THE finances of Pompey Supporters’ Trust are in good order and show a healthy surplus of cash.
That was the verdict last night as the accounts were finally signed off at a meeting of the trust at Fratton Park.
It comes after audited accounts were not ready at two previous meetings during the autumn, with treasurer Steve Tovey citing delays in getting the accounts signed off by auditors Taylor Cocks.
The accounts showed the trust – which took over the running of Pompey in April 2013 – had shares in the company worth £2,499,000 and held a shareholding of 48.6 per cent of the club as of June 30, 2014.
Mr Tovey told the audience of around 20 people: ‘The surplus for the financial year was £2,625,521 – a considerable difference to £1,067 the previous year.’
The bulk of the income came from donations to buy shares, with the rest coming from membership fees and other fundraising events.
Mr Tovey added: ‘This year I think we are all proud to be able to look at the principal activity and not see it as one line as it has been in previous years.’
After the meeting, supporter John O’Shea, 61, from Milton, said: ‘It’s what I thought it would be.
‘Steve promised to deliver the figures which he has done.
‘I am pleased with the figures and the amount of money that’s there. It shows there’s a lot of support, but we need more people to join the trust.’
The accounts showed a debt of £2,990 that is owed to the trust from the club’s former engagement manager, Micah Hall.
This cash was raised two years ago through donations via Pompey’s 12th Man scheme as Mr Hall was fighting a legal battle.
The trust, which was looking after the money, gave it over to Mr Hall, who has now starting paying it back on a repayment program.
Chairman Ken Malley stressed this cash was ringfenced and was not part of general funds, but they decided to include it in accounts to be totally transparent.
He said: ‘It was his money. It was collected for him to use. A repayment plan has started.’
Taylor Cocks, of Cosham, was thanked for providing the auditing service at no cost.