Chelsea Pitch Owners PLC
Minutes of the meeting of Directors
Held at Frankham Associates, Farringdon
Tuesday 15th July 2014 at 16.00
In attendance: Apologies:
Mr. S Frankham Mr S Jones
Mr. R Glanvill (via video call) Mr G Smith
Mr C Rose
1 Minutes of Previous Meeting
The minutes of the previous meeting were presented and agreed as a true record of that meeting.
2 Matters Arising from previous minutes
a) Pay as you can Scheme ACTION CR
The forms have been delayed due to lack of approvals. This has now been rectified and it is hoped they will be on the website by the end of July.
3. Finance and Share Sales Report
The accounts and share sales report to the end of June were tabled, along with a draft budget and projected end of year figures.
The share sales for the year were noted as being disappointing. However since share sales were recommenced we have sold some 1,340 shares. There was agreement that initiatives need to be investigated and started to capitalise on the new season. SF will discuss what assistance CFC may be able to offer in this instance. ACTION SF
CR reported on a meeting with the club at which it was agreed that we would present shares at six home games this season, three in 2014 and three in 2015. The games will be put on the website asap. It was also noted that we still have a number of signed shares from former players such as Frank Lampard and this information will also be made available. ACTION CR/RG
It was discussed how further to advertise share sales, and suggested that an advert featuring World Cup winner Andre Schurrle might be beneficial. ACTION CR
In relation to the accounts, it was noted that the figures excluded stock and bad debts. The figures are showing a loss for the year, but substantially down on the previous year, thanks to cost controls and increased sales due to the One Special Evening event. It was noted, however, that the accounts do not include much hidden cost incurred through SF’s company for which CPO has not been charged.
The board discussed the budget and prospective share sales. It was felt that the figures were realistic but still projecting a loss. The board will meet to discuss the ability of CPO to increase income.
In the light of the accounts and the cash flow for the company CR was directed to repay £50,000 to CFC. This will be done in conjunction with obtaining the up to date figures from the club regarding the loans. ACTION CR
The board wished to thank CR for clear and concise reporting.
4. Meeting with Lifschutz, Davison, Sandilands
SF, CR, and SJ had met to hear the presentation regarding the potential improvements around Stamford Bridge. RG attended an earlier meeting with them.
It was agreed that a statement would be put on the website. It was felt that the meeting had been very positive. ACTION RG
5. Administrative Report
CR had met with CFC to review how best to interact with them at functions run both by them and us. One aspect was to agree on as early a prospective booking as possible, and CR was requested to put a date in the CFC diary for an event in early/mid March 2015 ACTION CR
It was noted that the old telephone line was still operational, but was felt that it could now be cut off. ACTION CR
6. Share Transfers
The necessary formal requirements having been satisfied, the following
transfers of shares have been registered:
• Natalie Francombe 100 shares to Mr De Cort
• Vivienne Newton 5 shares to Katrina and Ewan Murdoch
• Graham Lafbery (dec) 1 share to Derek Lafbery.
7. Correspondence to the Board.
There was one outstanding question regarding the “value” of any CPO share. It was felt that CR could use the existing answers on the website to reply to this.
Date of next meeting:
WEDNESDAY 13TH AUGUST 2015 at Frankham Associates, Farringdon.
The meeting closed at 5.05.