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Don Woodward

Don is 47 and has been a fan for over 10 years. He is a regular attender with his family who are all growing up fans. Impressed by the style and ground football that has been consistent, Don felt this was a great example for his boys.

An FA qualified coach Don works with several local clubs in junior football , that’s just an excuse to keep kicking a ball. Barred by his parents from following a playing career in football Don qualified as an Accountant and now works in Mentoring and business development having held top level Commercial Industry roles .

Don had to love football – growing up as one of 4 boys and when opening his bedroom curtains in his family home all he could see were twin towers. Attending school in Wembley Don watched his brothers team captained by Glyn Creaser ! They even had the same kit as WWFC.

Now with the Trust Board Don will help the development in this new era and bring his sporting and business backgrounds together for the benefit of the club and supporters.

Please forgive him for being Scottish and don’t ask him to play in goal – presumably for the same reasons.

posted in trust-appointed-club-directors | 19.01.2010. 22:42 | Write a comment

Review of the Annual Accounts of Wycombe Wanderers Football Club Ltd

Review of the Annual Accounts of Wycombe Wanderers Football Club Limited (Formerly Wycombe Wanderers Football Club plc)

The Report and Financial Statements issued relates to the year ended 30 June 2009, and was signed off by the Directors on the 20th October 2009. In reviewing the accounts the Trust have taken into account the decision made on the 6th July 2009 to alter the structure of the Company, which affected the voting rights and the capitalisation of the Company.

Share Capital and Reserves

As a result of the decision to amend the voting rights by creating a block of £100,000 voting shares and to change the called up share capital of £1,260,900 to non voting shares.

The Shareholders deficit changed from the 30 June position of a deficit of £4,594,851 ( 2008- £3,901,320) to a deficit of just £1,594,851. You will recall that this is something the Trust lobbied for and has achieved.

This deficit is covered by Directors Loans, currently £3,976,097 and the Financial notes explain that these loans are interest free and have no fixed terms for repayment and that they are ranked as unsecured creditors of the company. This is also in line with the agreement we negotiated to ensure the club remained solvent and had the ongoing funding commitment from Mr Hayes.

Chairman’s Report

The chairman’s report highlights the reduction of the annual trading loss from the 2008 loss of £1,665K to the 2009 sum of £ 694k. This dramatic reduction did not indicate any reduction in staff, the administration staff numbers remain constant. The breakdown of Turnover shows that overall the increase was just 2.3%, although this does show an increase of 8% in gate receipts, the reduction in Food and Beverage was down on the remarkable increase of the previous year. Commercial activities failed to grow and the initial success of the team on the field produced broadcasting revenue which covered the deficit from the other revenue streams. From a reading of the accounts it is not possible to establish a trend in the control of expenditure on specific areas of operation, although the Chairman’s report highlights the following: Costs within the Football department were slightly lower than previous despite significant promotional bonuses that were paid following automatic promotion. Administration costs fell by 5% as the focus remained on controlling costs. Staff costs increased by £463,720. This includes Directors remuneration for qualifying services of £49,070. It is assumed that this relates to the departure of the CEO.

The Future

To summarise the trading result for the year was far better than anticipated following the 2008 results. However the reduction was provided by factors which will most likely not repeat to the same extent in 2010. Broadcasting revenue £ 213,134 probably less than £100,000 Disposal of Players £902,102 these are one offs Gate Receipts £27,362, Likely to be less In addition there will be increased cost on the Administration side with the appointment of Mr P Harrison, as well as the anticipated contribution by WWFC Ltd to the proposed New Stadium feasibility study. The removal of Mr Peter Taylor and the appointment of Mr Gary Waddock is another financial cost not applicable in 2009 but we are seeing the benefits currently !

The published results for 2009 do not provide any indication that the company plans to operate in the future within its revenue, and therefore it will continue to require additional funding from its new controlling owner . The drive for a new Stadium had appeared to be the only initiative, but with the arrival of the new CEO and our renewed involvement at Board level we are actively working with the Club Board to see what can be done to enhance income and reduce costs. The club has to move towards being self financing and run at the very least at break-even , we will be working with the FD to see what timescale this can sensibly be achieved within. Within the Notes to the accounts there is a comment on related party transactions which indicate that the Company provided goods and services to London Wasps Holdings Ltd of £677,200. There is no equivalent indication of the cost of the services provided. The financial performance of both WWFC and the Wasps remains weak. The long term uncertainty of continual funding for both Clubs and the intention to finance a new Stadium are questions that share/stakeholders need to receive clearer assurances. These accounts do not provide the answers but give a starting point from which to work.

The Trust will be extremely active in influencing change in activity and reporting – the new era of openness will be good for the club as a whole.

posted in news | 27.11.2009. 10:19 | 1 comment

Members Meeting

There will be an informal members meeting in the Hypnos Lounge at Adams Park, on Tuesday 15th December at 7.30 p.m.

Your Trust board will all be in attendance, and it will give members the opportunity to discuss, the developments of the last 5 months and the future plans of the trust.

All members are welcome, the bar will be open and light seasonal refreshments will be provided.

posted in news | 17.11.2009. 09:55 | Write a comment

Meeting with Huddersfield Trust

David Roberton & Nick Langford had a successful meeting with representatives of the Huddersfield Trust before our game at the Galpharm Stadium.

Below is a follow up e mail received from them.

I’d just like to say all credit to your team and supporters.

I was very impressed how your players kept going right to the end, trying to play a game of football rather than just shutting up shop and playing the 90 minutes out.

Your supporters were in good voice and humour and even joined in the Mexican wave.

Good luck between now and when we play again,

Neil

posted in news | 15.11.2009. 21:09 | Write a comment

Trust Board Directors Announced

Wycombe Wanderers Trust are delighted to confirm that David McGee and Don Woodward will serve as the Trusts nominated Club Board Directors, assuming their positions immediately and serving until the Trust AGM in spring 2010.

David Roberton, Trust Chairman comments, "both Dave and Don are strong minded individuals who will not only represent the Trust and supporters at WWFC Board level but are equally very capable of making a meaningful contribution to the future development of our football club."

David McGee & Don Woodward will be joined by other Trust Directors in the Vere Suite prior to and after the Brighton game on Saturday and will be delighted to discuss and answer questions from members and supporters.

Speaking on the process leading up to this announcement David Roberton continued, "David and Don were formally accepted onto the Board of Wycombe Wanderers Football Club during the Club’s October board meeting, with the formal paperwork being completed prior to the game on Saturday. The Trust would like to wish David & Don the very best in the future and offer them our full support in a difficult and demanding role".

For further information relating to the forth coming Members Meeting and details on other issues and events please check the web site www.wycombewandererstrust.com.

Trevor Stroud
Wycombe Wanderers Trust Limited

posted in news | 03.11.2009. 19:33 | 2 comments

Latest Newsletter

Dear Member,

We hope you are well and are once again enjoying another season with the Chairboys and the new challenges that League One is providing.

The events of the summer, leading up to and during the acquisition of Wycombe Wanderers Football Club, proved to be an extremely stressful, emotional and difficult period for all involved at the Club.

After the vote, the Trust Board decided it was ‘respectful’ to let the dust settle and to allow all parties time to reflect, plan and move on together. There was no definitive timescale put to this period, but in reality we wanted to see some footballs being kicked around in anger and emotions given time to subside.

Now the new season is in full swing, and the conversion from a PLC to a Limited Company has been concluded, it is suitable and relevant for the Trust to resume its role within the mechanisms of the Club.

The Trust Board has not been dormant during this period. We have been planning and preparing for our ‘changed’ role within the new corporate structure of the Club. In this letter we will elude to some of our plans for the forthcoming year, along with an overview of the continued importance of the Trust.

The Trust: Role, Responsibility & Function

Since the takeover was concluded, questions have been raised over the future of the Trust and the role it will play within the future of the Club. It may be ironic, but the role of the Trust is arguably more important now than it was prior to the conversion.

James Mathie of Supporters Direct is involved with many Supporters Trusts around the country, and he comments;

‘There is no doubt that the summer for Wycombe fans was a difficult one, in fact it was a challenge for supporters trusts in general and it is important that we look at the mistakes and learn from them. With the playing field in football remaining so uneven, the opportunity to have an independent group of fans represented at the heart of the decision making of the club is more important than ever before. The position of Wycombe Supporters Trust compares enviably with many of the other 160 supporters trusts across the UK who are still operating from the outside, so whilst the goal posts may have changed there is still much to celebrate. More members bring the potential for more ideas, greater credibility and more impact so I would urge you to regroup, rejoin and make a difference. The relationship with the club needs to be a partnership – that said whilst much can be achieved together the independence of the Trust must remain for the long term benefit of everyone who cares for the football club.’

Below, and in no particular order, are nine key reasons why the Trust must continue to grow and play a significant part in the future of WWFC:

1) For the first time in its 122 year history, the Club is now solely owned by an individual. The Trust must remain in place to monitor, influence and assist in the direction and running of the Club by fulfilling the role of a ‘critically constructive friend’.

This will be achieved by the Trust's constitutional and legally binding rights to:

a) elect two, full voting, Directors to the Club Board, b) attend monthly Operational Meetings with senior Club employees and Club Directors, c) attend quarterly Financial Meetings with senior Club employees and Club Directors.

2) The Trust will continue to encourage and promote good corporate governance within the Club through its:

a) two, member elected, Board Directors, b) 100,000 Ordinary (non-voting) Shareholding, c) inherited Founder Shares ( currently 155), d) mechanism to inherit future relinquished Founder Shares for the determination of potential amendments to the remaining Enshrined Articles.

3) The Trust will continue to provide a link between its members, supporters and the Club with the prime objective of:

a) stimulating and developing new initiatives, b) providing constructive feedback to enhance the Club's services and facilities, c) providing a mechanism to resolve problems and issues to achieve positive outcomes.

4) A major component of the Trust is to help and assist the Club to grow and flourish. There are no restrictions or guidelines for this, and the legal ownership of the Club is irrelevant for this objective. Through new initiatives the Trust intends to:

a) assist the Club in promoting the Club within the community, b) assist the Club in promoting and advertising initiatives, promotions and events within our membership and to supporters as a group, c) assist the Club in realising increased attendances through match day activities and promotions.

5) The Trust has helped raise substantive sums of money for a variety of charitable causes. This will continue. The wider community function of the Trust is a benefit to the Club, the supporters and the wider community of High Wycombe.

6) The Trust will continue to generate high quality, impartial and balanced reports for our members analysing significant and important matters relating to the Club.

7) Steve Hayes has provided a personal undertaking to the Trust, whereby Mr Hayes is to provide £1,500,000 in cash to the Trust on the occurrence of a number of clearly defined trigger events. Whilst it is highly improbable that this personal undertaking will ever have to be called upon, it was put in place by Mr Hayes and the Trust to offer protection to the club and the local community.

8) The Trust is run by supporters of Wycombe Wanderers Football Club, for the benefit of both the supporters and the Club. The Trust will remain a fully independent body free from any conflict of interest or obligation to a third party. We are delighted to be supported by Supporters Direct, and have their full backing of both our current and future plans.

9) Ultimately the Club must survive. All organisations change and must do so to survive.

We can only second guess what the effect of these changes will be, but the only way to influence an outcome is to remain involved and connected irrespective of personal beliefs and opinion.

The extent of supporter involvement in the future of the Club is down to each individual, whether as a supporter, season ticket holder, Supporters Club Member, Trust Member, Trust Director or a Club Director. The Trust will remain “inclusive“ and continue to provide members with information, services and platforms of involvement, at a variety of levels, to accommodate all supporters.

The Trust: Club Directors

David McGee and Ian Mather resigned from their positions on the old PLC Board during the conversion process. Clear legal advice determined that their positions were untenable, with a serious conflict of interest prevailing.

The role of our member elected Club Board Directors is difficult and demanding. The Trust is currently discussing and determining who is best suited to fulfil these roles.

We are currently discussing these positions with the Club, with the joint intention of establishing a beneficial and productive role for our Directors which is fully inclusive and endorsed by both the Club and the Trust.

At this point in time we are unable to offer the names of either candidate. Once we are in a position to do so we will of course inform you.

Both Directors will serve until the next Trust AGM when full member elections will be held.

The Trust: Honorary President & Vice Presidents

We are delighted that Karen Adams, (Trust President), Bill Turnbull and Keith Ryan (Vice Presidents) are all continuing to fully support the Trust. Karen, Bill and Keith were first class during a very difficult summer offering help, advice and support at critical periods.

All three continue to offer their time and expertise to the Trust for which we are extremely grateful.

Francis Glenister resigned from the Trust Board in April after serving with distinction above and beyond the call of duty. Francis was the enthusiasm and drive behind the instigation of the original Supporters Trust, he was the figurehead behind the unification of the Supporters Trust and Founders Trust and his day to day running and management of the Trust was extraordinary.

We are delighted to recognise the works and endeavours of Francis and are pleased to announce Francis has accepted the position of Honorary Vice President.

The Trust: Supporters Direct

During the conversion process, our association with Supporters Direct proved invaluable. We continue to work very closely and gain valuable benefits from their resources and knowledge.

We have commissioned a new membership database specifically commissioned by Supporters Direct for trusts to utilise. This will give us a professional and flexible system to e-mail, SMS and mail members taking away some of the ‘steam’ we are currently working with.


The Trust: Finances

During the conversion process the Trust appointed the services of a very well respected firm of solicitors. This was essential if regrettable. The advice we received was first class, but of course came attached to an eye watering final bill. Members have contacted us enquiring over our finances and some have offered some very generous assistance with this exceptional cost item.

Our finances are good and we remain in the black, despite the costs incurred, but naturally all contributions are very gratefully received. If you wish to make a donation to the Trust please send a cheque made payable to 'Wycombe Wanderers Trust Limited' to the address below, or hand it to any Trust Board member.

Going forward we remain thankful for your continued support through the normal channels of membership and participation in fundraising and social activities.

The Trust: Future Initiatives

We are planning two major new and exciting initiatives for the current season. Both are designed to stimulate member and supporter participation whilst encouraging new supporters to Adams Park.

1) Chair Making Day: Wycombe is steeped in the history of the chair and furniture industry. This initiative was suggested by a couple of members as a result of a similar day organised by Millwall to celebrate their association with dockers. We are talking with a number of organisations and businesses within the Wycombe Community along with the Club to plan and stage a Chair Making Day at a home fixture this season. We will update you as these plans progress.

2) ‘The Book’: As it sounds but yet to be named. ‘The Book’ is an initiative that has been run successfully by other trusts and is designed to capture individual thoughts and memories of WWFC by supporters, players and managers (new & old), employees, Directors, the Press etc…. There is no guideline or restriction upon the content as long as it is to do with you and your memories or views of WWFC. ‘The Book’ will be a collection of memories, good, bad or painful, which will be both informative and explore the many diverse and intangible reasons why we all devote so much time and expense watching a bag of air being propelled around a green rectangle – and more importantly why we are all Chairboys.

Both initiatives are in their infancy. If you would like to assist in any way with your expertise or contacts then please do let us know. We will update you very soon.

The Trust: Meetings

As always it is good to meet and talk. In the forthcoming months we are planning the following:

1) Today, Tomorrow & Beyond: To discuss in more detail the future role of the Trust, we are looking to organise an informal meeting for members to meet the Trust Board and discuss any issues either from the summer or moving forward into the future. We will advise you of dates very soon but expect this to be held in November.

2) Trust AGM: One for the diary – the Trust AGM will once again be held in April 2010, where the normal formalities will be concluded along with Trust Board elections and Club Director elections. More news on this to follow after Christmas.

We are delighted you are continuing your support of Wycombe Wanderers and the Trust and look forward to seeing you soon. Please do not hesitate to contact me if you have any questions, suggestions or would like to get involved in the Trust.

Kind Regards


David Roberton Chairman Wycombe Wanderers Trust Limited www.wycombewandererstrust.com dr@wwst.org



Renew, Join, Refer a Friend, Find Out More

Trust representatives are at every game – in the Vere Suite, Scores and the Woodlands Bar.

We can be found on the internet – www.wycombewandererstrust.com – where full contact and membership details can be found.

Membership remains £10 per year for adults, £2 per year for over 65’s and £5 a year for under 16’s.

You can join online, by post or at a game.


posted in latest-newsletter | 27.10.2009. 20:16 | Write a comment

No Cash Turnstiles for the New Season

The Trust has been informed by the Club that the cash turnstile facility has been withdrawn due to the low level of demand from supporters. The Trust Board is continuing to look into this, but wanted to give supporters the earliest possible notice so that they can take account of this change in planning for match days.

posted in news | 14.08.2009. 08:48 | Write a comment

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