EFC 1986 1987 Accounts

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ITheEvertonFootbal l ClubCompany I..imi ted

Annual ReportandStatement of Accountsat 31 st May 1987

6673 ~ b 2 ( { ~

COMP/.NfES Rt-6ISWnOl4( : - 5 NOV 1987

R -. . OHl'i:UO i 10

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THEEVERTON FOOTBALLCLUBCOMPANY LIMITED

~ NOTICE OF MEETING

NOTICE IS HEREBY GIVEN that the one hundred &eighth Annual General Meeting of the Company willbe held at the offices of The Everton Football ClubCompany Limited, Goodison Park, Liverpool L4 4EL, onThursday the 13th Day of August, 1987, at 7.00 p.rn.to receive and consider the Report of the Directors, andthe Accounts fortheYear ended 31st May, 1987, toelect Directors, to appoint Auditors fo r the ensuingyear, and to fi x their remuneration, and to transact anyother business which may be transacted at the AnnualGeneral Meeting of the Company.The Transfer Books of the Company will be closed until14th August, 1987.By Order of the BoareLJ. GREENWOOD, Secretary,Goodison Park, Liverpool L44EL.18th July, 1987Admission on Presentation ofAnnual Report

DirectorsP. D. Carter, C.B.E., ChairmanT. H. W. Scott, Vice-ChairmanG. A. WattsA. W. WatervvorthK. M. TamlinJ. Search, G.M.D. A. B. Newton

Secre tary and Registered OfficeJ. Greenwood,Goodison Park, Liverpool L44EL

ManagerJ. C. Harvey

0i; . Notice is also given that a Member of the Companyentitled to attend and vote at the above Annual General

Meeting is entitled to appoint a proxy to attend andvote instead of him, and that the proxy need no t be amember of the Company.Proxiesmust be lodgedat the Registered Office of theCompany, not less than 48 hours before the time of theMeeting.

BankersTrustee Savings Bank

AuditorsRogers, Bowler & Co.

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THEEVERTONFOOTBALLCLUBCOMPANY LIMITED

CHAIRMAN'S REPORTI have pleasure in submitting the Financial Reportand Accounts. I am delighted, once again, to report

another successful Season for the Club. For thesecond time in three years Everton F.C. are the LeagueChampions, and the performance was made morememorable in view of the considerable number ofinjuries to our first team squad, Unfortunately, webroke the sequence of visits to Wembley for the F.A.Cup Final, bu t we did share the Charity Shield with ourneighbours - Liverpool, and have qualif ied once againforthe 4th year in succession fo r this prestigiouseventon the 1st August, 1987.This was Howard Kendall's sixth year asManager,and he plus all his staff are to be congratulated on

another successful Season.Howard Kendall has decided to pursue his career in

Management with Athletic Club Bilbao, in spite of thestrongest possible inducements from Everton F.C. Weare sorry to lose him and the attr ibutes that he hasbrought to the Club. However, we must look to thefuture and the fact that Colin Harvey has agreed toaccept the management role, and this will , I am sure,giveno t only continuity but confidence for the future.Colin has appointed Terry Darracott as Assistant

Managerand PeterReid as Player/Coach. At the timeof compilingmy Report, he is also seeking to engagea coach for the Reserve Team and no doubt this will bereported in the press within a matter of days.Mick Heaton, one of our first team coaches has also

decided to tr y his fortunes elsewhere and leftthe Clubat the end of June.Pursuing the Club's polic y of continuing to

strengthen the playing staff, we were again involvedin considerable activity in the transfermarket. Duringthe f inancial year we purchased Neil Adams, PaulPower, Kevin Langley, Dave Watson, Ian Snodin,Stuart Storer and Wayne Clarke.

Players who have been sold during the 'financial yearwere Gary Llnaker, Kevin Richardson, Fred Barber,Peter Billing, Warren Aspinall, Paul Wilkinson, DerekWalsh and Jason Danskin.The performance of our players during the season

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resul ted in further recognition fo r internationalhonours, although, because of injuries, players wereunfortunately no t selected fo r the maximum numberof games.Peter Reid, Trevor Steven, Gary Stevens, Dave

Watson were selected fo r England. Kevin Sheedy wasselected fo r Eire. Kevin Ratcliffe, NevilleSouthall, PatVan den Hauwe were selected fo r Wales, and JohnEbbrell was selected as England's Youth Captain.Whilst mentioning internationals, I amsure we alt wishPaul Bracewell the very best of luck in his f ight forreoovery after his prolonged ankle injury sustainedduring the early part of 1986.Howard Kendall was awarded Bell's Manager of theYear for the second time in three years.Once again, the Everton staff who produce the Club

Programme were awarded 'Programme of the Year'award forthe third consecutive year and our warmestcongratulations to them all.The success of last Season was again reflected in

both attendances and associated revenue, althoughour total gate receipts are down by 93,000 reflectingour early departure from the F.A. Cup.

For the third year running, we did no t have theadvantage of playing in Europe and it is a sad reflectionon our national game when players of the quality thatwe have at Everton F.C. are deniedthe opportunity ofperforming on a wider stage.

Total attendances at Goodison Park were 880,753compared with 879,610 the previous season, Ouraverage League attendance was up from 32,270 to34,190, an increase of 60/0. This compares with theaverage First Division attendances which were19,751 compared to 19,562 forthe previous season,an increase of 1%.Income from our main footbatling activities was

3,354,615 resulting in a loss of 19,295 beforetransfer fees. Donations from various developmentfunds and income from other activities produced aprofit of 643,173. The net transfer position showedaprofit of 7,700 and after increasing the transfer feereserve by an additional 420,OOOto 750,000. thetotal profit fo r the year was 171 ,537 after tax.

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The T.V. exposure during the live games throughoutthe season.was of an extremely high quality j and I am~ u r e wa.s Instrumental in re-stimulating additionalInterest In our national game.. The introduction of our play-off proceduresIntroduced a ne w exciting element to a considerablenumber of Clubs and public response was extremelyencouraging. The First Division has no w been reducedto twenty-one teams 'for the coming Seasonwith theultimate aim of reducing to twenty by the end of1987/88 Season. It is hoped that by then the EnglishClubs will have been re-admitted to Europe and thatwe wili. ~ I s : > have established a credible third cupcompetition.

A series of major pro jec ts to improve spectatorfacilities has been embarked upon this close season.A ne w roof is being erected over the Gwladys Streetterraces, which I am sure will be welcomed by thesupporters using this area.

The Blues FamilyClub, which continues to increaseit s membership is being re-sited into a seatingenclosure in front of th e main stand.The Club has decided as a further benefit for ourfans to introduce a Membership Scheme, which will

entitle them to Admission prices to Members Onlyseating areas at a lower price than comparable NonMember areas; free admission to Central Leaguegames; priority - after Season Ticket holders - intheallocation of tickets for all-ticket games; freemembership of the Executive Travel Club; discount of5% on all Souvenir Shop purchases; discount of 10 %on room hire charges in th e Goodison Park CateringComplex and discounts on selected NEC productsfrom branches of Colourvision. This scheme will also'qualify fo r recogni tion under the Government'srequest fo r Membership Schemes to help in thocontrol of crowd disorders. Iam sure that our fans willwelcome this ne w initiative andsupport the Club in its

efforts to not only maintain but actively project thevery positive image that we have at Everton throughour fans.The 500 Club Lounge willbe completslvrefurbished

this closed season, and the 30 0 Lounge will berefurbished next closed season.I would like to thank our sponsors, NEC, for theircont!nued. support and \ am sure that our on-goingrelationsbip has great benefits to both parties.It gives me great pleasure in compiling this Reportto look back onye t another successful season,whichonce again confirms the fact that Everton F.C. canperform and succeed at th e highest level in th e mostdemanding football competition in th e world.Iwish to acknowledge the continuedsupport of myfellow Directors, Officials and Staff of the Club and

many other people, wh o give willinglyof thelr time tohelp Everton F.e.Our supporters both at home and away continue touphold the good name of Everton F.e. .nd I am sure

that we all understand that nothing bu t impeccablebehaviourwill convince more fans to return to watchlive football.The European Authorities are monitoring th ebehaviour of English fans and I trust that we will beable to convince them that we deserve to be readmitted into the European competitions.Finally, on looking back over lastSeason I think wecan be justly proud of the Club's achievements andhope that inthe coming Season, Colin Harvey and hi s

staff will maintain the highstandard that has been set.

PHILIPCARTER10th July 1987

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THEE V E ~ T Q N F O O T B A L L C L U BCOMPANY LIMtf2D

REPORT OF THE DIRECTORS

Fixed assetsFull detai ls of the changes to the Fixed Assets areshown in the Notes to the Accounts.

D i r e c t o ~ , qThe directors inoffice in the "ear and their beneficialinterests in the issued ordinary share capital were asfollows:

AuditorsThe auditors, Messrs. Rogers, Bowler & Co., will beproposed for re-appointment in accordance withSection 384 of the Companies Act 1985.By order of the Board

In accordance with the Art ic les of AssociationMessrs. G. A. Watts and A. W. Waterworth retire byrotation. Mr. G. A. Watts is not seeking re-election.Mr. A. W. Waterworth iseligible and offers himself forre-election. Nominations have been received onbehalf of Messrs. G. H. E. Birch, P. L. Parry andD. H. Pitcher.

31st May1987c89

734

1243

1s t June1986e86634

1133

Mr. P. D. Carter, C.B.E.Mr. T. H. W. ScottMr. G. A. WattsMr. A. W. WaterworthMr. K. M. TamlinMr. J. Search, G.M.Mr. D. A. B. NewtonCapital projects for further improvements to thefacilities at Goodison Park totalling 458,486 are tobe carried out during the coming financial year.

In accordance with the Clubs policy to revalue theproperties every four years the revaluation at April30th 1987 is shown in these accounts and therevaluation reserve amended accordingly.

Review of businessThe results of th e period's trading are given on page7 of the Accounts.

Principal activityThe principal activity of the Company continues to bethat of a Professional Football League Club.

The Directors consider the state of the Company'saffairs at the year end to be satisfactory.DividendThe Directors do not recommend the payment of adividend.

The profit for the year is 171,537 including a netsurplus of 7,700 on players' transfers and anincrease in the transfer reserve from 330,000 to750 /000.

P. D. CARTER,Chairman10th July, 1987.

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THEEVERTON FOOTBALL CLUBCOMPANY LIMITED

PROFIT AND lOSS ACCOUNTfo r the year ended 31st May 1987

Notes 1987 1986 IncomeGate receipts and income fromrelated footballing activities 3,354/615 3,256,283Trading and other income 961,230 896,1 se4,315,845 4,152,452

Expenditure ------Cost of goods for resale 503,058 492,648Staff costs 10 2,262,968 1,931,532Training, travel, match and other expenses 376,928 411,732Ground expenses and maintenance 283,758 175,673Utilities 295,786 249,157Depreciation 2 63.658 34,993Auditors' remuneration 5,000 5,000Other operating expenses 182/547 186,906

3,973,703 .3,487,641Balance before transfer fees 342,142 664,811Add: Transfer fees receivable 2,937 /000 432,550Deduct: Transfer fees, etc., payable (2,929,300) (1,146,625)Balance aftGr transfer fees 349 /842 (49,264)Add: Interest receivable 127,023 69,546Deduct: Interest payable '11 (23,O43} (7, 178)Profit on ordinary activitiAs before taxation 453,822 13,104Taxation re ordinary activit ies 12 (40,041)Profi t on ordinary activities after taxation 413 /78 1 13,104Add: Donations receivable 13 177,756 82,090Transfer from Transfer Fees Reserve 9 330,000 170,000Deduct: Transfer to Transfer Fees Reserve 9 (750,9)Profit transferred to reserves 171,537 265,194

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BALANCE SHEETas at 31 st May 1987

This is to cer t i fy t h a y ~ th i s 1 ~ ~ t.:;! t r\ .. copy of the Balance Shl't;t handed -:-f"Members of' the Company nt the AnnualGeneral Meeting held on 13th August 198"1_

J! ,..,.

I I, i

, II

Fixed AssetsTangible assetsCurrent AssetsStocksDebtorsCash at bank and in hand

Creditors: amounts fa ll ingdue within one yearNet Current AssetsTotal Assets lessCurrent LiabilitiesCreditors: amounts falling dueafter more than one yearNet AssetsRepresentingCapital and ResclrvesCalled up share capitalRevaluation reserveOther reservesProfi t and loss account

Notes 1987 1986

2 4,400,958 3,040,7913 33,465 27,9424 728,636 537,8591,100,314 863,147

1,862,415 1,428,9485 (1,602,834) (1 , 113,959)

259,581 314,989

4,660,539 3,355,7806, 7 (253,143) (335,379)

[4,407,396 3,020,401

8 2,500 2,5009 2,916,341 2,120,8839 750,000 330,0009 738,555 567,018f4,407,396 3;020,401

Signed on behalf of the Board,who approved the accounts on 10th July, 1987P. D. CARTER ] DirectorsG. A. WATTS

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NOTES TO THE ACCOUNTSfor the year ended 31 st May 19871. Accounting Basis and PoliciesThese accounts have been prepared on the historical cost basis of accountinq as modified to includevaluations of the Club's properties, and in accordance with accounting policies consistent with thoseadopted previously, and set out in the fol lowing notes where appropriate.2. Tangible Fixed Assets Plant andProperties equipment Vehicles Total

e c Cost or ValuationAt 1st June 1986 2,937,282 312,929 36,990 3,287,201Additions 539,716 52,807 105,338 697,861Grants (46,738) (46,738)Disposals (34,6701 (34,670)Revaluation adjustment 795,458 795,458At 31st May 1987 4,225,718 365,736 107,658 4,699,112Cost 195,718 365,736 107,658 669,112Valuation in April 1987 4,030,000 4,030,000

4,225,718 365,736 107,658 4,699,112DepreciationAt 15t June 1986 231,638 14,772 246,41()Provided during year 33,525 30,133 63,658On disposals (11,9141 (11,914)At 31st May 1987 2 6 5 , ~ 63 32,991 298,154- - _ . _ -Net book valueAt 31st May 1987 4,225,718 100,573 74,667 4,4DO,958t:At 31st May 1986 2,937,282 81,291 22,218 3,/040,791The Club's properties are freehold, with the exception of certain minor residential properties which arelong leasehold.The Club's prernises at Goodison Park and Bellefield were valued at 4,000,000 by Gerard Eve &Co.,Chartered Surveyors, as at the 30th April 1987, on the basis of open market value for therr existing use,and their book value adjusted accordingly, togetherwith those of certain minor residential properties whichwere revalued by the Dlrectors at their estimated market value. The surplus on revaluation amountingto 795,458 has been credited to reserves.

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CostAggregate depreciation

if the freehold properties had not been revalued since 1983 they would have been included at the followingamounts on the basis previously appertaining:- 19b7 1986 1,418,827 925,849122,357 11'9,215Net book Value 1,296,470 806,634

198624,4423,500

Refreshments and souvenirsMaintenance stocks

It is the Club's policy to maintain the value and extend the life of its properties by regular expenditurecharged to revenue, and to revalue the properties every four years and adjust the book values accordingly.Having regard to this, depreciation is not provided on freehold properties as the directors are of the opinion,in the case of some propert ies, that their estimated residual value exceeds their book value, and in thecase of other properties, that the Gum involved would be immaterial. Depreciation on other fixed assetshas been calculated at 250/0 on t he b oo k value,3. StocksStocks are valued at the lower of cost and net realisable value and comprise the following:-

1 ! ~ 8 7e31,.')652 , ~ O O

4. Debt.orsTrade debtorsOther debtorsPrepayments and accrued income

5. Crediiors: amounts falling due within one y , ~ a rTrade creditorsSocial security and other taxesOther creditorsAccruals and deferred incomeCorporation taxBank loan (see note 6)Loans f rom brewery (see note 7)

6. Bank loan(a) Falling due within one year:(b) Falling due after more than one year:Repayable within f ive yearsRepayable after f ive years

~ 3 , 4 6 51987c474,141109,359145,136

728,6361987761,392

206,693104,635420,2201,492,94021,63484,3603,900

1,602,834198784,360

227,493

27,9421986312,16794,963130,729

537,8591986406,865

197,66037,248383,9261,025,699

84,360..1,900- - - ,1,113,9591986c84,360

305,829

227,493 305,829Aggregate amounts 311,853 390,189

The bank loan is repayable, together with interest, in equal monthly instalments of 7,030, and is securedby a fixed charge on the Club's freehold propert ies at Goodison Park and Bel lefield. 11

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7. Loans from Brewery(a) Falling due within one year(b) Fa\ling due after more than one year:Repayable within five years

Repayable after five years

Aggregate amounts

1987 19EJ6 3,,900 3090 fJ15,600 15,60010,050 13,95025,650 291/55029,550 33,450

Two loans are included above, one being repayable in half-yearly instahnents of 450 until 1992 andbearing interest at 5% per annum, and the other being repayable in halt-vearlv instalments of 1,5L10until 1996 and bearing interest at 6% per annum.8. Called Up Share CapitalAuthorised: 2,500 1 stock units

Al1oted, issued and futly paid: 2,500 1 stock units

9. ReservesRevaluation reserveBalance at 1st June 1986Adjustment on revaluation of propertiesas at 30th April 1987Balance at 31 st May 1987

Transfer fees reserveBalance at 1st June 1985Transferred to profi t and loss accountTransferred from profi t and loss account in respectof future expenditure a.ithorlsed by the directorsBalance at 31 st May 1987

Profit and Loss AccountBalance at 1st June 1986Profit for the yearBalance at 31st May 1987

19872,5002,5001987

2,120,883795,458

2,916,341

330,000(330,000)750,000750,000

567,018171,537738,555

1986

2,5002,5001986

e2,120,883

2,120,883

500,000/170,000)

330,000

301,824265,194567,018

10. Particulars of EmployeesThe averoge weekly number of employees during the year was as follows:-PIElying, training and managementMaintenance and administrationCatering and sales

12

1987413034105

1986402634

100

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The aggregate payroll costs of the above persons Wel'e 85 follows: - Wages and selanesSocial securltv costsOther pension costs

1&87c1,702.45 t172,918384,9992,260,368 1,531,5.12

2

11119 17

1987 1986 21,142 5,9971,901 1,18123,043 7.178

36,4/83,56340,041- - - - - -

Between 30,001 and 35,00035,001 and 40.00040,001 And 45,00045,001 and 50,00050,001 and 55,00055,001 and 60,00060,001 and 65,00065,001 and 70,00070,001 and 75,00080,001 and C85,0008G,001 and 90,000 ~ I O , 0 0 1 and 95,000110,00 1 and 115,000115,001 and 120,000

The number of employees whose emoluments exceeded 30,000 in the year, excluding pension ccntributicns,was as follows:- 1987 19Bfi2 :31 22 72 21 42132

The directors received no emoluments from the company during the ve.ir.11. Interest PayahleOn bank loans and overdraftsOn other loans12. TaxationThe charge for taxation consists of the following:-Corporation tax on the taxable prof its of the year calculated at 35%Adjustments re earlier years

In view of the continuing use of tho freehold properties no provision is considered necessary in respect of thepotential t9X liability which might arise in the event of the dlspcsal of the properties at the amounts at whichthey are included in these accr unts, and in the opinion of the directors it is impracticable and of '1 0 usefulpurpose to attempt to q : J ~ ~ n t i f y it.13. Donations ReceivedDonations receivable comprise amounts receivable from the various Everton development associations, reduced

by expenses relating thereto. 1987 198;::14. Future Capital Expenditure Capital expenditure contracted for but notprovided for in these eccounts amounted to 458,486 '263,250Further capital expenditure authorised by thedilectors on w h ; ~ h orders had not bean placedprior to the Balance Sheet datn amounted to Nil 300,000REPORT OF THE AUDITORS TO THe MEMBERS OF THE EVERTON FOOTBALL Cl.UB COMPANY LIMITEDWe have audited tho accounts sot ou t on p E l g e ~ 7 to 13 In accordance with approved auditing standards.The accounts have been prepared under the hlatcrlcal cost convention as modiflod by the revaluatlon of certain propert ies and on thebasis of the accounting pollclos sot out In tho notes on pagtJ5 10 ro 13. The accounting policy CJf tho company inreseact of depreciationof p.opertles does no t comply with tho Statoment of St:tndard Accounting Practice No, 12 issued by the prclesslonal aecountancv bodies.In our opinion, tho accounts gIve, on the nbovo basis, a true and fai r view of the state of the company's affairs at the 31st May 1987end of its profit and source end application 01 runds for tho voar ended on th. .t date, and comply with the Companies Act 1985.ROGERS, BOWLER & CO., chartered Accountants, Blrkonhoad. 10th JulV 1 ~ 6

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THEEVERTON FOOTBALLCLUBCOMPANY LIMITED

MINUTES OFTHE 107th ANNUAL GENERAL MEETINGOF THE EVERTON FOOTBALL CLUB CO. LTD., HELD AT GOODISON PARK, LIVERPOOLONTHURSDAY, 21st AUGUST, 1986 AT 7.00 p.rn,Present: Messrs. P. D. Carter (in the chair), T. H. W. Scott, G. A. VVatts, A. W. Waterworth. K. M. Tamlin,J. Search and D. A. B. Newton (Directors) and Mr . P. B. Bowler (representing Rogers, Bowler & Co.)

together with 128 shareholders.Apologies fo r absence were received f rom Mr. H. Kendall (Manager), Mr. J. Greenwood (Secretary),Messrs. P. L. Parry, N. O. Dainty, F. Hayes and G. Bailey.

NOTICECONVENING THEMEETINGIt was agreed that the Notice convening the Meetingshould be taken FiS read.ADMISSION or THE PRESSIt was agreed that members of the press should bepermitted to remain in attendance throughout themeeting.MINUTESIt was agreed that the Minutes of the 106th AnnualGeneral Meeting, as circulated, should be taken as read.Mr. K B Nolan proposed that the Minutes be approvedand signed as a correct record. Mr. R. E. D. Edwardsseconded and che proposal was carried unanimously.CHAIRMAN'S REPORTIt was agreed that the Chairman's Aeport should betaken as read, Mr. Carter referred to the excellentperformance of the team in the Charity Shield Finalagainst Liverpool on 16th August and outlined furtherimprovements for crowd comfort and safety which hadbeen introduced during the close season. The Chairmanthen dealt with Shareholders questions relating to thetransfer 0fG. Linaker to F.C. Barcelona, the Blues FamilyClub and the possibility of reserve games reverting toSaturdays.DIRECTORS' REPORTAND ACCOUNTSIt was agreed that the Directors' and AudItors' Report,as circulated, shou ld be taken as read, Mr. Wattsaddressed the meeting on the contents of the balancesheet and then answered a quest/on regarding thereduction of income during the past season which, asheexplained, was duo mainly to the ban on English FootballLeague Clubs taking part In European Competitions.Mr. Watts formally proposed the adoption of theReport and Accounts. Mr. A. G. Hirst seconded and theproposal was carried unanimously.

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DIVIDENDMr. T. H.W. Scott proposed that nodividend should bepaid. Mr. G.W. D. Beattieseconded and the proposal wascarried unanimously.

APPOINTMENT OFAUDITORSMr.A.W.Waterworth formally proposed thatMessrs.Rogers, Bowler & Co . should be re-appointed asAuditors for the ensu ing year and their remunerationshould be left to the Directors to decide. Mr. G. W. D.Beatt ie seconded and the proposal was carriedunanimously. The Chalrrnan thanked the Auditors fortheir assistance during the past year.ELECTION OFDIRECTORSMr. G. A. Watts took the Chair fo r this item andreported that Messrs. P. D. Carter, T. H. W. Scott andK. M. Tamlinwere the retiring Directors and being eligiblooffered themselves fo r re-electton. Nominations receivedin respect of Messrs. G. H. E. Bi rch and P. L. Parry hadbeen withdrawn.The meeting unanimously agreed to 3 single resolutionf or the re-elcctlon of the three retir ing Directors fo r afurther xerrn of 3 years each. This was proposed byMr.G.A Watts, seconded by theRevd. R. M. Graceandcarried unanimously.Mr. T. H. W.Scott expressed thanks to themeeting on

behalf of Messrs, P.O. Carter, K. M. Tamlin and himsel iand then, on behalf of the meeting, congratulatedMr, P. D. Carteron his recent election as chairman oftheFootball League.VOTEOFTHANKSThe meeting closed with a vote of thanks to theDirectors andManagement proposed by Mr. D.WhewayDavies and seconded by Mr. F. Peacock.

Documents

EFC 1986 1987 Accounts