreciation 2 154,490 121,1Auditors'remuneratlcn 6,000 6Otheroperanngexpenses 366,051 313,4

6/357,652 5,664,

Balance beforetransfer fees 699,240 264,Add: Transfer fees receivable 612,548 3,214,4Deduct: Transfer fees, compensation etc., payable ( ~ , 4 4 1 / 7 9 4 )(3,711,9

Operatingloss !,130,OO6) (232,Add: Interest receivable 27,441 42Deduct: Interest payable 9 (76,586) (26- - -

oss on ordinaryactivities before taxation (1,'79,151) (216,Taxation re ordinary activities 10

Loss on ordinaryactivities after taxation (1,179,151) (216,

Add: Donations receivable 11 58,938 11J.Transfer from Transfer Fees Reserve 7 500,000 500,

Deduct: Transfer to Transfer Fees Re-serve 7 (500,----Loss transferred to reserves (620,213) (10",

7

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THl: EVERTON FOOTBALLClU8 COM PAN",' LIMITED

STATEMENTOF THESOURCEAND APPLICATIONOF FUNDS FOR THEYfAR ENDED 31stMAY1

(1,179,151) (216

134,490 121- . . • .>.=__

(1,024,661) (95

58,936 1J:l,51,840 23

295,860 62,68,000 - -

550,023) 704,

1,100,063 193,96477,329 84,360

1,177,392 278,3

(1,727,415) (174,

(28,543) 13,086292 1,194,919

321,052 (939,257)292,601 266,

(1,434,614) 94- - - - - - - -

(1,436,384) ~ .

1,770 1.r:...

(1,434,614)-,

94'I ",

---- ; ..,

Source of funds

Funds generated (rom operations:Profit/CLoss)on ordinary activities before taxation

Adjustment for items notusing funds-

Depreciation

Funds from other sources:Donations receivableSaleof fixed assetsGrants frim The Football TrustLoan from brewery

Totalfunds from all sources

Application of FundsPurchase of fixed assetsRepayment ofloans

Movement inWorking CapitalDecrease/(increase) instocksDecrease/(increase) in debtorsIncreasE:'/(denease) in creditor"

Decrease in ne t liquid funds (1900: increase)

Comprising increasel(decreases) i n : -

Bank balancesCash in hand

9

1991£ £

1990

£

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THE EVERTON F ~ O T B A L LCLUB COMPANYLIMITEDNOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st AfAY1991

1. Ac-countingBasisand PoliciesThese accountshave been preparedon the historicaIcost bas isof accountingasmod ifled to indudevaI uatlons ofthe crproperties, and inaccordance withaccounting policiesconslstentwith thoseadopted previously, andsetout in the> follownotes where appropriate.

2. Tangible Fixed Assets PlantandProperties equipment Vehicles T

£ £ £Cost or valuationAt 1srJune 1990 4,436,42b 643,550 276,897 5,356,87Additlons 792,245 98,485 209,333 1,100,06Grants (276,468) (19,392) (295,8Di)f.'u)al:. (.." 1 5 , 6 ~ . J ) 195,Revaluation adjustment 1,625,328 1,625,32----- - - -

t31slMay 1991 6,577,531 722,643 390,567 7,690,7---Cost 77,531 722,643 390,56i 1,190,7Valuation in Arml1991 6,500,000 6,500,00

0_ _

6,577,531 722,643 390,567 7,690,7

- -- - ' - '

DepreciationAt 1st June 1990 451,425 104,576 556,00Providedduring year 67,805 86,685 154,49On disposals (43,823) (43,8

At31stJune 1991 519,230 147,438 666,66- -et book value

At31 st May 1991 6,577,511 203,413 243,'29 7,024,0

At 31st May 1990 4,436,426 192,125 172,321 4,800,3

TheClub's propertles are freehold, withthe exceptionofcertainmil lU I It:'!l,,lentialproperties which are longleaseholdTheClub's premisesatCoodison Parkand Bellefieldwererevaluedat .£6,450,000byGerald Eve &Co., Chartered Surveyas atthe 30tn April 1991, on the basis ofopen market value fortheir existing use, andtheirbookvalue adjustl'd accord intogetherwithft,oseofcertainminor residential properties which WNe revalued by the Directorsat theirestimatedmarkevalue. The ~ l I i p l L l son revaluation amounting to£1 ,625,328 has been credited 10 reserves.

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CostAggregate depreciation

If the fre-hold properties hadnot been revalued rf'gularly ~ i n c ( '1983 thC'y"would have bl'flU 1mluded atthe toII 0 \ \

amounts on the basis previously a p p e r t & l i n i n g : ~ 1991 1

£2,216,384 1~ b 2 9

137,8,51 IH.4

Net i ; ~ " ' o kvalue 2,078 ,533 1,498.1

It is the Club'spolicy to maintain the value and extendthe I ifeof itsproperties by regular expenditure charged to revenandto revalue the properti es every four yearsand adjust thebook val uesaccord ingly, Having regard to this, depredatiisnot provided on freehold properties as the directors are ofthe opinion, in the case of some properties, thattheirestimaresidual value exceeds their book value,and in the case ofother properties, that the sum involved would be immaterDepreciation on other fixed assets has been calculated at25 6/a on the book value.

3. StocksStocks are valuedat the lower ofcostand net realisable value andcomprise the following:-

1~ c J 1 1£

Refreshments and souvenirs 82,816, . ~

Maintenance stocks 1,917 1- - _

8 4 , 7 ~ 3 %.1

- -

4. DebtorsTradedebtors 375/836 453,.Other debtors 296,720 1$7,Prepayments and accrued income 192/515 160,3

- - -865,071 86.;,

5. Creditors: amounts fallingdue within one yearTrade creditors 798/235 648,5Social security and other taxes 159/270 133,Pension scheme premiums 53 6 9Other creditors 13,980 SAccruals and deferred income 796,648 649,9

1/768/669 1,447,

Bankoverdraft 1,341,868Bankloan 53,loans from brewery 68,179 8,

1,178/716 1,509,6

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6. CalledUpShareCapitalA u t h o m ~ d :2,5UO £1 stock units

Allotted, issuedand tully paid:2,500..1stockunits

1991f

2,500

2,500

2

7. ReservesRevaluation reserveBalance at 1stjune 1990Adjustment on revaluation of properties

Balanceat 31 st May 1991

Transfer fees reserveBalance o.t ts t lune 1990Transferred to profitand lose; accountTransferred from profl: and lossaccountin respect offuture

expenditure authorised bythe di rectors

Balance at 31st Ma y 1991

Profit and Loss ,AccountBalance ar1 st

June1990

Loss (ortheyear

Balance at 31stMa\ 1991

8. Particulars of EmployeesTheaverage weeklynumberof employees during theyearwasasfollows:-Playing, training and managementMaintenance and adm.nlstratlonCatering andsales

The aggregate payroll costsoftheabove persons wereas follows:Wages and salariesSocial security costsOther pension costs

2,916,341 2,Qlh,1,625/328

4,541,669 2,916,- - -500,000 .500,

(500,000) (SOO

500.

SOO

882,773 985«(;,20,213) (102,

262,560 882,- - -

472933

109

3,455,256 2,657,298,313 232219,769 .319,

3,973,338 3,209,

Other pension costs comprisecontributions made bythe Company inrespectofthe majority ofitspermanent emploto pension schemes independently admln'stered by the Football LeagueLimited, together with contributions made tindividual pension contracts under agreementswith certainemployees. All pensionarrangements are defined contribschemes.

Thedirectors received no emoluments from the companyduringthe year.

12

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8/7/2019 EFC 1990 1991 Accounts


l 'Hi ~ V E R T O NFOOTBAll CLUB COMPANY LIMITED

/ v U N U T I : ~OF THE 111th ANNUAL GENERAL MEETING

THE 111th ANNUAL GENEItAL MEtriNG OF THEEVERTON FOOTBALL CLUB CO. LTD., H ~ ~ l DATG O O D I ~ O NPARK, LIVERPOOL ON THUFcSDA"} 23rdAUGUST, 1990 AT 7.00 p.rn,

Prescnt: Messrs.P.D. C m t E ~ r ( i nmo Ciuit), K. M.Tarnlin, D.A. B. Newton, D. H. Pltcher, D, M. Marsh, VV. '\enwright(Directors). J. Greenwood (Secreta/Y), J. c. Harvey (ManagprJand P.B. Bowler (represC'nting Rosers, Bowler&Co.)togetherwith 152 Stockholders.

Apologies were recorded from Sir John Moores, C.B.E.,Messrs. A. VI/. Waterworth, T. H. W. Scott, A. Nolan, A.Dowell anti Mrs. L. Seed.

NOTICE C O N V E " ~ i N GTHE MEETINGI ~was agreed ~ ~ l ~ tthe Notice conveningtheMeeting should

be taken as react

ADMISSIO\'. OFTHE PR£SSIt was 19meo li l ~ l tmembers of the Press in attendance

shouldbe nerrultted to rernalnin attendance t} roughoutthernet-ting.

MINUTESIt \ r \ ' c 1 ~agreed that the ;,1inutes C llhe 11 Oth Annual General

M e ~ t i n g ,as circ:u lated,should betaken ali read. Mr. G. Beattieproposed the minutes be approvedand signedas a correctrecord. Mrs. E. jones seconded and the proposalwascarried.

CHAIRMAN'S REPORTItwas agreed that theChairman's Report, circulated with

the Annual Report, should be taken as read. Mr. Carterreferred to the recentdeathof Mr. JoeMercerandthe meetingobserved ashort silence asa marko(appreclation. Detailsofthe dose season work in order to furtner implement

recommendations of Lord Justrrc.'Taylor were announced byMr. Carter.

14

DIRECTORS' R E P ~ : . R ·'NDACCOtJNT)Itwasagreed \ . ~ a tthe i.rrectors' andAuditors' Repor

circulated, should be taken ,1Sread. Therewereno nuesrelating to the Report and Accoum«, Mr. K. M. Taformally proposed the adoption oftho Reports andAccouMI'. R. E. D. Edwards to;(l('ondcdand the proposal was Gi r l

DIVIDENDMr. D. A. B. Nowtm proposed that no dividend sho

be paid. Mr. K. Nolan seconded and the proposalcarried.

APPOINTMENTOF AUDITORSMr. D.H. Pltcher proposedthatvtessrs, Rogers. Bow

Co., should be re-appointedasAuditorsforthe ensulngvand their remuneration be left for the Directors to decMr. F. Peacock seconded and the proposal was carried

1:1 ·CTlOl'-lOF DIRECTORSThe Chairman reported that Messrs. A. W. WaterworthD.l-!. Pitcherwere the retiring Directors. Both wereeligaml se-eking re-election. Nominations received jn respe

Mr. G.H. E. Birch and P. L. Parry had been withdrawnThe meeting unanimouslyagreedto a single resolution t

re-elect t b ~two retiring Directorsfarai,·(ther3 year peThe Chairman then formally proposed that Messrs. A

Waterworth and D. H. Pitcher should be re-elected asDirectors fora3 year term.Mr.P. L. Parry secondedandproposal was carried.Mr. D. H. Pitcher expressed thanks to the Stockholdersbehalfof Mr. A. W. Wtltervvorth and himself.

VOTEOFTHANKSThe meeting dosed with d voteofthanks to the Direc

and Managementproposedby f\~ r .

A. G. Hirstand secoby Mr. J. Tushlngham.

efc 1990 1991 accounts

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