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Trust Update by John Strand
First my apologies to members for not providing an update of events at the Trust since it has responsible for running the football club this season.
I expect that many of you have been keeping abreast of things through the press, the Forum and public meetings, but you may not have had the opportunity to get the full picture.
The Trust embarked on the current road in early June, when it asked the court to place the club into administration to avoid it being liquidated by HM Customs and Revenue.
The administrator made an agreement with the Trust to run the club from August 1st 2009. Because of conditions imposed by the FA, it was necessary to pay the administrator about £25,000 over the season. Added to this the Trust incurred £23,000 legal costs.
Despite this expense the Trust has managed to run the club reasonably successfully, with the help and support of many volunteers and local businesses.
Unfortunately because of the difficult financial situation it was necessary to cut the wage bill by 30% in December. The reaction of the management and players has been magnificent, with the continued excellent commitment of the whole squad.
As we move towards the second part of the season, we are considering the future.
The administrator has indicated that he has received an offer for the lease of Penydarren Park from a company who would not allow football at Penydarren Park in the long term. We do not know whether this offer will come to fruition.
We will be working in the coming weeks with all who have the club’s interests at heart to prepare for every eventuality, whether that involves working with another owner or owning the club ourselves.
A new Trust Board was appointed in October, following the receipt of 12 nominations, avoiding the need for an election. The accounts for the year ended 31 August 2009 are with the accountant, and soon as they are finalised the AGM will be held.
A further report will then be made.
In the meantime thank you to everyone who has helped the Trust and the club, this year and in previous years.
Next 7 home games:
The Martyrs are entering a busy period in their remarkable push for the play offs. Below is a list f the next 7 home games. Please spread the word and encourage more people to come to Penydarren Park to support Gary, Danny & the boys.
H Rugby Town Sat 13 February 2010 - 3.00
H Truro City Tue 23 February 2010 - 7.45
H Hemel Hempstead Town Sat 27 February 2010 - 3.00
H Clevedon Town Tue 09 March 2010 - 7.45
H Leamington Tue 16 March 2010 - 7.45
H Hednesford Town Sat 20 March 2010 - 3.00
H Brackley Town Tue 23 March 2010 - 7.45