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Contents

P~ge

2 Directors and Advisors

4 Chairman's Report

6 Directors' Report

s Minutes

10 Profit and Loss Account

11 Balance Sheet

12 cash Flow Statement

13 Notes to the Ac~ounts

19

Results and Attendances 1993/94

Fixtures 1994/95

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Directors and Advisors r
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Directors ~R. Johnson (Chair n)
Sir Desmond H. Pitcher DL (Deputy Chairman) J
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S.C. Anch tr
R.J. Hughes !
Sir Philip Carter CB I

DrD.M.Marsh
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K..M.Tamlin I
CA.B. Newton •r ,
W_ Kenwright
A.J.L Abercromby l
The Rt. Hon. C.J. S' enson Taylor

Secretary & J. GreenY/OOd I

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Registered Goodison Park i,
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Auditors Rogers Bowler & c&.

Chartered AccountJnts .•
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Bankers 1:5.8. Bank plc I

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UverpoOl •!
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~manciaJ N ~, Ro~.schild & Sons Ltd.
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 Notice of Annual General Meeting

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

1) To recei~ the Directors' Report ane Accounts for

the year ended 31st May 1994.

2) To elect Directors.

3) To appoint Auditors for the ensuing year, and

authorise the Directors to fix their remuneration.

4) To transad any other business which may be

transacted at the Annual Genera) Meeting of the
Company.

The transfer books of the Company will be closed until the

9th November 1994.

By order of the board

J. Greenwood
Secretary
Goodison Park
LiverpOOl
L44El

18th October 1994

Notes
1) A member entitJed to attend and vote at the above meeting may
appoint one or more proxies to attend. and on a POU to vote in hiSlher place. A 9

proxy need not be a member of the Company.

2) To be valid, a duty executed instrument of proxy must be lodged at the

Registered Office of the Company at least 48 hours before the time appointed for
holding the meeting.

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

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Chairman's Repo
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was a very traumatic one in the ong and
The year under r ·
alStinguished history of E rton Footbaft Club.
Having determined the last Annual General Meeting need to
Introduce additional capital to ensure the re of the Club. the Directors were nvotved in
tong, 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 Dry
conctusion on 26th July 1994 when I was del hted to recei'M the J. support of
the Shareholders to my offer to underwrite new share iSSue, and in my su uent
election to the Board and . . to Chai~
The playing results for the year were a .ent. Having
from the Coca Cola Cup in the 4th round by t« United, there
upheaval of the resignation of Mr.. Howard as
Manager in earty December. Mike Walker appointed
in early January. just in time to witness our d ise from
the F.A. Cup at the hands of Bolton Wande . Mr.
Walker was unable to check the s6de in leag resutts.
which led to the m last match of t ' season
against Wimbledon\) when the team recove~ from a 0-2
defICit to win 3-2 and preserve our 40 year r600rd in the
Rrst remier League.
the unacceptablf: piaying reco • average
In spite ~
league atte for tile ~!'~~!l were 22, t which

showed an i of 12% over the previot year.

. ,their promotion to Division One ~ f the
Pontin·s League, our I'i • Inexperienced Reserve
Team had a difficult time. they impr
dramatically over the laSt few weeks of the to retaLrt thelr ~ and I pleased
to report the improvement has continued in the current season.
In the Lancashire League the lA' and 'B't ms finished in third and fourth . ions
y~

Si~ the last report. tha following playe I have joined the Club - Graham
Angel, Gat)' ~tti /J ,ders Umpar. Joe Pa· • Vmny Daniel t

David 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 hdnours and a number of our young rs
o'Connor, Graham A1Ien~1John O'Tool8, MJchael Branch. vin
and Richard Moore YIete selected r England squads. During the season
David Unsworth has been a regular selecti fer the England U21 UEFA C 'onship
games. .
Income from gate receipts and footbaIi f\ ted activities increased by £901. 78 CNer the
previous year,. with tf'a(ing and other incomefremaining static. Overall expen
increased by £586,826. bank interest was ~ by £156.742, ~ · in a it before
transfer fees of £773,172.. Net expenc:fitUre o. £1.228,212 on transfer fees res in the
losS of £455.040 . :
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 The donations received from the various Park
Promotions lotteries showed a welcome improvement from
£4.779 to £41.079. As a result of the National Lottery,
increased -tioo does continue to place a question
mark against the n.1ure of these schemes..
NEe continue to be our major sponsors. The relationship
is now one of the running in football. and we ate
very appreciative of their continuing magnificent support and
co.aperation. Umbro remain our kit sponsors and suppliers.
and we took torwartt to extending our relationship with them
in the futore.
On 17th september 1994 the Rt. Hon. David Hunt M~
together with representatives from The Footbali Trust. .,
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.opened the new Park End Stand, which is a splendid The oIIdIf ClC**II d. ... Padt . . . . . . . . .
development and ensures that Goodison Park continues to h Rt. MorI. Dawid Ho'II M..8.E.. ~
be one of the major football stadia ip .he U~K. We are very
grateful to The Football Trust tor their fjnancjaJ . ce,
which h&s ensured that all Clubs are able to undertake
schemes of this nature and continue the improvements to
grOCJnds, which have been a welcome development over
recent years. We witl be continuing to invest in the coming
years, both ~o Improve facilities for our supporters and to
generate additional income from corporate hospitality and
similar sources.
Looking to tie future, I am determ!ned that everything
possible shou:d be done to ensure the future of Everton
Football ClUb. not only as a leading contender for hcnours in
the domestic game. but as a major power in European
football. This wiU obviously take timet but r have made my
intentions clear by the injection of £1OM capital, which has
enabled the Manager to purchase new players at the net
cost of £5.6M to date, with a view to improving the quality of Tlw,.,~EAd" Goc*DnPwk
the squad. As and when top quality players become
available, I intend that Everton Football Club should be in a position to compete for them.
-,:.

To this end, I intend to fully deveiop the commercial side of the Club, which together with
8 s team on me field wUI ensure tt.at are generated to enable us to
progress towards the ultimate success. which the board. staff. players and supporters are
an~~ing.

It is also Frf intention to concentrate additional resources on the d nt of young

playerS. The recent success of David Unsworth both in our own first team. and with the
Engiand Under 21 team has given a great deal of pleasure to all Of us. It is always
something special When a youngster who has been with the Club from his $Ch
breaks through.. The Club do have an exciting squad of youngsters and we must ensure
they are gNen every opportunity to fulfil their promise.
Ftnally may I take this to thank the chief executiYe Jim G f who

retires at the end of the year. the board. manager. players and all memberS of staff for their
support.

Peter Johnson
18th October 1994

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Directors' Report f

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Review of Busln9S$
The results of the period's trading are shown
The net ~ for the year is £455,040
A review of tha activities of the Company and fl;rture developments are
set out in the Chairman's Report. 1
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FIxed Assets I

Information relating to changes in the fixed a ts Is given 'n Note 2 to the ACC01 •
ts.

Dividend
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The Directors do not recor:1mend the payment pf a dividend.
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capital were as fotJows:- I
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i• 31st May 1993 31st
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Dr. D.M. Marsh , 11

S:r Desmond Pitcher Dl

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Mr. K.M. Tamlin t• 17
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Sir Phtlip Carter CBE 103
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Mr. O.A..B. Newton I

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Mr. W. Kenwright 1 25
In addition Mr. A. w. Waterwort.-' held office as, Director until his retirement fro the Board
on the 25th November 1993.
Mr. ~R. John.~, Mr. A.J.L. Abercromby. The Rt Hon. C.J. Suenson Taytor, Mr. B.C. Finch
and Mr. R.J. Hughes were appointed to the Bdard on July 26th 1994.
In accordance with 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.
The Board of Directors, in 8 with th Articles of Association! have det rrn1ned the
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maximum number of Directors at the present me should remain at eteven.

Statement of Directors' Responsibilities In elation to Ananclal Stat

Company law requires the Directors to prepaJ financial statements for each fi ncial year
which give a true and fair view of the state of ~[rs of the company and of the rofit or
loss of the company fer that period. tn prepariflg those financial statements, the in~tors
are reqt. ,(ed to: : t
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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 departures
disclosed and explained in the financial statementsa
- prepare the financiai statements on the going concern basis unless it is
inaPJjrooriate 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 with
reascnabie accuracy at any time the financial position of the Company and to enable them
to ensure that the financial statements comply with the Companies Act 1985. They are also
responsible for safeguarding the assets of the company and hence for taking reasonabie
steps {'Of the prevention and detection of fraud and other irregularitieS.

Post Balance Sheet Events

On July 26th 1994 at an Extraordinary General Meeting of the Company, the authorised
share capital was increased from 2,500 stock units of £1.00 each to 5.000 stock units of
£1.00 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 to
provide additional working capital.
The issue has raised the sum of £10M before expenses.
Net expenditure on new players since the year end has totalled ~.637,5oa.
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 Taylor were elected to the
Board of Directors and the Directors were authorised to determine the maximum number of
Board Members from time to time.
At a Board Meeting on July 26th 1994 Mra B.C. Finch and Mr. R.J. Hughes were co-opted
as .. Directors and the Board determined that the maximum number of Directors at
that time should be eleven.
The current shareholdings of the Directors appointed since the year end are as beIow:-
Mr. ~R. Johnson 2.498
Mr. A.J.t. Abercromby 3
The Rt. Hon. CaJ. Suenson Taylor 91
Mr B.C. Finch 3
Mr. R.J. Hughes 3

Auditors
The Auditors: Messrs. Rogers Bowfer & Co. win be proposed for re-appointment in
accordance With Section 384 of the Companies Act ~985.

By order of the Board f

J. Greenwood \
Secretary
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18th October 1994. -

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Minutes of the 114th Annual Ge ral Meeting of

The Everton Football Club Com ny Limited held at G Ison
Park, LI\-erpool, on Thu , 121 August 1993, at 7.00p. .
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Present: Dr. D.M. Marsh (in the chair), Mr. A. I . Waterworth,

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Mr. K.M. Tarnli", Sir Phifip Carter C...E. I

Mr. D.A.B. Newton, Mr. W. Kenwrigh,t (Directors),

Mr. J. Greenwood (Secretary & CJf, Executive), I

Mr. H. Kendall (Manager), !

and Mr ~B. Bowl~r (representing R ' rs, Bowter & Co l.
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together with 220 stockholders. I
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Apologies i I

Apologies were recorded from Sir Pit· ert D.L Mr. W.M. Barton. Mr. I n
Moores. The Right Honourable Lord Lyen and .r. Haroid Murphy.
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It was agreed that the notice convening the mJting should be taken as read.
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Minutes of the 113th A.G.M.

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It was agreed l~ the Minutes of the 113th Anrtual General Meeting, circulated th fhe
Annual Report and Accounts, should be taken As read. Mrs. E. Jones proposed t the
Minutes shoUld be approved and signed as a ~rrect record. Mr. R.E.D. Edwards onded
and the was carried. ,r
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Chairman's Report :
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It was agreed that the Chairman's Report, d ated with the Annual Report and •
should be taken as read. The Chairmen reitera ed the f'I • of the that
additional capital should be introduced into ~ t"" in order to ensure the re of
the 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 but
that other routes of increasing stockholders' . should be . The'" . .,..,....
empIvlsised that no changes oout~ be made out the support and consent of
rs and that there would be flJll tion and intcrmal di . . order to
reach a before proposals were fol111ulated to put before an Extra ry
General Meeting. I
~ Chairman that the Board had been hokiing d· with repri
of Sir John Moores. the major stockhokter. to ~in their reaction to various
. • but no meaningful conclusions h~ yet been reached. He then lnvit
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Miss
meeting
on behalf of Sir John, as follows:.. fI
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 -Sir John Moores C.B.E.• has been a loyal supporter of the Club for many years and it is
hiS wish that his support should continue. In the present circumstances Sir John would be
witting to work with the 8c'ard in the consideration of arl\! of t~ p regarding a
further injection of capital into the Club.-
Mr. A.G. Hirst pointed out the effect any increase in capital was likely to have on existir~g
st rs and the Chairman pointed out that any reduction in the value of stock wuuid
also be exper~enced by the Directors. who ngyertheless were of the opinion that t~!S was a
ry step in order to enstJre the future ... of the Club.
A number of st rs raised Q~estions and e concern over the current Youth
Poficy, the playing record over the past three seasons and recent dealings in the transfer
markets which were answered by the CNUrman.

Directors' Report and Accounts

It was agreed the Directors' and Auditors l
should be taken as read.
Mr~ A.W. Waterworth proposed that the Directors" Report and Accounts snould be adopted.
Mr. G.E. Brookes seconded the proposal.
After the Chairman had answered various questions relating to the new Park End Stand
and other financial items the proposal was carried.

Dividend
Sir PhiJip Carter p that no ctMdend should be paid. Mr. D.L. Parry seconded and
the proposal was carried.

Appointment of Auditors
Mr. K.M. Tamlin that Messrs. Rogers. Bowler and CO. should ~e re·appointed as
Auditors for the ensuing year and their remuneration should be left for the Directors to
decide. Mr ~ Peacock seconded and the proposal was carriect

Election of Directors
The Chairman reported that the two retiring Directors, Sir Desmond Pitcher and
Mr. A.W.. Waterworth, were bOth ellglb!e and seeking ti o.o. The nominations received
in 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 the
re-election of the two Directors should be voted on separately and the voting would be by a
paR. M8S$rso. ~Bo. Bowler, G.H.Eo. Birch and Ao.G. Hirst were appointed 8S tellers. The
Chairman formally p. the re-election of Sir Pitcher and
Mr. 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 1 t065.
Mr. A.W. W8terworth. In favour 499, against 100, abstentions 867.
The Chairman declared Sir Pitcher and Mr. A.Wo. Waterworth re-elected as
Directors for a further three year term.
Mr. waterworth thanked the meeting on behalf of Sir Desmond Pitcher and himself.

Vote of Thanks
The ~ting closed with a vote of thanks to the Directors and Ma nt proposed by
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Mr_ P.L Parry and seconded by Mr. A.M. James.

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. '. The',Everlon'FoQlbaH C,lub Co'mpa~y Limited,:
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Profit and Loss Account for the y.r ended 31st May 1
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Not~ 1994 993
I• £ £
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Income I
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Gate receipts and income from I
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related foctbaUing activities !\ 6,721,342 5 8 9.864
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f 2..162,861 2 1 3,867
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8,884,203 ~~,731
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Expenditure II
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Cost of goods for resale lI ,763
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Staff costs 9
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Training, travel. match and Il

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754,932 7 1,304
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Ground expenses and maintenance t,• 180,648 lA,I,430

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409,908
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123 0281 1 1,865
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Other operating expenses t

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Add: Transfer fees receivable t
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Deduct.. Transfer fees. compensation ete 1
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(3,803.212)
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(1,6 7,866)
Operating Loss (1993: Profit) ~O (138)>690) 1 1,360
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Deduct Interest payable h1
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Deduct Non-recurring expenses h2
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(1993: Profit) L
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Taxation re ordinary activities i13
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(496,1 '9) ,665
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Add: Donations receivable ~4
, 41.079 4.nS
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Loss Tra to Reserves •
(1993: Profit) 17 •
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(455,040) 1,444
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The company's income and expenditure all1relate to continuing operatio 'The
company has no recognised gains or losse~ other than the above loss for the
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Balance Sheet as at 31 st May 1994

1994 1993
Notes £ £ £ £
Fixed Assets
Tangible assets 2 8,633,266
Current Assets
Stocks 3 68,105 80,896
Debtors 4 1,nS,093 1,609,722
Cash at bank
and in hand 110,166 68,327
1,954,364 1,758 945 t

Creditors
Amounts funing due
within one year 5 7 340.561
t 5.501.346
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Net Current Liabilities (5,386,197)
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Total Assets Less
Current Liabilities

Representing:
capital and
CaHed up share
capita' 6 2,500 2,500
Revaluation
reserve 7 4,527 325 t 4,527,325
Profit and loss
account 7 (1.282~756) (827!716)
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8 3,247~069 3,702.109
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Signed on behalf of the Board,

who approved the accounts on 26th July 1994

Dr. D.M. Marsh

Directors
Sir nd H. Pitcher -- •

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Cash Row Statement for the year :ended 31at May 1994 t
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Net Cash inflow I
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from Operating l
Activities 17(i) t 1,065,062 2 .850
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Retums on investments
and servicing of finance I,
Interest received 6,333 I 9,745 r
Interest paid (227.698) II (384.440), f
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Not cash outfloW from I

returns on investments
and servicing of finance (221 s365)
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Taxation
Tax refunded I f
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5,322 -
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Investing Activities f
Payments to acquire I
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e fixed assets (1,392,054) r (147.875)
I
Grants from The ,
I •

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Football Trust - 32,521
Receipts from sates f

of tangible fixed assets 80,270 f

l
f
Nat cash outflow t
from investing activities ! (1.311 ,784)
f
( 2,701)
t
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Net cash Outflow t•

Before Financing !, {462 s765) (1 ,546)
Financing t
I

Donations receivab!e 41,079 4,n9

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Loans repaid (4,858) , (4,621)
2 ~

Net cash inflow from l

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financing t
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36,221 158
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in cash and ,,

cash equl 17 (iii) !

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(426,544) (1 ,388)
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Notes to the Accounts for the year ended 31 st May 1994

1. Accounting Basis and Policies

These accounts haVti been prepared on the historical cost ~is of accounting as
modified to inch;de valuations ( - ~e Club~s properties, and in accordance with
appllcable U.K. accounting standards7 and accounting polices consistent with those
adopted . . The main accounting policies are as folIows:-
(i) Income
Income is stated exdusive of value added tax and gate receiptS are
included net of percentage payments to visiting clubs, Tne ~A. Premier
League and The Football A .
(if) Fixed Assets and Depreciation
It is the Club's policy to maintain the value and extend the life of its
properties ;,y regular expenditure charged to revenues ~d to revalue
the properties every four years and adjust the book values accordingly.
Having regard to this. depreciation is not provided on the Club's
propertieS as the Oirectors are of the opinion that the sum invOlved
would be immaterial. . ion on other fixed assets has been
calculated at 25"-0 on the book value.
(iii) Stocks
Stocks are valued at the lower Of cost and net reafJSable value.
(Iv) Transfer Fees
Transfer fees payable and r are dealt with in the profit and
loss account in the year in which the transfer contract is signed.
(v) Signlng.on Fees and Loyalty Bonuses
Signingaon fees and loyalty bonuses are on an accruaJs basis and
those instalments due in the future on
•
serviCe are not
provided for but are noted as t liabilities at Note 16.
(vi) Grants
Grants receivable from The Football Trust are deducted from the
~nditure to which they relate.

(vU) Deferred Taxatiofa

Deferred tax is provided at current rates in respect . - the tax effed of an
material timing differences, to the extent that it is probable that a liability
or asset wilt aystaIiise in the for future.

13
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lob nts for the yew 31st May 1994 ~__

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2.. Tangible Fixed Assets !
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•

Plant &
Properties qUipment Vehicles
£ ,I £ £
Cost Of'valuation I •
t
At 1st June19S3 7,106,111 1790.375
I
318,413 S. 14,899
l

Additions 1,199,215 It
79,309 113,530 1. ~054

Grants - t
,,t - • -
,
I

Disoosats - i
f - (180.199)
Revaluation adjustments - I - _ 7. - -
At 31 st May 1994
J---
1869.684 251,744 9. 26,754-'F
;:'E ; - -
IL

I
Cost 1,821,326 [ 889,684 251,744 Q.42,754
Valuation in April 1991 6t484,000 - • ~,OOO
-8,305,326 t 869,684 251,744
I•
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Depreciation ,
At 1st June 1993 • I 629.545
"•
140.844 70.389
Provided during year - f 60.034 62.994 23.028
t
On s - f - (99.929) 99.929)
At 31st May 1991 • I, 689,579
I ....................'"!""""""
103.909 93.488
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Net bOOk value ! •

At 31st May 1994 8,305.326 147,835

9.

At 31st May 1993 7.106,111 160.830 177.569 ,510

Expenditure of £1! 173.766 . on the ~ Park End Stand up to 31 $I ¥

1994 is included above 1!nder properties. ~e total estimated cost of the st is £2.6
miHion. in respect of which the ciub e~ to receive grants of £1.5 million The
Football Trust. 1•
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•

The Club's properties are freehold. with ttlelexception of certain minor reside tiel
pr . which are long leasehold. ~
•
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If the freehold properties had not been revalued regularly since 1983 they'VU'l""
been included at the fotlowing amounts on re
•
basis previouslyappertaining:-
II 1994 9S3
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:• £ £
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Cost I
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3,958,523
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Aggregate depreciation !
,I- 156.876
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Net bOOk value !801~~
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 lathe for the year 31st May 1994 (
1993
£ £
3. Stocks
Refreshments. souvenirs and goods for resale 66,188
Maintenance Stocks 1,916
68,104

4. Debtors
Trade Debtors 1,350.845 1.264.191
Other Debtors 258,975 171,047
Prepayments and accrued income 166.273 174,484
. m

1,776,093 1)609,722
TL
--_ ..

5. Creditors: Amounts falling due within

one year
Trade creditors 2,053,324 426.197
Social security and other taxes 130,658 313,873
Pension scheme premiums 905 1,089
Other creditors 2,,683 2287
Accruals and deterred income 808.197 878,981
2,995,767 1.622.427
Corporation tax 2,350 -
Bank overdraft 4t289~092 3,820,709
loan from brewery 53,352 58210
n

7,340,561 5,501,346
• -
d

The bank OYef'draft is secured on the Club's premises at Goodison Park and Bellefteld.
There is no ~xed r t date for the brewery loan and interest is not charged during
the continuance of specified trading arrangements.

6. Called Up Share Capital 1994 1993

Authorised: £ £
2,500 £ 1 stook units 2,500 2.500
Allotted, issued and fully paid:
--===-
-
2,500 £1 stock units 2,500 2.500

Since the end of the financial year, a resolution has been passed to increase the
authorised share capital of the Company to £5,000 and to give authority for the
allotment of 2.500 shares of £1.00 each at £4,000 per share by way of a rights jssue to
existing&' .

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for the year 31st May 1994 ~ )

, 1994 993
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£ £
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Revaluation reserve •,
Balance at 1st June 1993 II 4,527.325 4. 27.325
Adjustments in current yaar I
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Balance at 31s~ May 1994
I 4,527,325 4, 7,325
t
Profit and loss account
Balance 1st June 1993 I
(827,716) (1. 19 160) 1

Loss for the year (1993: Profit) (455,040) 1.444

Balance at 31st May 1994
i
l (1.282.756) ( 7:716)

8. Reconciliation of Movements In
Shareholders-Funds t
~

Loss for the year (1993:Profit) I (455.040) fi' w 1,444

Opening shareholders' funds at 1st June 1 {"" 3,702,109 2, 10,865
. ,
ClOSing shareholders' funds at 31st May 1~ 3.247,069 3& 02.109
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9. Particulars of Employees f
f
Number umber
The average weekly number of employees I
during the year was as follows: I
Playing, tiflining and management !} 54 48
Maintenance and administration f
1
29 30
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Catering and sates •
•
31 32
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t 114 110
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i £
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The aggregate payroll costs of the above I

were as follows: !
Wages and salaries ,
I

j 4.398,534
·
(
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Social security costs •
i
390,722
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Other pension costs I
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188,390 1,742
•
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,·• 4,977,646 18,839
,
f = 7
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Other pension costs oomprise contrib .. made by the Company in re of the

majority of its permanent employees to perfsion which are i ntly
administered by The Football League Urnit ,together with co . s ma e to
..~ ~' I pension contracts with insurance companies under agreements .. certain
e . An pens~ arrangements are ~ contribution schemes.
•
The OJrectors received no emotuments frorT,, the Company during the year.
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Everton Football C~UbCompany Limited .,',:'
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 1Dthe 31st May 1994 (con'
1994 1993
£ £
10. Operating Loss
The operating loss is stated after charging:
Auditor~s remuneration 7.500 7 500
7

11. Interest Payable

On bank loans and overdrafts 227,698 382,249
On other loans - 2,191
.
227.698 384,440

12.. Non-Recurrlng Expenses

t k)n-recurring expenses comprise professional charges incurred in connection with the
proposed capital restructuring of the Club.

13. Taxation
The charge tor taxation comprises an underprovision in respect of a prior year.
No taxation arises on the results of the current year and fosses are available for relief
against future profits for taxation purposes.
In view of the continuing use of the freehold properties no provision is considered
n in respect of the potential tax liability which may arise in the event of the
disposal of the properties at the amounts at which they are iochJded in these accounts,
and In the opiniOn of the Directors it is impracticable and of no useful purpose to
attempt to quantify it

14. DonatIons Receivable

Donations receivable comprise amounts receivable from the various Everton
de\IeIoprnent associations3 reduced by expenses relating thereto.

15. Future Capital Expenditure 1994 1993

Capital expenditure contracted for but not
provided for in these accoc..:nts amounted to £1.4m NU
Further capital expenditure authorised by the
Directors on which orders had not been
placed prior to the Be'afl< ~ Sheet date
to Nit NU

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to the for the year 31 st May 1994 (001'"01,

16.. Contingent Liabilities I,
,

••
No provision is inctudsd in the accounts transfer fees of £850.000 which ,'9
contingent upon future s of cs. 'n players:J and signing-on fees , nd loyalty
bonuses of £1,313.045 which wiU become due to certain play&JS if they ara ill in the
serlice of the Club on specific future
The Club, in common With other clubs in Football Association Premier L
been requested by the Inland Revenue to pommission the preparation of a r
tax sensitive Issues. Contingent upon the outcome of such a report Everton
may not face additional tax tiabtlities artS; . in respect of ended 31 st

II
1994 1993
£ £
I,
1
17. Cash Flow Statement 1

Operating profltJ(Ioss) !
t
(270.340) 1 '.360
Depreciation charges ( 123,028 1121,865
Decreasel(increase) in stocks 1 1~791 15,642
!
Increase in debtors I (173,757) 289.485)
~
(Decrease)/lncrease in creditors 1,373.340
r _
915,532)
Net cash Inflow from operating acm~ , 1.065.062 293,850
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(ii) Analysis of changes in cash and cash ~uivalents during the year:-
Balance at 1 st June 1993 !
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(3,752,382) 643~994)
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Net cash outflow ~, (426,544) 103.388)
! •

Balance at 31st May 1994 r (4,178,926) ( 752.382)

II
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(Un ~ 01 the baJancP.s of cash and ~Sh equivalents as shown in the lance
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sheet:- I
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1994 : 1993 Change in hangein

!
•t Year Year
t, £ £ £
•
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Cash at bank
and in hand 11(\166 1
t 68.327 41,839 51.~
Bank overdrafts (4~89t092) (3.820,709) (468,383) 160.710)
!_-- •
~3t152,382)
•
(4,178.926) (42e.544) 103.388)
..
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Report of the Auditci"S to !he Members of
The Everton Football Club Company Limited

We have audited the financial statements on pages 10 to 18 which have been

prepared under the historical cost convention as modified by the revaluation of
certain fiXed assets and on the basis of the accounting policies set out on page 13.
Respective Responsfbilities of Directors and Auditors
As described on page 6 the Company's Directors ate responsible for the
prepar~tion of the financial statements. It is our responsibility to form an
independent opinion, based on our audit, on those statements and to report our
opinion to you.
Basis 01 Opinion
We conducted our audit in accordance with Auditing Standards issued by the
Auditing P · Btlard. An audit includes examination, on a test basis, of
evidence relsvant to the amoun~ ard disclosures in the financial statements. It
also includes an assessment of the significant estimates and judgements made by
the Directors in the preparation of the financial statements, and of whether the
accounting policies are appropriate to the Companys circumstances, consistently
applied and adequately dj~(Josed.
We planned and performed our audit so as to obtaJn all the information and
explanations which we considered n ry in order to provide us with sufficient
evidence to give rea!>~nable assurance that the financial statements are free from
materjal misstatement7 whether caused by fraud or other irregularity or error. In
forming our opinion we also evaluated the overall adequacy of the presentation of
information in the financial statements..
.'

°Finion
In our opinion the flnanclal stat~ments give a true and fair vi9W of the state of the
Company's affairs as at 31st May 1994 and of its loss for the year then ended and
have been property prepared in accordance with the provisions of the Companies
Act 1
,.
~::..------ ~
Rogers, BOwier & COt
Chartered Accountants
and Registered Auditors
Birken.'1ead
, 8th October 1994

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First leam Its 1993-94
Date Attendance Pain Pcsition Resljt
-------~~----___T_---..-
1S August 2-0 14,051 3 -
17 August Home C·: ~-O 26,036 6 . t
----t-------~---'-...__
21 August Home United 4-2 24,169 9 1 .
•

25 August Away United. 0-1 34.833 9 4

28 August Arsen8I 0-2 29,063 9 8 I

31 ust Home Acton Villa 0-1 24JOZt 9 10

~1 September AYr-a ,.
0khIm AttMtic 1-Q 13.666 12 7
18 Home 2-0 38.157 15 4
_22_~ ......L-_Li_·ncoI_n_CAy_~·....:....:..{cec
__2,....;....1st~ ~)_ _4-3
_ _- __ 9,_153 - -t-----
25 Home 1-5 20~ 15 8
• •
10
6 ()ct)ber Home Uncoln City {CCC 2, 4-2 8,375 - =

16 October Away Town 1-1 14,414 16 12 = ••

23 October Home ter United 0-1 35,430 16 12

26 October Home PaIIce (CCC 3) 2-2 ·i1.547 - -
30 OctOber A aPsWichTown I 2-0 15.078· 19 r' 11
6 Ncwember 1-2 15.662 19 12
10 Awa Crystal Palace CCC 3 y) 4-1 14,662 - .
----~-_--I-~----+--:.-~-----~~-----='~-
20 Home Queens Perk 0-3 17,089 19 · 13
23 t Home Leeds United 1-1 17,066 20 12
27 Away Wi 1-1 6,934 21 12
30 Morne United { .. 0-2 34,052 -
4 Home Soul 1-0 13.667 24 11
8 Awa City Q-1 20,513 24 13
•
11 December Away UnIed 0-0 15,135 2S 13
18 [)e(:e 'nber Home N8wcastle United 0-2 ~189 25 15
27 Home Wedneactay 0-2 16.777 25 16
29 . Avnrt
Fblers _ _•_25_
==+l--c-O--2---21_,462 16
1 Januar Home Wed Ham Uni~ 0-1 19,579 25 16
3 January_Away Chelsea. 1 2-4 18.383 25 ~ 16
8 Jan Away BoIDn (FAC 1-1 21,702 -
15 _
_ Home
~
bIm ""':O -+-__- 6-2 20.546 16
28- 4 - -__ ~

19 Home BoItan Wand. (FAC 3

.
2-3 34,642 -
22 January united 0-1 44,750 28 16
5 Home 4-2 18S21 31 15
12 Home 1bwn 0-0'9.588 32 15
•
19 Home An1enaI t 1-1 19,891 33 15
s
5 March •
Home 0Ichun Athletic. •
2-1 18.837 36 14
13 March hNay t 1-2 44,281 36 15
21 March .._ _ Norwich Cty 0-3 16,432 36 15
&....-_-_---:.._--+------~---+------

26 Match Home .... Hotspur I 0-1 23S8O 3S 17

--------~---..:....-~.----------_____ooI~
~ March Away A5t)n VIJa f 0-0 3a044 37 16
.
2 April Away 1-5 24,096 37 17
•

4 April Home 0-3

AoYers 27.421 37 18
9 Apri Away west Ham UnJted!
1-0 20,243 40 '17
-.-....--------:::-------~l--------------Ir--
26_Apri...:.... Awa--:~:....__Queens Park
_ ___=_=~j~---1_2_ _1_3.330 40--+=_1_7_
23 A$.YiI Home Coventry CIty t 0-0 23,217 41
-
18
30 Apri AW3!f Leeds lJnEd I 0-3 35,487 41 20
-......:....---------=~------__r------~--__1r__
7 May Home 3-2 31297 44 17
KEY: F~ = FA Cup ~= Coca Cola Cup •
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