The financial results were reported for the year to 31st May 2012. Despite the loss of the main sponsorship of Nicholls there was for the year an operating profit of £5,889.
There were areas of financial concern though, the problems of running the club without an overdraft facility, that management loans had increased to £48,000, there had been no main sponsorship to replace Nicholls and going forward the club had now lost the secondary sponsorship from Nicholls.
Disappointment was expressed at how the award of the FA Charter Standard Club of the Year 12 months ago had not secured any recognition in terms of financial support from the town.
On the positive side financially it was confirmed that the club was up to date with all governmental liabilities e.g. PAYE, NI and VAT.
There was no change on the ground situation from previous communications, the club still retained the full support of Cherwell District Council in that no planning approval for developments would be granted for the present site unless the club is relocated. Due to the present economic climate it was difficult to forecast when canalside area housing developments might commence.
It was confirmed that the club is currently in ongoing discussions with a party that could provide organisation and resource expertise. This would include marketing initiatives to help bring in additional finance, a wider source of player provision through an academy and improved use of the clubhouse and website to generate income. At this stage it was confirmed that it was unlikely that there would be any direct financial input from this party but it was hoped if negotiations were successful then their involvement would bring funds into the club. Negotiations were still ongoing and more details would be provided as soon as possible.
An explanation of the possible legal structure going forward should the negotiations referred to above go through followed. It was confirmed that the existing football club company would continue but with a new owning holding company.
It was confirmed that the party which the club was in negotiation with would want the existing management to continue to run the club on a day to day basis and that the club management structure going forward would thus be as follows:
Nigel Porter – General Manager
Barry Worsley – Secretary
Paul Jones – Treasurer
Richard Cox – General
Peter Meadows – Commercial
Sandra Mold – Ladies/Learning Disability
Sharon Wright – Mini/Junior Puritans
Mo Bangura – Sierra Leone
There were no current plans to appoint a Chairman