The clubs recently released accounts to June 2016 are now on Companies

House Website for viewing. Summarised below the main bullet points, in our

accountants opinion, from the same.

Operating Loss made in the year to 30 June 2016 of £2.52m.
Operating Losses in last 5 years total over £4m….. On average £15,000
per week, every week.

Liquidity ratio of 0.35 – meaning for every £1 owed to current
creditors only 35p available to pay them.

The wages to turnover percentage is 84%. Escalating average wage
costs per employee.

Director salary £109k and also £87k paid to entities under the
common management of the directors despite the company being loss

making.

Auditors have concerns over future of the company – “current
projections indicate a significant additional funding requirement”

deferred income shown of just under £900k for the 16/17 season.
Around £750k of this had already been spent by 30 June 2016 as the

bank balance was only £124k at this point.

Interest free directors loans repaid prior to interest bearing loan
notes.

Balance Sheet profit and loss reserve is now around £2.1m worse than
it was prior to the Thompson family tenure.

Continued operating losses mean serious question marks over the
serviceability of any debt, including the recently purported investments

into the club.

The above summary in our opinion paints a very unfortunate position that the

club currently sits in and reinforces our plea to the Club to get their decision

makers around the table with the fans to start making the current situation

more manageable by working together and ultimately get the club running

within its means.

Next Information Leaflet drop will take place at the Dunfermline Home Game

on Tuesday 11th April. Various items in relation to promoting the Fans United core aims and

principles, including merchandising, was discussed and will be taken forward

over the next month.

DATE OF NEXT MEETING