The 99th Annual General Meeting of the Shareholders of Exeter City AFC Limited (Company Number 97808) was held in the Heritage Lounge last month.
Details of the financial directors' report, chairman’s update and accounts are detailed below.
In his address to shareholders, of whom the Trust is the majority shareholder, Julian Tagg gave due recognition to Keith Mason for the admirable way he has continued to transform the financial reporting and systems. He also recognised the often unnoticed work ethic, dedication and extra hours performed by all back-office staff and volunteers.
Julian also praised the 4/4 club/Trust split relationship within the club board that had functioned extremely well with each director attacking one or more aspects of club business, bringing much value and commitment. All directors see and oversee every detail of the club business, nothing is hidden.
Special mention was saved for David Lee who has done so much to deliver a new stand at no cost to the club. The directors had twelve meetings, two away days and two joint meeting with the Trust Board.
Reflected in the accounts the academy continues to excel and have ensured immense financial value and player quality.
Although a separate standalone company City Community Trust charity remains a rock bed of what the club is about. Their turnover, although not part of club the accounts, has again increased. The work it does underpinning the immense amount of goodwill from the four local councils, business and the greater Exeter area.
The club chair recommitted himself and the board to continuing tasks of developing the academy, community involvement and the club as a whole. Acknowledging that we were light years from where we started nearly 17 years ago.
Summarising the chair’s report:
Back office and board are working well;
Academy is really flying;
CITY Community Trust is really really flying;
Volunteers keep coming back and stick together;
Grecian Groups are daily growing stronger (especially Junior Grecians and Senior Reds);
Current finances say simply we are performing in every sphere;
The club is currently in great shape with the caveat that there is much to do to adapt to the reality, remain steadfast in devotion to duty and resolute to find solutions.
For a short period the AGM Meeting pack including annual accounts for the period ended 30 June 2019 are available by clicking here.