2012 EVERTON FOOTBALL CLUB COMPANY LIMITED Annual Report and Accounts 2012 CONTENTS, DIRECTORS AND ADVISORS 2012 ANNUAL REPORT AND ACCOUNTS REPORT ANNUAL Everton Football Club Company Limited Limited Club Company Football Everton p2 01 01 DIRECTORS AND ADVISORS/p3 02 CHAIRMAN’S STATEMENT/p4 03 FINANCIAL REVIEW/p5 04 COMMERCIAL REVIEW/p7 05 EVERTON IN THE COMMUNITY/p8 06 DIRECTORS’ REPORT/p10 07 INDEPENDENT AUDITOR’S REPORT/p12 08 CONSOLIDATED PROFIT AND LOSS ACCOUNT/p13 09 GROUP BALANCE SHEET/p14 10 COMPANY BALANCE SHEET/p15 11 CONSOLIDATED CASH FLOW STATEMENT/p16 12 NOTES TO THE ACCOUNTS/p17 13 FIRST TEAM RESULTS 2011/12/p30 14 FINAL LEAGUE PLACINGS 2011/12 AND FIXTURES 2012/13/p31 15 HONOURS LIST/p32 Welcome to the Everton Football Club Company Limited Annual Report and Accounts 2012 Directors registereD office auDitor W Kenwright CBE Chairman Goodison Park Deloitte LLP J V Woods Deputy Chairman Liverpool L4 4EL Chartered Accountants R I Earl & Statutory Auditor Sir P D Carter CBE company Horton House registration number Exchange Flags chief executive 36624 Liverpool L2 3PG R Elstone bankers company secretary Barclays Bank PLC M J Evans Liverpool North Group 337/339 Stanley Road Bootle Liverpool L20 3EB registrars Capita IRG The Registry Northern House Woodsome Park Fenay Bridge Huddersfield West Yorkshire HD8 0GA p3 SECTION ONE 2012 CHAIRMAN’S 02 STATEMENT I am often asked: “How does Everton do it?” seeing 6,000 fellow Blues putting their trust in the team at Sunderland in the quarter final replay and How do we consistently perform so well in these days seeing it repaid with probably the performance of of cheque book fuelled football? More often than the season. What a night! not, that question is asked by rival fans after another stunning performance against a club with vastly And how great it was to meet so many of you on the greater wealth than ourselves. It’s a question I have rain soaked motorway after midnight! fielded many times since the close of the January transfer window this year. However not all of last season’s memories are happy ones - the cruel loss of both Gary Speed and Gary On that day we defeated the Barclays Premier League Ablett was felt by our football club and throughout the Champions – a club believed to be the richest in the wider sporting world. Two terrific men who brought so world. Sadly I wasn’t at Goodison that night, I was much not only to our Club but to football worldwide. still in my office where I had spent the previous 14 hours hoping to, and finally succeeding in, bringing We have started the 2012/13 campaign as we Nikica Jelavic from Rangers, and bringing Steven finished the last – and in a way that has evaded us in Pienaar back from Spurs. A commitment shared recent years – which leaves us quietly optimistic. by my colleagues at Goodison who worked into the That optimism grew over a summer in which we were early hours of the following morning making sure again satisfied with our transfer activity. everything finished smoothly. Those two deadline 2012 day arrivals, together with the slightly earlier signing Our substantial, on-going commitment to our of Darron Gibson and return of Landon Donovan, Academy has delivered a development programme completed a transfer window which transformed our envied by our rivals and endorsed by the football season. The happiest phone call I think I have ever had authorities. Our £95 season ticket reflects our with our Manager took place between midnight and on-going commitment to the next generation of 1am on February 1st as he drove home basking in the Evertonians and affordable football at Goodison. joy of not only three terrific points but also two terrific Our partner base has expanded with Nike, StubHub, final day acquisitions. Dafabet, Paddy Power and EA Sports joining the Everton family. Our long-standing friends at Chang And maybe that’s the answer to all of the above and Kitbag continue to enjoy the benefits of our hard- questions. Trust. While David was getting us the work and creativity, and our bankers, Barclays Bank ANNUAL REPORT AND ACCOUNTS REPORT ANNUAL magnificent three points, I was trying to get him a PLC, continue to provide us with long-term support couple of new signings. We were involved together for which we remain grateful. throughout the day right up until kick-off, and trusted each other during the actual 90 minutes when we Everton in the Community continues to change lives couldn’t talk, to get on with our jobs. It’s an important for the better, not just in Merseyside but also further thing – trust. afield. Our multi award-winning charity has been trusted with establishing The Everton Free School I know it’s acknowledged throughout the length and and is already making a difference to young people in breadth of the land, but it’s important to repeat it our city who, for whatever reason, have experienced here – we totally trust David Moyes and his staff to difficulty in mainstream education. Our City trusts scout and identify the players with the right DNA for Everton in the Community. this great football club. David trusts us, and he says it often, to provide every single penny we can, and do The last financial year presented us with a new series everything in our powers, to help him get the people of challenges in addition to the usual pressures we he needs. Would I personally like a bigger financial pot confront on a regular basis. An inexplicable lack of to put before him – of course I would. Do I feel at times support from our broadcast partners resulted in a that I am letting him down because I simply can’t do significant reduction in live TV selections on previous that – of course I do. That’s one of the reasons why years, while a fall in gate receipts and season ticket Everton Football Club Company Limited Limited Club Company Football Everton part of this Club’s DNA is to work until the final second sales also had a negative impact on our bottom line. that the transfer window closes. I am happy to report that all three of these important contributors to our fiscal well-being are in a much Trust can only be based on hard work and a improved position this season. commitment to common goals, and the one thing we can do is give those we trust our time and our On a final note, my desire to find a person, or effort - for every second that they need it. The truly Institution, with the finance to move us forward has special relationship we all enjoy with David Moyes was not diminished. Despite the challenges presented celebrated as we marked his first ten years as our by a global economic downturn, we remain positive Manager. Again I know I don’t have to repeat this but I and determined. We will find major investment. will. It’s been a privilege for me to work alongside him My commitment to serve this football club to the during this time. very best of my ability remains a constant in my life and I am aware of the trust you put in me to do that. From the day the transfer window closed we My motivation is simple. I am an Evertonian. That’s embarked on a superb run which delivered 8 wins enough for me. and 6 draws from our last 16 league games as we swept past teams including Chelsea, Manchester City and Tottenham Hotspur. Some of our football was Bill Kenwright truly spell-binding as we also made a third Wembley appearance in four seasons thanks to a fine FA Cup run. The highlight of that cup campaign for me was p4 SECTION TWO 2012 FINANCIAL 03 REVIEW traDing performance Tim Howard, Phil Neville and Ross balance sheet shows a net liability The Group enters into a number On the pitch, the 2011/12 season Barkley, in addition to purchases position of £44.3m (2011: £35.2m). of transactions, relating mainly followed a similar pattern in the January transfer window of However, it should be noted that to player transfers, which create to the season before; a slow Nikica Jelavic and Darron Gibson, the balance sheet contains £9.6m exposure to movements in foreign start followed by outstanding and the loan signings of Steven of deferred income in relation to exchange. The Group monitors this performances in the second Pienaar and Landon Donovan. advance season ticket and lounge foreign exchange exposure on a half of the season. Significant The increased investment in the membership sales which will be continuous basis and will seek to investment in the playing squad playing squad was reflected in released to the profit and loss hedge any significant exposure in the January transfer window wages as a percentage of turnover as games are played during the in its currency receivables and contributed to this strong finish as increasing to 79% although it 2012/13 season hence will not payables. The Group’s policy is well as securing an FA Cup Semi- would be unfair to compare this to require repayment. In addition, to reduce as far as possible the Final appearance at Wembley. other Club ratios without adding £18.7m of borrowings are not interest risk by entering into For the second successive season back estimates of turnover for repayable for more than five years. fixed interest rate borrowings the performances in the Premier outsourced activities.
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