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Trust welcomes clarity over accepting cash at Cardiff City Stadium

The Trust was contacted by members concerned about the possibility of cash payments no longer being allowed at the Cardiff City Stadium.

Trust chair Keith Morgan contacted club official, Wayne Nash to raise the issue.

One of our members was worried about any move to accept only contactless payments, particularly because of the impact on unaccompanied young people who might not have a debit card.

Keith Morgan said: “Wayne told me in response that cash payments will continue to be accepted at all outlets.

“It appears that a recent Press release on contactless payments affecting all bars and food kiosks caused some confusion. We’re very pleased this has been clarified.”

Trust Supports Brain Injury Charity For 2019-20 Season

The Trust board has chosen the brain injury association Headway as its charity for the forthcoming season. Headway was chosen after Trust members were asked to nominate a deserving cause.

We’re also thrilled to announce that Cardiff City Football Club has kindly agreed to allow Headway to hold a bucket collection in aid of its vital work before the derby clash against Swansea City in January.

Trust chairman, Keith Morgan, said: “We are very grateful for this generous gesture by Cardiff City and thank chief executive, Ken Choo, for agreeing to the collection.

“When we held a collection last December for The Wallich’s work with homeless people it was very well supported by generous Cardiff City fans. We’re confident supporters will give their full support to Headway.”

Headway is a charity that works to improve life after brain injury. An acquired brain injury (ABI) is an injury caused to the brain since birth. There are many possible causes, including a fall, a road accident, tumour and stroke.

 In Cardiff and south-east Wales, Headway works from Rookwood Hospital in Llandaff. It was established in 1985 as a support group by people with ABI, their families and therapists at Rookwood.

The aim was to address the lack of support available to families on discharge and the isolation they could experience.  Headway has grown and evolved over the years in response to the changing needs of the ABI community.

From its Rookwood base, the charity runs a five day a week Independence and Wellbeing Centre, Information and Outreach, Welfare Benefits and Counselling Services, and monthly Family and Friends group. Information and Outreach Officers visit people wherever needed and Headway runs weekly social and activity groups that meet at various locations in Cardiff and Pontypool.

Blake, Perry, Phillips Host Trust Fans’ Forum

The Trust’s Annual General Meeting will take place at the Three Arches pub in Heathwood Road, Cardiff, on Thursday, June 20, starting at 7 pm.

Once the business of the AGM has been concluded, BBC Wales Soccer Commentator Rob Phillips will host our annual fans’ forum with Bluebird legends, Jason Perry and Nathan Blake.

This will once again provide a superb opportunity for members to talk about all-things Cardiff City and get Rob, Nathan and Jason’s verdict on the momentous 2018-19 Premier League season and the prospects back in The Championship.

We look forward to seeing members at the AGM and the fans’ forum following. Members can bring a guest, who is a non-member, but the venue is limited to 60. Members wanting to attend should email or write to CCST, PO Box 4254, Cardiff, CF14 8FD to confirm their attendance.

It should be a great night of football chat.

Cardiff City Supporters’ Trust Quiz

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Congratulations to Trust member Peter Charles of Penarth who successfully cracked the quiz published in the recent Trust newsletter. Peter received his £50 prize from chairman Keith Morgan at the Trust Office prior to the Crystal Palace home game.

So, how did you get on in the quiz ? Here are the questions again with the answers.

Q1. Which Cardiff City striker of the 1990s shares a surname with the leader of the Trumpton Firemen?

Older members who recall the stop motion animation childrensprogrammeTrumpton will, no doubt, have been chanting the famous mantra “Pugh, Pugh, Barney McGrew, Cuthbert, Dibble, Grubb” to try and answer this question. Well, the answer lies, not in this well known list of fireman but in the name of the character who was performing the roll-call – Captain Flack- the Commander of the Trumpton Fire Brigade. In November 1995 we paid Cambridge City £10,000 for the services of striker Steve Flack. He only played 11 games for us scoring one goal but later went on to play nearly 400 games for Exeter City

Q2. Who scored City’s last goal in their first stint in the Premier League?

The last game of our first season in the Premier League was at home to Chelsea. City took the lead after 15 minutes with a goal that was initially credited to Craig Bellamy. However, after subsequent review it was given as a César Azpilicueta own goal. Cityeventually  lost to 2 Chelsea  goals in the 72nd and 75th minutes, a Chelsea side that also contained Mo Salah now banging them in for Liverpool. It is interesting to note that the only 2 City players who played that day in May 2014  have played in the 2018/09 Premier League, they  are Aron Gunnarsson ( unsurprisingly) and Rhys Healey (surprisngly).

Q3. Which Nigerian International made his City debut in August 2010?

Seyi Olofinjana, on season long loan from Hull City, made his debut against Derby County in a 2-1 victory. His final appearance for us was the nightmare Championship play off second leg in May 2011  when we lost 3-0 to Reading. Is Seyi the brainiest  person to play for Cardiff City with his  Masters Degree in Chemical Engineering? Who knows but  he is currently applying his in depth knowledge of chemistry in a coaching role with the Wolverhampton Wanderers Academy.

Q4. Who was manager when City last won the Welsh Cup?

The City last won the Welsh Cup in May 1993 beating Rhyl 5-0 at the National Stadium (as it was at the time) with a hat-trick by Phil Stant and two goals by Cohen Griffith. The manager – of course it was Eddie May. 1993 saw him managing Cardiff City to a “Double” of sorts – the Welsh Cup and Third Division champions.

Q5. Which member of the City 2003 play off final squad was later a member of the England Coaching staff?

A memorable day at the Millennium Stadium with a dramatic extra time winning goal for Andy Campbell. An unused substitute that day was reserve goalkeeper MartynMargetson. After finishing playing he became goalkeeping coach for Cardiff City and Wales and was later appointed by Sam Allardyce to the same role for West Ham, Crystal Palace, Everton, and England.

Q6. He played for Cardiff City and his namesake was nominated for an Oscar for playing the Apache Leader Cochise – who is he?

The 1950 film “Broken Arrow” featured James Stewart in the lead role and also, playing the part of Geronimo, was Jay Silverheels later to star as Tonto alongside Clayton Moore in the long running TV series “The Lone Ranger”. However, to much critical acclaim an actor named Jeff Chandler took the role of Apache Leader Cochise for which he was nominated for the Oscar for Best Supporting Actor. In November 1989 Len Ashurst paid Bolton Wanderers £15,000 for 30 year old Republic of Ireland International Jeff Chandler. He played less than 30 games for us but perhaps his most memorable (?) contribution was scoring 5 in a pre season friendly in an 8-1 victory against Cardiff Civil Service.

Q7.  He played for City in 2004 , his first name was Joel and he was a Jamaica International – who is he?

Joel Joshua Frederick Melvin McAnuff known as Jobi. Given our financial difficulties at the time it was a bit of a surprise that we could afford to pay £250,000 for anyone but that is what happened when he joined us from West Ham United. He was virtually an ever present and impressed in his only season with us but, with HMRC knocking at our door for outstanding debt, he was sold to Crystal Palace for a fee of £600,000. Still going strong at 37 this season has seen him captain Leyton Orient to the top of the National League and promotion to League 2.

Q8. Who were the opposition in the last league game at NinianPark ?

The end of the final season at Ninian Park was approaching with a top 6 finish very much on the cards. Then came the infamous visit to Deepdale where Preston managed to destroy our superior goal difference with a totally unexpected 6-0 win. In the final home game of the season  atNinian Park  the City lined up against an Ipswich team that were comfortably top half but going nowhere.  A City team that seemed to have lost all its confidence lost 3-0, the final league goal at Ninian Park ironically scored by Jon Stead who always seemed to score against us whoever he was playing for. We only needed to avoid defeat in the final game of the season to make the play offs. We didn’t losing 1-0 at Sheffield Wednesday and missing out on the play offs by finishing 7th on goal difference to Preston North End.  The season ended up like a damp squib just like the fireworks seemed at the end of the last game at Ninian Park. Not the send off we were  hoping for.

Q9. This City legend was signed from Worcester City in 1960 – who is he?

With the word “Legend” bandied about far too freely these days Peter King definitely fits the description. 477 appearances in total and 111 goals between 1960 and 1974 exemplifies a career of professionalism, dedication and  loyalty, words which sometimes do not apply to some players who have been accorded the title “Legend”. Older members will remember his stunning goal in a 4-3 home defeat to Middlesbrough in 1970. It can be seen here on this Youtube  link

Q10. Two Welshmen started for City in the 2008 FA Cup Final – one was Joe Ledley who was the other ?

Welsh International Paul Parry  started up front alongside 36 year old Jimmy Floyd Hasselbaink and it seemed for most of the game it was his role to do all the chasing that JFH could no longer do. In fact aged legs amongst the City’s strike force was a feature of that season with 35 year old Trevor Sinclair and 35 year old Robbie Fowler appearing to be more successful in increasing the average age of the team rather than finding the back of the net.

Trust Chair Gives His Verdict On Latest Cardiff City Accounts

Trust chair Keith Morgan, an accountant and football finance expert, gives the lowdown on the latest Cardiff City accounts.

Cardiff City Football Club (Holdings) limited

Commentary on the audited accounts for the year ended May 31, 2018

The following is my commentary on the audited accounts , which were signed off and approved by the board of directors on September 19, 2018 and by the auditors on  September 26, 2018.

Key findings

1.      There was a net loss for the year of £36m, compared to a loss of £21m in the previous year. However, the loss of £36m was reduced to £9m overall by a stadium revaluation surplus. The main reasons for the movement in reported annual losses and comprehensive expense is summarised below.

2.     Despite the above loss, due to a very substantial conversion of debt to equity by the group`s principal shareholder, the group`s balance sheet position improved significantly, with net liabilities reducing from £81mto just under £11m.

3.     The group remains highly dependent upon the ongoing financial support of the principal shareholder Tan Sri Vincent Tan. The accounts refer to his pledge to continue such support in the foreseeable future.

Main reasons for reduced losses

These can be summarised as follows  

Increase in revenue 


Increase in wage costs


Decrease in administration expenses 


Decrease in player sale profits  


Tax credit 


Stadium revaluation (net of tax)  


Decrease in finance costs 


Other cost of sales increases


Overall reduced losses



Increase in revenue

The club enjoyed a very successful season on the pitch, with promotion to the Premier League. Average match day attendances were up from 16,564 to 20,164 and it proved easier to attract sponsorship and other commercial income. Match day income increased by £1.3m, broadcasting income by £0.8m and commercial income by £3.9m.

Increase in wage costs

As a “cost” of promotion to the Premier League, the club made very substantial promotion bonus payments to players and other playing staff. In addition, costs were incurred in respect of additional fees payable in transfer fees to other clubs etc. triggered by promotion. These costs totalled £23.2m in the year.

Decrease in administration expenses

This was largely due to a reversal of an impairment charge of £5.5m made in previous years against the club`s stadium. Each year the club has to assess whether its assets (stadium, playing squad etc.) are worth less than the value at which they appear in the accounting records and adjust accordingly. As a result of a stadium revaluation (see below) a previous impairment charge was deemed to be unnecessary and was reversed in the May 2018 accounts.

Other administration expenses increased by £2.9m in the year. These costs are not analysed in published annual accounts.

Decrease in player sale profits

The club made less profit on selling players in the year – £2.4m compared to £5.5m in 2016/17 season.

Tax credit and decrease in finance costs

The club`s tax computations for the year resulted in a tax credit benefit of £3.3m in the profit and loss account.

Net finance costs reduced in the year by £0.6m. The two main factors in this were a reduction of £1.2m of interest paid to Tormen Finance Inc. (a company in which club Chair Mehmet Dalman has  significant influence) whose interest bearing loan to the club was paid off in the year and an increase of £0.6m resulting from a technical tax adjustment required to account for long term shareholder loans. These both significantly reduced in value and were reclassified between current and non-current liabilities in terms of potential repayment dates.

 Stadium Revaluation

At the financial year end, the club obtained an independent professional valuation of the stadium from Savills (UK) Limited. The valuation, on what is termed a depreciated replacement cost basis, was £83.5m compared to its previous value in the accounting records of £54.2m giving a revaluation benefit in the profit and loss account of £29.3m less a related tax adjustment of £2.3m.

The stadium value in the balance sheet now reflects what it would cost to replace it with a similar stadium asset. It is held on a 150 year lease with Cardiff County Council, the lease start date being September 2009.

Other cost of sales increases

These are not analysed in published accounts, so cannot be commented upon in detail in this report. However, they are likely to include expenditure on costs such as agents` fees linked to player signings, player loan fees (in lieu of permanent signing fees), player contract termination fees etc. They also are likely to reflect costs associated with generating the additional income referred to above.

The Balance Sheet

The group`s balance sheet position has improved dramatically between May 31, 2017 and  May 31, 2018, with net liabilities reducing from £80.8m to £10.7m. This has been brought about by two principal events

1.       Two conversions of debt due to the principal shareholder and creditor Tan Sri Vincent Tan into shares totalling £79.1m

2.      An upwards revaluation of the football stadium by £27m

The above two adjustments improved the balance sheet by £106m. Trading losses before the revaluation adjustment of £35.9m reduced the improvement down to £70.1m.

The main assets and liabilities in the balance sheet as at  May 31, 2018 were as follows

 Stadium asset

As stated above, this was recently revalued at £83.5m. Related assets such as stadium equipment amount to a further asset value of £1.2m

Player assets

During the year , players costing £14.3m were added to the squad whilst those originally costing £30.8m (depreciated down to a net value of £0.5m) were disposed of at a profit of £2.4m.The playing squad overall as at  May 31, 2018 had an accounts value of £12.2m.

A note to the accounts reveals that player purchases between the year end and the date the accounts were signed off (i.e. players signed in the Summer 2018 transfer window) were at a cost of £35.4m , of which £2.6m only becomes payable if the club is still in the Premier League next season.

Other assets

The club had £0.2k of stock, £7.4m of debtor money due to it(including the £3.3m of tax credit referred to above), and £2.9m of cash.

 Current liabilities

These are debts due by the club which fell due for payment on or before May 31, 2019.

Of the total of £115.6m , by far the largest element was £72.4m due to Tan Sri Vincent Tan of which £50.1m attracted interest at 7% a year (all interest waived up to  May 31, 2018) and all of which is secured against the group`s assets. The total due to TSVT was greatly reduced in the year as a consequence of his debt to share conversions mentioned earlier in this commentary.

Other current liabilities include such items as transfer fees payable and season ticket income for season 2018-19 already received in advance as atMay 31, 2018, plus the promotion related bonuses of £23.2m paid after the year end.

A loan of £11m due to Tormen Finance Inc. as at May 31, 2017 was repaid during the year to  May 31, 2018.

Non-current liabilities

As at May 31, 2017 £115.1m was due to the club`s principal shareholder. Part of this has now been converted into shares and the residual balance is reflected in Current Liabilities above.

Post balance sheet events

The audited accounts have a note referring to major transactions which occurred between May 31, 2018 and the accounts were signed off as approved by the directors  September 19, 2018).

Football transactions in the period have already been commented on above.

In addition, the accounts notes reveal that a loan facility of £28.3m was entered into in the same period with an unrelated (i.e. not a shareholder or director) party to help provide the group with additional working capital to fund ongoing trading activities.

Summary and Conclusions

1.       The club made a substantial loss of £36m in the year before the benefit of a £27m stadium revaluation. However, £23m of this loss related to an exceptional, one-off cost of promotion bonuses to players and playing management.

2.      The club`s balance sheet position dramatically improved in the year as a result of debt to equity conversions by its owner and the stadium revaluation.

3.      The club remains confident that it will remain compliant with football`s Profitability and Sustainability requirements, particularly following its promotion to the Premier League at the end of 2017-18 season.

4.      The above promotion has been a major boost to the club, both from a footballing and a financial aspect. In the absence of the promotion, the club would have faced season 2018-19 without the benefit of any parachute payments with the financial implications that would have incurred.