The Well Society AGM – 27 June 2019 starting at 7pm at Motherwell Football Club
Directors Present – T Feely, M Kirkwood, M Schieren, D Ingles, J Henderson, D Watson and G Miller.
Burrows, Motherwell Football Club CEO, was also in attendance.
Apologies received from – C. Hughes, G Whitehead and D Dickie
29 members of The Well Society were also present.
Kirkwood welcomed all members to the meeting.
Minutes from last meeting
Feely was asked to clarify the position on why the club makes a £120,000 annual payment to the club, which is an agreement that was made during the purchase of the club. This will remain in place until, at the very least, all debts remaining to L. Hutchinson and J. Boyle has been settled.
Feely also clarified that the original capital project of raising £1.5m was never met. D. Ingles indicated this was this was part of the reason The Well Society moved to a revenue based model. This also made membership more openly available to fans of the club.
The minutes from the last AGM was moved by W. Cameron and seconded by D. Wilson.
Feely laid out the annual accounts of The Well Society to members in attendance.
Feely explained the contribution layout of the report and explained that the modelling of The Well Society was now based on monthly giving rather than annual subscriptions.
Feely highlighted that The Well Society has diversified its income streams, but launching products such as club scarves and offering the ability to purchase shares in the club.
The overall balance of The Well Society stands at £923,467.
Feely was asked what the overall income was for the year. It was clarified that this figure was circa £216,998.
Feely explained that The Well Society is providing resources to the club when needed, as well as supporting the Community Trust and football academy. Football clubs operate on a fluctuating financial model; therefore The Well Society must be ready to step in and provide a financing when required.
Feely and A. Burrows provided an insight in the financial reporting of Motherwell Football Club and The Well Society, in particular the difference between the profit and loss reporting and balance sheets.
Feely explained how successful the ‘double your money’ has been and that we have been able to write off £487,778 of debt from the club accounts thanks to our fundraising efforts.
The accounts were moved by J. Frame and seconded by W. Cameron.
Feely provided the report on behalf of D.Dickie who is currently unwell.
Feely thanked all of the board members, C. Hughes and all members of the society for the active role they’ve played over the last 12 months.
The Well Society now has over 2,800 members and has raised over £1 million of income that has and will be used to support football and community activities.
The business club is going from strength to strength, as is the excel club and we’ve experienced particular growth in the Asian markets.
We’ve also been successful in securing significant media coverage in recent times.
Kirkwood and J. Henderson was due to retire on the basis of The Well Society constitution. The board encourage them both to offer themselves for re-election and was unanimous in their support for this.
No other candidates put themselves forward for election.
Therefore M. Kirkwood and J. Henderson were re-elected to The Well Society board.
Kirkwood answered a question about membership benefits and how we can publicise this more. This will be taken up as an action for the board.
A number of questions were asked to T. Feely about The Well Society finances.
Burrows answered a number of questions on Motherwell Football Club finances, the current status of a number of the footballer’s contractual status at the club, the fitness and injury status of a number of players at the football club, and the transfer activities ahead of the new season.
Feely offered the boards thanks to A. Burrows for joining the meeting.
The meeting was closed at 20:10.