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press release 300x150CHAIRMAN'S REPORT

As our accounts show, we generated a £190,000 loss in the year to May 31st 2011.

However we remain, uniquely in the SPL, a Club with no overdraft facility with any Bank. Our historic debt, unlike that which is such a burden elsewhere, was removed from the Club's balance sheet a number of years ago when the finances of the Club were restructured. This therefore continues to be a self supporting Club at operational level and its shareholders and supporters must take satisfaction and credit for its ongoing financial wellbeing.

The £190,000 deficit reflects the austere economic conditions against which the Club has had to operate, yet despite this challenging environment we have managed to maintain a football department budget which has proved to be competitive.

We disposed of the Social Club on Greig Street and this income, together with Directors' Loans, allowed us to generate sufficient cash to meet our outgoings. The Social Club continues to operate as before and carry out its important function for our supporters.

You will see from your accounts post year end the balance sheet was improved by £250,000 when a number of existing shareholders purchased 250,000 shares at £1 each.

Having won the First Division Championship, the Club performed very well on its return to the SPL and seventh place is satisfactory, though the top sixth spot which we aspire to continues to narrowly elude us. The Management Team of Terry Butcher and Maurice Malpas deserve every credit for their continued progress and we look forward to this continuing in the 2011-12 campaign.

Adam Rooney, our top scorer, was out of contract in May 2011, despite our efforts to commit him to a new deal but his departure to England illustrates how a young player can come to this Club and have the opportunity to establish himself and attract larger Clubs in due course. Adam has moved to Birmingham City and we wish him every success.

Long serving players Grant Munro, Russell Duncan, Roy McBain and Stuart Golabek were all released in May 2011 and we take this opportunity to again extend our thanks on behalf of all supporters for their sterling service. It has been gratifying to see young players coming through in to the first team reckoning, with Nick Ross, Graeme Shinnie, Shane Sutherland and Gavin Morrison all making their mark and showing bright promise for the future. It was particularly pleasing to see Nick, as an Inverness boy, being selected for the Scotland Under 21 Team. In the Youth ranks Liam Polworth also gained International honours.

The Club also signed a crop of new young talent for the Under 19's with former Scotland striker Duncan Shearer, our former player and Assistant Manager, returning to the stadium as Under 19 coach. We are also grateful to Charlie Christie and all the age group team coaches. It is amply evident we have more potential in their ranks than ever before and we are confident this will be reflected at first team level in due course. Our emphasis is always firmly being on a community based club and once again we must acknowledge the excellent work carried out by Craig Masterton and all who work so tirelessly with him.

Iain Smith has retired as Club Doctor and we thank him for his service, as we do with Club Historian, Archivist and Statistician Iain Broadfoot who has retired as a result of his move to Perth. Another retiral is that of Rod Houston from the Highland Soccer Academy and we wish him well.

Kenny Cameron has stepped in as Operations Director during this period and has done a superb job heading up the day to day running of the Club backed by an office staff who I have said in the past and continue to say work tirelessly for the Club sometimes in difficult circumstances - they are helped by part time staff and volunteers who cover areas from match day duties to car boot sales - a big thank you to all.

We have to be ever mindful of those who follow Caley Thistle in sunshine and in shadow and we thank the Supporters' Trust, the Supporters' Club and Social Club for all their assistance. It was pleasing to note season ticket sales for 2011-12 remain positive.

You will note we have a motion on our Agenda in relation to the voting rights of the Supporters Trust. The intention from the outset was the Supporters Trust voting rights should never be less than 10% of the shares in circulation. This corrects the current position.

Being a self supporting club we are particularly grateful to the continued support of all our shareholders and all who sponsor us in any way. The Orion Group with their worldwide footprint and local headquarters are in their second season as main sponsor and we express sincere gratitude for their ongoing backing. Flybe and Lifescan continue to support us on the community fronts.

My final thanks is to my fellow directors as a great deal of time and effort goes in to addressing the financial challenges of being a self supporting club. From the Board Room to the Dressing Room to the Stands we have a common goal - we are all striving for and wanting the best for Caley Thistle next season and beyond.

Yours in sport,

George Fraser

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