Dave Williams and I attended the KHFC Annual General Meeting last night as KHIST representatives – John Davies was also there in his capacity as KHFC Director.
The meeting was quite straightforward with Mark Serrell recapping in his Chairman’s Report the Club overcoming 2 Winding Up Notices and covering the proposed takeover by Chris Swan. He thanked everyone (without singling out anyone in particular, but mentioning the importance of the Twitter campaign and media coverage) for all their considerable efforts and contributions, which had helped the Club to clear £270,000 of debt, and looked forward to everyone working together for the benefit of the Club. He did though thank Dave Reynolds (not present) for writing off his Loans, and Karl Davies (also not present) for keeping the situation in the media spotlight. He also thanked Keith Chandler, Wayne Allen, Joe Hancox and his wife, Ruth, for all their support especially during the Club’s difficulties.
Joe Hancox presented the Audited Accounts to 31 May 2011 (already published on the Club’s website) which show a small profit of £1702 for the year. However, he pointed out that this would not have been achieved without Dave Reynolds’ Loans of £120,000 being written off, and also the donations received in early 2011. Share capital had increased from £1,673,454 to £1,755,729 in the financial year. He confirmed that currently payments (VAT, PAYE, etc) are up to date.
The floor was then opened to questions.
We were advised that the initial budget had been affected by player injuries and that breakeven is now projected on an average attendance of 1800. The money from the Droylesden Trophy win had not been included in the revised budget and neither has any income from subsequent rounds. The Chairman stated that the Club was in a position where it did not need to sell any players.
Some further information on the finances was then provided with the aid of pie charts prepared by Mark Serrell. These showed that for the year to May 2011, matchday income accounted for 29% of the Club’s income (forecast at 33% for the current year), Donations and Loans 24% (13%), bar takings and hospitality 11% (13%), season ticket sales 9% (13%), the remainder being more widely spread.
Team and management costs last year were 51% (forecast at 60% this year), stadium costs 15% (same), office costs 10% (5%), with the remainder again spread.
There were no other major issues and the meeting closed at 20.05.