Exeter City Supporters' Trust Fans' Forum Overview

Introduction

Please find below a clarification of part of our summary of the recent Fan's Forum. We understand that the sentence regarding resignations in relation to the operational review may have led to some misinterpretation. This was not our intention. The sentence has now been amended to say:

A comprehensive internal review of the Club’s business operations has been underway for seven weeks, with the support of external financial professionals. Completion is expected within 3–4 weeks.

The Fans’ Forum was chaired by Peter Ferile and presented by Interim Chair of the Club Board and long-standing Supporters’ Trust Trustee Clive Harrison. Clive opened the evening by acknowledging the challenges faced by the Club in recent months and expressing gratitude to staff, volunteers, and both Boards for their commitment during this period.

He explained that his role was to speak on behalf of the Club Board, and that while not every question could be answered due to confidentiality requirements, the session aimed to provide clarity, reassurance, and transparency where possible.

Governance and Conduct

• The Club is currently undergoing an independent internal review. To protect its fairness, integrity, and legal obligations, the process must remain confidential until completed.

• Questions concerning individuals could not be taken. Any unanswered queries from the Forum will be published with responses on the Trust website within three days.

• Clive addressed the issue of abuse directed at staff, volunteers, and directors, reminding attendees that while constructive debate is welcome, personal attacks, defamation, and online speculation are unacceptable.

Transparency and Communications

• Exeter City has once again ranked first in the Fan Engagement Index (2024/25), for the seventh consecutive season, ahead of 91 other EFL clubs.

• The Club’s transparency was highlighted as a strength, though Clive cautioned that there are occasions when legal or commercial sensitivities restrict the information that can be shared.

• Misinformation and speculation on social media were identified as damaging, particularly during periods when limited information can be disclosed. Both the Club and Trust communications teams were commended for their professionalism during these challenges.

Financial Position

• In June 2025, the Club identified a potential cash flow issue. A £400,000 contingency loan from the Supporters’ Trust ensured financial obligations were met and enabled early squad recruitment.

• Contextual figures:

  • Annual turnover: approx. £6.5m

  • Average monthly salary bill: approx. £500k

• The loan was described as part of the normal responsibilities of supporter ownership, comparable to owner injections at other clubs.

Summary of Trust loans to the Club

Reason	Date Paid	Amount	Notes
CHTG (Cliff Hill Training Ground freehold)	09/05/2024	£104,056.40	Not intended to be repaid; property to Trust when appropriate.
OTR ( Park Building & Fan Zone)	28/06/2024	£150,000	As above.
OTR ( Park Building & Fan Zone)	30/10/2024	£100,126	As above.
Contingency loan	23/06/2025	£200,000	12-month term subject to extension by agreement.
Contingency loan	24/06/2025	£200,000	As above.

Internal Review and Budgeting

• A comprehensive internal review of the Club’s business operations has been underway for seven weeks, with the support of external financial professionals. Completion is expected within 3–4 weeks.

• Early findings have required financial realignment across the business, including revisions to the draft budget.

• Playing budget:

  • The men’s first-team budget will remain at the same level as last season’s starting point, although last January’s uplift was noted.

  • The women’s team operates under a separate budget, supported by a Club guarantee during their transition to tier three and semi-professionalism. The long-term objective remains for women’s football to become financially self-sustaining.

Key Clarifications

Clive addressed speculation directly:

• No funds are missing.

• No inappropriate withdrawals of money have taken place.

• The Club remains financially stable, albeit operating within the challenges of League One.

• Lessons will be learned from the review, with findings to be implemented appropriately.

• Historic Companies House charges are being removed from records; there are no plans to secure property loans.

Club Finances & Oversight

·       Q: How were the club allowed to have a potential shortfall of £400,000? Was there no oversight from the Trust?

A: This is a subject covered by the review.

·       Q: Did the Trust sign off the Budget, and was any external investment included?

A: Last season’s budget was signed off. No external investment was included, nor is there any in the proposed 2025/26 budget.

·       Q: What is included in the management accounts, and how often did the Trust receive this information?

A: This is a subject covered by the review.

·       Q: What measures are now in place to ensure the Club does not again need a loan for a potential financial crisis?

A: Learnings will form part of the review. However, there are no absolute guarantees. As owners, the Trust may be required to support the Club financially again, just as owners of other clubs inject funds when needed.

·       Q: Has the Trust loan proved sufficient, or will further funding be needed?

A: The loan has allowed the Club to trade normally. League One remains financially challenging, but there will be no external investment without the Trust Members’ agreement.

Q: If June is a tough month for cash flow, how is the £400,000 loan to be repaid in June 2026?

A: The loans are formal agreements but open to renegotiation if necessary. The Trust would not seek to disadvantage its own club.

Trust Governance & Responsibilities

·       Q: How can trustees be better equipped to represent members’ interests on the Club Board?A: Legally, directors represent all shareholders, not just the majority shareholder. Personally, I always keep the Trust model at the forefront of my decision-making.

·       Q: How would you describe the relationship between the Trust Board and the Club Board?

A: A Healthy challenge exists, but it is a myth that the Boards are constantly at odds. Debate and scrutiny are vital, but decisions are made democratically and respected.

Shareholding & Ownership

·       Q: What is being done to secure 75% Trust ownership of the Club?

A: There is a renewed focus from both Boards to resolve the long-standing shareholding issue.

·       Q: Can the Trust provide a written update on shareholders and next steps?

A: Not at this stage, but this will be reported back.

·       Q: Are there plans to seek external investors?

A: No. Any proposal would be put to Trust Members before proceeding.

 Club Operations & Staffing

·       Q: What revenue shortfalls or cost increases led to the loan?

A: The review has highlighted the need for financial realignment and cost savings across the Club.

·       Q: Can you explain the 115% increase in non-playing staff?

A: Investment in backroom staff supported Gary’s footballing approach, but the realignment has since led to redundancies and restructuring.

·       Q: Have any suppliers been left unpaid?

A: No. All suppliers have been paid in line with due dates.

·       Q: Why was Chunk of Devon dropped as a supplier?

A: A statement has been issued (or will shortly be issued). The decision was for logistical reasons, but product quality will continue to be monitored.

·      Q: Can we have full costings, budget comparisons, and attendee lists for La Manga and Bovey Castle trips?

A: No Club or Trust directors attended. Further detail cannot yet be provided.

Leadership & Appointments

·       Q: What are the plans for permanent leadership appointments?

A: I will serve as Interim Chair until the AGM, at which point I must stand down as Trustee. There are no current plans to appoint a CEO. The governance structure will be reviewed in the coming months.

Specific Projects / Decisions

·       Q: Who fitted the recovery room, and was due diligence followed?

A: The contractor’s name cannot be disclosed for commercial reasons.

·       Q: What efforts are being made to recover funds from the failed project?

A: The Club is pursuing legal action.

·       Q: Has the ‘Jungle Path’ land purchase been completed?

A: This is delayed due to conditions within Network Rail’s contract. Discussions continue.

Fan & Community Engagement

·       Q: Fans feel disenfranchised under fan ownership – what is being done?

A: Events such as this Forum and the Supporters’ Roundtable are designed to improve engagement. Communication remains key, though expectations must also be realistic.

Q: What is the Club and Trust’s financial contribution to the Women’s team in 2024/25?

A: The Trust contributed £1k last season and £12k this season. The Club provides a financial guarantee as the team transitions to tier three.

Post Forum Questions

Q: On the 8th of August, the club released a statement saying that an internal review had been undertaken. Was this review of the departures of two senior departures or that a number of ambitious financial forecasts were not realised as expected?

A; We are undertaking an internal review of our position as a business; this is being conducted by a small team of staff who have been working extraordinarily hard on this, supported by both boards. This is a thorough and complicated process which has so far taken around seven weeks. Some of the findings of the review are being further scrutinised by an external financial partner in order to understand any learnings. It is expected that it will take another 3 to 4 weeks before the process is completed. - CH

Q: With the review of trust communications just focusing on the methods of communication, is there going to be a review of what is actually communicated?

Meeting minutes are only published on website well after the meeting, over one month. July minutes still not on website?

A: This has been a difficult time in which there has been a vacuum of information, little we can say, a time in which both Comms leads, Trust and Club, have faced the most unenviable situation, they have both performed amazingly, Comms isn’t all about what you say, it’s about how you deal with the things you can’t say and I have the utmost confidence in both of them.

Our priority has been and continues to be to ensure absolute clarity about the situation and to avoid unnecessary concern that could have caused harm. We have taken on board comments about communication from both the Club and Supporters’ Trust and are committed to improving this. - CH

Meeting Minutes are approved at the following month's meeting, and published shortly after.

Q: What measures are now in place within the trust to ensure that the club does not again need a loan for a potential financial crisis?

A: Learnings will form part of the review process, however there are never any guarantees about when investment in the Club by the owners, the Trust, is preferable or required. The loans for the two properties, for example, have been hugely beneficial to both Club and Trust. The recent loan has allowed the business to function normally and our managers to recruit early. I think it would be difficult to find another club in which the owners do not contribute toward its running. - CH

The review identified that a number of ambitious financial forecasts were not realised as expected. Why is it therefore not possible for the trust to answer questions on what has happened?

The review isn’t yet complete, we envisage it taking another 3-4 weeks, we will report on its conclusions once complete. It’s important not to prejudge its final findings. - CH

Q: I seen two positions advertised for employment at ECFC. Both positions had a very small window until the closing date (five or so days before the closing date, including a weekend). I believe this to be a most unusual practice.

A: If we want to employ the highest calibre of people at our club we could maybe look at our HR practices so the net is cast further to attract the best talent. Is this something the Trust could raise with ECFC?

Q: What is the process for identifying a need for expertise through appointing non-executive Club Board members (as opposed to consulting with people without appointing to the Club Board), and how are these members identified and appointed?

A: Any board requires a cross section of skills, business acumen, leadership, communication, strategic thinking and financial management. Two of the independent voting Directors, Clive Bawden and Jonathan Harte, were appointed following an open recruitment process in response to national advertising. They were recruited based on their skills and business experience. Andrew Rothwell has been an Independent member of the board for some time and provides his legal skills. Other specific skills and experience are provided by our associate/non-voting directors, including Comms and Football. - CH

Q: Who within the trust thought it was a good idea to send out the communication about increasing the membership fee after throwing £400,000 at the club significantly reducing the trust funds available?

A: The Trust Board have been discussing an increase in the membership fee for some time. The strategy for this includes the survey recently sent and was reported on at the fans forum. This follows discussion at a Supporter Experience Roundtable meeting last season. The feedback from this was that a rise was necessary and justified. While the timing is coincidental, the current situation does highlight the difficulties with respect to fan ownership and keeping pace with those around us. The membership fee has not been increased before.

Q: Are there any topics where Trustees on the Club Board are unable to share information with the Trust Board, and if so, how does this allow for sufficient oversight of Club Board operations? If this is the case, how is a culture of deference (within the Trust Board) to these individuals avoided?

A: It is rare. however, some personal employment information, for example, could be withheld; in this case more generic discussion is held. The CTA defines the Club's absolute obligations, but we talk about behaving in the spirit of the CTA, not just the strict obligations. All directors, Trust and Independent, are appointed/reappointed on an annual basis.

Q: Could you please confirm that someone has been tasked to produce a written update for members detailing all the remaining Club shareholders and their individual shareholdings, and itemise the steps that need to be taken next to secure a 75% shareholding for the Trust?

A: You can find further information via this link https://www.exetercityfc.co.uk/ownership-statement and additional information on next steps will be discussed at the Trust Board Meeting.

Please note: Questions asked via VeryConnect following the forum will be answered directly on VeryConnect

Conclusion

Clive closed by reiterating that both the Boards, staff, and volunteers are working collectively to ensure Exeter City continues to progress on and off the pitch. While not every question could be answered on the night, the Club remains committed to transparency, respectful communication, and delivering another successful season in League One.

Part 2 - Trust Update

The second section of the forum was led by Interim Trust Chair Nick Edwards, who provided members with a detailed update covering three key areas: the upcoming Trustee elections, the Annual General Meeting (AGM), and Trust memberships.

Nick explained that full information regarding the Trustee election process will be released shortly. On this occasion, there will be five positions available on the Trust Board, offering members an important opportunity to play a direct role in shaping the future direction of the Trust. He strongly encouraged as many members as possible to consider standing for election, highlighting the value of having a wide range of voices and experiences represented at board level.

The outcomes of the election will be formally announced at the AGM, where members will also have the chance to engage further with the Trust’s progress and plans. Nick emphasised that participation, whether by standing for election, voting, or attending the AGM, is central to ensuring the Trust remains a vibrant, democratic, and member-led organisation.

Nick then moved on to clarify some of the uncertainty surrounding the recent Trust Membership poll. He explained that the Exeter City Supporters’ Trust had circulated a poll to all members asking for their opinions on a potential rise in the minimum monthly membership contribution.

Importantly, Nick stressed that the purpose of this exercise was not to seek formal approval or to implement an immediate change. Instead, the poll was designed purely as a way of gathering feedback and gauging members’ initial views on the idea of introducing a modest increase to the minimum subscription level.

This information will help guide future discussions and ensure that any decisions made by the Trust are reflective of the wider membership’s perspectives. The results of the poll, which are displayed below, provide an early insight into members’ feelings on the matter and will form part of the Trust’s ongoing conversations about sustainability and growth.

The next Trust Board meeting will take place on September 8th, 2025.