AGM

[Devon Lady]

What date is the AGM?
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Devon Lady

[mike m]

The AGM is on the 20th March starting at 8.00 pm. Doors and bar open from 7.00 pm.

[Douglas Baldwin]

If you are a shareholder you should have received a letter from the chairman dated 27th February giving you all the reports and accounts.
It is the AGM of 'Bedford Blues Ltd' for the year ended 30 June 2012.

[Devon Lady]

Many thanks hope you are all going to contribute towards it and "Have your Say".
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Devon Lady

[Douglas Baldwin]

There isn't a HYS on the agenda. You can put something in AOB if the company sec. is notified in advance. However, after the formal business is over, the chairman will usually answer questions from the floor.

[Devon Lady]

[caxton crew]

I will be attending the AGM and hope to post my usual precis of the night's events on Thursday.

Clearly the 2011/12 financial results were disappointing with another loss in excess of 100K. The continued lack of decent RFU funding, Championship sponsor etc affects all clubs in our division and we are very fortunate to have a chairman and board of directors who are willing to put their hands in their pockets and effectively keep the club afloat.

There will no doubt be many different opinions about ticket prices, concessions, ground facilities but at the end of the day we are having another good season, sit third in the league and are looking good for the play-offs. Having paid £30 to sit and watch the boys put in a fantastic performance at Newcastle, who have a wage bill 4 times ours, I don't think we have it that bad.

Alan

[Deerhunter]

Here Here Alan
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Tramps like us, baby we were born to run.

[Mike Blue]

By my maths, a 100k loss equates to a total of 5,550 fans paying 18 pounds per match entry. Over 11 home league games, that's just over 500 additional supporters per game

However, if you consider the average fan may spend some money on drinks and food when in the ground, that reduces the average number required to get back in profit.

Although other matters contribute to the loss (lack of funding from RFU, relative lack of TV money and certainly no parachute payment), one thing we could all try and do is bring another fan or two along and seek to boost attendances. Wondering if anyone has any bright ideas as to how this could be done?

[Jomathan Wilcox]

As usual, a shareholder with no invite. That's 2yrs on the bounce!!!!
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It's Jonathan really, dodgy keyboard when I registered

[Denis Ormesher]

If you are coming to the AGM tomorrow you are welcome to watch the Blues Academy training befgore the AGM starts.

After their win against England U18 XV last week the Blues are preparaing for one of their toughest games of the season this Saturday - away to Leicester Tigers at Welford Road - KO 12 noon.

The Academy training session starts at 7.00 pm - All Welcome.

[Douglas Baldwin]

JW - you can attend without an invitation if you are a shareholder. You will be asked to identify yourself at the door.
Maybe you should have a word with the company secretary, Mr A Buchanan at Argent House in Goldington Road about your non-invite.

[Devon Lady]

[Jomathan Wilcox]

Hi Douglas/ Caxton Crew, unable to make the AGM tonight.

Could you raise the 'covered terrace' again and ask if there are any proposals to address this (as part of the clubs business plan going forward). I'm sure that certain people present may be able to respond to this key issue.

Thank you and enjoy the 'Guest speaker'.
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It's Jonathan really, dodgy keyboard when I registered

[caxton crew]

As promised, here are my recollections of last night’s AGM, which was very well attended.

• The accounts for the year ended 30 June 2012 were pretty self-explanatory. The club made a loss of £127,969 (2011 was a loss of £51,067) which once again goes to show the cost of providing first class Rugby at Goldington Road.

• Throughout the meeting Geoff was keen to point out that Bedford are run as a business, by a board of directors with business acumen who will not let the club return to the Allied Dunbar Premiership days of massive, unsustainable losses. Bedford lost £743,000 when they were relegated.

• As a result, capital projects have to be carefully considered and some major works are forced upon the club. The Floodlights and Gas Main replacement for example cost £140,000. £100,000 was raised from the Floodlight Appeal, of which £70,000 was donated by less than 20 people. Geoff donated the balance of £40,000 himself. It is possible that replacement/repair of the Eagle Stand roof may be the next project.

• A very useful handout was given to attendees which gave some information of how trends have improved from 2000/1 to 2011/12. This included:-
o Average league attendance up from 1,526 to 2,739.
o This year to date is 2,913. It was 3,169 when we were in the AD Premiership.
o Turnover has risen from £906K to £1,571K. Administration expenses have of course also risen, but at a lower rate relative to turnover.
o Sponsorship and donations are a significant proportion of the club’s funding and would appear to be in fairly equal measures for 2011/12.
o Bar Sales and Hospitality have shown a compound annual growth rate of 8.5% over a ten year period, aided by the Marquee project.
o A total of £735,000 has been spent on Capital Expenditure and Ground Repairs over the last 10 years

• A survey of the Championship has been commissioned and Bedford Blues are a model club which other Championship (and some Premiership!) clubs aspire to. The recent Saracens v Leicester game at Goldington Road was very well received by both sides, who are more than happy to play at a good old-fashioned grassroots rugby club. (We also got some very useful income from this fixture). Clubs are queuing up to get promotion to the Championship but Geoff does foresee financial casualties in the next couple of seasons.

• Discussion took place on how losses could be reduced. Marquee income has undoubtedly fallen following a noise abatement order from the local Council meaning that finishing times of events have had to be curtailed. A good run in the playoffs and B&I Cup would help tremendously. Winning the B&I Cup would be worth £50-60K and Geoff emphasised how seriously we are taking this competition. Regrettably, the Championship remain the poor relations where the RFU are concerned and Geoff foresees no real improvement until after 2015 (the RFU are concentrating on the Rugby World Cup). There may be more Championship games televised next season but it may not necessarily mean an increase in funding. The board are always looking at ways of increasing the number of games played at Goldington Road – touring sides were mentioned – but it has to be cost effective. At the end of the day, the best way to increase match day income is to bring a friend to Goldington Road!

• Geoff stressed how important the new “Friends of the Blues” initiative has been and the hard work that Howard Travis has put in. If you are not a member, join now!

• There are no plans to increase ticket prices for the 2013/14 season.

• There are no plans to introduce concessions for the over 60’s.

• The subject of covered terracing opposite the Eagle Stand was discussed again. Geoff reiterated that the cost would be around £100K and the benefits would not outweigh the considerable cost. So simply, this is not an option at the present time. Sorry Jonathan.

• Should Bedford win the play-offs they would not seek promotion, it is financially unviable. (See bullet point 2). This should not be seen as a lack of ambition, just reality. It is perceived that it cost London Welsh £2M to get promoted and £3M if they get relegated.

• Potential millionaire investors please apply to G Irvine Esq (this was not said at the meeting, just my attempt at a bit of humour!)

That’s about all folks, my apologies in advance for any errors and omissions. Also for the formatting which seems to have gone to pot when I cut and pasted the document into HYS!

Alan