539

The
Ev'e'rton
.. Football Club
1· Company Limited

(
.- -
l
,-
~

Annual Report
and
Statement of Accounts
at 31 M,-,-.y 1976
,J
 539

The
Everto,n
• Football Club
Company Limited

.. •
,
I
--
~

Annual Report
and
Statement of Accounts
at 31 May 1976
 THE
iVERTON FOOTBALL CLUB
COMPANY LIMITED

NOTICE OF MEETING

NOTICE IS HEREBY GIVEN that the Directors

Ninety-seventh Annual General Meeting of A. W. Waterworth, J.P., Chairman
the Company will be held at the offices of John Moores, C.B.E., Vice-Chairman
The Everton Football Club Company Limited, J. C. Sharp
• •
Goodlson Park, LIverpool L4 4EL. on G. A. Watts
Thursday the 5th day of Aucust, 1976, at T. H. W. Scott
. 7.00 p.m, to receive and consider the Report K. M. Tamlln
of the Directors, and the Accounts for the P. D. Carter
period ended 31 st May, 1976. to elect
Dlroctors, to fix the remuneration of the
Auditors for the ensuing year, and to
transact any other business which may be
transacted at the Ordinary General Meeting
~j the Company. Secretary and Registered Office
The Transfer Books of the Company will J. Greenwood,
be closed until 6th August, 1976. Goodlson Park. Liverpool L44EL

By Order 0'1' the Board.

J. GREENWOOD, Secretary,
Goodlson Park, Liverpool L44EL. Manager
5th July. 1976.
W. L. Bingham

,..Admission on Presentation
'~f Annual Report
Notice is also given that a Member of the Bankers
Company entitled to attend and vote at the
above Annual General Meeting is entitled Midland Bank Limited
:. to appoint a proxy to attend and vote Instead
of him, and that the proxy need not be a
member of the Company.
Proxies must be lodged at the Registered
Office of the Company, noi less than
Auditors
48 hours before the lime oiihe Meeting. Rogers, Bowler & Co.

3
THE
EVERTON FOOTBALL CLU B
COMPANY LIM ITED
CHAIRMAN '8 REPORT
I have much pleasure In submitting the
Annual Report and Accounts.
After two seasons of eteady progress there
is no doubt that the palt year has been one of
considerable dleappolntrnent, We started the
season with the prospect of European football at
Goodlson for the first time In five )'&8rS and with a
team that seamed capable of achieving success In
the League. In the event we were put out of the
UEFA Cup by a disputed pen81ty awarded to
AC Milan and we finished eleventh In the League.
Many reasons have been put forward for the
poor results and chief among these must be the
loss of confidence caused by the nucesslty of
playing twenty seven different play~rs In the first
team. Unless the same team can play together
a
regularly for a number of matches carl never
establish that self-confidence whlch so often
represents the difference between winning and
losing. Lack of team confidence breeds loss of
individual form and this too has been an important
factor in our disappointing performance this year.
In an effort to improve team performance,
Bryan Hamilton, the Northern Ireland international,
was signed from Ipswich in November, whilst in
January the decision was made to appoint Steve
Burtenshaw as first team coach in place of Stu"rt
Imlach. Steve Burtenshaw has had wide experience
as a coach at Arsenal and QPR and as manager of
Sheffield Wednesday and the Board are sure that
his appointment 'IIi11 be of benefit to the club.
Shortly afte" the transfer 'deadllns' Andy King.
the prornlstnp uung mid-field player, was signed
from Luton .. d was able to take part in the last
three League matches of the season and showed
4
.kllls which suggest that he has a good future at
Goodlson. Martin MurraYJ the young Home Farm
player who has attracted enthusiastic Pre ••
comment, Joined the playing staff In February and
though only •• ventsen we think that he will have
an exciting and successful future with Everton.
The Reserve team, constantly depleted by
the need to provlds players for the first team,
flnlahed eighth In the Central League whilst the
" . "
A and B teams both finished third In their
respective Leagues. The Youth Team reached the
flnals of the Lancashire Youth Cup before bQlng
beaten by Manchester United and also enjoyed a
aucceseful tour In Switzerland during the Easter
period. tt
At the end of the season Ray Henderson waa
appointed manager of Southport Fe and Er:c
Harrison, who has been with us for the past three
years working closely with Ray Mlnshull in the
development cf yuJnq players, was promoted to
the posltlo-t of Reserve teem coacn. Colln Harvey,
havir.0 il ~t "atlred as a player, has rejoined Everton
and takes over as Youth team coach. We have
every ccnfldence that his enthusiasm for the game
and for the club will be of great benefit to our
young players.
David Clements, Peter Scott, Tom Sharp and
Sid Wallace were transferred to other clubs during
the season. whilst in May we released eight
players including John Hurst who has given such
distinguished and loyal service to the club. We
wish him well at Oldham Athletic where he will be
joined by David Irving. another of the players
released at the end of the season.
 Representative Honoura WE-iG gained duril1g
the year by David Clerr~nts, Peter Scott and
Bryan HamlJton who all plnyed f,)r Northern Ireland
and Dal Davies and David Smallman who played
for Wales. Mick Lyons and Mlck Buckley were
selected for the England Under 23 team and Jim
Pearson for the Scotland Under 23. Mark Higgins
played again for the England Youth team whilst
Drew Brand and John Brogan both played for the
Scotland Youth Team.
During the year the club continued to
exercise rigorous economies, every item of
expenditure has been closely scrutinised and a new
system of budget accounting introduced. In
..J?e('~mber the Beard appointed Mr. J. Greenwood
l.t Club Secretary in succession to Mr. C. D. Hassell.
He is a very experienced executive and has already
established himself as 8 very effective football
administrator. I am certain that his appointment
will prove of great benefit to the club and Its
administration.
The Accounts reveal a surplus of £5,949
before transfer fees. Net transfer fees cost the
Club £49,670, leaving a deficiency for the ye.'3r of
£43,721. The substantial drop in attendances at
Mootball Leagu~ matches from an average of 40,020
'l!!!I!fo 27,138 practically wiped out the advantages
gained from increased admission prices, despite
the additional revenue from the UEFA Cup ties.
Wages and Salaries increased by 12tr:~j and, as will
be seen from the Income and Expenditure Account,
other expenses increased generally although many
economies were introduced. The Balance Sheet
shows a slightly better position than last year
with borrowings reduced from £319,158 to
£?28,300.
The financial results reflect tl.to unsatle..
factory playing aeaeon but the Dlrectorl by
exercising economlea and continuing to d.v.lop
the commercial actlvltl•• have managed to
malntaln a reasonable financial posltton. However
It was only the substantial contrl butlon of £124,233
irom the commercial actlvltll11 that Gnabled the
Club to keep Us overall deficiency within
reescnable bound •. It Ie almost certain that money
will have to baa found for transfer fees In the coming
year and It more successful playing lealon,
reflected In lncreased attendances, 1.8188nt1811f
the club Is to develop a Itrong financial pcsltlon,
It would be wrong to conclude this Report
without mentioning that In April Everton
became the first club In the country to earn over
3.000 points In the First Dlvlslon, This I, an
outstanding record of ccnelstsnt achievement over
very many yeara and it serve. as a constant
reminder to all of us that only the best is good
enough for Everton.
On a personal note I would like to refer to
the loyal support which I have received from my
fallow directors durlno this difficult year and!
would like to place on record my thanks to them
for their help and for all the work that they do on
behalf of the club. My thanks are due in particular
to Mr. John Moores whose advice and experience
has been of Immense help to me and who has
continued to place the resources of his
Organisation at the disposal of the club.
ALAN W. WATERWORTH
Chairman
5th July, 1976.
5
 ,
- .... '\ .-,\
~. \
'. if

THE \
EVERTON FOOTBALL CLUB
COMPANY LIMITED

REPORT OF THE DIRECTOR S

The foss for the year to 31 st May, 1976 The amount of Stock In the Company In which
amounted to £43,72L The Directors do not the Directors at the end of the Financial Year
recommend the payment of a dlvldend. were then lntereated, accordlnq to the
register kept by the Company for the purpoles
Dlrectt\rs of Section 27 of the Companies Act. 1957 are
At no time during the last financial year has: shown below. No other Interelts of these " l(
•
1. Any Director of the Company had directly Directors In Stock of the Company were
or Indirectly any material Interest In any recorded In the register at that date.
Contract with the Company of significance
in relation to the Company's business 1 June 31 May
requiring disclosure under Section 16 (1) (c) 1975 1978
of the Companies Act. 1967.
2. The Company been a party to any
arrangement to enable Directors of the
Mr. A. W. Waterworth J.P.
Mr. John Moores. C.B.E.
Mr. J. C. Sharp
3
008
3
-----.'
1.071"
3
Company to acquire beneflts by means of
Mr. G. A. Watts 169 3
the acquisition of stock in the Company
Mr. T. H. W. Scott 3 3
or any other Body Corporate.
Mr. K. M. Tamlln 3 3
Mr. P. D. Carter 3 3

The following Members of the Board of

Directors retIre in accordance with the
Company's Articles and. being eligible. offer
themselves for re-election:
Mr. John Moores, C.B.E. _,
Mr. J. C. Sharp

Nominations have been received on behalf of:

Mr. I. A. T. Legge. F.e.A.
Mr. P. L. Parry. D.A.S.C.
 Principal activity Auditors
The prlnclpal activity of your Company Maelfa Rogers, Bowler & Co. have lntlmatsd
continues to bs that of 8 Profeaslonal thelr wllllngne.s to continuo u Auditor. of the
Football L8ague Club. Company.

Fixed assets
Full details of the changes to the Flxsd Assets
are shown in Notes on the Accounts. In view
of the speclalteed use of the Freehold Land
and Buildings at Goodfson Park, the Directors
/....~e unable to give an Indication of the
1IJfference between market and book value.
It is considered that the market value exceeds
the value Included In the Balance Sheet.

Charitable and political

co ntri buti ons
There w~ere no charitable or political
contributions made during the year.

ALAN W. WATERWORTH,
Chairman

5th July, 1976.

7
THE
EVERTON FOOTBALL CLUB
COMPANY LIMITED

INCOME AND EXPENDITURE ACCOUNT

for the year ended 31 May 1976

1Q76 1975
£, t
Income
Gate receipts, after percentages •
to visitors, League and Associations 53~,2eo 8-26,190
Profits from sub-lets, programmes,
bars. propert-, etc. 124,233 102,082

£65Q,4Q8 £628,196.

[~p8ndlture
Salaries, wages and other payroll costs 386,668 343,145
Transfer fees (net), less provision 49,670 27,200
Training. travel, match and other expenses 128,716 103194Q

Ground expenses and maIntenance 28,884 S1/000

Utilities 74,925 70,463
Depreciation 11,006 10,128
Auditors' remuneration 2,000 2,000
Other administrative expenses 25,093 2'01640

£706,962 £6()8,58~~

Surplus/(Deficit) carried to
Profit and Loss Account £(47.469) £19,607

8
 (

i
IHt ~, '
. ~

.ERTON FOOTBALL CLUB

COMPANY LIMITED

PROFIT AND LOSS ACCOUNT

t for the year ended 31 May 1976
1
1976 1916
• £ £

Surpl'ul/(Deflclt) from
' ... .. Income and Expenditure Account (47,400) 19,607

· Add: Interest received 1,715 6,~11

,. ~

(45,754) 20,818

'Gduct: Interest paid 9.569 20,197

,~
- -
(55/313) SPit
Add.' Exceptional lterns (Note 3) 6,784 2,888

(48,529) 8,479

Taxation (Note 4) 4,808

Proflt/(Loss) after taxation (43,721) 8,479

Retained profits brought forward from

*evlous year 150.819 142,340

J Retained profits to date £107.098 £1d~,81fJ

1
\

9
THE
EVERTON FOOTBALL CLUB
COMPANY LIMITED

BALANCE SHEET
as ,at 31 May 1976
FiXQd Assets 1976 1975
Freehold land. buildings. equipment e e
and motor vehicles. at cost. less ,
amountn wrItten off (Note 1) 633.243 690,888

Current Assets .,
Stocks (Note 2) 4,141 17,881
Sundry debtors 99,018 190,491
Cash at bank 8,138
Cash In hand 7.098 118.395 15,461 R£3,839

751.638 9141 7 &

Less: Currtfut Llabllltles
Bank overdraft: 125,658
Sundry creditors 143.281 171,786
Loan 228.800 371,581 193,500 400,948

Net Assqts £3801057 £4e9,778

Financed by
Capita' and Reserves
Share capital (authorised and issued)
2,500 £1 stock units 2.500 2,D~1
General reserve 270.459 270A59
Profit and Loss Account 107.098 150,819 I

£380,057 £423,778 ..
Signed on behalfof the Board
ALAN W. WATERWORTH}
G. A. WATTS Directors.

REPORT OF THE AUDITORS TO THE MEMBERS OF THE EVERTON FOOTBALL CLUB COMPANY LIMITED
In our opinion the annexed Bl!llanceSheet, Profit and Loss Account, and Notes give a f. ue and fair view of the state of the Company'.
affairs at 31 st May, 1978 and of its Loss for the year ended on that date, and ccmpt; with the Companies Acts 1948 and 1967.
Signed ROGERS, BOWLER & CO., Chartered Accountants, Liverpool" Blrxenhead. 25th June 197a

10
 ,.-

...
T
..:
THE
.ERTON FOOTBALL CLlIB
COMPANY LIMITED

.. :NOTk:S ON THE ACCOUNTS

for the year ended 31 May 1976
5 1. Fixed A.sets Freehold land Stand ••
£ and building. fJxturll, etc. Vehlel• • Total •
'II
." £ £ ~ ct
8 co..t or valuation
At 1at June, 1Q75 07.753 700,8159 8,2~ BO~,e27
.. '"
Addlttonl (sel below)
Ol.poult• (1,750)
(~6,IW) ~,1S7
(6,076)
U1,o4~
(8,72
---
\C 411'

At 31st May. 1978 98,008 854.470 7,387 7~18M

j,
lot
DefrQctation
---

,
At st dune, 1snS 27,720 84,128 .,891 115,789
3 Provided during year 9.504 1,502 11,008
On dlspcsals (3.1t8) (3,128)
At 31st May, 19715 27,720
-93-
M21
---
2,285 128,~17

":Net book value at tJ7.28S 560,8SS 5,122 e88,243

31st May. 1976
Donattcne received from the various Everton developmenta•• oclatlon. have beenapplied In rsductlon of the COlt of Itand., etc.

No depreciation II provided on land, buildings, Itandl, fixture., and oqulpment al.oclated with the principal activity of the
Company. Other fixed assets, Including vehIcles. ar. being depreciated at 25~~ on the reducing balance bull.
2. Slocks
Stocks consist of refreshments and souvenirs, and have been valued at the low.r of COlt or market value.
3. Exceptional Items £
Rates refund re earlier years 6,619
Loss on sale of property {5n
Olstrfbutlon received from Investment prevIously wrItten off 222

, . Taxation
.. : No tax Is due in respect of the current year, and the credit to the Profit and Loss Account represents an adjustment
rel~tlng to an earlier year.

5. Employees' Emoluments
The number of employees earning over £10,000 per annum wes as follows:-
1975/76 1974/75
8atween :£10,001 and £12.500 3 3
Between £12,501 and £15,000 2 2
Between £15,001 and £17,500 1 Nil

6. Future capital expenditure

1976 1975
Amount contracted for but not provided for in these accounts £1,506 Nil
Amount authertsed by the Dlroctcrs but not yet contracted for Nil Nil

11
 .. ~

, ,} \ '\ '\
\ <,.»

THE
EVERTON FOOTBALL CLUB
COMPANY LIMITED

MINUTES OF THE 96TH ANNUAL GENERAL WEETING HELD AT GOODJSON PARK, LIVERPOOL ON
THURSDAY, 14th AU<:UST, 1975, AT 7.00 P.M.

Present: Messrs. A. W. Waterworth, J.P. (In th« Chair), J. Moores, C.B.E., J. C. Sharp, G. A. Watt$: .,
T. H. W. Scott, K. M. Tamlln and P. D. Carter (Dlreclors). C. D. Haseell (Secfluuy), W. L. Bingham
(Manager), P. B. Bowler (repres,ntlng Messrs. Rogers, Bow/et & Co. AudItors), togeth8r with 88
Shareholders. .. It

NOTICE OF MEETING: CHAIRMAN'S REPORT

It was agreed that the notlce convening the The Chairman's report, having bean circulated.
meeting should be taken as read. was taken as read. The Chairman referred to that . '
.... recent sad passing of Mr. Norman Borrowdale,
Club Physiotherapist for the past 10 years, and
also the retirement from the Board after many
PRESS: years service of Mr. Norman Coffey. The Board
had co..opted Mr. P. D. Carter to fill the vacancy.
It was agreed that the Press should remain
After an Introduction from the Chairman,
In attendance.
Mr. Carter addressed the meeting briefly.

DIRECTORS' REPORT AND ACCOUNTS:

MINUTES:
The minutes of the previous Annual General
Meeting held on 1st August, 1974 having been
circulated were agreed and taken as read,
confirmed, and signed as a correct record.
It was agreed that the Directors' Report and It'
Auditors' Report be taken as read. Mr. Watts
proposed the adoption of the Accounts. This was ..
seconded by Mr. Bailey. There were no questions
and the resolution was carried unanimously.

12
THE
EVERTON FOOTBALL CLUB
COMPANY LIMITED

MINUTES OF THE Q6TH ANNUAL GENERAL MEETING HELD AT GOODISON PAHK, L1Vf:RP'OOL ON
THURSDAY, 14th AUGUSr. 19761 AT 7.00 P.M.

Present: Messrs. A. W. Waterworth. J.P. (In the Chttlr) , J. Moores, C.B.E., J. C. Sharp. G. A. Waitt.
T. H. W. Scott. K. M. Tamlln and P. D. Carter (Dlrac{ors), C. D. Halsell (Secretary), W. L Bingham •
(M~nager), P. B. Bowler (representing Messrs. Rogers, Bowler & Co. Auditor.), together with 88
Shareholders. • •
DIV
•
NOTICE OF MEETING: CHAIRMAN'S REPORT paid
It was agreed that the notice convening the The Chairman's report, hl!lvlng been clrculated, reso
meeting should be taken as read. was taken as read. The Chairman rsterred to the.
recent sad passing of Mr. Norman Borrowdale, .
'In
Club Physiotherapist for the past 10 years, and
also the retirement from the Board after many by I'IJ
PRESS: years service of Mr. Norman Coffey. The Board ensi
had co-opted Mr. P. D. Carter to fllJ the vacancy. This
It was agreed that the Press should remain Aiter an Introduction from the Chairman,
in attendance. ELE~
Mr. Carter addressed the meeting briefly.

DIRECTOF,S' REPORT AND ACCOUNTS: item

MINUTES:

The minutes of the previous Annual General

Meeting held on 1st August, 1974 having been
It was agreed that the Directors' Report and
Auditors' Report be taken as read. Mr. Watts
proposed the adoptlon of the Accounts. This was
it.
I .~
.el
Wat

10 re
with
circulated were agreed and taken as read, seconded by Mr. Bailey. There were no questions reso
confirmed, and signed as a correct record. and the resolution was carried unanimously. - Wat
terrr
by ~
reso
Wat
beh;

1-2
 •

'" . '

,DIVIDEND: ANY OTHER BUSINESS:

~,~ ~;~

I,
I, ,I.,.
,,' Mr. J. C. Sharp proposed that no divIdend be Mr. Waterworth answered various question.
);)tlld. This was seconded by Mr. Isenwater and ths put by Shareholdera and the meet1ng then closed
resolution was carried. wJth a vote of thanks to the Chairman.

'.otTORS· REMUNERATION
It was proposed by Mr. Tamlin and seconded
by Mr. Whitley that the remuneration for the
ensuing year be left to the Directors to decide.
This resolution was carried unanimously.

ELECTION OF DIRECTORS:
Mr. John Moores occupied the Chair for this
item. He reported that Mr. Waterworth and Mr.
Watts retired by rotation and being eligible
_erad themselves for re-election. The nomInation

t
In
respect of Mr. I. A. T. Legge had been
withdrawn. It was agreed to take a sIngle
resolution for the re-election of Mr. A. W.
• Waterworth and Mr. G. A. Watts for a further
term of three years. The resolution was proposed
by Mr. Moores, Mr. Davies seconded and the
resolution was carried unanimously. Mr.
Waterworth expressed thanks to the meeting on
behalf of Mr. Watts and himseJf for their support.

13
r:....
'
~~
,l \
l
I
\

J .-
THE
EVER'·ON FOOTBALL CLUB
COMPANY LIMITED
•
NOTES

fI •

"c. ..

14
 t!!- J~. ',~. lfa'terworth
,
';:nOm!lS JCI')t t & :,jono (Bakers) Lt.d, Liverpool Boy.' Aeaociation Ina.
'Il'·.L:oun try 1-Iai d 13nkersies Ltd , , ~verton football Club Go. Ltd.
~. Jst Helling Ltd ,
t .• ~ookb~n & Sone Lid.
~ouBina (Confectioners) Ltd. Universal Bloodstook Ltd~t
'rhe ~'verton Football Club Co. Ltd. Vol tcro.f't Ltd.
tox & Halin Ltd.
Mr. JlJhl~NooreR I ~~all Inveetmen t. Ltd.
BrieL Mille Ltd., Nilam & Co. Ltd.
Brian Mills & Janet Frazer Services Co. Ltd. Spinel81de Ltd.
llurlin~ton Warehoueee Ltd., A. Taylor & IJO. <naby Carriage.) Ltd.
Fnirmore Estate Co. Ltd., F.S.U. «(JarrI6) Ltdc
Jl~~t Frazer Ltd., Longbacon rngincering Ltd.
J t .1 ~10oreB Home-Shopping Service Ltd. Springaan ",td'J
Littlewoods Properties Ltd. Toolmaate"s t« T~~hnical Developments
Littlewoods Warohouaea Ltd. ('Ri rn'!~-;.ltSh6lJ11) Ltd.
., London & Country Commeroial Property Slough Enginearlng Ltd •
Investments Ltd. bverton Footr~ll Club Co. Ltd.
The Everton Football Club Co. Ltd. Sarnie Ltd.
· The International lmport & Export Co. Ltd.
The Littlowoods urganieation Ltd. Mr. 1'.0. Carter
Peter Craig Ltd. The Littlewood! Organisation Ltd.
Brian Mille & Janet Frazer Servioes
Mr. J.C. Sharp Co. Ltd.
M.C. Hitchen & Sons Ltd.
Jack Sharp Ltd. Postal 8ervicQ8 Ltd.
'l'he Everton It"'ootball Club Co. I"td. The International Import & Export
Co. Ltd.
Everton Football Club 00. Ltd.
. BriAn Mills Ltd. J. & C. Moores Ltd •
Brian Mills & Janet Frazer Services Co. L+d •
., Burlington Wa.rehouses l.td.
Ferncourt Ltd.
Harrogate Hotels Ltd.
Home Delivery Services Ltd.
IT & C. Noores Ltd.
~.I& c. Naores l'ublic~:.ty Ltd.
~anet Frazer Ltd.
John Hoores Home Sharping Service Ltd.
Littlewoods Propertios Ltd.
Littlewoods Wnrehous~s Ltd.
London & Country Commercial Property
Investments Ltd.
Nova Sp.curities Ltd~
Peter CraiG Ltd.
Peret Traders Ltd.
l'el'imor Ltd. '.
qt81 Services Ltd.
. , Evertcn Yootball Club Co. Ltd.
ll'hf' international Import & Export Co. Ltd.
"l'ne Li ttlewoods t.rganisation Ltd.
HiOC. Hitchin & Sona Ltd.
J.D .. CLthbertson Ltd.

·,i'· \q710
..r-'