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TrustSTFC Accounts for the Period Ended 31 July 2002

The following is a summary of the information contained in the company accounts for the period in question. A complete copy of the accounts can be obtained by contacting the Trust at the address below.

Society Information

Trustees

  • Anthony Norris (Chairman)
  • Andrew Ratcliffe (Vice Chairman)
  • Leigh Collett (Treasurer)
  • Justin Tomlinson
  • Mark Ratcliffe
  • Anna Tuersley
  • Andrew Hounsell
  • Paul Wardell

Secretary

  • PeterWoods

Registered Office

Unit 32
Okus Trading Estate
Swindon
Wilts
SN1 4JH

Registered Number

IP292254R (England and Wales)

Auditors

Banks & Partners
Registered Auditors
14 Devizes Road
Old Town
Swindon
Wiltshire
SN1 4BH

Chairman's report and Review of the Period

This is the first year that TrustSTFC has been in existence as an official Supporters Trust. The trust gained its mandate to form in May of 2001 and held a series of meetings with Swindon Town Football Club before its official launch on 8 August 2001

The focus of the year was to establish the trust as part of Swindon Town's culture, to attract members, and to raise funds to enable the Trust to move forward and achieve its aims

An enormous amount of work went into the Trust launch meeting of 8 August 2001. The aim of the meeting was to present in a professional manner the aims of the Trust and why people should join. The trust launch proved to be very successful and the loan fund alone raised £10,000

In September, to push the message to an even wider audience the trust held 'Trust Day' at the County Ground. The Trust office also came into operation, providing a base to enable the Trust to be accessible to its members on match days.

The third quarter of 2001 saw a great deal of upheaval at the football club and the Trust provided a very important voice for the Swindon Town supporters. During this Period Donnegan and Blatchley departed from the club, and effectively the club was run with no one in charge, Peter Rowe and Roy Evans guided the club through this short period before what became know as 'the consortium' took over full control of the club.

In November it became clear that Roy Evans would be leaving the club, and the trust took leadership in trying to convince him to stay. The trust ran a petition collecting over 1500 signatures, asking Roy Evans to continue. Despite everyone's best efforts Roy Evans decided the best course of action for both himself and the club would be to leave.

Also in November thew trust played host to a very lively members' meeting which was attended by Danny Donnegan and Cliff Puffett, both very passionately putting their side of the story in the whole matter of who should control the club.

We entered the new year with a new campaign. Within various supporters' groups there had been a growing campaign for standing areas. The trust decided that it would be a good idea to see if Swindon Town fans would like to see standing back at the County Ground. We were the first organisation ever to poll supporters on the subject, and the results were overwhelmingly in favour of standing areas.

In February we continued our established commitment to members' meetings and in February's meeting Bob Holt addressed the members to explain the financial position at the club. He commented that the club was in a dire financial position, and this was later demonstrated in March when the club went into administration for a second time. When the administration was announced the Trust launched its 'paddle fund' that saw a series of bucket collections held at home games.

In April the trust announced talks with Donnegan and Blatchley to see if we could secure both their share holding and the £1.2 million debenture. At one stage the trust thought they were very close to securing both, but unfortunately the deal fell through at the last minute when Donnegan and Blatchley changed their terms and withdrew the debenture from the discussions. It was felt that the share holding alone would not be worth pursuing, as the financial backers of the trust were aiming to secure the future of the football club, and without the debenture this aim would not be fulfilled.

At the end of April the club announced the ticket and season ticket prices for the new season. This caused uproar amongst the supporters and trust members, and we were inundated with requests that the trust talk to the club to see if anything could be done because of the financial impact the new ticket prices would have on supporters.

On the day of the announcement the trust spoke to the club regarding the prices, and at that stage they stated that the prices would have to stand in order for the club to survive. By further meetings with the club and its advisers the trust managed to secure some discounts, especially for the wing season ticket holders, and the club also announced early settlement discounts. The discussion on pricing continued into the new season. This event proved above all others the value that a Supporters Trust can offer the supporters.

At the end of the season the Trust sponsored a kids 6-a-side tournament held at the County Ground and in association with the Community Office. The event was very successful raising £1,500 for the Community Office.


Income and Expenditure Account

Income £
Income from members and sponsors 4,543
Income from fundraising activities 1,011
Donations and other income 6,420
Sale of goods 1,056
Interest receivable 16
Total Income 13,046
Expenditure £
Fundraising and function costs 815
Goods purchased for resale 736
Administration expenses 4,548
Total Expenditure 6,099
Net income for the period 6,947
Retained surplus/(deficit) brought forward -
Retained Surplus Carried Forward 6,947

Balance Sheet 31 July 2002

Notes £ £
Fixed Assets
Tangible Assets 5 939
Fixed asset investments 6 418
1,357
Current Assets
Stocks 6 520
Debtors 7 93
Cash at Bank 17,711
18,324
Creditors Amounts falling due within one year 8 1,984
Net Current Assets 16,340
Total Assets Less Current Liabilities 17,967
Creditors Amounts falling due after more than one year 9 10,500
7,197
Capital and Reserves
Share Capital 10 250
Retained Surplus 6,947
Members' Funds 7,197

Notes to the Financial Statements for the year ended 31 July 2002

1. Accounting Policies

Accounting Convention

The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, or if held under a finance lease, over the lease term whichever is the shorter.
Office Equipment - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Property Improvements - 25% on reducing balance

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after making sue allowance for obsolete and slow moving items
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

2. Net Income

The net income is stated after charging:
2002
£
Depreciation - owned assets313
Auditor's remuneration294

3. Taxation

The society is exempt from UK corporation and Income taxes and therefore, no deferred taxation arises.

4. Tangible fixed assets

Office EquipmentFixtures and FittingsProperty ImprovementsTotals
Cost:££££
Additions2313766451,252
At 31 July 20022313766451,252
Depreciation
Charge for period5894161313
At 31 July 20025894161313
Net book value at 31 July 2002173282484939

5. Fixed Assets Investments

Swindon Town Football ClubTotal
Cost:££
Additions418418
At 31 July 2002418418
These investments are unlisted

6. Stocks

2002
£
Stock520

7. Debtors

2002
Amounts falling due within one year:£
Trade debtors46
Members' subscriptions25
Other debtors2
Prepayments20
Total93

8. Creditors: Amounts falling due within one year:

2002
£
Accruals and deferred income1,984

9. Creditors: Amounts falling due after more than one year:

2002
£
Society Loan Notes10,500

10. Share Capital

Allotted issued and fully paid:
Number:Class:Nominal Value2002
250Ordinary£1£250

11. Related Party Transactions

During the period the society reimbursed expenses incurred wholly and exclusively for the benefit of the society to the following trustees:
Andrew Ratcliffe - £173

Trading and Profit and Loss Account

For the period ended 31 July 2002
20022002
££
Sales
Subscriptions received4,543
Fundraising income531
Function income480
Donations received6,420
Sale of goods1,056
13,030
Expenditure:
Fundraising costs220
Function costs595
Goods purchased for resale736
Printing1,614
Postage and Carriage346
Telephone137
Office Stationery339
Legal fees250
Audit fees294
Office machinery expenses79
Rent1
Building maintenance90
Sundry82
Donations1,000
5,783
Sales less expenditure7,247
Other incomes
Bank Interest received16
7,263
Finance costs:
Bank charges3
7260
Depreciation:
Office Equipment58
Fixtures and Fittings94
Property Improvements161
Total Depreciation313
Net Profit6,947
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Current Total :

£10,050

Last updated
30/03/2005


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Important Information

Swindon Town Community Mutual Limited, trading as TrustSTFC, an Industrial and Provident Society registered with the Registrar of Friendly Societies under the Industrial and Provident Societies Acts 1965-78. All references to the ‘Trust’ or TrustSTFC on this site are to the Swindon Town Community Mutual Limited that holds funds, under its rules, for the benefit of the community and not in trust for its members.