Annual Report 2009 “ WE HAVE MADE SIGNIFICANT PROGRESS in DELIVERING on OUR LONG-TERM VISION for the CLUB
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Tottenham Hotspur plc Annual Report 2009 “ WE HAVE MADE SIGNIFICANT PROGRESS IN DELIVERING ON OUR LONG-TERM VISION FOR THE CLUB. WE HAVE ALWAYS HAD THREE KEY PRIORITIES AND YOU WILL HAVE HEARD THEM OFT REPEATED – INVESTMENT IN THE FIRST TEAM, A NEW TRAINING CENTRE AND AN INCREASED CAPACITY STATE-OF-THE-ART NEW STADIUM.” Daniel Levy Chairman, Tottenham Hotspur plc Contents Our Club Financial Statements 01 Financial Highlights 36 Consolidated Income Statement 02 Building for the Future 37 Consolidated Balance Sheet 04 Team 38 Consolidated Statement of 06 New Training Centre Changes in Equity 10 Northumberland Development Project 39 Consolidated Statement of Cash Flows 16 Tottenham Hotspur Foundation 40 Notes to the Consolidated Accounts 18 Helping to Combat Climate Change 58 Five-Year Review 59 Independent Auditors’ Report Our Business 60 Company Balance Sheet 20 Chairman’s Statement 61 Notes to the Company Accounts 24 Financial Review Additional Information 26 Directors’ Report 29 Corporate Governance 66 Notice of Annual General Meeting 33 Remuneration Report 71 Appendix 35 Independent Auditor’s Report 72 Directors, Offi cers and Advisers 1 Our Club: Financial Highlights FINANCIAL HIGHLIGHTS Revenue Profi t on ordinary activities before taxation £113.0m £33.4m 2008 : £114.8m 2008 : £3.0m Group net assets increased to Profi t for the year from continuing operations £62.1m £23.2m 2008 : £42.6m 2008 : £1.0m Profi t on disposal of registrations Earnings per share £56.5m 25.0p 2008 : £16.4m 2008 : 1.0p SUMMARY AND OUTLOOK • Record profi t before tax of £33.4m • £61.0m committed on property – Revenue remains high at £113.0m transactions in and around current – Player trading profi t of £56.5m stadium over the past six years – £119.3m spent on player acquisitions in fi nancial year • Works started on our new Training – Group net assets increased to £62.1m Centre for the First Team and Academy from £42.6m at prior year end at Bulls Cross in Enfi eld • Planning application submitted for the Northumberland Development Project, our new stadium and related scheme Tottenham Hotspur plc Annual Report 2009 2 Our Club: Building for the Future FUTUREBUILDING FOR THE We look to reward the passion, loyalty and commitment of our millions of fans with a winning team, a world-class Training Centre that attracts and develops players of the highest calibre and the creation of a stunning new stadium. Tottenham Hotspur plc Annual Report 2009 3 Our Club: Building for the Future Tottenham Hotspur plc Annual Report 2009 4 Our Club: Team DEVELOPING A WINNING £119.3m TEAM invested in players to strengthen our team Tottenham Hotspur plc Annual Report 2009 5 Our Club: Team “ We have assembled what we believe to be one of the most talented squads we have had during our time in the Premier League” Daniel Levy Chairman, Tottenham Hotspur plc £119.3m investment in players has given enhanced strength and depth to our highly talented squad. We reached the Carling Cup Final for the second consecutive season and were victorious in the 2009 Barclays Asia Trophy. Our team continues to bear the hallmarks of an attacking side yet with a stronger resilience in defence. We conceded the fewest number of League goals at home during 2008/2009, unrivalled by any other season in our history. Our thriving Academy is developing promising young players and in the 2009/ 2010 season players are gaining valuable First Team experience at other clubs as part of our loan policy. Tottenham Hotspur plc Annual Report 2009 6 Our Club: New Training Centre BUILDING A WORLD-CLASS FACILITY Work commenced on our new world-class Our new Training Centre will enable Training Centre at Bulls Cross in Enfi eld. the Club to: The 67 acre site will be the new home for the Club’s First Team and Youth Academy. Attract, train and retain top quality players It will also provide an additional base for the Tottenham Hotspur Foundation. Nurture and develop emerging talent Our new Training Centre will feature: Bring a major investment to the Borough of Enfi eld along with £2.0m funding for • 11 outdoor pitches - one artifi cial pitch community programmes and ten natural grass. The main pitch in the professional squad area will be designed Deliver an iconic building sensitive to to the same quality and design as the pitch the environment and location proposed for the new stadium; complete with undersoil heating. • A two storey Training Centre has been 4 designed by architects KSS to be an integral part of the landscape. The building has been designed around a 70 x 50m indoor artifi cial pitch which features a transparent ETFE 1 roof similar to the EDEN project in Cornwall. 2 • The building also incorporates a learning centre for the Academy, medical facilities, a hydrotherapy/swimming pool, 3 fi tness centre/gym, changing rooms, a restaurant and media centre. • Two further small buildings; a security building near the Whitewebbs Lane entrance and another small, single storey 5 groundsman’s lodge in the far South West corner, for storage of pitch maintenance equipment and changing rooms for grounds staff. 1 First Team Pitches • Parking for 98 cars, fi ve coaches and a number of cycle spaces. 2 Academy Weekend Pitches 3 Academy Pitches 4 Capel Manor and Gardens 5 Myddelton House Tottenham Hotspur plc Annual Report 2009 7 Our Club: New Training Centre “ Having come through the ranks here at Spurs and understanding the value and importance the Club places on developing home-grown talent, this facility will provide a fantastic platform for our Academy.” Ledley King Club Captain Tottenham Hotspur plc Annual Report 2009 8 Our Club: New Training Centre FUTUREA FACILITY FOR THE First Team gymnasium Pool and hydrotherapy suite Tottenham Hotspur plc Annual Report 2009 9 Our Club: New Training Centre “ The start of these works marked a signifi cant stage in a long and at times challenging journey to deliver a new training facility for our Club – a facility that will be the best in Europe.” Daniel Levy Chairman, Tottenham Hotspur plc Academy multi-functional reception area The main building aims to integrate with the landscape Tottenham Hotspur plc Annual Report 2009 10 Our Club: Northumberland Development Project FLAGSHIPCREATING A FOR REGENERATION “ As a Club, we are proud of our roots in Haringey and the Northumberland Development Project has the real potential to act as a powerful catalyst for the uplift of the wider area and I am personally delighted to have reached this stage.” Daniel Levy Chairman, Tottenham Hotspur plc Tottenham Hotspur plc Annual Report 2009 11 Our Club: Northumberland Development Project Our planning application has now been submitted for the Northumberland Development Project. Our scheme represents an investment of hundreds of millions of pounds into North Tottenham to create a world-class catalyst for regeneration with signifi cant benefi ts for the local community. The project will deliver: • A new state-of-the-art stadium, using fl owing lines, a gracefully undulating roof and the Club colours to create a visually stunning building. Supporters in this stadium will fi nd themselves closer to the pitch than at any other comparable stadium in the UK and all seats have clear sight-lines of the entire pitch. To maximise atmosphere, a new single-tier stand is also included. • Vibrant public space as a focus for events and activities to be used by schools, charities, community groups, local residents and the Council themselves. • A new 150 bedroom hotel with restaurant, plus a café opening out onto the public square. • New offi ces for the Tottenham Hotspur Foundation with state-of-the-art facilities allowing for even greater reach and impact in the community. • A new Club Museum together with a new 20,000 sq ft Club Shop. • A new 80,000 sq ft supermarket with parking, offering increased shopping choice for local people and helping bring more custom to this part of the High Road. • 434 new homes providing a choice of high quality living, including 40% affordable housing. • Signifi cant improvements to the High Road including preservation of the more architecturally important listed buildings to the North. • Energy saving measures and on-site sustainable energy generation technologies, including renewable energy reducing carbon dioxide emissions by around 40% compared to current Building Regulation requirements. Tottenham Hotspur plc Annual Report 2009 12 Our Club: Northumberland Development Project Tottenham Hotspur plc Annual Report 2009 13 Our Club: Northumberland Development Project FAN-FRIENDLYDESIGNING THE MOST STADIUM IN EUROPE Tottenham Hotspur plc Annual Report 2009 14 Our Club: Northumberland Development Project VIBRANTCREATING A AREA FOR THE COMMUNITY Too often new stadia are surrounded by empty, dead space and that would not be right in Tottenham. As part of the open space surrounding the stadium, we have designed a new public square to provide something truly special for local people. • The new public square will be actively • The square could also host community managed by the Tottenham Hotspur workshops, health screening units, blood Foundation with a programme of events donations, aerobics sessions and organised and activities to ensure this acts as a focus family picnic days, used by a wide range for community life. of organisations. • The size, specifi cation and positioning of • The design of the square includes the the public square will provide a high quality creation of two distinct but connected asset for the Borough which could host spaces – an active space for events and street markets, musical performances and performances and a second smaller space. a temporary ice rink in Winter. Together they provide places to host events as well as to read, meet up or just relax.