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ContentsP ~ g e

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Directors and Advisors

Chairman's Report

Directors' Report

Minutes

Profit and Loss Account

Balance Sheet

cash Flow Statement

Notes to the A c ~ o u n t s

Results and Attendances 1993/94

Fixtures 1994/95

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~ R Johnson (Chair n)Sir Desmond H. Pitcher DL (Deputy Chairman)JS.C. Anch trR.J. Hughes !Sir Philip Carter CB IDrD.M.MarshK ..M.TamlinCA.B. NewtonW_ KenwrightA.J.L Abercromby lThe Rt. Hon. C.J. S' enson Taylor

Directors and AdvisorsDirectors

Secretary & J. GreenY/OOd I!Chief tExecutive iIIIIRegistered Goodison Park ti!Office Uverpool If!l44EL !

riAuditors Rogers Bowler & c&.

Chartered AccountJnts 56 Hamilton Street f .tBirkenhead tl415HZ t,tfIBankers 1:5.8. Bank plc I31 C a s l ~ e Street lIrUverpoOl IIL24XT iIIt

I~ m a n c i a J N ~ R o ~ . s c h i l d &Sons Ltd.IA Trinity Court t16 John Dalton StreetMarwhestar !fM26HY I-tSolicitors Cuff Roberts i100 Cid HaH StreetfIUverpool ,,t,,L39TD 11t1-t,,tj1,:,!t,

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Notice of Annual General MeetingNotice is hereby given that the one hundred and fifteenth Annual GeneralMeeting of The Everton Football Club Co. Ltd. (The Comp.any) will be held atGoodison Park, Liverpool L4 4EL on Thursday 10th November 1994 at 7p.m. forthe purposes of considering the following business:

1) To r e c e i ~ the Directors' Report ane Accounts forthe year ended 31st May 1994.2) To elect Directors.3) To appoint Auditors for the ensuing year, and

authorise the Directors to f ix their remuneration.4) To transad any other business which may betransacted at the Annual Genera) Meeting of theCompany.

The transfer books of the Company will be closed until the9th November 1994.By order of the boardJ. GreenwoodSecretaryGoodison ParkLiverpOOlL44El

18th October 1994

Notes1) A member entitJed to attend and vote at the above meeting mayappoint one or more proxies to attend. and on a POU9 to vote in hiSlher place. Aproxy need not be a member of the Company.2) To be valid, a duty executed instrument of proxymust be lodged at theRegistered Office of the Company at least 48 hours before the t ime appointed forholding the meeting.

3) Admission to the Meeting will be on presentation of this Annual Report.

. ... . ". . . . .' .... . .. .

.. . ""- .. . . " . .,.-:w .... theEve"fion. F o o t ~ a U Club.Co.01panY Lim"itcd ,.... ". " ',". . "." - ." -, .. :--.- " . ' . . . . ~ ~ - ,. . ':.. - . '. ' . - " ' . 3 .)'la: .

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Chairman's RepoThe year under r was a very traumatic one in the ong andalStinguished history of E rton Footbaft Club.Having determined the last Annual General Meeting need toIntroduce additional capital to ensure the re of the Club. the Directors were nvotved intong, and at times, complex . with the major shareholder in order to .approval tor an increase in the iSSUed Share 1taI.. This only reached a sati Dryconctusion on 26th July 1994when Iwas del hted to recei'M the J. support ofthe Shareholders to my offer to underwrite new share iSSue, and in my su uent

election to the Board and .. . to C h a i ~The playing results for the year were a .ent. Havingfrom theCoca Cola Cup in the 4th round by t United, thereupheaval of the resignation of Mr . Howard asManager in earty December. MikeWalker appointedin early January. just in time to witness our d ise fromthe F.A. Cup at th e hands of Bolton Wande .. Mr.Walkerwas unable to checkthe s6de in leag resutts.which led to the m last match of t ' seasonagainst Wimbledon\) when the team r e c o v e ~ f rom a 0-2defICit to win 3-2 and preserve our 40 year r600rd in theRrst remier League.

In spite the unacceptablf: piaying reco averageleague atte for tile ~ ! ' ~ ~ ! l were 22, t whichshowed an i of 12% over the previot year.

.. ,their promotion to Division One f thePontins League, ou r I'i Inexperienced ReserveTeam had a difficult time. they imprdramatically over the laSt few weeks of the to retaLrt thelr and I pleasedto report the improvement has continued in the current season.

In the Lancashire League the lA' and 'B't ms finished in third and fourth . ionsy

S i the last report. tha following playe I have joined the Club - GrahamAngel, Gat)' ~ t t i /J ,ders Umpar. Jo e P a Vmny t DanielDavid Burrows. Outgoing transfers have bee - Peter . Mark ward.Radosavljevic. Robert War2yCha. BiIty and Tony Cottee.At International level, NeviIIe SouthaIJ Barry Home appeared r: r Viases.Matt gained further England U21 hdnou1 rs and a number of our young rso'Connor, Graham A 1 I e n ~ John O'Tool8,MJchael Branch. vinand Richard Moore YIete selected r England squads. During the seasonDavid Unsworth hasbeen a regular selecti fer the England U21 UEFA C 'onshipgames. .Income from gate receipts and footbaIi f\ ted activities increased by 901. 78 CNer theprevious year,. with tf'a(ing and other incomefremaining static. Overall expenincreased by 586,826. bank interestwas by 156.742, in a it beforetransfer fees of 773,172.. Net expenc:fitUre o. 1.228,212 on transfer fees res in thelosS of 455.040 . :t

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5

The oIIdIfClC**II d. . . . Padt. . . . . . . . .h Rt. MorI. Dawid Ho'IIM..8.E...., . "- " .:. . , ,. ~ . - .

-The.,Everton '.FootbaH ClUb:-'Con1pany'lHnile,d ' -- - -,,',- .... ,- '. ..... -

Peter Johnson18th October 1994

Looking to t ie future, I am determ!ned that everythingpossible shou:d be done to ensure the future of EvertonFootball ClUb. not only as a leading contender for hcnours inthe domestic game. but asa majorpower in Europeanfootball. This wiU obviously take timet but r have made myintentions clear by the injection of 1OM capital, which ha senabled the Manager to purchase new players at the netcost of 5.6M to date, with a view to improving the quality of T l w , . , ~ E A d " Goc*DnPwkthe squad. As and when top quality players becomeavailable, I intend that Everton Football Club should be in a posit ion to compete for them.

-,:.To this end, I intend to fully deveiop the commercial side of the Club, which together with8 s team on me field wUI ensure tt.at are generated to enable us toprogress towards the ultimate success. which th e board. staff. players and supporters area n ~ ~ i n g .

It is also Frf intention to concentrate additional resources on the d nt of youngplayerS. The recent success of David Unsworth both in our own first team. and with theEngiand Under 21 team has given a great deal of pleasure to all Of us. It is alwayssomething special When a youngster who has been with th e Club from his $Chbreaks through.. The Club do have an exciting squad of youngsters an d we must ensurethey are gNen every opportunity to fulfil their promise.

Ftnally may I take this to thank th e chief executiYe Jim G f whoretires at the end of the year. the board. manager. players and all memberS of staff for theirsupport.

The donations received from th e various ParkPromotions lotteries showed a welcome improvement from4.779 to 41.079. As a result of the National Lottery,increased -tioo does continue to place a questionmark against the n.1ure of these schemes..

NEe continue to be our major sponsors. The relationshipis now one of the running in football. and we atevery appreciative of their continuing magnificent support andco.aperation. Umbro remain our kit sponsors and suppliers.and we took torwartt to extending our relationshipwith themin the futore.

On 17th september 1994 the Rt. Hon. David Hunt M together with representatives from The Footbali Trust..opened the new Park End Stand, which is a splendiddevelopment and ensures thatGoodison Park continues tobe one of the major football stadia ip .he U ~ K . We are verygrateful to The Football Trust tor their fjnancjaJ . ce,which h&s ensured that all Clubs are able to undertakeschemes of this nature and continue the improvements togrOCJnds, which have been a welcome development overrecent years. We witl be continuing to invest in the comingyears, both ~ Improve facilities for our supporters and togenerate additional income from corporate hospitality andsimilar sources.

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Directors' Report

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ts Is given 'n Note 2 to the ACC01FIxed AssetsInformation relating to changes in th e fixed a

Review of Busln9S$Th e results of the period's trading are shownThe net for the year is 455,040A review of tha activities of the Company and fl;rture developments areset out in the Chairman's Report. 1

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Dr. D.M. MarshS:r Desmond PitcherDlMr. K.M. TamlinSi r Phtlip Carter CBEMr. O.A..B. Newton tMr. W. Kenwright 1

In addition Mr. A.w. Waterwort.-' held office as , Director until his retirement fro the Boardon the 25th November 1993.Mr. ~ R . J o h n . ~ , Mr. A.J.L. Abercromby. The Rt Hon. C.J. Suenson Taytor, Mr. B.C. Finchand Mr. R.J. Hughes were appointed to the Bdard on July 26th 1994.In accordancewith the Artictes of Association . D.M. Marsh, Mr. O.A.B. N t Mr. S.C.Ftnch and Mr. R.J. Hughes retire by rotation. being eligible offer themselves r re-eJection. Nominations have been . on of Mr. J. Mass and Mr. K.S. olan.

Dividend !The Directors do not recor:1mend the payment pf a dividend.Icapital were as fotJows:- I

Ii 31st May 1993 31stI, 11I "ftt

The Board of Directors, in 8 with th Articles of Association! have det rrn1ned themaximum number of Directors at the present me should remain at eteven.Statement of Directors' Responsibilities In elation to Ananclal StatCompany law requires the Directors to prepaJ financial statements for each fi ncial yearwhich give a true and fair view of the state of ~ [ r s of the company and of the rofit orloss of the company fer that period. tn prepariflg those financial statements, the i n ~ t o r sare reqt. ,(ed to: :

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- seied suitable accounting policies and then apply them consistentf)'.- make judgements and estimates that are reasonable and prudent.- compty with appIica.bJe accounting standards, subject to any material departuresdisclosed and explained i n the financial statementsa- prepare the financiai statements on the going concern basis unless it isinaPJjrooriate to presume that the company will continue in business.

The Dirsctors wnfirm that the financiaf statements comply with the above requirements.The Directo. are responsible for keeping proper accounting records which disclose withreascnabie accuracy at any time the financial position of the Company and to enable themto ensure that the financial statements comply with th e Companies Act 1985. They are alsoresponsible for safeguarding the assets of the company an d hence for taking reasonabiesteps {'Of the prevention and detection of fraud and other irregularitieS.

Post Balance Sheet EventsOn July 26th 1994 at an ExtraordinaryGeneral Meeting of the Company, the authorisedshare capital was increased from 2,500 stock units of 1.00 each to 5.000 stock units of1.00 each by the ceeation of an additional 2.500 new stock units of 1.00 each ranking-pari passu' in all respects with the existing ordinary stock units.Since the year end the Company has undertaken a successful rights issue. in order toprovide additional working capital.The issue has raised the sum of 10M before expenses.Ne t expenditure on new players since the year end has totalled ~ . 6 3 7 , 5 o a .At the Extraordinary General Meeting of the Company held on July 26th 1994" Mr. ~ R Johnson, Mr. A.J.L by and the Rt. Hon. C.J. Suenson Taylorwere elected to theBoard of Directors and the Directors were authorised to determine the maximum number ofBoard Members from time to time.At a Board Meeting on July 26th 1994 Mra B.C. Finch and Mr. R.J. Hughes were co-optedas . . Directors and the Board determined that the maximum number of Directors atthat time should be eleven.The current shareholdings of the Directors appointed since the year end are as beIow:-Mr. ~ R Johnson 2.498Mr. A.J.t. Abercromby 3The Rt. Hon. CaJ. Suenson Taylor 91Mr B.C. Finch 3Mr. R.J. Hughes 3

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AuditorsThe Auditors: Messrs. Rogers Bowfer & Co. win be proposed for re-appointment inaccordance With Section 384 of the Companies Act ~ 9 8 5 .By order of the Board fJ. Greenwood \Secretary18th October 1994.

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1 >' I! ,II IlI II,I,,IMinutes of the 114th Annual Ge ral Meeting ofThe Everton Football Club Com ny Limited held at G IsonPark, LI\-erpool, on Thu , 121 August 1993, at 7.00p. .

!tPresent: Dr. D.M. Marsh (in the chair), Mr. A. I . Waterworth,Mr. K.M. Tarnli", Sir Phifip Carter C. ..E. IMr. D.A.B. Newton, Mr. W. Kenwrigh,t (Directors),Mr. J. Greenwood (Secretary &CJf Executive),Mr. H. Kendall (Manager), !and Mr ~ B . B o w l ~ r (representing R ' rs, Bowter & Co l.

Itogether with 220 stockholders. IIfiApologies iI

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Apologies were recorded from Si r Pit ert D.L I Mr. W.M. Barton. Mr. nMoores. The Right Honourable Lord Lyen and .r. Haroid Murphy.,ItNotice Convening the Meeting t

It was agreed that the notice convening the mJting should be taken as read.I!IAdmlaalon of the Preas f

It was agreed that the members of th e Press in'attendance shoukf be allowed toetroughout the meeting. iII,jMinutes of the 113th A.G.M. !I

It was agreed l the Minutes of the 113th Anrtual General Meeting, circulated th fheAnnual Report and Accounts, should be taken As read. Mrs. E. Jones proposed t theMinutes shoUld be approved and signed as a ~ r r e c t record. Mr. R.E.D. Edwards ondedand the was carried. r,

I,Chairman's Report :It was agreed that the Chairman's Report, d ated with the Annual Report andshould be taken as read. The Chairmen reitera ed the f'I of the thatadditional capital should be introduced into t"" in order to ensure the re ofthe dub and emphasised that the Company's liankers, whilst ... their su t.shared the view that a - . fundIng should ot be raised by increasing bank s butthat other routes of increasing stockholders' . should be . The'" . .,..,....empIvlsised that no changes o o u t ~ be made out the support and consent of

rs and that there would be flJll tion and intcrmal di . . order toreach a before proposals were fol111ulated to put before an Extra ryGeneral Meeting. I

Chairman that the Board had been hokiing d with repriof Sir John Moores. the majorstockhokter. to ~ i their reaction to variousst . but no meaningful conclusions h yet been reached. He then lnvit Miss- .Teresa HamUton Sugden, a trustee of Si r JohnIMoores. to read a statement to t meetingon behalf of Sir John, as follows:.. fIj.II

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-Sir John Moores C.B.E. has been a loyal supporter of the Club for many years an d it ishiS wish that his support should continue. In the present circumstances Si r John would bewitting to work with the 8c'ard in the consideration of arl\! of t p regarding afurther injection of capital into the Club.-Mr. A.G. Hirst pointed out the effect any increase in capital was l ikely to have on e x i s t i r ~ gst rs and the Chairman pointed out that any reduction in the value of stock wuuidalso be e x p e r ~ e n c e d by the Directors. who ngyertheless were of the opinion that t ~ ! S was ary step in order to enstJre the future ... of the Club.A number of st rs raised Q ~ e s t i o n s and e concern over the current YouthPoficy, the playing record over the past three seasons and recent dealings in the transfermarkets which were answered by the CNUrman.Directors' Report and AccountsIt was agreed the Directors' and Auditorsl should be taken as read.M r A.W. Waterworth proposed that the Directors" Report and Accounts snould be adopted.Mr. G.E. Brookes seconded the proposal.After th e Chairman had answered various questions relating to the new Park End Standand other financial items the proposal was carried.DividendSir PhiJipCarter p that no ctMdend should be paid. Mr. D.L. Parry seconded andthe proposal was carried.Appointment of AuditorsMr. K.M. Tamlin that Messrs. Rogers. Bowler and CO. should ~ reappointed asAuditors for the ensuing year and their remuneration should be left for the Directors todecide. Mr Peacock seconded and the proposal was carriect

Election of DirectorsThe Chairman reported that the two retiring Directors, Sir Desmond Pitcher andMr. A.W. Waterworth, were bOth ellglb!e and seeking ti o.o. The nominations receivedin respect of ~ G.H.E. Birch and Mr. P4L. PanyJ had been .At the request of a number of s re the Chairman agreed that the Is tor there-election of the two Directors should be voted on separately and the voting would be by apaR. M8S$rso. ~ B o . Bowler, G.H.Eo. Birch and Ao.G. Hirst were appointed 8S tellers. TheChairman formally p. the re-election of Sir Pitcher andMr. A..W. Watel'WOl1h for a further three years and this was seconded by Mr. M.J. Madden.FoItCMing the polIJ Mr. ~ B Bowler reported the results as foIlows:-Sir Desmond Pitcher. In favour 228, againSt 212. abstentions 1t065.Mr. A.W. W8terworth. In favour 499, against 100, abstentions 867.The Chairman declared Sir Pitcher and Mr. A.Wo. Waterworth re-elected asDirectors for a further three year term.Mr. waterworth thanked the meeting on behalf of Si r Desmond Pitcher and himself.Vote of ThanksThe ~ t i n g closed with a vote of thanks to the Directors and MaMr_ P.L Parry and seconded by Mr. A.M. James. nt t proposed by

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fjii!IIIt1IIIIProfit and Loss Account for the y.r ended 31st May 1IIN o t ~ 1994I

iIIjI,fIII993

4 8,5891 1,865

,715

7 1,304lA,I,430

,7634, 8,839

5 18 9.8642 11 3,867

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754,932180,648409,9081231028629.260

7,794.681

6,721,3422 ..162,8618,884,203

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ExpenditureCost of goods for resaleStaff costsTraining, travel. match andother expensesGround expenses and maintenanceUtilitiesDepreciationOther operating expenses

IncomeGate receipts and income fromrelated foctbaUing activitiesTrading and other income

1,444

-

-,665

4.nSI

-

- - - - 1 - -__ -

9.745( .440)

.2262, ,000(1,6 7,866)11 1,360138)>690)

6.333(227.698)(131,650)

(455,040)

(491.705)(4,414)

(496,1 '9 )41.079

1,089,5222,575,000

(3,803.212)_ 7f!I,

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Balance before transfer feesAdd: Transfer fees receivableDeduct.. Transfer fees. compensation etepayableOperating Loss (1993: Profit)Add: Interest receivableDeduct Interest payableDeduct Non-recurring expensesLo&s on Ordinary Activities Before(1993: Profit)Taxation re ordinary activitiesLoss on Ordinary Activities After

( 1 9 9 3 : P ~ )Add: Donations receivableLoss Tra to Reserves(1993: Profit)

IiThe company's income and expenditure all1relate to continuing operatio 'Thecompany has no recognised gains or l o s s e ~ other than the above loss for they e a ~ ;i,

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Balance Sheet as at 31 st May 19941994 1993

Notes Fixed AssetsTangible assetsCurrent Assets

2 8,633,266

Stocks 3 68,105 80,896Debtors 4 1 , n S , 0 9 3 1,609,722Cash at bankand in hand 110,166 68,327

1,954,364 1,758t 94 5CreditorsAmounts funing duewithin one year 5Net Current LiabilitiesTotal Assets LessCurrent Liabilities

7 t340.561=(5,386,197)

.

5.501.346

Representing:capital andCaHed up sharecapita' 6 2,500 2,500Revaluationreserve 7 4,527 t32 5 4,527,325Profit an d lossaccount 7 ( 1 . 2 8 2 ~ 756) (827!716).8 3 , 2 4 7 ~ 0 6 9 3,702.109

Signed on behalf of the Board,who approved the accounts on 26th July 1994

Dr. D.M. MarshSir nd H. Pitcher Directors -

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rf

2 .850

9,745(384.440),

(221 s365)

1,065,062

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6,333 II227.698) I

Notes

Interest paidNot cash outfloW fromreturns on investmentsand servicing of finance

Net Cash inflowfrom OperatingActivities 17(i)Retums on investmentsand servicing of financeInterest received

,!Itt1tfCash Row Statement for the year:ended 31at May 1994

1994 1993!t i.1rtI

tI 5,322ftIjfI(1,392,054) rII,J

41,079I(4,858) ,

2 ltIt 158

-

( 2,701)

(1 ,546)

4,n9(4,621)

32,521(147.875)

36,221

fflft! (1.311 ,784)ftit! {462s765),tI

-80,270

Net cash OutflowBefore FinancingFinancingDonations receivab!eLoans repaidNet cash inflow fromfinancing

TaxationTax refundedInvesting ActivitiesPayments to acquiree fixed assetsGrants from TheFootball TrustReceipts from satesof tangible fixed assetsNat cash outflowfrom investing activities

in cash andcash equl 17 (iii),II),,! (426,544),tr!ttIl,,fI,

(1 ,388)

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Notes to the Accounts for the year ended 31 st May 19941. Accounting Basis and Policies

These accounts haVti been prepared on the historical cost ~ i of accounting asmodified to inch;de valuations ( - ~ C l u b ~ s properties, an d in accordance withappllcable U.K. accounting standards7 and accounting polices consistent with thoseadopted . . The main accounting policies are as folIows:-(i ) Income

Income is stated exdusive of value added tax and gate receiptS areincluded net of percentage payments to visiting clubs, Tne ~ A PremierLeague and The Football A .(if) Fixed Assets and Depreciation

It is the Club's policy to maintain the value and extend the life of itsproperties ;,y regular expenditure charged to revenues ~ to revaluethe properties every four years and adjust the book values accordingly.Having regard to this. depreciation is not provided on the Club'spropertieS as the Oirectors are of th e opinion that th e sum invOlvedwould be immaterial. . ion on other fixed assets has beencalculated at 25"-0 on the book value.

(iii) StocksStocks are valued at th e lower Of cost and net reafJSable value.

(Iv) Transfer FeesTransfer fees payable and r are dealt with in the profit andloss account in the year in which the transfer contract is signed.

(v) Signlng.on Fees and Loyalty BonusesSigningaon fees and loyalty bonuses are on an accruaJs basis andthose instalments due in the future on serviCe are notprovided for but are noted as t liabilities at Note 16 .

(vi ) GrantsGrants receivable from The Football Trust are deducted from the~ n d i t u r e to which they relate.

(vU) Deferred TaxatiofaDeferred tax is provided at current rates in respect . - the tax effed of anmaterial timing differences, to the extent that it is probable that a liabilityor asset wilt aystaIiise in the for future.

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I31stMay 1994 __i,1,I

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