The accounts were presented to the shareholders by Mr N Hassall.

Transfer fees and signing on fees remained fairly constant - £608,580 (£636,590 y/e 30.6.09) – it was pointed out that these were the legacy of the previous managers (relating to the 2008/09 and 2009/10 seasons).  Mr N Hassall reported to the shareholders that the transfer fees received for the y/e 30.6.10 did include £850,000 (out of a total due of £1.1m) received from Derby County re the sale of James Bailey & John Brayford.

Mr N Hassall advised shareholders that the current prediction for the Financial Year Ending 30 June 2011 will be a further loss of approx £1m.

Mr N Hassall then reported on events that have happened since the Financial Year End – namely the de-merger of the company’s activities which was originally proposed and passed by shareholders in April 2009.  This de-merger occurred on 9 November 2010.  Prior to this date Crewe Alexandra Developments Limited changed its name to Commercial Enterprises (Crewe) Limited.  With effect from 9.11.10 assets valued at £6m were transferred out of Crewe Alexandra Football Club Company Ltd into Commercial Enterprises (Crewe) Ltd. As part of this process the stadium was transferred to Alexandra Stadium (Crewe) Ltd and the car park was transferred to Station Park (Crewe) Ltd. Both of these companies are wholly owned subsidiaries of Commercial Enterprises (Crewe) Ltd.

Commercial Enterprises (Crewe) Ltd took over the non-footballing trading activities carried on within the stadium  and will show income generated from room hire at the stadium, bar sales, stadium rental, etc. As a result of the de-merger Crewe Alexandra Football Club Company Ltd is now purely a football trading company – its income generated from gate receipts, transfer fees, TV income, Football League income etc. As a further result of the de-merger Crewe Alexandra Football Club Company Ltd’s fixed assets now primarily consist of the Lease and Fixtures & Fittings at Reasheath.

The Board was asked a question about the £1.2m that Crewe Alexandra Football Club Company Ltd lent to Commercial Enterprises (Crewe) Ltd during the Financial Year Ending 30.6.07 (when the company was still known as Crewe Alexandra Developments Ltd) – the accounts stated that £200,000 of the loan was repaid to Crewe Alexandra Football Club Company Ltd during the Financial Year Ending 30.6.10, leaving a an amount outstanding of £1m (shown in the debtors) – the accounts state that this advance was cleared at the time of the de-merger – the question was asked was this an actual cash repayment or an accounting adjustment?

The Board stated that the loan would be discussed fully at the AGM of Commercial Enterprises (Crewe) Ltd., following the finalisation of that company’s accounts for the Financial Year Ending 30.6.11, as it was not appropriate to discuss at the AGM of Crewe Alexandra Football Club Company Ltd because it relates solely to Commercial Enterprises (Crewe) Ltd.

The Board also advised that once the accounts for Commercial Enterprises (Crewe) Ltd are finalised it will be evident to everybody what the current ‘grouping’ situation is between the various companies. 

Share certificates are to be issued to shareholders in Commercial Enterprises (Crewe) Ltd in due course – shares have been allocated as per the ratio of shareholdings in Crewe Alexandra Football Club Company Limited.

Mr N Hassall was also asked a question regarding an ongoing investigation by HM Revenue & Customs – he advised that the investigation was currently subject to an appeal.

At this point the formal AGM ended.

As usual following the formal AGM the Board then held a general discussion with shareholders.

Dario Gradi arrived during this part of the evening.

The 1^st topic raised from the floor concerned the number of stewards present on matchdays –

The Board replied that it was the Football Licensing Authority that insisted on 80 stewards being present because all of the ground is open on match days. The alternatives are to close part(s) of the ground or increase the police presence if the numbers of stewards are reduced. Contrary to some comments that have been made, The Board stated that the stewards are employed by the football club, but an outside company are contracted to provide their training.

The Board stated that they are hopeful that season ticket prices for 2011/12 and any packages linked to season tickets will be published w/c 11^th April.

A discussion then took place on the future of Academies in England. As has been reported in the media, the Premier League have produced proposals whereby the Academy structure in England will be tiered and the PL Clubs have 1^st choice of players up to 16 and any compensation to lower graded Academies for players ‘acquired’ by the higher Academies is fixed based on the level of Academy the player has moved from – therefore under these proposals CAFC would be in the bottom level – regardless of our history at producing players. The Board reported that the Football League hae opposed these proposals and a number of clubs inc. ourselves and Middlesbrough have expressed grave concerns as to the future viability of their Academies if they are to receive fixed compensation payments. Mr Bowler advised the shareholders that the proposals are currently subject to a redraft.

The state of the pitch was then discussed. Mr Clayton advised that the problem was the sand base of the pitch, which meant that the grass doesn’t take a deep enough root. The experts have a different solution to the problem that he does. Several board members (inc. Dario) see the future as being 3G Pitches – both for consistency of playing surface and constant availability and the possibility of generating extra income through constant use.

Next season’s playing quad was then discussed. Dario stated that he would be looking at adding more height to the team – particularly in defence and midfield – as it is likely that the forward line lack height. Possible that the loan market will be utilised more – he also stated that 2 players from the youth team will break through – but he would only name Max Clayton.

Other points made by Dario –

·         Some of the clubs in our league who are pushing for promotion are not looking at long term stability – they do not develop players that they can sell on – therefore he does not see how they can sustain the funding on crowds of less than 2,000

·         Dario summed the season up as ‘if Clayton scores his 1 on 1s and the defence don’t make silly mistakes’ we would be fine

·         No club has made any enquiry about Clayton or Shaun

·         He could sell the Academy players before they break into the 1^st team – but he doesn’t want that and he feels the supporters don’t want that either

·         Carl Martin has a year left on his contract – unfortunately Dario hasn’t been able to work with him on becoming a better footballer because he has never been fit long enough

·         The club can currently only afford to offer players a basic salary of between £900 & £1,000 per week – all those who signed contract extensions this season are on those terms and if we made offers to those who are out of contract these the terms they will be offered