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T h e

E v e r t o n

Footba l l Club

C o m p a n y Limi t ed " '

" ~ I

\\\

Annual ReportandSta tement of Accountsat 313t May 1985

'\ ......,r r.t. ' ~ " ' - : - - J#' \ ""

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THE

EVERTON F C l ~ 0 1 ' B A L LCLUB

COMPANY LIMITED

NOTICE OF MEE1'ING

NOTICEIS HEREBY GIVEN that the one hundred& sixth Annual General Meeting of the CompanywiJI be held at the offices of The Ever ton FootballClubCompany Limited, Goodison Park, LiverpoolL4 4EL, on Thursday the 15th day of August,198f', at 7.00 p.m. to receive and consider theReport of the Directors, and the Accounts fo r theYear ended 31 st May, 1985, to elect Directors,to appoint Auditors for the ensuing year, and tofix their Iernuneratlon, and to transact any otherbusiness which may be transacted at the AnnualGeneral Meeting of the Company.

The Transfer Books of th e Company will beclosed until 16th August, 1985.

By Order of the Board.

J. GREENWOOD, Secretary,

Goodison Park, Liverpool L4 4EL.

23rd JuJy, 1985.

Admission on , P r ~ s e n t a t l o nof Annual Raport I '

/jNotice is also given tha, a Member of theCompany. entitled to attend and vote at th e aboveAnnual General Meeting is entit led to appoint aproxy to attend and vote instead of him, and thatthe proxy need not be a member of the Company.

Proxies must be lodgedat

the Registered'Officeof the Company, no t Jess than 48 hours beforethe time of the Meeting.

DirectorsP. D. Carter, C.B.E., ChairmanT. H. W. Scott, Vice-ChairmanG. A. Watts .A. W. Waterworth

K. M..

TamlinJ. Search, G,M.D. A. 8. Newton

Secretary and Registered OfficeJ. Greenwood,Goodison Park, Liverpool L4 4EL

ManagerH. Kendall

BankersTrustee Savings Bank

AUditorsRogers, Bowler & Co.

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THEE VE RT ON F OO TB AL L C LU B

COfvlPANY LIMITED

C H A I R M A N ' S REPORT

J have pleasure in subrnlttlnq the Annual Report andAccounts.

J am deHghted to repor t on the most successfulseason in t he h is to ry of tho Ciub.

ihe highlights were obviously winning the CanonLeaqua Trophy, our first European Trophy-the CupWinners Cup, and winning th e Charitv Shield.

Ye i another visit to Wembley fo r th e F.A. Cup Finalprovided a further memorable occasion, although thistlrne we were no t able to bring th e Trophy back toGoodison.

The L e a g u ~season was one or almost unblemishedsuccess. We wore in ( lr st posrtion in t"lG League for27 week's, finished 13 points clear of L1V'ff:pool whowore ill 2nd place and scored th e higl1est number ofgoals in the 1st Division.

This wa s Howard Kendall's fourth year as rv,anAQerand he, plus all his staff, are to be c o n g r a t u l a ~ e d " o nth e magnificient achievements of the season.

.r: ; ,, \

Pursuing th e Club's g'olicy of continufng tostrengthen the playing st a If, we were again invoJvedin considerable activity in' th e transfer market. W ~

signed Pat Van den Hauwe, lanA t k i n ~ ,

Paul Wilkinsonand Bobbv Mimms, and transferred out of the ClubAlan ~ k v l n e ,Ian Bishop, Stuart Rimmer, Terry Curran,Darren Huqhes, John Morrissey and Ji m Arnold.

Untortunarelv, we also lost the services of MarkHiggins, 'Nho had to retire complete!", from footballdue to a s'erlous injury. We wish Mark every successfor th e f l r ~ l l r e .

At th e time of compiling this Report, we have Justslqned Gary Linekar from Leicester, and I am sure thatall fans and staff alike will wish him continued successwith Everton.

We are also sad to see th e departure of Andy Grayto Aston Villa. Andy played a major role in our successof last season and we wish him well with his new club.

Th3 recent t ( ~ i , g i cIncidents at Bradford and Brusselshave cast a d c : J r ~ ~shadow over the whole of football.

It is my fervent hope that aU officials and agencieswithin the game, !',lus our potltlcalleadero wlll combine

4

together to attack the root Causes of th e erob'em, na tmerely suggest cosmetic soluticns , which ~ " , , ~ q Uhavono effect whatsoever 13nd may even be c o ~ n t [ ' r productive.

The pertormance of our players during tho soesonresulted in :3 hoartening increase in th e recoqnrtbn forinternational honours.

Kevin RDtcliffe continued as Captairl of V'1aler; joinedby NeviUe SouthctH and Pat Va n den Hcuwe.

Four ne w E,'lgland Caps were achieved by PeterReid, Trevor Steven, Gary Stevens an d PaulBracewell.

Andy Gray and Graeme Sharp were setected fo rS c o t l ~ n dand Kevin Sheedy appeared again fo r f:ire.

Paul Wilkinson and Bobby Mimms, our ne wsignings, atso played for th e England under 21 teem.In addition, two of our young players- RobWakenshaw and Derek Wafsh were selected fo r thuEngland an d Scottish Youth Squads respecnvetv,

Our Manager, Howard Kendall, r e c f ; ' ' ' ' f ~ dih e highestaccolade within the game-namely Salls Manager ofthe Year Award, and richly deserved,

Neville Southall, wh o had an outstandln9 season,was named Bportswrlter's Player of the 'lear, withPeter R ~ i das runner-up.

Peter Reid wa s named Player of th e Year hy hisfellow professlcnals.

OUr' backroom s1:aff, whc produce the Clubprogramille, were also voted th e Prcqrernrna of th eYear Award.

Our heartiest ccnsretutattons to them all.Ths success of last season wa s reflected both in

attendances and associated revenue.

Total uttendances at Goodison Park were 948,569

compared with 5 6 4 ~ 4 6 3the previous Season. Theaverage League attendance wa s up from 19,290 to31,983 Ian lncrease cf 66%).

The income from our main footbaUing activitiesimproved by approximately 65%. This produced aprofit ( ) f ~,000,3'13 before transfer iees.

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Donations from various devolopment funds andincome f ' ~ o mother activities (less Interest pay l b f ~ }provided a profit of 495,737. However, the ne ttransfer position showed a loss of 657,87f and aftertransferring a further 500,000 to the transfer feereserves th e to ta l p rof i t fo r the year "'''85 338,175.

The second year of the T.V. contract, whi"'hincluded 10 'live' League matches, wa s a g ~ i nsuccessful. These matches, thanks to everyonelnvc'ved, were an extremely good advert for football.

The European 'james in which we participatedbrought a ne w dimension to Goodison Park,

culminating in th e splendid Final in Hotteruarn. ThoTeam and fans alike can be justly proud of theirreputation,

Th e Club continues to promote th e Blues Family'C I ~ . : b ,and last season prod t Iced the larqest ~ n c r e a s ein membership to date.

It is our ftrm m t ~ ! 1 t J t : mto ~ u r t h e rdevelop this aspectof familv partlcmauon.

We recenuv announced, for the coming season anew sponsorstup agreement with NEe. We welcomethem to Goodlson Park, and trust that our relationshipwill be mutually beneficial.

I would also like to ,; ~ ' n kmost sincerely our

previous sponsors 'Haf"t,,' end their M.D. in particular.Mr. Ole Toft, fe r their rnannificient support during the'not so good }cars' e 1am .-;we that they felt that ourrt.csnt t ~ ' ~ 1:'. mjf.J wa s more than adequatecomoenseuIn.

During tho close season we are Installing a newenclosure for invr-'!d chairs, which we trust will be ofconsrdorable hellp to our fens wh o usc It.

In compitlng this Report, It givetl me particularpleasure to look back on a season, which producedso many tangible signs of success, whilst prornisingao much more for the future.

I wish to acknowledge th e continued support frommy fellow Directors, the officers and staff of the Club,and menv other people wh o gave willingly of their timo. ~ ~help Everton.

Last season was an exciting but demanding tlmo,and I wish to place on record my personal appreciationto everyone with Everton fo r their unstinting help andencouragement.

Our supporters continue to be the envv of mostother Clubs, in particular our enthuslastlc bsnd ofaway S I ) P P ( } j t ~ r $ ,wh o gave such vlsuat and vocalencouragement, irrespective of the time of Y4:Jar orweather conditions.

Finall\', on Icoking back over last season, ~ thlpl< wecan all {sel tremendous pride in th e Club'sachievements. However, this must only be consideredas the start of a new era.

I cannot improve on Howard Kendall's comment tothe press on the da y we clinched the ChampionshipIlf you return in five year's time and we have beenbattling fo r honours everv year. then we can considerour selves successful')

I am sure that we are aU looking forward with keenanticipation to th e new season. I trust that thedisasters of last season will re-awaken th e desire ofall people associated with football to re-establish allof those basic human values which enable society toremain stronq, and people to live in harmony.

PHILIP CARTER

15th July, 1985

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TH E

EVERTON FOOTBALL CLUBCOMPANY LIMITED

REPORT OF THE DIRECTORS

In uccordaoce with the Articles of AssociationMessrs.u, Search and D. A. B. Newton retire hyrotation and, being eligible, offer themselves fo rre-election. Nominations have been recelved onbehalf of Messrs. S. C. Masterson and P. L Parry,

Fbted assetsFun details of the changes to the Fixed Assetsare shown in the Notes to the Accounts.

Aud!torsThe auditors, Messrs. Rogers, Bowler & Co., willbe proposed fo r re-appointment in accordancewith Section 14(1) of the Companies Act 1976"

By order of the Board

P. D. CARTER,Chairman

31 st Ma y1985

75333833

Mr. P. D. Carter, e.B.E.Mr. T. H. W. ScottMr. G ~ A. WattsMr. A. W. Waterworth1\11". K. M. TarnllnMr. J. Search, G.M.Mr. D. A. B. Newton

DirectcrsThe directors in office In th e year and theirbeneficial interests in the issued ordinary sharecapital were as follows:

1 st June1984

73333733

Principal activi tyThe principal activity of th e Company continuesto be that of a Professional Football League Club.

Review of businessA summarv of th e period's trading is given onpage 7 of the Accounts.

The profit fo r the year is 338,175 afterexpenditure of 657,875 on players' transferstogether with a further sum of 500,000 placedto th e transfer fee reserve. This represents a ne tcharge of 1,157,875 on transfer fees in thefinancial yea,' and we were able to strengthen ourplaying staff to this extent as a result of ourcontinuing success both in the Canon League andth e European and F.A. Cup Competitions.

Following the disastrous fire at Bradford Citytogether with Liverpool F.C. we established anappeal fund fo r the dependents with a donationof 10,000.

The Directors consider the state of the company'saffairs at the year end to be satisfactory.

DividendTho Directors do not recommend the payment ofa dividend.

15th July, 1985

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THEEVERTON FOOTBALl CLUBCOMPANY LIMITED

PROFIT AND LOSS A C C O U r ~ , T

i for the year ended 31st Mav 1985Notes 1985 1984

f. fIncome,Gate receipts and income from

related footballing activities 3,718 ,Zea 2,249,486Trading and other income 9l5,016 709,605

4,603,304 2,959,091

k1xpondltureCost of goods fo r resale 530,548 362,469Staff costs 10 1,708.681 11 3 4 3 , 9 1 9Training, travel, match and other expenses 473,229 336,027Ground expenses and maintenance 133,787 90,371Utilities ,- 200,897 171,763Depreciation 2 29,736 26,680Auditors' remuneration 5.000 4,000Other operating expenses 201,045 144,533

3,282,923 2,,479,762

Balance before transfer feos 1,410,381 479,329

Add.' -, Transfertees

receivable 55,000 117,500Deduct: Transfer fees, etc., payable (712,875) 1 ' 1 , 0 2 4 ~125)

Balance after transfer fees 752,506 (427,296)Add: Interest receivable 29,177 20,276Deduct: Interest payable 11 (61,54-B) (96,285)

Profit on ordinary activitiesbefore taxatlon (1984: Loss) 720,135 (503,305)

1 Taxation re ordinary activities 12

! Profit on orDinAry activitiesi of to r taxation (1984: Loss) 720,135 (503,305)I

~

Add: Donations receivable '13 118,040 127,879Deduct.' Transfer to (1984: from) Transfer Fees Reserve 9 (500,000) 20 0 J O O O

Profit (1984: LODs) transforrod to fflSOc-VOS 338,175 /175,426)

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TH E

EVERTON FOOTBALL CLUBCOMPANY LIMITED

BALANCE SHEE1as at 31st M ay 1985

Fixed A ~ s e t sTangible assets

Current AssotsStocksDebtorsCash at bank and In hand

C,oa'd!tors: amounts falUngdue w!thln on e year

Not Curront Assets (LiabUitieo)

To'tal Assets lossCurrent LlabllUies

Creditors: amounts falling duooftor mora thon on o yoar ", '

Na t Assets

Notes

2

34

5

6, 7

1985 1984

2,977.450 2,975,039

28,424 27,434532,637 475,378988,940 103,877

1,550,001 606,689

(1,222,,080) (1,145,329)

327,921 f538,640}

3,305,371 2,436,399

(380,164) (405, 134}

2,925,207 2,031,265

2,5002,065,1,16

(36,351)

2,031,265

2,5002,120,883

500,000301,824

2,925 /207

8999

/Jj

Representing

Capital an d RoservesCalled up share capitalRevaluation reserveOther reservesProfit and loss account

Signed on behalf of the Boerd,

who approved theaccounts on

15th ..totv, 1985P. D. CARTER 1 DirectorsG. A. WATTS J

I:IiI;

I:I,I

I,

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THE

EVERTON FOOTBALL CLUBCOMPANY LIMITED

STATEMENT ()F THE SOURCE AND APPLI.CATION OF FUNDSfor the year ended 31s t May 1985

1985 1984e e e

Source of FundsFunds generated from operations:Profit (loss) on ordinary

activities before taxation 720,135 (503 ,305JAdjustment fo r items no t using funds -

Depreciation 29,736 26 ,680749,S'71 (476 ,625)

Funds from other sources:Donations receivable 118,040 127,879Sale of fixed assets 2,400Grants from The Football Grounds

Improvements Trust 53,843 71,7!JOTerm loan ex Trustee Savings Bank 500,000

Total funds from aU sources 924,154 223,044

Application of Funds' ,

Purchase of fixed assets 32,623 12,035Repayment of loans 24,970 17,256

57,593 29 ,29 1- ~ - - - -866,561 193,753

Movement in Working CapitalDecrease/(Increase) in stocks (990) (2,979)Decrease/(lncrease) in debtors (57,259) 409,688Increase/(decrease) in creditors 76,751 279,969

' 18,502 686,678

Increaso in no t l iquId funds 885,063 880,431

Comprising increases/(decreases) I n : -Bank current account balances 885,095 5 7 6 ~ d ' : 3 9Cash in hand (32) :.;(:')2

885,063 8tJo,431

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CostAggregate depreclation

THE

EVERTON FOOTBALL CLUBCOMPANY LIM'TED

NOTES ON THE ACCOUNTSfor the y ea r e nd ed 31st May 19851. Accounting Basis an d Policies

These accounts have been prepared on th e historical cost basis of accounting as modified to includevaluations of the Club's properties, and in accordance with accounting policies consistent with thoseadopted previously, and set ou t in the following notes where appropriate.

2. Tanglblo Flxod Assets Freehold Plant andproperties equipment Vehicles Totsl

.",' c

Cost or ValuationAt 1 st June 1 98 4 2,895,000 250,494 25,879 3,171,373Additions 17,783 16,764 34,547Disposals (11,323) t11,323J

\

c At ~ 1st May '! (\8;\ 2,895,000 268,277 31,320 3,194,597C

Cost 268,277 31,320 299,597Valuation in April 1983 2,895,000 2,895,000

2,895 /00 0 268,277 31,320 3,'194,597

DepreciationAt 1st June 1 984 183,295 13,039 196,334Provir'ed during year 21,246 8,490 29,736On ~ I s p o s a l s f8,923J ( 8 ~ 9 2 3 )

At 31st May 1985 204,541 12,606 217,147

Ne t book valueAt 31st May 1985 2,895,000 63,736 1 8 ~71 4 2,977,450

- - - - -At 31st May 1984 2,895,000 67,199 12 J 8 4 0 2,975,039

Grants of 53,843 were received in the vear from The Football Grounds lmprovernents Trust and havebeen credited to the Revaluation Reserve, together with an adjus tment of 1,924, as they related towork done prior to the revaluation of the company's propert ies in Apri l 1983.Ifthe freehold properties had not been revalued in 1983 they would have been included at th e followingamounts on the basis previously appertaining:-

1985 1984

883,567 93 9 i 334116,339 113,473

Net book Value 767,228 825,861

10

- - - -..

- - - -

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It is th e Club's policy to maintain the value an d extend the l ife of its proper ties by reguln r e;';ii)E'J.',0;,'1JHC'charged to revenue, nod to revalue the properties every four years and adlust th e book va:\.ies p c u ~ 7 d - ' ~ ~ ' j ~ I Y Having regard to thill, depreciation is not provided on freehold properties asthe directors are of tho C ; P : : . 7 ? $ ~ ~in the case of some properties, that their estimated residual value exceeds their book vatue, and 1.0 tr.ecase of other propertlee, that the sum involved would be immaterial. Depreciation on other fixed assetshas been calculated at 25 % on the book value.

3. StocksStocks are valued at the lower of cost and ne t realisable value and comprise the followor,g: .....

1985

Refreshments and souvenirs 24,424Maintenance stocks 4,000

..

4. DebtorsTrade debtorsOther debtorsPrepayments

5 . Cr editor s: amounts f al li ng d ue within on e ' ~ e a rTrade creditorsSocial security and other taxesOther creditorsAccruals and deferred income

Bank loan (see note 6)

Loan from brewery (see note 7)

6. Bankloan(a) Falling due within one year:

Bank loan - current portion

(b) Falling due af ter more than one year: ,Bank loan - repayable within five years

- repayable after five vearsv.

1984t '

22,3145 , 1 ~ O

- - - - ~ -

28,424 27,434

1985 1984 e

451,294 406,40058,045 44,94923,298 24,029

532,637 475,378

1985 1984'

464,744 554,387196,597 121,145

73,246 31,490402,233 353,047

1,136,820 1,060,06984,360 84,360

900 900 1, 22 2, 080 1, 145 ,32 9

1985 1984e c

a4,360 84,360

337,440 337,44037,774 61,844

375,214 399,284

Aggregate amounts 459,574 483,644/1

'/

The bank loan is ro/)ayable, together with lnterest added at 2% over bank base rate, in equal monthlylnntelrnents over te,n years to the 5th September 1993, and is secured '-,y ~ fixed charge on the Club'sfreehold properties' at Goodison Park and Bellafield.

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7. Loan from Browary(a) Falling due within one year

(b) Fdliing due after more than one year:Repayable within five years

Repayable after five years

Aggregate amounts

~ 9 S f \

rSOG

3,600

1,3504,950

5,850

Y0/J1J

f

, 3 ~ 6 f ) &

2 q{1

!J(g

1

The loan is repayable in half-vearlv instalments of 450 and bears Interest at 6% pel" annum.I);i;I!'I

I

;1I:, I

I:I'I:r;,I

UJ1I'il

I)

I

8. Called Up Share CapitalAuthorised: 2,500 1 stock units

Alloted, issued and ful ly paid: 2,500 1 stock units

9. ResorvesRevaluation reserve

B a ~ a n c eat 1st June 1 98 4 / /Adjustments to surplus in earlier year e(j a result

of receipts and payments arising in ljurrent year(see note 2) III

Balance at 31st May 1985 IITransfer fees reserves ((

Balance at 1st June 1 984 l,,,\Transferred f rom profi t and loss a c ~ ~ u n tin respect .. of future expenditure authorised & ) : ~ edirectors

Transferred to profit and loss a c c o u n t ' ~ ~.Balance at 31 st Ma y 1985

Profit and Loss AccountBalance at 1st June 1984Profit fo r the year (1984: Loss)

Balance at 31st May 1985

1986

2,500

2,500

1985c

2,065 1 1 16

55,767

2,120,883

500,000

500,000

(36,351 )338,175---

301,824

1984t

2,500

2,500

1984[

2,000,644

64,472

2,065,116

200,000

139,075(175,426J

f36,351J\,j 10. Particulars of Employees

The average weekly number of employees (Including directors) during th e year wa s as follows:-

12

Playing, training and managementMaintenance and adrninlstrationCatering and sales

1-985

E452535

105

1984

e462835

109

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The aggregate payroll costs of the above persons were as Iollows->-

Wages and salaries

Social security costsOther pension costs

H ~ 8 5

1 ~ 4 5 S , 9 S 1

65,260187,430

The number of employees whose emoluments exceeded 30 j O O O in the year, excluding p c n 5 ~ c ncontributions. was as fo l lows: -

Between 30,001 and 35,00035,001 an d 40,00040,001 an d 45,00045,001 and 50,00050,001 and 55,00055,001 and 60,00060,001 and 65,00065,001 and 70,000

,ess15361111 'I

19 12

The directors received no emoluments from the company during the year.

11. ln teres t PayableOn bank loans and overdraftsOn other loans

1985

61,222 32 6

1984c

95,E1437 1

- - - - - ~ - - - -96,285:61,54812. TaxationThere is no charge to corporation ta x fo r the year, due to relief f or p as t losses.In view of the continuing us e of the freehold properties no provision is considered necessary in respectof the potential tax.-IIabillty which might arise in the event of the disposal of the properties at the amountsat which they are included in these accounts, and in the opinion of the directors no useful purpose wouldbe served in attempting to quantify it.

13. Donations ReceivableDonations receivable comprise amounts receivable from the various Everton development associations,reduced by expenses relating thereto.

14. Future Copitol ExpenditureCapital expenditure contracted fo r but n otprovided fo r In these accounts amounted toFurther capital expenditure authorised by thedirectors on which orders had no t been placedprior to th e Balance ShP.43t date amounted to

1985

Nil

17.000

1984r

...

Ni l

Nil

REPORT OF THE AUDITORS TO THE MF.MBERS OF THE EVERTON FOOTBALL CLUB COMPANY lIM.TEOWCI havo lludlted the accounts sot ou t on pO'/Joa 7 to 13 in accordance with opproved lludlting standards.The accounts hlllvo beon prepared under tho historical coat convention as modllJacl by the rovaluation of certain properties ~ m ~or. thobosis of tho accounting pollcios sot out Intho notes on paoes 10 to 13 . Tho accounting policy of tho compeny in resp4Jct nf ~ ~ p r ! : , n ~ O !of propertlos dODs no t comply with tho St8tement of Stnndard Accounting Practice No. 12.Inour opinion, th o occounts givo. on tho above basls, tI true and folr v iew of tho state at tho company's aUairs at ' tho 3'.Sl M8Y 1985and of it s profit and sourco Dndoppllctttion of funds for the yoar endsd on that date, and comply with the Comfjanios Acts 1948 to 1!!81.SIgned: ROGERS 1 BOWLER & CO., Birhnho8d ChattorodAccountents, 1 5t h J ul y 1 98 5

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THEEVERTON FOOTBAL,L CLU,9COMPANY LIMITED

rvllNUTES OF THE 105th ANNUAL GENERAL MEETINGOF THE EVERTON FOOTBALL CLUB CO. LTD., HSlD AT GOODISON PARK, LIVERPOOL

ON THURSDAY, 23rd AUGUST 1984, AT 7 p.rn,- - - - - - - - - - - - - . . . . ~ ' - - ~ ~ ~- _. -

Present: Messrs. P. D. Carte r (in the Chair),'-. H. W. Scott, G. A. Watts, A. W. \tV,Jterworth,K. M. Tamlin, J. Search and D. A. B. Newton (Directors). Mr. J. Greenwood (Secretary),

Mr. H. Kendall (Manager), and Mr. P. B. Bowler (representing Rogers, Bowler & Co.I,together with 1 11 Shareholders.

NOTICE CONVENING THE MEEl'INGlt was agreed that th e Notice convening th e

Meeting should be taken as read.

ADMISSION OF THE PRESSI t wa s agreed that members' of th e press

present should be permitted to remain inattendance throughout th e Meoting.MINUTES

It was agreed that the Minutes of the 104thAnnual General Meeting, ascirculated, should betaken as read. Mr. G. W. D. Beattie proposed thatth e Minutes be opproved and si;gned as a correctrecord. Mrs. E. Jones seconded and the proposalwa s agreed unanimously.CHAIRMAN'S REPORT

It wa s agreed that th e Chairman's Report

should be taken as read. Mr. Car te r referred tothe success in the Charity Shield final at Wembleyon Saturday, 18th August, advised Shareholdersof the appointment of Terry Darracott to th ecoaching staff and of the decision to allow youngsupporters to register AS Junior Evertonians andqualify fo r a reduced admission price. Mr. Carteralso expressed thanks to Hafnia Ltd., fo r theircontinued support with th e Shirt AdvertisingSponsorship.DIRECTORS' REPORT AND ACCOUNTS

It was unanimously agreed that the Directors'and Auditors' Reports, as circulated, should betaken as read. Mr. Watts outlined the reasons fo r

th e new f or ma t o f the Accounts.There were no questlonc and Mr. Wattsformally proposed the adoption of the Report andAccounts. Mr . R. F. Tennant seconded and theproposal was agreed unanimously.

14

DIVIDeNDMr. A. W. Waterworth proposed that no

dividend should be paid. Mr . R. E. D. Edwardsseconded an d the prcposal was carriedunanimously.

APPOINTMENT OF AUl)!TORSMr. K. M. Tamlin proposed that Messrs.

Rogers, Bowler & Co.. should be re-appointed asAuditors for th e ensuing year an d theirremuneration should be left f0 1 th e Directors todecide. Mr. K. B. Nolan seconded and theproposal was carried unanlrnouslv. Mr. Carterthanked the Auditors fo r their assistance incompiling the ne w format of Accounts.

ELECTION OF DIRECTORSMr . Carter reported that Messrs. G. A. Watts

and A, W. Waterworth were th e retiringDirectors. They were eligible and offeredthemselves fo r re-election. Nominations received"for M e ~ 1 s r s .S. C. Masterson and P. L. Par ry hadbeen withdrawn.

The meeting unanimously agreed to a singleresolution for the re-election of the 2 retir ingDirectors fo r a further term of 3 years each. Thiswa s proposed by Mr. P. D. Carter, seconded byMr. D. Bushnell and carried unanimously. Mr.Watts expressed thanks to the meeting on behalfof Mr. Waterworth 'and himself.

VOTE OF THANKSThe meeting closed with a vote of thanks to

the Chai-t'l1an, Directors and officials proposed byMr. P. L. ~ 1 r r vand seconded by Mr. G. Bailey.