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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.

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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.

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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

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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

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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.

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Chris Watts Leaves Board

Chris Watts has resigned from the Trust's Board in the wake of the vote on the restructuring of the club. His resignation follows that of Joe McKenna and comes as the Board considers the Trust’s modified role after the vote in favour of Steve Hayes’ proposal to take 100% ownership of the Club.

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Voting of the Trust’s Shares at the PLC EGMs

The Trust’s 100,000 Ordinary Shares and 153 Founder Shares were voted in favour of the proposal to restructure Wycombe Wanderers Football Club PLC at the company’s Extraordinary General Meetings on 6th July. The votes by the Trust’s members on how those shares should be voted were as follows.

Ordinary Shares
Eligible voters: 461
For: 259
Against: 96
Withheld: 1
Total votes: 356 (77% turnout)

Founder Shares
Eligible voters: 333
For: 201
Against: 68
Total votes: 269 (81% turnout)

In line with the Trust Board’s previous advice to members, those votes which were cast as “discretionary” (i.e. members had given the Trust Board the right to vote as the Board saw fit) were counted in favour of the proposal, following signing of the legal agreement between the Trust and Steve Hayes on the morning of 6th July.

So, voting on the Founder Shares was 75% in favour and 25% against. On the Ordinary Shares, voting was 73% in favour of the proposal. The Trust’s shares were therefore voted in their entirety in favour of the proposals for restructuring at the respective EGMs of Founder Shareholders and all Shareholders.

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