----""'----------_..._._...

--
rGOMPANIES "OUSE
\
0 1OCI \99\
M 37
THE EVERTON FOOTBALL CLUB COMPANY lli\UTED
_________ -._0.__••. __._.
ANNUAL REPORT
AND
----- --,
STATEMENT OFACCOUNTS
--._-_..__.- '--'--"---
____ __.__.. T3!sf 19 ..,, __._..,.....> __ ..

THf. EVERTON FOOTBAll CLUB COMPANY LIMITED
NOTICE OFMEETING
NOTICEISHEREBY GIVENthat the one hundred & twelfth
Annual General Meeting('Ifthe Companywill be heldat the
offices of The Everton Football Club Company Limited,
Goodison Park, liverpool L44EL, uuThursday the 15th Day
of August, 1991, at 7.00 p.m. to receive and consider the
Report of theDirectors, andtheAccounts for theYear ended
31 stMay,1991, toelect Directors, tuappointAuditors forthe
ensuingyear, andto fix theirremuneration, andto transact any
otherbusiness whichmayhetransac'ed attheAnnual General
Meetingof the Company.
TheTransfer Booksof theCompanywiII beclosed untiI 16th
August, '991.
ByOrder of the Board.
J. GREENWOOD, Secretary,
Coodlso.i Park, Liverpool L44EL.
11 th July, 1991
Admission on Presentation of
Annual Report
Noticeisalsogiventhat aMemberof theCompanyentitledto
attend and vote at the above Annual General Meeting is
entitledtoappoint a proxy toattendand vote insteadofhim,
and that the proxyneed not be a memberof the Company.
Pmxies must be lodged at tile Registered Office of tile
Company, not less than 48 hours before the lime of the
Meeting.
3
Directors
Sir Philip D. Carter C.B.E., Chairman
D. H. Pitcher, DeputyChairman
A. W. Waterw''lrth
J( M. Tamlin
1,1, A. B. Newton
D. M. Milrsh
W. Kpnwright
Secretaryand Registered Office
J. Greenwood,
Goodison Park, Liverpool L44EL
Manager
H. Kendall
Bankers
TSB Bank pic
Auditors
Rogers, Bowler &Co.
THE EVERTON FOOTBALL O.UB COMPANY LIMITED
CHAIRMAN'S REPORT
Ihavepleasure insubmitting the Financial Report and
Accounts.
We were illl to welcome hack
Kendall as ourManager- hewasre-appointed on the6th
November, 1990. .
Theseason started verybadly; inthefirst halfweplayed
19games, won4, drew6and lost 9, butin :.\:.' ond half
we played19, won9. drew6 and 10514.
Itwasalsosignificant thatprlortoHoward rejoining us
weonlvachleved 2points from 5awaygames, butdurlng
the remainder oftheseasonwecollected 17nolnts from
the remaining 14awaygames.
Our partlclpation in the three Cup Competitions was
varied. Although we 'ost to Sheffield United in the 3rd
Round of the Rumbelows Cup, we made progress to the
5th Round of the FA Cupforthe secondyear, thistime
losing toWestHam United. This wasafter twomagnificent
replays against Liverpool inthe 4th Round. I amsureall
fans will neverforgetthe stirrlng-l-a result at Goodison on
Wednesday 2Qth February 1991. We d welcome
return toWembleyintheZenith Data Systems CupFinal.
butuntortunately lost 4-1 toCrystal Palace after extra time.
The Manager and Board acknowledge that a
considerable amountoffurtnerstrengthenlng is required
to the first team squad. The Board has confidence in
Howard Kendall andisproviding financial backing for him
in his quest foradditional players.
In thePontin's league we finisheci fifth, andtheATeam
finished credltable third in the lancashire Football
League,
Sincehisre-appclntrnent asManager, Howard Kendall
has re-organlsed his backroom staff, and we were very
4
pleasedto welcome ColinHarvey as First TeamCoach.
This move re-establishes the successful management
partnershipofthemid80's. limm'l Gabdel wasappointe.d
Reserve TeamCoach and Ray Hall, Youth Development
Officer. Jim Barron wasappointed Youth TeamCoachbut
hassincelefttotakeupa position with Aston Villa. Brian
Greenhalgh became Chief Scout andJim Martin occupies
the nEM postof Kit Manager.
During lastvc irv-e wereagaininvolved inthe transfer
market buymg Pi dy Hinchcliffe, Mike Milligan, Robert
Warzycha andGe'ry Peyton.
Players transferred outwereMike Stowell, Neil Poynton
andMike Milligan.
Wewereextremelysorrytolosetheservices ofNorman
Whiteside due to a sed. rsinjury. He hadto retire from
football completely and we wishhimwell in his future
career.
International Honours
Wales N. Southall, K, Ratcliffe
Scotland S. McCall, P. Nevin
Eire K. Sheedy
Po/and R. Warzycha
England: /27 J. Ebbrell (Captain)
Wa/C:!s J M. Ebdon
The re-admission or English Clubs into European
Competitions was most welcomeand in particular WI2'
must congratulate Manchester United for their ii.le
performance inwi nni ngtheEuropean CupWinners Cup.
Thegreater the success by English teams in Europe, the
soonerthenumberofplaces available tothisCountry will
increase. Weall look forward totheopportunltles, which
these European Competitions offertothesuccessful Clubs
in the English league.
• •
THEEVERTON FOOTBALL CLUB COMPANYLIMITED
REPORTOF THEDIRECTORS
Principal activity
Theprincipal activityofthe Companycontlnuestobethatof
a Professional Football League Club.
Directors
Thedirectors inoffke intheyearandtheirbeneficial interests
in the issued ordinarysharecapital were as follows:
Fixedassets
FuII detaiIsofthechanges totheFi xedAssets areshown inthe
Notes to the Accounts.
Auditors
Theauditors, Messrs. Rogers, Bowler & Co.,will beproposed
for re-appointmentin accordance with Section 384 of the
CompaniesAct19R5.
Inaccordance withthe Articles of Association Mr. D. A. B.
Newtonand Dr. D. M. Marshretire by rotationand, being
eligible, offer themselves forre-election. Nominations have
been receivedon behalfof Messrs. G. H. E. Birch, and P. L.
Parry.
Review01business
Theresultsof the period's trading aregivenon page70fthe
accounts.
The net loss for the year is £620,213 after the transferof
£500,000 from the Transfer FeeReserve.
Since the end of the financial year, two playershave been
transferred out andone playertransferred in, witha net profit
to the Companvof £766.000. The Directors are currently
involvedinother transfer negotiations withthe objectiveof
strengthening the team in order to compete for majur
honours, inthe forthcoming season.
Theloss on "footbaII activities" is£25S,821, campared with
£536,468 last year, Profit from donations and other
cc: -mercial activities increased only marginally from
£':J. J,892 to£964,854 withdonations from GoodisonPark
Promotionsfalling (-.)01 £113,573 to£58,938. Duringthe
coming'lear Goodison Park Promotions intend to revamp
their Lottery schemes with a viewto reversing the present
decline in profits.
The Directors consider the stateof the Company'saffairs at
the yearend to be satisfactory.
Sir philip D. CarterC.B.E.
Mr. D. H. Pitcher
Mr, /'I..W. Waterworth
Mr. K. M. Tamlin
Mr. D. A. B. Newton
Dr. D. M. Marsh
Mr, W. Kenwright
31st May
1990
£
93
8
7
lS
3
7
.3
31st May
1991
£
99
13
7
16
5
10
7
SIR PHILIP CARTER C.B.E.
Chairman
Dividend
TheDirectors do not recommend thepaymentofadividend.
6
Byorder of the Board
\
/
, ,
. ,
~ l ( . ; ' o ~
~ ~
THEEVERTON FOOTBAll CLUB COMPANY LIMITED
CHAIRMAN'SREPORT continued
Our average Leagueattendances wereonce(\gain down
on thepreviousyear to 25,027, a reduction0.' 4.7%.
Incomefromour mainfootball activitiesincreased from
£4,244,366to£5,127,143, resultingin animprovement
in our deficit on"football activities".Theloss forthlsyear
was£255,821 compared with £536,468 in 1990.
Income fromour other activitiesshowed anincrease
from£1,798,278 to£1,988,687 in spiteof disappointing
figures for donations fromGoodison Park Promotions,
which fell from£113,573 intheprevious
Compensation payments and transfer fees during IIIe
YP;jr "hOWM " I1Pt 0f £1,829,246, compared \v,ch
£497,416 and after taking into account t:,e reserve of
£500,000 created last year, the net loss for the year is
£620,213.
The implementation by Everton F.e. of the
recommendations within theTaylorReportarenowwell
advanced andfor thestartof thecomingseason Gwladys
Street Terrace will becompletelysealed. Thiswill reduce
our overall capacityto 38,500 of which 36,400 will be
seats. Theregular development andplanningofGoodison
Park stadium over many years has placed Everton F.e.
well in advance of many other First Division Clubs
regarding theultimateobjectlveof achievinganall-seater
stadium.
Plans havebeen produced forthere-development of the
End with a new two tier cantilever stand seating
6,000, which would resultin Fverton F.C. havingoneof
the few all seater stadia in tlu, U.K. with a capacity in
excess of 40,000.
5
Additional Improvements whichareunderconsuucuon
durlngtheclose season are(1)Therelayingofthe playing
surfaceand(2)There-construction of theTicket Officeand
DevelopmentOffice Complexto provideaconsiderably
improved service to supporters. We see the Dial A Seat
Servicebeingexpanded considerably, which will make it
very mucheasier for supporters to secure a seat.
NEC, our Shirt Sponsor, continue togive theClub full
support andthey haveextendedtheir sponsorship for a
further year.
Discussions011 the F.A. Premier league continue, and
we areconfident thattheleadgivenby theF.A. for there-
structuringof football into the next century will be of
benefit to fans, clubs and players. We at Evprton look
f01\4, ardto beingone of the major participants in such a
rc-organisation.
1would like to placeon recordmy thanks for the help
andsupport J havereceived duringtheyearfrommembers
of theBoardandChief ExecutiveJim Greenwoodandhis
staff. We wish HowardKendall, hisstaffandplayersevery
success for theseason ahead, andwe look forward with
confidenceto thefuture.
SIR PHILIP CARTER C.B.E.
Chairman
11thJuly, 1991
This is to certify that t ~ i s is a t r u ~ copy of yhp Balance Sheet
. ,..
handed to Members of the Company at the Annual General Meeting
held on 15th August lB91.
---------------------
THEEVERTON FOOTBALL CLUB COMPANY LIMITED
BALANCESHEET ASAT31st MAY1991 Director ~ ~ ~
Notes 1991 1990
£ £ £ £
Fixed Assets
Tangible assets 2 7,024,073 4,800,872
Current Assets
Stocks 3 84,733 56,190
Debtors 4 865,071 865,363
Cashat bankand inhand 11,568 104,314
961,372 1,025,867
Creditors:amountsfalling due withinone year 5 3,178,716 7,509,675
Net Current Liabllltles (2,217,344) (483,808)
-----
Total Assets lessCurrent liabilities 4,806,729 4,317,064
Creditors:amountsfalling due after more
than one year (75,450)
Net Assets 4,806,729 4,307.674
Representing
Capitaland Reserves
Calledupsharecapital 6 2,500 2,500
Revaluation reserve 7 4,541,669 2,976,341
Other reserves 7 500,000
Profit and loss account 7 262,560 882,773
4,806,729 4,301,674
Signed onbehalfof theBoard,
whoapproved theaccounts on 11thJuly, 7997
SIR PHILIP CARTER C.S.E JDirector'
D. H, PITCHER )
8
..
THE eVERTON FOOTBAll CLUB COMPANY LIMITED
PROFITAND LOSSACCOUNT FOR THE YEAR ENDED 37st MAY
Notes 1991 1990
£ £
Income
Gatereceipts and Income fromrelated footbaltlng actlvitles 5,127,143 4,244,366
Trading andother income 1,929,749 1,684,70.5
7,056,892 5,929,071
----
Expenditure
Costof goods for resale 717,509 632,.515
Staff costs 8 3,973,338 3,209,037
Training, travel, match andotherexpenses 679,170 670,275
Groundexpenses and maintenance 97,279 343,822
Utilities 363,815 368,134
Depreciation 2 154,490 121,123
Auditors'remuneratlcn 6,000 6,000
Otheroperanngexpenses 366,051 313,405
6/357,652 5,664,311
Balance beforetransfer fees 699,240 264,760
Add: Transfer fees receivable 612,548 3,214,484
Deduct: Transfer fees, compensation etc., payable (3,711,900,
Operatingloss !,130,OO6) (232,656)
Add: Interest receivable 27,441 42,Q26
Deduct: Interest payable 9 (76,586) (26,835)
---
Loss on ordinaryactivities beforetaxation (1,'79,151) (216,565)
Taxation re ordinary activities 10
Loss on ordinaryactivities after taxation
(1,179,151) (216,56.1;)
Add: Donations receivable 11 58,938 11J.573
Transfer from Transfer Fees Reserve 7 500,000 500,000
Deduct: Transfer toTransfer Fees Re-serve 7 (500,000)
-----
Loss transferred to reserves
(620,213) (10",992)
7
THl: EVERTON FOOTBALL ClU8 COMPAN",' LIMITED
STATEMENTOFTHESOURCEANDAPPLICATIONOFFUNDSFOR THEYfARENDED31st MAY 1991
(1,179,151) (216,565)
134,490 121,123
-..• .>.=__.-
(1,024,661) (95,441)
58,936 1J:l,573
51,840 23,300
295,860 62,1.193
68,000
---
(550,023) 704,.3.!4
1,100,063 193,964
77,329 84,360
1,177,392 278,324
(1,727,415) (174,000)
(28,543) 13,086
292 1,194,919
321,052 (939,257)
292,601 266,748
(1,434,614) 94,748
--- -----
(1,436,384)
~ . l , '56
1,770 1,792
.r:...
(1,434,614)
-,
94
748
'I ",
----
; .
.,
Source of funds
Funds generated (rom operations:
Profit/CLoss) on ordinaryactivities before taxation
Adjustment for items not usingfunds-
Depreciation
Funds from othersources:
Donations receivable
Saleoffixed assets
Grantsfrim The Football Trust
Loan frombrewery
Totalfunds fromall sources
Applicationof Funds
Purchase of fixed assets
Repayment ofloans
Movement inWorking Capital
Decrease/(increase) instocks
Decrease/(increase) indebtors
IncreasE:'/(denease) increditor"
Decrease in net liquidfunds (1900: increase)
Comprising increasel(decreases) in:-
Bankbalances
Cash in hand
9
1991
£ £
1990
£ £
THE EVERTON CLUB COMPANY LIMITED
NOTES TOTHE ACCOUNTS FORTHE YEAR ENDED 31stAfAY 1991
1. Ac-counting Basisand Policies
Theseaccounts havebeenprepared onthehistoricaIcostbasisofaccounting asmodifled toindudevaIuatlons ofthecrub's
properties, andinaccordance withaccounting policies conslstentwith thoseadoptedpreviously, andsetout inthe> following
notes where appropriate.
2. Tangible Fixed Assets Plantand
Properties equipment Vehicles Tot,ll
£ £ £ £
Cost or valuation
At 1srJune 1990 4,436,42b 643,550 276,897 5,356,873
Additlons 792,245 98,485 209,333 1,100,063
Grants (276,468) (19,392) (295,8601
Di)f.'u)al:. (.. 195,663)
Revaluation adjustment 1,625,328 1,625,328
----- ---
At31slMay 1991 6,577,531 722,643 390,567 7,690,741
---
Cost 77,531 722,643 390,56i 1,190,741
Valuation inArml1991 6,500,000 6,500,000
0 __"
6,577,531 722,643 390,567 7,690,741
--
--'-'
Depreciation
At 1st June 1990 451,425 104,576 556,001
Providedduringyear 67,805 86,685 154,490
On disposals (43,823) (43,823)
At31stJune 1991 519,230 147,438 666,668
--
Net book value
At 31st May 1991 6,577,511 203,413 243,'29 7,024,073
At 31st May1990 4,436,426 192,125 172,321 4,800,372
The Club's propertles are freehold, withthe exception ofcertainmillUI It:'!l,,lential properties which are longleasehold.
TheClub'spremisesat CoodisonPark andBellefieldwererevaluedat .£6,450,000 byGeraldEve & Co.,CharteredSurveyors,
as atthe30tn April 1991, onthebasis ofopenmarketvalue fortheirexisting use, andtheirbookvalueadjustl'd accordingly,
togetherwithft,oseof certainminor residential properties whichWNe revaluedbythe Directorsat theirestimatedmarket
value. The on revaluation amounting to£1,625,328 has been credited 10reserves.
10
Cost
Aggregate depreciation
If the fre-hold properties had not been revalued rf'gularly 1983thC'y" would have bl'flU 1mluded at the toII0\\ 109
amounts on the basis previously 1991 1990
£ £
2,216,384 1
137,8,51 IH.4!f.1
Net value 2,078,533 1,498.12";
Itis theClub'spolicyto maintain the valueand extendthe Iifeof itspropertiesbyregularexpenditurechargedtorevenue,
and to revalue the properties everyfouryearsandadjust the bookvaluesaccordingly, Having regard tothis,depredation
isnot providedonfreehold properties asthedirectorsare oftheopinion, inthecaseof some properties, thattheirestimated
residual valueexceeds their bookvalue, and in thecase of other properties, thatthesuminvolvedwould beimmaterial.
Depreciation onother fixedassets has been calculated at25
6
/a onthe book value.
3. Stocks
Stocks are valuedat the lower ofcost and net realisable valueandcomprisethe following:-
1 1990
£ £
Refreshments andsouvenirs 82,816
273
Maintenancestocks 1,917 1,917

%.190

4. Debtors
Tradedebtors 375/836 453,.309
Other debtors 296,720 1$7,420
Prepayments andaccrued income 192/515 160,374
-
---
865,071 86.;,363
5. Creditors: amounts fallingdue withinoneyear
Trade creditors 798/235 648,597
Social security and othertaxes 159/270 133,762
Pension scheme premiums 536 9,414
Other creditors 13,980 S,b77
Accruals anddeferred income 796,648 649,967
1/768/669 1,447,617
Bankoverdraft 1,341,868
Bankloan 53,808
loans from brewery 68,179 8,250
1,178/716 1,509,675
11
6. CalledUpShareCapital
2,5UO £1 stock units
Allotted, issuedand tully paid: 2,500.. 1stockunits
1991
f
2,500
2,500


2/;00
7. Reserves
Revaluation reserve
Balance at 1stjune 1990
Adjustment on revaluation of properties
Balance at 31 st May 1991
Transfer fees reserve
Balance o.t tst lune 1990
Transferred to profit and lose; account
Transferred from profl: and lossaccountin respect offuture
expenditure authorised bythe directors
Balanceat 31st May 1991
ProfitandLoss ,Account
Balance ar 1st June 1990
Loss (or theyear
Balance at 31stMa\ 1991
8. Particulars of Employees
Theaverage weeklynumberof employees during the year wasasfollows:-
Playing, training and management
Maintenance and adm.nlstratlon
Catering andsales
Theaggregate payroll costsoftheabove persons wereas follows:
Wages andsalaries
Social security costs
Other pension costs
2,916,341 2,Qlh,
1,625/328
4,541,669 2,916,347
----
500,000 .500,000
(500,000) (SOO,OOOl
500.000
-
SOO,OGO
882,773 985,765
«(;,20,213) (102,992)
262,560 882,773

47 47
29 29
33 31
109 707
3,455,256 2,657,158
298,313 232,842
219,769 .319,037
3,973,338 3,209,037
Otherpension costscomprise contributions made bytheCompany inrespectofthemajority ofitspermanentemployees
to pension schemes independently admln'stered by the Football League Limited, together with contributions made to
individual pension contracts underagreements with certain employees. All pensionarrangements aredefined contribution
schemes.
Thedirectors received noemoluments from the company duringtheyear.
12
9. Payable
On bank loans andoverdrafts
On other loans
1991
£

1990
£
2iJ,4·:/)
1,3
1H
'10. Taxation
No taxationarises on theresults of theyear.
In view of thecontlnulng use of the fl eehold properties no provision isconsidered necessary in respect of thl' potcntlal
tax liability which might arisein theevent of thedisposal of thepropertiesat theamountsatwhich theyareincluded in
these accounts, andin the opinion of thedirectorsit js impracticableandof no useful purposeto anernptto qcantify it.
11. Donations Receivable
Donations receivablecomprise amounts receivable {rom the various Everton development associations, reduced by
expenses relatingthereto.
12. Future Capital Expenditure .
Capital expenditurecontracted for but not provided{or in these accounts amounted to £610,375 Nil
Furthercapital expenditureaufhorlsed thedirectorson whrch ordershadnot beenplaced
prior tothe Balance Sheet dateamounted to £39,510 £432,350
REPORT OF THE AUDITORS TO THEMrMB[RS OF THE ClUIl CGMPAN\' LIMITED
We haveaudited theaccountssetout on pages 7 to 13 in accordance with Auditing Standards.
In our opinion, theaccounts giveatrueandfair viewof thestate of thecompany'saffair." atthe3 1stMay 1991andof itsresults
andsourceandapplicalion of fundsfor theyearended on thatdate, andhavebeenproperly prepared in accordance with the
Companies Act 1985.
ROGERS, BOWLER & CO., Chartered MI."ollntants, Birkenhead. 11thJuly 1991
13
l'Hi FOOTBAll CLUB COMPANY LIMITED
OFTHE 111th ANNUAL GENERAL MEETING
THE 111th ANNUAL GENEItAL MEtriNG OF THE
EVERTON FOOTBALL CLUB CO. LTD., AT
PARK, LIVERPOOL ON THUFcSDA"} 23rd
AUGUST, 1990 AT 7.00 p.rn,
Prescnt: Messrs.P. D. moCiuit), K. M.Tarnlin, D.
A. B. Newton, D. H. Pltcher, D, M. Marsh, VV. '\enwright
(Directors). J. Greenwood(Secreta/Y), J. c. Harvey(ManagprJ
and P.B.Bowler(represC'nting Rosers, Bowler&Co.)together
with 152 Stockholders.
Apologies were recorded from Sir John Moores, C.B.E.,
Messrs. A. VI/. Waterworth, T. H. W. Scott, A. Nolan, A.
Dowell anti Mrs. L. Seed.
NOTICE THEMEETING
wasagreed theNotice conveningtheMeeting should
be taken as react
ADMISSIO\'. OFTHEPR£SS
It was 19meo li members of the Press in attendance
shouldbe nerrultted torernalnin attendance t} roughout the
rnet-ting.
MINUTES
It agreed thatthe;,1inutes Cllhe 11Oth Annual General
ascirc:ulated,should betakenali read. Mr. G. Beattie
proposed the minutes be approvedand signedas a correct
record. Mrs. E. jones seconded and the proposalwascarried.
CHAIRMAN'S REPORT
Itwas agreed that the Chairman's Report, circulatedwith
the Annual Report, should be taken as read. Mr. Carter
referred totherecentdeathofMr. JoeMercerandthe meeting
observed ashort silenceasa marko(appreclation. Detailsof
the dose season work in order to furtner implement
recommendationsof Lord Justrrc.' Taylor wereannounced by
Mr. Carter.
14
DIRECTORS' 'NDACCOtJNT)
Itwasagreed the i.rrectors' andAuditors' Reports, as
circulated, shouldbetaken ,1Sread. Therewereno nuestlons
relating to the Report and Accoum«, Mr. K. M. Taralin
formally proposedtheadoption oftho Reports andAccount'.
MI'. R. E. D. Edwards to;(l('ondcd andtheproposal wasGirl ied,
DIVIDEND
Mr. D. A. B. Nowtm proposedthat nodividend should
be paid. Mr. K. Nolan seconded and the proposal was
carried.
APPOINTMENT OFAUDITORS
Mr. D. H. Pltcher proposedthatvtessrs, Rogers. Bowler&
Co., should bere-appointedasAuditorsforthe ensulngvear
and their remuneration be left for the Directors to decide.
Mr. F. Peacocksecondedand the proposal was carried.
1:1 ·CTlOl'-l OFDIRECTORS
The Chairman reported that Messrs. A. W. Waterworth ar.d
D.l-!. Pitcherwere theretiring Directors. Both wereeligible
amlse-eking re-election. Nominationsreceivedj n respectof
Mr. G. H. E. Birch and P. L. Parryhad been withdrawn.
The meetingunanimouslyagreed toa single resolution to
re-elect tworetiring Directorsfar ai,·(ther3year period.
The Chairman then formally proposed that Messrs. A. \V.
Waterworth and D. H. Pitcher should be re-elected as
Directors for a3 yearterm. Mr. P. L. Parrysecondedand the
proposal was carried.
Mr. D. H. Pitcher expressed thanks to the Stockholders on
behalfof Mr. A. W. Wtltervvorth and himself.
VOTEOFTHANKS
The meetingdosed withd voteof thanksto the Directors
and Managementproposedbyf\ A. G. Hirstand seconded
byMr.J.Tushlngham.

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