Accounts (year end 2022)

[dontpassback]

sue mcqueenie is also listed as a director of ECFC

 

[Colesman Ballz]

Re: OTR - I assume that when OTR was set up and purchased the property used by City now the OTR directors plunged quite a bit of capital in to this and, rather than creaming off the profits for themselves are merely after the repayment of their loans - something of an altruistic measure I'd have thought, and to be applauded.

Jason, for your information, during your time away from these boards I believe there was a post from Exmouth Mart indicating that not only was he an investor in OTR, but that in more recent times he had both received and accepted an offer to repay that investment.

 

[Jason H]

Jason, for your information, during your time away from these boards I believe there was a post from Exmouth Mart indicating that not only was he an investor in OTR, but that in more recent times he had both received and accepted an offer to repay that investment.

Thanks - yes, I had missed that.

 

[cambmike]

Fascinating history of the club from the accounts, administration etc. https://find-and-update.company-information.service.gov.uk/company/00097808/filing-history?page=1

 

[Martin Lawrence]

I did notice from the accounts £17,174 paid to McQueenie Mulholland Ltd. for services. This is a rolling contract as well. Anyone know what this is?!
Also a new 10 year lease at £60,000 per year for OTR (subject to review!). Obviously this had Trust consent as any contracts over £50,000 need to be signed off or have I misunderstood that?! It also includes the following statement;
There is an option included in the Lease which enables the Club to take a transfer of the freehold of the OTR premised for £1 once all the outstanding interest free loans made by various participators in OTR have been repaid by OTR. OTR will use the rental income to repay the loans after any costs.
Can anyone explain in plain English what this means and why exactly this arrangement continues to benefit the football Club after all these years?!

My summary would be:

• The directors at the time, clubbed together to obtain commercial finance, by setting up a separate company called OTR Limited (OTR)
• OTR was then used to obtain commercial finance, that was used to purchase the St James Centre building
• Due to the nature of the company, it was set up in a way that required any decisions taken by the OTR board, to be unanimous. OTR is also not allowed under its Articles, to make a profit.
• OTR is required to pay back the commercial finance (loan / mortgage) and uses the money it charges Exeter City AFC Limited (ECFC) in rent, to do so
• Given the purpose of OTR was to enable access to commercial finance to fund a building that would be solely used by ECFC, it makes sense, that ownership of the building would pass to ECFC once the loans were paid off. The notional £1 acquisition is probably a legal nuance - I would need a property lawyer to explain this.

 

[eurogrecian]

This was included in a Supporters Club press release on 14 Aug 2000:

The school building and associated land were bought by a company called Old Tiverton Road Ltd. which is owned mainly by a number of the directors of Exeter City, some 3 years ago for in the region of £500,000.

Since then OTR has sold the excess land to a housing developer. What money was raised from this sale has been offset against the original purchase price, leaving the school building valued at around £320,000. OTR Ltd has not made any money out of this deal (probably losing on having to pay interest)

The agreement between the two parties is that OTR will retain the freehold on the land, and Exeter City will pay for the renovation work, (£300,000), pay back OTR what they paid for the school building (£320,000), in return for a 99 year lease on the building, which once the debts are paid, would be rent free.

With all the other financial commitments it is unlikely that the Club will be able to pay off the purchase of the building for some time and will pay a nominal rent of 10% on the balance of the purchase price outstanding, so as the debt is repaid the rent will reduce.

 

[ExmouthMart]

Jason, for your information, during your time away from these boards I believe there was a post from Exmouth Mart indicating that not only was he an investor in OTR, but that in more recent times he had both received and accepted an offer to repay that investment.

I don’t remember investing in OTR and if I did I can categorically state that I haven’t made one single penny out of it……..

 

[Jason H]

I don’t remember investing in OTR and if I did I can categorically state that I haven’t made one single penny out of it……..

Yeah, I suffer from amnesia when finding my wallet surprisingly empty too!

 

[ExmouthMart]

This was included in a Supporters Club press release on 14 Aug 2000:

The school building and associated land were bought by a company called Old Tiverton Road Ltd. which is owned mainly by a number of the directors of Exeter City, some 3 years ago for in the region of £500,000.

Since then OTR has sold the excess land to a housing developer. What money was raised from this sale has been offset against the original purchase price, leaving the school building valued at around £320,000. OTR Ltd has not made any money out of this deal (probably losing on having to pay interest)

The agreement between the two parties is that OTR will retain the freehold on the land, and Exeter City will pay for the renovation work, (£300,000), pay back OTR what they paid for the school building (£320,000), in return for a 99 year lease on the building, which once the debts are paid, would be rent free.

With all the other financial commitments it is unlikely that the Club will be able to pay off the purchase of the building for some time and will pay a nominal rent of 10% on the balance of the purchase price outstanding, so as the debt is repaid the rent will reduce.

According to the latest accounts still £326,616 outstanding on this.

 

[iscalad]

Yeah, I suffer from amnesia when finding my wallet surprisingly empty too!

Married???