Despite the improved financial position of the club, the Supporters’ Trust still have some pertinant questions to ask at the AGM:-

1. The increase in turnover, the reduction in staff costs and the return to an operating profit shown during the year up to May 2006 is a remarkable turnaround given the previous year’s position, and this a great success-story for the club. We assume that around £400,000 of the £943,000 increase in turnover is due to the sale of Fryatt and Bennett. How is the other £500,000 increase in turnover accounted for? Is this increase sustainable?

2. In the Chairman’s statement it is noted that the Board plan to “continue to develop the Club’s infrastructure… wherever possible.” Other than the new training facilities are any specific plans in-train for the next 12 months?

3. In note 3 the accounts show that Other operating charges increased by £136,000. To what do these charges refer?

4. The club continues to show a cash outflow and limited cash at the bank. Can the Board confirm that the club’s cash requirements are currently outstripping its cash income and that this is one of the triggers for the increased financing of £240,000? How do the Board plan to increase the Club’s cash-generative position?

5. There seems to be a link between the lack of cash and our debt requirements, and the issue of cash is crucial in covering costs falling due within one year or on-demand. In 2005 these were reported as £465,000. Were these creditors paid with monies from the sale of players and re-financing? Other than further re-financing how do the Board plan to meet this year’s costs falling due of £417,000?

6. We note the further increase in Director’s loans of £298,000 during the season, in order to maintain the Club’s short-term viability. We are grateful for the Director’s demonstrable commitment to the Club. Clearly, though, this is not a sustainable position for the Club. How do the Board plan to reduce these liabilities? Should the circumstances of the individual Directors responsible for the loans change, how secure is Walsall FC’s future?

7. We request that shareholders are provided with written answers at the AGM, in-line with corporate governance best practice and to enhance transparency of approach.

8. Can the Club confirm that in future all special offers pertaining to season ticket holders will be available for all areas of the ground, including the Lower Floors-2-Go Stand? For instance, the Mini Reds incentive. We are keen that the Club do not create a two-tier level-of-support based upon tehcost of a season ticket.