Home | Join Us | Contact Us | Red Army Fund | Merchandise | Forums  
About the Trust
Home
News
Background
Quotes
Aims
Accounts
The Trust Board
Supporters' Rep
Achievements
Sponsors
Contact us
How You Can Help
Contribute
Join The Trust
Loan Fund
Stadium Development
Introduction
County Ground
Questions & Answers
The Developers
News
Petition
Red Army Fund
Introduction
Questions & Answers
Terms & Conditions
Businesses
Images & Leaflets
Sign up!
Wall Of Fame
Signings
Communication
Newsletters
Meeting Minutes
Letters
Press Releases
Campaigns
Safe Standing
ITV Digital
Kick It Out
Merchandise
Online Catalogue
Trust STFC Online
Forums
Links
Official site
MyOnlySwindon
BBC Sport
Wiltshire Sound
The Adver
Supporters Club
SAS Travel
Swindon Town Mad
Yahoo egroup
swindon-town-fc.co.uk
Thetownend.com
Supporters Direct

SWINDON TOWN COMMUNITY MUTUAL LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2004

SOCIETY INFORMATION

TRUSTEES:
  • Anthony Norris (Chairman)
  • Paul Wardell (Vice Chairman)
  • Alan Jones (Treasurer)
  • Mark Ratcliffe
  • Andy Ratcliffe
  • Andrew Hounsell
SECRETARY:
  • Christine Norris
REGISTERED OFFICE:
14 Devizes Road
Old Town
Swindon
SN1 4BH

REGISTERED NUMBER: IP29254R (England and Wales)
AUDITORS:
Banks Chartered Accountants
Registered Auditors
14 Devizes Road
Old Town
Swindon
Wiltshire
SN1 4BH

REPORT OF THE BOARD OF TRUSTEES

The trustees present their report with the financial statements for the period ended 31 July 2004.

SOCIETY STATUS AND REGULATORY AUTHORITY

The society is limited by guarantee and registered with the Financial Services Authority under the Friendly and Industrial and Provident Societies Act 1968.

PRINCIPAL ACTIVITY

The principal activities in the period under review were to:

  • Strengthen the bonds between the Club and the community which it serves and to represent the interests of the community in the running of the club.
  • Benefit present and future members of the community served by the Club by promoting, encouraging and furthering the game of football as a recreational facility, sporting activity and focus for community involvement.
  • Provide and maintain facilities for the enjoyment of professional football.
  • Promote coaching schemes to develop the football skills of young people and to widen interest in football regardless of the sex or ethnic origin of those involved.
  • To further the development of the game of football nationally and internationally and the upholding of its rules.
  • To encourage and promote the principle of supporter representation on the board of the club and ultimately to be the vehicle for democratic elections to the board of the Club.
TRUSTEES The trustees during the period under review were:
  • Anthony Norris (Chairman)
  • Paul Wardell (Vice Chairman)
  • Alan Jones (Treasurer, appointed February 2004)
  • Christine Norris (Secretary, appointed May 2004)
  • Leigh Collett (resigned as Treasurer 1 February 2004)
  • Peter Woods (resigned as Secretary 1 May 2004)
  • Justin Tomlinson (resigned 1 May 2004)
  • Mark Ratcliffe
  • Andy Ratcliffe
  • Andrew Hounsell

The interests of the trustees holding office on 31 July 2004 in the issued share capital were as follows:

Ordinary £1 shares
Anthony Norris (Chairman)1
Paul Wardell (Vice Chairman)1
Alan Jones1
Andrew Hounsell1
Paul Wardell1
Christine Norris1
Mark Ratcliffe1
Andy Ratcliffe1
STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Friendly and Industrial and Provident Society law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the society and of the surplus or deficit of the society for that period. In preparing those financial statements, the trustees are required to

  • select suitable accounting policies and then apply them consistently;
  • make judgements and estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the society will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the society and to enable them to ensure that the financial statements comply with the Friendly and Industrial and Provident Societies Act 1968. They are also responsible for safeguarding the assets of the society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITORS

The auditors, Banks Chartered Accountants, will be proposed for re-appointment in accordance with Section 5(1) of the Friendly and Industrial and Provident Societies Act 1968.

ON BEHALF OF THE BOARD OF TRUSTEES:

Christine Norris - SECRETARY

CHAIRMANíS REPORT AND REVIEW OF THE PERIOD

In our third year as a Supporters Trust, TrustSTFC has continued its role as one of the primary independent voices of the supporters of Swindon Town Football Club.

In August 2003, TrustSTFC launched the Red Army Fund. This fund is Ďring-fencedí for the purpose to help pay for improvements to the Swindon Town squad. Despite the low response from the business community, the reaction from fans has been encouraging. In the first year £4,500 has been raised, while around £400 a month is received via fansí standing orders. While this is a good start, it would be nice to have more businesses contributing.

On the pitch, the last season was very encouraging. The club reached the play-offs, which despite the high price of tickets, meant that attendances were higher. Unfortunately, conceding a last minute goal in the play-off semi-final and the resulting penalty shoot-out, meant another season in the Second Division, or as we were soon to find out, League One!

Despite a relatively successful season, the club decided to raise the ticket price from £21 to £23 (for the main stands). Due to the unpredictable performance of the side, this has resulted in a significant drop in the average match day attendance. TrustSTFC has continued to speak out on this subject as the Trust believes high ticket prices significantly affect the ability of ordinary fans to come and watch the club play and to get these disenfranchised fans back to the game is a greater challenge than retaining them. TrustSTFC do appreciate that the club has budgets to balance, but even the most ardent of fans have a limit to what they can afford.

The club does seem to be on a much better financial footing, but the fans cannot comment as the club has still yet to produce the last three yearsí accounts. The board have assured both the Trust and the shareholders that these accounts will be published in the next few months. We look forward to viewing them.

In May, the club announced plans to build a new stadium at Shaw Forest. Due to public demonstrations against the plan, Swindon borough Council blocked any development of Shaw Forest, and decided to keep a Community Forest on the site.

Despite this setback, the Trust started a petition asking the council to consult with the club about the possibility and location of a new stadium development. Thanks to the Trustís initiative in collecting some 4,000 signatures and its negotiation skills in getting all the local political parties to co-operate, the council passed an all party motion stating that the Council would co-operate with Swindon Town Football Club to investigate the feasibility of re-developing the County Ground, or finding an alternative site should the County Ground site prove unsuitable. Whilst this is only a small step on a long road, it is a promising start and must be seen as a significant achievement for the Trust.

Finally, none of this could be completed without the tireless efforts of the volunteers, Trust board members and non-board members alike, staffing the Trust office, collecting money for the RAF Fund and to collecting signatures for the petition. I would like to thank all these people, without whom the Trust could not operate.

Tony Norris
Chairman
Dated: 7th January 2005

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF SWINDON TOWN COMMUNITY MUTUAL LIMITED

We have audited the financial statements of Swindon Town Community Mutual Limited for the period ended 31 July 2004 on pages six to ten. These financial statements have been prepared in accordance with the provisions of the Industrial and Provident Societies Act 1965 and the Friendly and Industrial and Provident Societies Act 1968, under the historical cost convention and the accounting policies set out therein.

Respective responsibilities of trustees and auditors As described on page three, the societyís trustees are responsible for the preparation of financial statements in accordance with applicable law and United Kingdom Accounting Standards.

Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.

We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Friendly and Industrial and Provident Societies Act 1968. We also report to you if, in our opinion, the Report of the Trustees is not consistent with the financial statements, if the society has not kept proper accounting records and if we have not received all the information and explanations we require for our audit.

We read the Report of the Trustees and consider the implications for our report if we become aware of any apparent misstatements within it.

Basis of audit opinion

We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the trustees in the preparation of the financial statements, and of whether the accounting policies are appropriate to the society's circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, 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.

Opinion

In our opinion the financial statements give a true and fair view of the state of the society's affairs as at 31 July 2004 and of its income for the period then ended and have been properly prepared in accordance with the Friendly and Industrial and Provident Societies Act 1968 and the Industrial and Provident Societies Act 1965.

Banks Chartered Accountants
Registered Auditors
14 Devizes Road
Old Town
Swindon
Wiltshire
SN1 4BH

INCOME AND EXPENDITURE ACCOUNT

20042003
££££
Income
Income from members and sponsors1,5912,990
Income from fundraising activities112791
Donations and other income5,249441
Sale of goods370147
Interest receivable3618
7,3584,387
Expenditure:
Fundraising and function costs194170
Goods purchased for resale26847
Donations-8,000
Administration expenses2,0793,049
2,54111,266
Net income for the period4,817(6,879)
Retained surplus brought forward686,947
RETAINED SURPLUS CARRIED FORWARD£4,885£68

BALANCE SHEET

20042003
Notes££££
FIXED ASSETS:
Tangible assets4490699
Fixed asset investments5418418
9081,117
CURRENT ASSETS:
Stocks6867859
Debtors7570
Cash at bank and in hand16,69011,174
17,562
12,103
CREDITORS: Amounts falling due within one year82,9262,420
NET CURRENT (LIABILITIES)/ASSETS:14,6369,683
TOTAL ASSETS LESS CURRENT LIABILITIES:15,54410,800
CREDITORS: Amounts falling due after more than one year910,50010,500
5,044300
CAPITAL AND RESERVES:
Share capital10159232
Retained surplus114,88568
MEMBERSí FUNDS:5,044300
ON BEHALF OF THE BOARD OF TRUSTEES:
Anthony Norris (Chairman)
Alan Jones (Treasurer)
Christine Norris (Secretary)
Approved by the Board of Trustees

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

Accounting convention

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

Income

Income represents the donations, subscriptions and other fundraising events during the period appropriate.

Lifetime memberships are taken to income and expenditure account over a period of twenty five years.

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 equipment25% on reducing balance
Fixtures and fittings25% on reducing balance
Property improvements25% on reducing balance
Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred taxation

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

2. NET INCOME

The net income is stated after charging:

3. TAXATION

The society is exempt from UK Corporation and Income Tax.

4. TANGIBLE FIXED ASSETS

£
Depreciation - owned assets209
Auditorís remuneration294
Office equipmentFictures and fittingsProperty improvementsTotals
££££
COST:
At 31 July 20033132946451,252
At 31 July 20043132946451,252
DEPRECIATION:
At 31 July 200395179279553
Charge for period3763109209
At 31 July 2004132242388762
NET BOOK VALUE:
At 31 July 200418152257490
At 31 July 2003136197366699

5. FIXED ASSETS INVESTMENTS

Swindon Town Football ClubTotal
COST:££
At 31 July 2003418418
At 31 July 2004418418
These investments are unlisted.

6. STOCKS

20042003
££
Stock on hand867859

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

20042003
££
Other debtors549
Prepayments-21
570

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

20042003
££
Accruals and deferred income2,9262,420

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

20042003
££
Society loan notes10,50010,500

10. SHARE CAPITAL

20042003
Shares of £1 each££
Share capital232250
New shares issued during period99
Membership lapsed(82)(73)
159232

The shares of the Trust have the nominal value of £1 each and may not be transferred or withdrawn. No member may hold more than one share individually or jointly.

If a member ceases to be a member, the share registered in the name of that member is cancelled and the amount subscribed for the share becomes the property of the Trust. Shares do not carry any right to interest, dividend or bonus.

The members have the rights and powers available to them under the law relating to Industrial and Provident Societies and are to decide in particular the issues specifically reserved to them by the Trustís Rules.

11. RETAINED SURPLUS

20042003
££
Restricted funds - Red Army Fund4,674-
Unrestricted funds21168
Retained surplus4,88568

12. RELATED PARTY TRANSACTIONS

During the period the society reimbursed expenses incurred wholly and exclusively for the benefit of the society to the following trustee:

20042003
££
Andrew Ratcliffe Goods for resale & sign-making materials35183
Andrew Ratcliffe Mobile phone expenses610848
961931

TRADING PROFIT AND LOSS ACCOUNT

20042003
££££
Sales
Subscriptions received1,5912,990
Fund raising income112675
Function income-116
Donations received5,249441
Sale of goods370147
7,3224,369
Expenditure
Fundraising costs194170
Goods purchased for resale26847
Printing376493
Postage and carriage190358
Telephone6101,008
Office stationery9365
Legal fees-411
Audit fees294294
Office machinery expenses-99
Rent11
Sundry24180
Donations-8,000
2,26711,024
5,055(6,655)
Other income
Bank interest received
3618
5,091(6,637)
Finance costs
652
5,026(6,639)
Depreciation:
Improvements to property109118
Fixtures & fittings6385
Computer equipment3737
209240
NET EXCESS/(DEFICIT)4,817(6,879)
Click here to join the Red Army Fund
Total raised:

£11,301

Last updated
12/07/2005

Complete the

Fans Survey and win a signed shirt!
Click here to visit our online shop
Sky Digital
Marks and Spencer
ntl broadband
Books, CDs, Video, Electricals, Toys
RAC Breakdown cover
Oddbins
MFI
BBC Shop
Carphone Warehouse
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.