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rue EVERTON FOOTBALL CLUB COMPANY JJMITED

---._--._,--ANNUAL REPORT- -

AND--_. .._...._---- -STATEMENT OF ACCOUNTS--._. .

.AT 31st MA}j 1993---_......--------_._--

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THE EVERTON FOOTBALL CLUB COMPANY liMITEDNOTICEOF A1EET/NG

NOTICE IS HEREBY GIVEN that the one hundrr-ri &.Iourtecnfh Annual General M ~ N i n A of the Company will beheld m the offices of The Everton Football Club CompanyLimited, Goodison PMk. Liverpool l4 4l!l, on Thursday Iht'12lh dav of August, 199J, .11 7.00 p.m. to receive andconsider the Report(\ f theDlrectors, and theAccounts for till"Year ended 315t MI1Y, 1993, to elect Dlrectors, to appointAuditors for the' ensuing year, f.ul(.J .f ) fix their remuneration,and 10 transact ,)ny other b l l ~ i l \ ( ' s , ) which may he transactedill theAnnual GeneralMeeting of the Company.The Transfer Booksof the Company will be dosed until 13thAugust, 1993.ByOrder of the:' Board,J. GREENWOOD, Secretary,GoodisonPark,Liverpool LA4EL.12th July, 1993Admission on Presentation ofAnnual ReportNotice is also given that a 'v1pmbcr of the Company entitled10 attend and vote at the above Annual GconC!ral Meeting isentltled to appoint a proxy to attendand vote lnsteadof him,and that the proxy neednot bea memberof theCompany.Proxies must be lodCQd at the R('Ristared ( ) ( ( i n ~ of OwCompnnv, nor IC.Ii.1) than 411 hours betoro the time of theMeeting.

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DirectorsDr. D.M.Marsh,('hairm,lIlSirDesmond H. Pitc!wr D.L., OoputvChclirmdflA.W. WatPlw011h Dol.K. M. TamllnSirPhilipD. Carter C . B . l ~ .D. A. B. NewtonW. Kenwrlght

Secretary and RegisteredOfficeJ. Greenwood,Goodlson Park, l.iverpool I-l 4 l

ManagerH.Kendall

nankersTSB Bankplc

AuditorsRogers, Dowler & Co.

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THE EVERTON FOOTBAll CLUB COMPANY LIMITEDCHAIRMAN'S REPORT

Our playing results (rom tlw initial season in the LA .Premier Le.lgup we're .1 major disappointment hy ourstandards. The iinnl posltlon ot 1 JIh \\,.1\ our poorestperformance for '12 Y ( ' \ J r ~ and WClS prlmorl lv duo to ourrecord at Goodison PMk, where W(} S('CUrt:.(J Ihp 11/1

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-------. . . ;: . . . .----------------_ .._--------_.--THE EVERTON FOOTBAll CLUB COMPANY lIMrrEDCHAIRMAN'S REPORT continued

nMgni 1'1 ron t supno rt d lJring the past Y l ' ~ ' l r _They h.1 VPextended their spcnsor-htp for tho I qq V('4 MI,I'i

Com pol ny. They COil '1idor the cu rrcnt suu .lli on ofcomparativelv high bank borrowings and the revenuerequired to service.' those is not compatible with lh( smallissuedcapita] of 2,500.In thp pr(u.t-lnl dim,l l ! ' if h.,c> b(\pn, and will contlnue 10 be,necessary to invest hoavlly both in lmprovorncnts HJ thestadium and in spcurinc quality pl.ly(\r!l in order to competeot tho highest level. Almost without exc eptlo n ou rcompetitors have nl! enjoyed tho lnlcctlon of heavy capitalfunds during the past frve }'e.1r!l,1he Board of Directors reromrnend the lntroducrlon ofadditlonal Cc1pitaI 10 ensurethofuture of theClub.Throughout the- past lWl'lv(.\ months, work has LOl\tinuQd

on the refurbi4Jhm

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THE E V E ~ T O N FOOTBALL CLUB COMPANY LIMITEDREPORT OF THE DIRECTORS

By orderof till"' Uoard

Fixed assetsFull details of IhL' changes 10 the Hxcd A ~ ~ l ' t s are shown intheNotes to thoAccounts.

~ ..t M . l ~ ' 'htM.,."1(PI.! 11)1) iL J.

Dr. D. M. MM..h 11 11Sir ( ) ( , ~ / l l o n d II. Pitther D,l. H 1 {tvtr. A. \rV. W.ltNworthn.r. r ..,Mr. K. M. Tomlin th 17Sir Phi1ip D. Clrt l ' f C.UJ. 102 1() iMr. r;. A. H. Newton 1) r;M.. V. I\Pllwrinht 22 ..1')

Dr. D.M.MARSHChalrman

AuditorsThe auditors, M(\ssrs. R O A N S ~ Bowler ~ ' Co., will bepropo!'lt 'd for re-appoiutrnent in tlCcord.Hl((' with Section304of t i l l ' Companies Act 1()H5.

In lKI,d

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THE EVERTON FOOTBAll CLUBCOMPANY LIMITEDPRDFITAND LOSS ACCOUNT FOR THEYEAR ENDED 31st /\;1AY 1993

Notes lY93 JI)92 f.IncomeGale receipts and income from related footballing activitiel) 5,01 C) ,064 4,91J9"'83Tradingandother income 2,173,867 l,112J,4IJ2

. ...... _-_ n __ ""_ . _-..... ~ . x .7/}C) J,tJl 6,812.i}6'i__ :1____ -__

~ ~ , ~ - - ~ - ~ ~ =-E)(penditureCostof goodsfor resa le 7tH,761 742,,517Staffcosts 8 4,510,839 4 , t J 7 o , ~ ~ ~ ( )Training, travel, match andotherexpenses 711,W4 7 4 ~ U ) ( ) 4Ground expenses andmaintenance :i83,430 212,747Utilities 418,589 lld,79JDepreelation 121,865 144.770Auditors' remuneration 7,.500 6,000Other operating expenses 42

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THE EVERTON FOOTBAll CLUB CO!\ttPANY liMITEDBALANCE SHEET AS AT 31stMAY 1993

NolesFixed AssetsTangible assets 2CurrentAssetsStocks 3Debtors 4Cashat bankand in IMnd

Creditors: amounts falling due withinone year SNetCurrent Liabilities'fotalAssets lessCurrent LiabilitiesCreditors: amounts falling due after more them one year

19') J 1')(12 L 1

7,444/;10 7, r ; t 1 ~ ' 7 4

HO,896 9 ( J I ' ) , ~ 8l,bOC),722 I! 1.20,217hO,327 11.0{) I)' :L..-_"'"' -.___ ___ rc . .. . . ... __ ........ t.1,758,945 lA27!780:;,'\Ol,14() b,2.l)2,.Utt}__ -\c-............,

_'

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, ..THE EVERTOt\' FOOTBAll CLUB COMPANY l l " ~ I T E DCASH FLOW STATEMENT FOR THE YEAR ENDED 31st A1AY 1993-----------------------------------------

Nole&, 1 ( ) ~ n Tl)():! 1. . 1Net Cash InflowfromOperating Activities i 4(i) ..:93,W'O 0.4 l ~ , U ; 2 JReturnson investmentsand servicingof financeInterest recelved 9,745 14(,46Interest paid ( ~ B 4 , 4 4 ( ) ' t.!?4,OOM___ --.lJPl":-Net cash outflow from returns on investment"andservicingof finance n;'4,b{)51 12:'}C}.1601TaxationTax refund 11,lJ9lInvesting ActivitiesPayments to acquire tangible fixed assets (147,87S) lJ,090,6,SmCrantsfromThercctball T r u ~ t 32,521 J 2 . ' j ~ 1C J t ~R e c ~ j p t ~ from saleso( tangible fixed assets 92,653 92,463

- - - ~ ~Net cash flow {rom investingactivities (22,701) (u72,99lJ)---- - ~ : . - ~ - - ~Net CashHow Before Financing (103/546) (2,35/;,4351FinancingDonations receivable 4,779 42,089Loansrepaid (4,021) (5,348)Net cash flow(rom finllncing 158 36,741- - - _ ~ J I , t , . . . . . . . ._",_Decrease inCash and Cash Equivalents 14(iii) (lO3,388) (2,318,694)

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(vi) GromsGrants receivable from The Football Trust arc deducted from the expenditure to which theyrelate.

S t l ; ' ~ ~ ; 'Stocks are valuedat the lower of cost and net realisable value.

F i ~ f ' d Asset..Iml nepnx.iatlollIt is the Club's policy to milintain the value and extend the life or it., propertlos h ~ H'gular expemluure {hMg(ld torevenue.and to revalue tilt' properties every (our veers and i 1 d j u ~ t thl' book value.. ill t mdingly. 1 1 ( 1 " i n 1 ~ rpn.ml tothis, depreciatlun is not provided on the Club's propert ies as the dirertor-, M (\ of tilt' oplnion tlhlt tf wslim involved would be immaterial. Depreciation on other fixed assets has !lptm cakulated at 2,r,% un thp huukvalue.

IncomeIncome is stJtt'd oxduslvo of v

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--.......--------------------.... - ~ - - - - - - ~ - ~ - .._--------THE EVERTON FOOTBALL CLUB COMPANl' U"1ITEDNOTES TO THE ACCOU"ITS FOR THE YEAR ENDED st AlA" 1993

2. TangibleFixed Assets Plant andPWpt-rU( la pCluipment V ( ' h l d ( l ~ T o t ~ l l- ~ - - - - -- .

f. 1. 1- .Cost or valuationAt tst June 1C)92 7, t :!'t,67(. 74h,()4() 1')2/)67 H,!hl,289Additions 13,t) ,I) I> 44/129 qB,(NO 1 ~ 6 , i 7 ' iGrants (12,S21 ) t12,.";21)Disposals (172 ,2441 (172,.!44)Revaluation adjustment

1..... _ ... _ __ : r- :L ...._= -..... ~ , ~ - ~ --= -=;:-= ~ - - _ ..... --- .< ~ rr" '_""-.At 31st May 1993 7,10&,111 7l } ( ) ! 375 ] 1 8 , 4 1 ~ 11,214,8)1)._ ..\1'....._-._-. ___ -.r-1.--......._-... -... _ ~ - - - . _ ~ " - - _ ~ . z : - r " ' T _ - : : . ~ ~Cost 622,111 790,375 318,411 1,7'iO/fiC}t)Valuation in April 1991 6,484,000 6,484,000

- . . r___C::: :" ' --:" ' ' 'L.Ja ......- .o ._-.....- .I ~ ~ _ . . r . ~ __

7,106,111 790,37S 318,40 8/214,899--- - - DepreciationAt 1st June 1992 575934 1.12,181 728,115Providedduringyear 53,61 68,254 121,86,)On disposals (79,591 ) (79,591)At 31stMay 19c)3 629.545 140,844 770,3H9---- - - --_.-Net book valueAt31slMay 1993 7,' 06,111 160,830 177,569 7,444,510

- , . ~ -At31 stMay '1992 7,124,676 170,112 240,386 7,535,174- - - - - - - - ~ - . . . . . , . . - " ' < : _ ~TheClub'sproperties arc freehold,with theexception of certainminor residential propertieswhich arc long leasehold.

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--BAaim-______.-.a:.=---\QI =:I ! I I . " . I IDI....~ I l I l B ! I ! I I I D l I I K l ' I I I I I I I ! I I . a ! I _ I I I I I I ' I __"

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If the freehold properties had not b c ' ~ n revalued reuu'Al,Jy since 1983 they would have been included at the 1 o l l ( ) \ \ ' i n j ~amounts on thebasis p r e v J ( \ u ~ ! y appertalning.-CoslAggregate depreclationNetbook value

3. StOCKS

Refreshments, souvenirs and goods (or resaleMaintenancestocks

4 DebtorsTradedebtorsOther debtorsPrepayments and accrued income

5A Creditors: amounts fallingdue wllhln one yearTrade creditorsSocialsecurityand other taxesPension scheme premiumsOther creditorsAccrualsand deferred income

BankoverdraftLoan from brewery

Thebank overdraft issecured on theClub's premises at Goodison Park and Bellefleld,

1 ~ J 9 3 1991 .. 1.2.7Sfl.".30n 2 , : ; 7 8 ~ JlS0,Cl{)?' ll.J,J:! 1r.I Ir" __ D " ~ " ' - l R ' ~ . C ; : " " ' " 1 '\.'\O- . . . . . . .~ __2,60l\.646 iuasssz

~ . . - - . . - - - ~ ~ - ~ - ~ ~ ~

1-993 1992t: .73/J80 94,6221,916 11916~ - . . , . - - - ~ ~

80/89b 96,538_ v _ ~ _. . . . ._ ~ I l " ~ " : J '

1,264,191 983/268171,047 169/780174,484 167,789___ D- . . . . , . - ~ ....

1,609/722 1,320,237

426/197 1,040,477313,873 260,4081,089 vso2,287 23,600878/981 7,204,024

1,622,427 2/529,4593,820,709 3,659,99958,210 62/837

- - - -5/501,346 6,252,289

There is no fixed repayment date (or the brewery loan and interest is not charged during the continuance of specifiedtradingarrangements.

6. Called Up Share CapitalAuthorised:2,500 1 stock unitsAllotted, issued and fully paid: 2/500 1 stockunits

12

1993t2,5002,500

19922,5002,500

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7, R",.,crycsReViJluiJl/on f(JStHV'aaJanceat l s t J u n ~ 1992A d j l J s l m ~ n t on revaluatiol) of propertiesAc.Jjustment to p r ~ \ l j ( ) I I S surplus asa result of p.Wfflents arising in current y

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10. Ta"altoff ..No taxation arises on \ h pro(jt (orthe ye-ar as a ( ~ s u l of r e l ; ' ~ f for r ) ~ s t losses and further i o ~ s { \ \ for taxation purposes (up

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REPORT OF THE AUDITORS TO l"HE MEMBERS OFTHE EVERTON FOOTBALl. CLUB COMPANY LIMITED------------------------------_.-------------

\Vehaveaudited the financial statements setout on pages7 to 14 in accordancewithAuditing Standards.11) our opinlou, the financidl statements glve a trueand fairviewof the staleof ( h company's affairs at the 31 stMay1993 andof its profit and cash flow (or the rear ended on that date, and have been properly prepared :0 acrordance with theCornpanics Act 1985.ROGERS, BOWLEr. & CO., Chmtcred Accountants i l l ld f ? ~ g i s ( e r ( l d Audltore, Birkcnhend.

~ - - _ ..-.------

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12th July 1993

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THE EVERTON FOOTBAll CLUB COMPANY LIMITEDMINUTES'OF THE 113t1l ANNUAL GENERAL MEETING ..

THE 113th ANNUAL GENERAL MEETI NG OF T H EVERTON FOOTBALL CLU lS CO. lTD., HELD ATGOODlSON PARK, LIVERPOOL ON THURSDAY, 13thAUGUST, 1992 AT 6.00 p.m,Present: Dr. D. M. Marsh (In the ('hair), Sir DesmondPitcher, Mr.A.W. Waterworth, Mr.K. M. Tamlin,Sir PhilipCarter, Mr. D. A. B. Newton and Mr. W. Kcnwright(Directors). Mr. J. Greenwood (Secretary and ChiefExecutive), Mr. H. Kendall (Atilnagcr) and Mr. P. B. Bowler(representing Rogers, Bowler ( , , ~ Co.), together wilh 139stockholders.Apologies were recorded for Mr, & Mrs. George Beattie,Mr. john Tushlngharn, Mr. j. Sinnott and Mr. A. E.Nolan.NOTICECONVENING THEMEETINGItwas agreed the notice \"unvcning the meeting should betaken as read.ADMISSION OF THE PRESSIt was agreed that the members of the Press in attendanceshould be permitted to remain throughout the meeting.MINUTESIt was agreed that the: Minutes of the 112tl1 Annual GeneralMeeting, circulated with the Annual Report andAccounts,should be takenas road.Mr. F. Peacock proposed that theMinutesshould be approvedand signed as a correct record.Mrs.E.Jonesseconded and the proposal was carried.CHAIRMAN'S REPORTJt was agreed that the Chairman's Report, circulated whhthe AnnualReportandAccounts, should be takenas read.DIRECTOR'S REPORT AND ACCOUNTSIt was agreed that the Director's and Auditor's Reportsshould be takenas read.

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There were no stockholders' questions relatlng to theAccounts.Sir Desmond Pitcher proposed that the Report andAccounts should be adopted. Mr. R. E. D. Edwardsseconded and theproposal was earned.DIVIDENDMr. A.W. W t i t ~ r w o r t h proposed that no dlvldondshould bepaid. Mr. G. E. Brookes seconded and the proposal wascarried.;\PPOINTMENT OFAUDITORSSir Philip Carter proposed that Messrs. R o g ~ r s J Bowler &Co. should be re-appolntedasAuditors (ortho ensuing voarand their remuneration be left for the Directors to decide.V\r. M. Madden secondedand the proposalwas carried.ELECTION OF DIRECTORSThe Chairman reponed ihat the three retiringDirectors,Mr.K. M.Tamlln, Sir Philip Carter and Mr.W. K ~ m " , . i s h l , were'eligible and seeking re-election. The nomlnattons receivedin respect of 'Mr. G. H. E. Birch and Mr. P. L. Parrv hadbeen withdrawn.The meeting unanimously agreed to a slngle resolution tt"appoint the three retiring Directors (or a further three yCHterm.The Chairman then formally proposed thatMr. K. M.Tamlin, Sir PhilipCarterand Mr.W. Kenwright be electedas Directors (or a three year term. Mr. Owen Jonesseconded and the proposal wascarried.Mr. K. M. Tnmlln expressed thanks on behalf of theDirectors who had been re-elected.VOTEOF THANKSThe meeting closed wUh a vote of thanks to the Dlrectorsand Managemenl, proposed by Mr. P. L. Parry andseconded byMr. K. B. Nolan.