Tottenham Hotspur Annual Report 2011

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tottenham hotspur plc

ANNUAL REPORT 2


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CONTENTS

TenyearsagowesetouttocreateaFirstTeamsquadthatcouldcompeteforthehighesthonoursbothdomesticallyandinEurope,to deliveranewTrainingCentreandanincreasedcapacitystadium.I amdelightedtoreporton thesubstantialprogresswehavemade

in alltheseareas.Daniel LevyChairman, Toenham Hotspur plc

Our Club1 Financial Highlighs

Summary and Oulook2 Our Fans

4 Our Team

6 Our European Advenure

8 Our Young Players

10 Our New Training Cenre

12 Our Foundaion

Our Business14 Chairmans Saemen

20 Financial Review23 Direcors Repor

26 Corporae Governance

29 Remuneraion Repor

Our Results31 Independen Audiors Repor

32 Consolidaed Income Saemen33 Consolidaed Balance Shee

34 Consolidaed Saemen of Changes in Equiy

35 Consolidaed Saemen of Cash Flows

36 Noes o he Consolidaed Accouns

57 Five-year Review

58 Independen Audiors Repor

59 Company Balance Shee

60 Noes o he Company Accouns

ADDITIONAL INFORMATION66 Noice of Annual General Meeing

70 Direcors, Ocers and Advisers

Cover image Above

Sunday22May2011PremierLeague|WhiteHartLaneToenhamHotspurvsBirminghamCity|Won2:1

Sunday2October2011PremierLeague|WhiteHartLaneToenhamHotspurvsArsenal|Won2:1


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Toenham Hotspur plc Annual Report 2011

Our Club Our Business Our Results 1

2011 163.5m

2010 119.8m

2011 32.3m

2010 22.7m

2011 81.5m

2010 70.5m

2011 45.5m

2010 31.4m

2011 150.3m

2010 123.6m

REVENUE NET ASSETS

PROFIT FROM OPERATIONS(EXCLUDING FOOTBALL PLAYER TRADING)

UNDERLYING

SHARE CAPITAL

EARNINGS/(LOSS)

PER SHARE

INVESTMENT IN

FIXED ASSETS

Revenues at record level of 163.5m (2010: 119.8m) largely as a result of the Clubsparticipation in the UEFA Champions League, reaching the knock-out quarter-nal stages

Operating expenses increased 35% to 131.2m (2010: 97.1m), due in the main to the costsassociated with a large squad size playing in both domestic and European competitions and atotal of 53 games played (2010: 50)

Operating prot before football trading and amortisation, which is one of the key performanceindicators of how the Club is performing as a cash-generating business, increased by 42%to 32.3m (2010: 22.7m)

Signicant investments over the past 12 months in the Northumberland Development Projectand the new Training Centre have increased the carrying value of property, plantand equipment from 123.6m to 150.3m

FINANCIAL HIGHLIGHTS

SUMMARY AND OUTLOOk

2011 0.4p

2010 (5.6p)


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A global fan base

We are building a stronger fan base globally, buoyed by our entertaining style of football, the proledelivered by membership of the Barclays Premier League and our inaugural UEFA Champions League

adventure. During the period we saw visits to toenhamhotspur.com grow by 30%.

The passionate, unwavering support of our millionsof loyal fans makes a huge contribution to our success.As we continue to move the Club forward, we aimto nd more ways to bring each and every Spurs fancloser to their Club and to build the next generationof support.

ThefanswereincredibleandtheygetbehindtheirteamsaidHarryRedknapp.

15 September 2011

In the news

THE GAME IS ABOUT

PASSION


5/74Our Club Our Business Our Results 3


Images

Sunday 2 October 2011Premier League | White Hart LaneToenham Hotspur vs Arsenal | Won 2:1

TO DARE IS TO DOOUR FANS


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Developing a successful teamReaching the quarter-nals of Europes elite competition is testament to the quality of our team.We recognise the magnicent eorts of the players, management and coaching sta as integral

to that success and in delivering a truly exciting season.

Stylish, aacking football has always been a hallmarkof Toenham Hotspur. We have a strong, condentteam with world-class players continuing the Clubstradition of playing with air.

THE GAME IS ABOUT

FLAIR

ChampionsLeaguevirginstheymaybe,buttheyareplayingwiththepoise

ofexperiencedtravellersalongtheEuropean superhighway,theiraackinginstinctsa revelation.

24 November 2010

In the news




Images le to right

Saturday 10 September 2011Premier League | MolineuxWolves vs Toenham Hotspur | Won 0:2

Sunday 22 May 2011Premier League | White Hart LaneToenham Hotspur vs Birmingham City | Won 2:1

Sunday 18 September 2011Premier League | White Hart LaneToenham Hotspur vs Liverpool | Won 4:0

TO DARE IS TO DOOUR TEA


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Glory Glory Toenham HotspurThe Glory Glory nights that we encountered during our UEFA Champions League campaign weretruly unforgeable and our players are fully focused on returning us to this elite competition.

Memories from our inaugural UEFA Champions Leagueadventure will stay with us forever. We played some ofthe most scintillating football of the competition.

ToenhamhaveaackedtheirdebutChampionsLeagueseasonwithgusto

and sentaseriesofboldstatementsacross thecontinent.

25 November 2010

In the news

THE GAME IS ABOUT

ADVENTURE




Images le to right

Wednesday 25 August 2010Champions League | White Hart LaneToenham Hotspur vs BSC Young Boys | Won 4:0

Tuesday 2 November 2010Champions League | White Hart LaneToenham Hotspur vs Inter Milan | Won 3:1

TO DARE IS TO DOOUR EUROPEAN ADENTURE


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A thriving AcademyFour academy graduates played for the First Team during the 2010/2011 Season providing aninspirational eect on the younger players who continue to play in development games alongside

First Team players or who benet from loan spells at senior level for Football League sides.On a typical week Spurs provided around 12% of the teenage starters in the Championshipand League 1.

We have seen the growth and development of severalyoung players who have undoubtedly beneted fromthe combined system of loaning to ensure matchtime whilst retaining training sessions back at theClub. These players are now proving to be valuableadditions to our First Team.

KyleWalkerwrotehimselfintoToenhamfolklorewithastunninglong-rangewinner...

2 October 2011

In the news

THE GAME IS ABOUT

DEVELOPING TALENT




Images le to right

Tom CarrollThursday 20 October 2011Europa League | White Hart LaneToenham Hotspur vs Rubin Kazan | Won 1:0

Andros TownsendThursday 29 September 2011Europa League | White Hart LaneToenham Hotspur vs Shamrock Rovers | Won 3:1

Kyle WalkerSunday 2 October 2011Premier League | White Hart LaneToenham Hotspur vs Arsenal | Won 2:1

TO DARE IS TO DOOUR OUNG PLAERS


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Our new Training Centre will include: 11 outdoor pitches one articial pitch and ten natural grass

a two-storey Training Centre that also has a basement which has been designed to be an integral

part of the landscape. The building is constructed around a 70m x 50m indoor articial pitch a learning centre for the Academy and educational space, medical facilities, hydrotherapy suite/

swimming pool, tness centre/gym, changing rooms, canteen and media centre

Due for completion in the summer of 2012, our newTraining Centre will provide a state-of-the-art homefor our First Team and Academy. Set in over 70 acresin Eneld, this world-class facility will help us aract,develop and retain the highest quality talent.

Itisafantasticfacilityforplayerstocomeandworkineverydayandtoaractyoung

playerswhoarethinkingaboutcomingtoSpurs.Youwontndabeertrainingcentrethanthisanywhere.Itsgoteverythingatop-classplayerwouldneed.

Harry Redknapp| 13 September 2011

In the news

THE GAME IS ABOUT

FUTURE AMBITION




Images le to right

13 September 2011Construction of main building

13 September 2011Harry Redknapp and Ledley King aendtopping-out ceremony

Aerial CGI showing the main building of thenew Training Centre

TO DARE IS TO DOOUR NEW TRAINING CENTRE


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Some highlights of our Foundations work: 7,000 children have taken part in healthy living assemblies

1,000 women will benet from our Think Fit sports project

160 young people will be helped back into training, education or employment with ourE18HTEEN project, with Jermain Defoe an ambassador for the programme

5,000 voluntary hours have been created since the start of the Foundations olunteerToenham Hotspur programme

48% of the Foundations coaching sta are young people who have come through oneof our projects

Our Foundation is at the forefront of delivering vitalprojects that tackle key social issues and createopportunities that change lives.

Theyareawellrunclubnanciallyand

theydoanenormousamountforthelocalcommunity.IfyoulookattheworktheSpursFoundationhasdoneinandaroundtheareaoftheground,itsfantastic.

Hugh Robertson | 6 April 2011

In the news

THE GAME IS ABOUT

OUR COMMUNITY




Images le to right

Toenham Hotspur Foundation coach workingwith young people in the local community

Jermain Defoe spends time mentoring youngpeople in care and care leavers as part of t henew E18HTEEN project

Younes Kaboul aends the regional launch of ourThink Fit programme oering inclusive sport,physical activity and education opportunities towomen aged 16+ who live in deprived communities

TO DARE IS TO DOOUR FOUNDATION


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Paricipaion in he UEFA Champions League compeiion and our runo he later sages has had a signican impac on he Clubs urnoverfor he year, delivering record revenues of over 163.5m (2010: 119.8m).

This allowed us o susain a larger squad and remain compeiivein boh he League and cup compeiions. Whils we have coninuedo inves heavily in he squad i should also be noed ha we haveconinued o inves sensibly in oher pars of he Clubs fuure, namelyfaciliies such as he new Training Cenre complex and planning fora new sadium, whils sill managing o reduce ne deb and coninueo mainain a srong balance shee.

Ten years ago we se ou o creae a Firs Team squad ha couldcompee for he highes honours boh domesically and in Europe,o deliver a new Training Cenre and an increased capaciy sadium.I am delighed o repor on he subsanial progress we have madein all hese areas.

Financial highlighsBefore urning o he Clubs resuls for he year ended 30 June 2011,which are covered in more deail in he Financial Review, I should like osar by commending everyone a he Club for he coninued hard workwihou which we could no deliver such a robus nancial backdropo a season which has delivered so much on he pich. Whils we cancerainly poin o he successful run in he UEFA Champions League

compeiion, which has propelled revenues o reach record levels againa 163.5m (2010: 119.8m), we have also seen commercial success,paricularly in he area of sponsorship wih he innovaion of wo shirsponsors Auonomy across all FAPL games and Invesec across allcup compeiions. Given he atenion our performances atraced,we have seen media values rise and deliver an impressive reurn forour sponsors.

This was ye anoher season when we lled our Sadium o capaciyfor every Premier League home mach and during his period PremierLeague gae receips rose o 20.4m (2010: 20.1m).

Increases in media and broadcasing revenues were buoyed by UEFAChampions League receips and a h place nish coninues our runof being in Europe for four of he pas ve seasons.

We reained a large squad o give ourselves he bes chance of successand ensure here was sucien deph in he squad. More players,along wih salary inaion, performance-relaed bonuses and increasesin fooball expenses, resuled in fooball operaing expenses increasingduring he year. Pos year end we have reduced he squad size,enhanced he qualiy and coninue o focus on reaining core playerson long-erm conracs. This invariably means new longer-erm dealson higher, compeiive salaries. We coninue o work, however, ondriving revenues o ensure ha he wage o revenue percenagesremain wihin our key performance arges.

chairmans statement

Having been Chairman for 10 years it was with great pridethat we saw the Club enter the elite UEFA Champions Leaguecompetition during the 2010/2011 Season. To have progressedthrough to the quarter-nals of that competition, with somemagnicent performances along the way, is a validation ofour continued investment in our squad.




Capial projecsIn Sepember his year we held he Topping Ou ceremony for he newTraining Cenre. Visiors o he sie have no failed o be impressedwih is design and layou. I is visibly a he forefron of rainingfaciliies in Europe and arguably in he world. We look forward o henal commissioning of he projec in he summer of 2012 when i willbecome home o our Firs Team squad and he exciing alen amongs

our younger Academy eams.

Much has been writen abou our new sadium plans. During his periodwe were successful a planning commitee sage wih our plans for heNorhumberland Developmen Projec (NDP), bu he cos of consenhad been high. A he same ime, we were invied o submi our ineresin he Olympic Sadium and made a bid o acquire he lease of hissadium pos he 2012 Olympics. We were quie clear, however, hawe would no compromise specaor enjoymen by reaining he rack.We were unsuccessful, we believe, because of our failure o agree oreain he rack despie assurances ha a bid wihou he rack wouldbe accepable wihin he crieria and despie our bid including asubsanial alernaive ahleics faciliy, a healhy reurn o heaxpayer and exensively funded communiy programming.

In ligh of he decision o formally reain he running rack and heincompaibiliy of fooball in a sadium wih a rack, he OlympicSadium has ceased o be an opion for he Club and we have, overhe las few monhs, been involved in a succession of meeings anddiscussions wih poliicians a all levels in respec of he NDP andassociaed developmens.

A nancing package will need o include bank nance, enablingdevelopmen and sponsorship. Quie clearly any signican,furher invesmen by he Club would need o be in he conexof a commimen by he public secor o underake publicinfrasrucure works in order o creae he environmen andcondence o commi furher.

These would include public secor improvemens such as public spaceupgrades, improved public ranspor and public realm works, o bedelivered in he surrounding area and o conribue o he general upliof he borough, hereby creaing an area in which he Club can jusify aninvesmen of hundreds of millions of pounds, secure funding and be acaalys for furher regeneraive invesmen.

We are coninuing o hold posiive and consrucive discussionswih local, regional and naional governmen as we seek o movehis scheme forward.

Revenues a record level of 163.5m largely as a resul of he Clubs paricipaion in heUEFA Champions League reaching he knock-ou quarer-nal sages

FAPL gae receips increased marginally o 20.4m (2010: 20.1m) on capaciy home atendances UEFA Champions League gae receips and prize money was 37.1m (2010: nil) Media and broadcasing revenues increased 5% o 54.0m (2010: 51.5m) Sponsorship and corporae hospialiy income increased by 24% o 31.8m (2010: 25.8m) wih

Auonomy as new FAPL shir sponsor and Invesec as new shir sponsor for cup compeiions

Merchandising income rose by 23% o 9.6m (2010: 7.8m) aided by he UEFA Champions League

campaign and a srong produc mix


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On he pichThe fac ha we hosed one of he larges squads in he PremierLeague during his period undoubedly played a role in our abiliy ocompee in he manner in which we did. We were clear ha we wouldneed o look o sreamline our squad where appropriae and ousideof his period, wih a combinaion of player sales and loans, we havebeen able o reduce he squad numbers.

New conracs were agreed wih Firs Team players BenoAssou-Ekoto, Gareh Bale, Luka Modric, Danny Rose, William Gallas,Vedran orluka, Kyle Naughon and Kyle Walker; Developmen Squadplayers John Bosock, Nahan Byrne, Thomas Carroll, Seven Caulker,Jake Livermore, Jake Nicholson, Dean Parret, Ryan Fredericks,Simon Dawkins, Kudus Oyenuga and Harry Kane.

During he summer of 2010 we signed Rafael van der Vaar, WilliamGallas, Sipe Pleikosa (on loan) and Sandro (from our Parner ClubInernacional). In January 2011 we signed Bongani Khumalo, SevenPienaar and Massimo Luongo and re-signed Simon Dawkins.

Dorian Dervie, Adel Taarab, Jonahan Woodgae, Anon Blackwood,Calum Bucher and Sipe Pleikosa le he Club during he

nancial year.Since he year end we have srenghened he squad furher wih hefollowing signings: Brad Friedel, Scot Parker, Emmanuel Adebayor(loan), Crisian Ceballos and Souleymane Coulibaly.

The following players have le since he year end: Jamie OHara,Robbie Keane, Alan Huton, Peer Crouch, Wilson Palacios andPaul-Jose MPoku.

Pre-season for his period, he Firs Team underook a successful ouro he USA, playing parner club San Jose Earhquakes and aking parin he Barclays New York Challenge, along wih New York Red Bulls,Sporing Lisbon and Mancheser Ciy.

We made our debu in he UEFA Champions League agains BSC YoungBoys and were successful in our Group Sage maches which included amemorable ha-rick by Gareh Bale agains Iner Milan a he San Siroand an equally hrilling reurn mach a he Lane. Our win againsWerder Bremen secured our qualicaion for he las 16.

Srong performances home and away agains AC Milan saw usprogress o he quarer-nals a remarkable achievemen in our rsUEFA Champions League appearance before exiing o Real Madrid.

As par of pre-season 2011/2012, he Club ook par once again in heVodacom Challenge Cup in Souh Africa and i proved o be an excellenrip wih a good level of compeiive maches. For a second ime wereurned wih he rophy.

We have a special relaionship wih Souh Africa ha has grown overhe years. This rip was our fourh visi o he counry in eigh years.Our parnership wih SuperSpor Unied included he signing ofBongani Khumalo from heir Firs Team, joining our oher Souh Africaninernaional, Seven Pienaar. During he season we hosed 16 playersand also members of heir sa on coaching exchanges and rials.

The Club and he Premier League were also par of he Trade Mission

by he Briish Prime Miniser, David Cameron, o Souh Africa a heime of he our. Along wih he recogniion of he Premier League asone of Briains bes expor examples, he acceped our inviaion ovisi our join Totenham Hospur SuperSpor Academy, a furherexample of rade beween he wo counries. In Parliamen on hisreurn, he Prime Miniser praised he corporae social responsibiliywork he Club does in Souh Africa wih youngsers, linked o he worki does here in our ve neighbour boroughs.

A youh level, four Academy graduaes, Jake Livermore, SevenCaulker, Danny Rose and Andros Townsend played for he Firs Teamduring he season. Once again his has had an inspiraional eec on heyounger players, who coninue o play in Developmen games wih FirsTeam players on a regular basis and addiionally coninue o play gameson loan under he guidance of he developmen sa.

chairmans statementcontinued

At youth level, four Academy graduates played for theFirst Team during the season. Once again this has had aninspirational eect on the younger players, who continueto play in Development games with First Team players on aregular basis and additionally continue to play games on loanunder the guidance of the development sta.




The season saw 19 players make an average of 21 appearances insenior League fooball. The level a which our loanees play has onceagain improved wih a signican increase in appearances in heChampionship. On a ypical weekend we provided 12% of eenagesarers in he Championship and League One. Wih around 90% ofsarers in he op hree English Leagues being 21 years of age or over,he achievemens of our young players is ousanding.

22 of our players were called up o play inernaional fooball fromUnder-16 o Under-21 years of age, 14 of whom played for England.

We atended 31 ournamens and fesivals wih he Academy squads,23 of which were overseas. This exposure o inernaional fooballwihou doub acceleraes he learning experiences of younger players.

An Under-17 group played agains he Rwandan Naional Youh eam inan hisoric game, 17 years aer he ragic evens in heir hisory and asa precursor o heir FIFA World Cup compeiion.

Commercial operaionsThis period saw he innovaive spli of he shir sponsorship, aspreviously menioned, wih Auonomy and Invesec. We agreed a newfour-year ravel parnership exension agreemen wih Thomas CookSpor and Sporingbe became he Clubs online beting parner.Under Armour was announced in a record breaking deal as he Clubsnew echnical parner eecive from he 2012/2013 Season.

We coninued o be commited o developing he nex generaionof fans and his period saw us underake our Free Junior Membershipiniiaive. We are now creaing a websie designed o engage wih

young Spurs fans boh in he UK and overseas.In addiion o he launch of a websie specically for our younger fans,we shall also be launching a new re-designed Club websie laer hisyear. A desinaion for Spurs fans all over he world, i includesenhanced funcionaliy and a machday console o serve he millionsof fans who are no able o be a he game. We are forunae o beparnered by our Premier League sponsor Auonomy and will be usingheir advanced web echnology and soware, which will undoubedlysee us deliver o fans he mos innovaive websie of is kind.

Given he huge demand for ickes which sees us rouinely sell ou,we coninue o seek oher ways o make he Club accessible o kidsand families. The special allocaion of ickes available for Membersand Season Ticke Holders o bring children o heir rs mach

coninues o be popular. In addiion, our fun days a he Lane,Open Training evens and free Sadium ours for Junior Membersenable us o engage wih youngsers.

Ouside of his period we have underaken a brand projec aimed asrenghening he Clubs visual ideniy. This work has helped us creaegreaer coherence in our ideniy across all our channels as we look ofurher grow he brand in new commercial markes and across keyerriories around he world.

All of our Club communicaion channels once again saw signicangrowh. Our web reached a record all ime high for unique visiors permonh, some 2.6m, and Spurs TV records he highes numberof subscribers for equivalen producs across he Premier League.Our digial media presence coninues o grow wih close o a million

followers on Facebook and jus under 100,000 followers on Twiter.

Totenham Hospur FoundaionThe major disurbances we saw in our neighbourhood in Augus 2011served o boh highligh he social issues prevalen in he area inwhich he Club is siuaed and o underline he valuable role heFoundaion plays.

There is a real need for his role o be mainained, widened andsrenghened. Our Foundaion is widely recognised as being a heforefron of delivering vial projecs ha ackle key social issues,promoe social cohesion and furher educaion. More imporanly,i is he single mos powerful plaform he Club has on which o engagewih local, regional and naional governmen and discussions are akingplace daily o furher esablish and expand our work in conjuncion wihgovernmen deparmens. I shall rever o his issue when reporing onhe Oulook for he Club.

This period saw he launch of he E18HTEEN projec wih JermainDefoe as an ambassador for he programme and a posiive rolemodel and menor. The projec will run over wo years and work wih160 young people aged 16-19 years, who are eiher in care or are careleavers, wih he objecive of geting hem back ino raining, educaionand employmen.

Our saisics coninue o speak for hemselves: over 7,000 childrenhave aken par in our healhy living assemblies in local primary andsecondary schools; our Voluneer Totenham Hospur programme hascreaed over 5,000 volunary hours since i sared; we delivered our

Think Fi spors projec o over 1,000 women in Norh London; and,hrough he Bill Nicholson Bursary Fund, over 60 local people havesuccessfully gained fooball coaching qualicaions wih 50% of hosenow working in Foundaion programmes.

An ousanding saisic is ha currenly 48% of he Foundaionscoaching sa are young people who have come hrough one of ourprojecs. No only does he Foundaion deliver crucial projecs, i alsoprovides a roue o employmen and enhances he qualiy of he livesi ouches.

I should like o make special menion and hank he managemen, saand voluneers a he Foundaion who rouinely work long hours, deliverprogrammes hrough he nigh and oen deal wih disurbing incidens.

We should all be immensely proud of o ur Foundaions workand achievemens.


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chairmans statementcontinued

Club chariiesWe coninue o work wih our main chariy parner, SOS ChildrensVillages. The players have personally sponsored SOS orphans aroundhe world, predominanly in Haii, Beijing and Rusenburg, Souh Africa.Our players seleced o play for England in he World Cup sponsoredchildren in our SOS Childrens Club House in Rusenburg and his meanha Michael Dawson was able o mee he child he had personally

sponsored in wha was an emoional momen and made newsaround he world.

Our players were also able o mee up wih heir sponsored orphansagain when we visied Souh Africa in he 2011/2012 pre-season our.

Once again we have coninued our suppor for Tickes for Troops,making ickes available free for roops o atend our maches when onleave. We have suppored Help for Heroes hroughou he year, hosedservicemen and raised over 40,000 for he Royal Briish LegionsPoppy Appeal Campaign.

We also coninue o suppor our role in Special Olympics worldwideand once again we sponsored he Homeless World Cup, hrough oursuppor for KSVN Slum Soccer Schools in India.

Managemen and safWe can proudly look back on he las season in he knowledge ha ourClub has once again achieved signican progress boh on and o hepich, maching playing success wih commercial success and prudennancial managemen.

We recognise he magnicen eors of he players, managemen and

coaching sa as inegral o ha success. Plaudis mus go o HarryRedknapp and all he sa for a ruly exciing season.

Our ex-players and legends are an imporan aspec of he Club.I was wih grea sadness ha his year saw he passing of mach-dayhos Ralph Coaes, Bobby Smih, Mel Hopkins, Eddie Bailey and formerassisan manager Pa Welon. We were also deeply saddened by heragic and unimely deah of Dean Richards. Our Club capain andformer eam mae, Ledley King, represened he Club on he pich ahe Molineux Sadium for he moving ribue o Dean. Our condolencesgo o all heir families.

OulookLas season we played some of he mos eneraining fooballof any eam in any league in he world. We shall fully embrace he

Europa League his season and push o achieve all ha we can,whils also ensuring ha we focus on our goal of rejoining heUEFA Champions League.

We, your Board, have always highlighed he need for a viable andsusainable business, operaing wihin our means. We welcome heforhcoming new sysem of Financial Fair Play in he game ha wehope will level he playing eld and endorse he way we have operaedo dae. The fooballing world has largely recognised he need for hisform of nancial conrol.

Last season we played some of the most entertainingfootball of any team in any league in the world. We shall fullyembrace the Europa League this season and push to achieveall that we can, whilst also ensuring that we focus on our goalof rejoining the UEFA Champions League.




We fully suppor he UEFA regulaions alongside he Premier Leaguesview on Financial Fair Play and we shall be a es case in he run up o isimplemenaion. Our hope is ha he rules are acceped in he spiri ofhe game o ensure is inegriy and values are based on fair compeiion.

I now wish o commen furher on our curren posiion in Totenhamand o make reference o he rios ha happened on our doorsep,bu which made headlines around he world.

All of us have been grealy aeced by he evens of he pas monhs.As a Club we have always aken our role and responsibiliies wihinour communiy seriously and he work of he Foundaion is esameno ha.

The recen rios and disurbances in Totenham have brough sharplyino focus he diculies and needs facing one of he mos deprivedpars of he counry. Whils we are ever-conscious of he level ofdeprivaion we see in he area in which our curren Sadium is sied,i is perhaps worh reminding ourselves of he posiion.

Norh Totenham, and in paricular he Norhumberland Park ward,is one of he mos deprived and ehnically diverse pars of Briain 71.6%1 of he residens of Norhumberland Park claim employmenand suppor allowance (1.5% naionally) and 53.1%2 of children inNorhumberland Park are living in povery. Norhumberland Park isconsidered amongs he wors 5%3 deprived wards in he counry.

There is an undeniable need for regeneraion in his area in order oprovide fuure hope and cohesion for he communiy.

Our commimen o his area is evidenced by he fac ha we invesed

some 60m in buying land over he pas few years and 25m in heplanning process. In addiion he Club coninues o atrac millions ofpounds o he area hrough our presence here, as well as he millionswe atrac in gran funding for he work of our Foundaion in he localcommuniies of Haringey and Eneld.

Totenham deserves focus, co-operaion and he appropriae levelof suppor from all sakeholders. I is no a small ask and i requiresall paries o come ogeher o make i happen. The Docklands is aclear example of wha can be achieved when public invesmen in hecommuniy creaes he circumsances in which he privae secor canhen inves bringing jobs, social cohesion, place change and a renewedpride o an area long overlooked.

I should underline ha here is sill a long way o go. Given he

scale, imporance and complex naure of such a major, spor-ledregeneraion scheme, we shall be aording i he ime and focusi deserves and discussions are ongoing. We shall look o reporfurher as we progress wha have been, and coninue o be,posiive meeings and discussions wih he Mayors oceand Haringey Council.

In looking o move forward and coninue o full our ambiionsas a Club, paricularly wih respec o raising nance for capialexpendiure projecs, I can also announce ha we are inendingo propose o shareholders ha he Company be de-lised fromrading on AIM and be re-regisered as a privae limied company.We propose o re-insae he nil cos dealing faciliy for smallshareholders who hold 10,000 or fewer ordinary shares o assishose who wish o sell heir shares prior o he Company ceasingo be raded on AIM.

A circular explaining hese proposals in more deail will be sen o allshareholders in due course.

Challenging global economic imes are upon us and we shall all berequired o manage he diculies his will presen. We shall coninue

o be ambiious for he Club whils preserving he solid foundaions onwhich i now ourishes.

In conclusion I should like o hank all our supporers for heir immensesuppor, home, away and around he world suppor which is neveraken for graned.

Daniel LevyChairman15 November 2011

1. Source: 2010 Deparmen of Work & Pensions gure calculaed as a percenageof 2009 MYE working age populaion gures

2. Source: Haringey Sraegic Parnership, 2010 Child Povery Needs Assessmen

3. Source: 2010 Indices of Deprivaion


22/7420


Financial review

I am pleased o announce he nancial resuls for he year ended30 June 2011.

Revenue reached a record level of 163.5m (2010: 119.8m),represening a 36% increase on he previous year and generaing anoperaing pro excluding fooball rading of 32.3m (2010: 22.7m).Ne deb has been reduced during he year from 64.5m o 56.8mdespie he coninued invesmen in our capial projecs.

RevenuePremier League gae receips rose o 20.4m (2010: 20.1m) wih heSadium coninuing o be sold ou for all Premier League home games.

Finishing fourh in he Premier League a he end of he 2009/2010Season provided he Club wih an opporuniy o qualify for he UEFAChampions League Group Sages for he rs ime in is hisory whichi achieved aer beaing Young Boys in a Play-O Round. Aer amemorable run in he compeiion, he Club were eliminaed byReal Madrid in he quarer-nals.

Gae receips and prize money from our run in he UEFA ChampionsLeague oalled 37.1m. In he previous season he Club did no

qualify for Europe.In domesic cup compeiions, he Club was knocked ou in he fourhround of The FA Cup and he hird round of he Carling Cup, earning heClub 1.9m in gae receips (2010: 6.7m).

Media and broadcasing revenues increased by 5% o 54.0m(2010: 51.5m). This gain was due o he rs season of he newincreased FAPL TV deal in spie of a lower meri fee award based on ournal league posiion of h compared o fourh he previous season.

Sponsorship and corporae hospialiy income increased by 24% from25.8m o 31.8m. The 2010/2011 Season saw us welcome wo new shirsponsorships wih Auonomy sponsoring our shirs in he PremierLeague and Invesec sponsoring our shirs in all cup compeiions.In addiion, corporae hospialiy income beneed from our UEFAChampions League campaign.

Merchandising income rose by 23% o 9.6m (2010: 7.8m) aided byUEFA Champions League paricipaion and a srong produc mix.

Operaing expenses(excluding ooball rading)Operaing expenses before fooball rading rose by 35% from 97.1mo 131.2m in he year. Player salaries have risen as he Club augmenedis squad of players o be able o compee boh a home and in Europea he highes level during he season in which he Club played a oalof 53 games.

There was also an adverse movemen in unrealised foreign exchangedierences due o he weakening of Serling agains he Euro duringhe year.

Pro rom operaions(excluding ooball rading and amorisaion)Overall, our operaing pro before fooball rading and amorisaion,which is one of our key performance indicaors for how he Club isperforming as a cash-generaing business, increased by 42% o 32.3m(2010: 22.7m).

Amorisaion and impairmen o inangible assesAmorisaion and impairmen of inangible asses and oher fooballrading-relaed income and expendiure are 39.5m (2010: 39.5m) ashe Club mainains is signican invesmen in is playing squad.

Revenue reached a record level of 163.5m (2010: 119.8m),representing a 36% increase on the previous year andgenerating an operating prot excluding football tradingof 32.3m (2010: 22.7m). Net debt has been reduced duringthe year from 64.5m to 56.8m despite the continuedinvestment in our capital projects.




Pro on disposal o inangible assesPro on he disposal of inangible asses was 8.6m for he nancialyear (2010: 15.3m), which included he sale of Adel Taarab o QueensPark Rangers and coningen receips relaing o prior year sales ofDarren Ben o Sunderland, Kevin-Prince Boaeng o Porsmouh,Dimiar Berbaov o Mancheser Unied and Didier Zokora o Sevilla.

Ne nance expensesFinance coss have fallen from 6.4m o 5.5m and nance incomehas risen from 1.4m o 4.5m as a resul of a 4.2m credi whichwould have arisen over a hree-year redempion period relaing o ourconverible redeemable preference shares had hey no been fullyconvered during he year.

Pro beore axaionThe overall resul of he above is ha he Group made a pro beforeaxaion of 0.4m (2010: loss of 6.5m).

Balance sheeThe signican invesmens he Club has coninued o make over he

pas 12 monhs in he Norhumberland Developmen Projec (NDP) andhe new Training Cenre have resuled in he carrying value of propery,plan and equipmen increasing from 123.6m o 150.3m.

As a he balance shee dae, he curren Sadium and Training Groundamoun o 39.0m of hese asses; he invesmen in NDP is 83.5mand he new Training Cenre is capialised a 27.8m.

This huge invesmen over he las six years has been funded hroughpros, equiy conribuions and long-erm deb nancing.

Group ne asses are 81.5m (2010: 70.5m) whils ne deb has beenreduced from 64.5m o 56.8m.

Cash owThe Group had a ne cash inow from is operaions of 69.1m for heyear (2010: 19.9m).

We had a cash ouow of 48.8m (2010: 62.0m) o acquire playersand pay coningen sums arising from ransfer agreemens, bu his isparially ose by 22.5m (2010: 34.5m) of cash inows from player

sales and coningen receips, wih he residual ouow ose byoperaing pros.

The oher major cash movemens were he drawdown of 6.8m(2010: 13.8m) in loans o help fund he NDP and he expendiure onhe consrucion of he new Training Cenre. The Group repaid 5.5m(2010: 4.1m) of oher borrowings during he year.

Risks and opporuniiesThe Group is exposed o a range of risks and uncerainies which havehe poenial o aec he long-erm performance of he Group. Risksare moniored by he Board on a coninual basis and he Group seekso miigae hese risks wherever possible.

Looking forward, he nex major challenge our indusry will face, from

a nancial perspecive, will be he change ha Financial Fair Play willbring o he game. The essence of he change is o balance revenuesand expenses. I was ineviable ha UEFA would bring furher conrolo he game and he Premier League has embraced hese changesaking he view ha i is beter o be involved in a process han pushingagains he ineviable.

From he Clubs perspecive, i vindicaes our consisen approach oinves in he Club. I underlines our focus on invesing in young alenand our Academy faciliies, i necessiaes he need for a new sadium,which is now even more imporan o drive revenues o he nex leveland i underlines our decision o work wihin our hisoric operaionalcash ows.

2011 56.8m

2010 64.5m

2011 81.5m

2010 70.5m

net DeBt net assets

2011 163.5m

2010 119.8m

2011 32.3m

2010 22.7m

revenUe OPeratinG PrOFit


24/7422


Financial reviewcontinued

On he pichAs we inves for he fuure, he coninued success of he Firs Team inhe Premier League, European and cup compeiions remains animporan par of our progression.

Our ambiions in hese compeiions can be achieved wih heconinued commimen of he playing sa, he fooball managemen

eam and supporers. Our successful approach o nururing bohhome-grown alen and acquisiions hrough he ransfer markewill help he eam o secure fuure success on he pich.

There is always coninued upward pressure on player coss andsalaries, which coninue o require signican cash ouows.Accordingly, he challenge for he Group coninues o be locaingplayers of boh qualiy and value hrough he ransfer marke andAcademy. The imporance of his will be furher highlighed by heinroducion of Financial Fair Play.

Of he pichThe developmen of he new sadium will expose he Group oaddiional risks. The risk ha we migh no obain he necessarynancing would have a signican negaive impac and require awrie-o of some of he planning and professional fees paid o dae.There is also a risk ha he marke value of propery held may reduce,however we are conden here are appropriae coningency plans in

place o safeguard agains hese risks.

We coninue o explore new opporuniies in order o broaden ourrange of income sreams boh naionally and inernaionally.This coninued diversicaion will help o ensure he Group isnancially robus and increases our sabiliy.

The Club is relian on he Premier League brand and exposedo exernal governing bodies of The FA, UEFA and FIFA. Clearlyany changes o hese bodies could aec our business model.

Mathew CollecotFinance Direcor15 November 2011

Our ambitions in these competitions can be achieved withthe continued commitment of the playing sta, the footballmanagement team and supporters. Our successful approachto nurturing both home-grown talent and acquisitionsthrough the transfer market will help the team to securefuture success on the pitch.




The Direcors presen heir Annual Repor on he aairs of he Group ogeher wih he nancial saemens and Audiors Repor for he yearended 30 June 2011.

Principal aciviies and business reviewThe principal aciviies of he Group coninue o be he operaion of a professional fooball club in England ogeher wih relaed commercialaciviies. In addiion, he Group coninues o acquire numerous properies wih a view o a new sadium developmen. A review of he Groupsbusiness, an indicaion of he likely fuure developmens of is business and a descripion of he principal risks and uncerainies facing he Groupare conained in he Chairmans Saemen and he Financial Review se ou on pages 14 o 22.

Environmenal maters and employee matersThe Group seeks o mainain is srong rack record as a responsible employer. We seek o minimise he Groups impac on he environmen andendeavour o achieve his hrough recycling and energy conservaion wherever possible.

We are also commited o mainaining a workplace of he highes sandard and seek o do so by ensuring ha we provide raining programmes,

appropriae remuneraion and a posiive working environmen.

Financial risk managemen objecives and policiesThe Group is exposed o nancial risk hrough is nancial asses and liabiliies. The key nancial risk is ha he proceeds from nancial asses areno sucien o fund he obligaions arising from liabiliies as hey fall due. The mos imporan componens of nancial risk are ineres rae risk,currency risk, credi risk, liquidiy risk, cash ow risk and price risk. Due o he naure of he Groups business he nancial risks ha he Direcorsconsider paricularly relevan o he Company are ineres rae risk, currency risk and cash ow risk.

The Group addresses cash ow risk by carefully managing is working capial inows and ouows. The Group hedges is ineres exposure byusing xed ineres rae faciliies where i is deemed appropriae. The Group is exposed o foreign currency exchange risk hrough is playerransacions bu manages is working capial inows and ouows o minimise any maerial foreign exchange risk. The Group does no enerino complex nancial insrumens for speculaive purposes. Furher informaion is provided in noe 19 o he nancial saemens.

Resuls and dividends

The audied consolidaed income saemen for he year ended 30 June 2011 is se ou on page 32.The Direcors have no recommended he paymen of a dividend (2010: nil).

Pos balance shee evensDeails of pos balance shee evens are given in noe 27 o he accouns.

Share capialOn 14 December 2010 he Direcors were graned he auhoriy, under a shareholders resoluion, o purchase hrough he marke 18,519,033of he Companys ordinary shares a prices ranging beween 5p and a maximum of 105% of he average mid-marke price quoed for he vebusiness days prior o he purchase. A second resoluion graned he auhoriy o purchase hrough he marke 8,668 of he Companys converibleredeemable preference shares (CRPS) a prices ranging beween 78.10 and a maximum of 105% of he average mid-marke price quoed forhe ve business days prior o he purchase.

During he year he Company did no purchase any ordinary shares or any CRPS.

As menioned in he Chairmans Saemen, he Board is proposing o shareholders o de-lis he Company from rading on AIM and re-regiserhe Company as a privae limied company. In conjuncion wih his we have re-insaed he nil cos dealing faciliy for small shareholders who hold10,000 or fewer ordinary shares who wish o sell heir shares prior o he Company ceasing o rade on AIM.

DirectOrs rePOrt


26/7424


DirecorsNone of he Direcors who served during he year held a benecial ineres in he ordinary share capial of he Company a 30 June 2011.

Daniel Levy and cerain members of his family are poenial beneciaries of a discreionary rus which ulimaely owns 29.41% of he share capialof ENIC Inernaional Limied (ENIC).

A he year end ENIC held 181,793,258 ordinary shares represening 85% of hose in issue.

Mathew Collecot is a rusee of he Totenham Hospur Foundaion, an unpaid posiion o assis he direcion and performance of he Chariy.

Deails of he Direcors remuneraion are given in he Remuneraion Repor on pages 29 and 30. Direcors ineress in conracs are disclosed innoe 24.

Disclosure o inormaion o he audiorIn he case of each of he persons who are Direcors of he Company a he dae when his repor was approved:

so far as each of he Direcors is aware, here is no relevan audi informaion (as dened by he Companies Ac 2006) of which he Companysaudior is unaware; and each of he Direcors has aken all of he seps ha he ough o have aken as a Direcor o make himself aware of any relevan audi

informaion (as dened) and o esablish ha he Companys audior is aware of ha informaion.

This informaion is given and should be inerpreed in accordance wih he provision of Secion 418 of he Companies Ac 2006.

Subsanial shareholdingsThe Company has received he following noicaion of holdings of 3% or more of he share capial of he Company as a 15 November 2011:

Ordinaryshares

% Number

ENIC Inernaional Limied 85 181,793,258

Chariable and poliical donaionsThe Group made cash donaions of 100,287 o inernaional, UK-based and local chariies during he year (2010: 11,960). The Group made nopoliical donaions during he year (2010: nil). The Group made conribuions wih a value in excess of 0.5m o he Totenham Hospur Foundaionduring he curren and previous years. In addiion, he Group makes many oher conribuions of Totenham Hospur Fooball Club memorabilia olocal regisered chariies, especially in he Haringey and Eneld disrics and adjacen cachmen areas.

Disabled employeesApplicaions for employmen by disabled persons are always considered fully, bearing in mind he apiudes of he applican concerned. In heeven of members of sa becoming disabled, every eor is made o ensure ha heir employmen wihin he Group coninues and appropriaeraining is arranged. I is he policy of he Group ha he raining, career developmen and promoion of disabled people, should as far as possible,be idenical o ha of oher employees.

Employees consulaion

The Group places considerable value on he involvemen of is employees and has coninued o keep hem informed on maters aecing hem asemployees and on he various facors aecing he Group. This is achieved by deparmenal meeings and inrane noices.

Supplier paymen policyThe Groups policy on paymen of crediors is o negoiae paymen erms when agreeing he erms of each ransacion. In he majoriy of caseshis involves paymen wihin 30 days of he invoice dae; however, where discouns are available i is generally he policy o pay earlier and beneaccordingly. Trade crediors a 30 June 2011 represened 59 days (2010: 56 days) of annual purchases. This gure excludes conraced crediors inrespec of player purchases and capial coss which are paid on heir conracual due daes.

DirectOrs rePOrtcontinued




Tangible xed assesIn he opinion of he Direcors, he curren open marke value of he Groups ineress in land and buildings is in line wih he book value.

Key perormance indicaorsThe Direcors monior he business based on he key performance indicaors as being revenue and operaing pro/(loss) before ax and playerrading as shown in he able on page 32.

Going concernThe Board of Direcors coninually moniors he Groups exposure o a range of risks and uncerainies, including he success of he Firs Team andour level of spending hereon, he curren economic downurn and he need for addiional funding requiremens of a new sadium developmen.The Financial Review deails hese risks and uncerainies, he Groups nancial performance and posiion for he year and is cash ows andfunding posiion. In addiion, noe 19 o he nancial saemens includes he Groups objecives, policies and processes for managing is capial,is nancial risk managemen objecives and is exposure o credi and liquidiy risk. The Direcors believe ha hese risks and uncerainies aremiigaed by, iner alia, he robus naure of our business wih long-erm xed revenues from he key business areas, noably he FAPL TV deal.

The Board of Direcors has recenly underaken a horough review of he Companys budges and forecass and has produced deailed and realisiccash ow projecions. These cash ow projecions which, when considered in conjuncion wih he Groups exising loans, overdras and cash,which included consideraion of reasonably possible changes in rading performance and available banking faciliies, demonsrae ha he Groupwill have sucien working capial for he foreseeable fuure. The Board of Direcors acknowledges ha he capial srucure of he businesswill change as he NDP progresses, and is saised he necessary level of funding can be obained. Consequenly, he Direcors believe ha heCompany has adequae resources o coninue in operaional exisence for he foreseeable fuure and he nancial saemens have been preparedon he going concern basis.

Direcors indemniiesThe Group has no made any qualifying hird-pary indemniy provisions for he bene of is Direcors during he year.

AudiorDeloite LLP was he Companys audior during he year and have expressed heir willingness o coninue in oce as audior. A resoluion o

reappoin Deloite LLP as he Companys audior will be proposed a he forhcoming Annual General Meeing of he Company.

Annual General MeeingThe Annual General Meeing of he Company will be held on 13 December 2011 a he Companys Regisered Oces.



28/7426


Compliance wih he Principles of Good Governance and Code of Bes Pracice as appended o he Lising Rules of he Financial Services Auhoriy(he Code).

InroducionThe UK Lising Auhoriy requires all lised companies o disclose how hey have applied he principles of good governance and complied wih heprovisions se ou in he UK Corporae Governance Code (he Code). The Code is publicly available under he heading Corporae Governance ahe websie of he FRC, www.frc.org.uk. Alhough no required o do so by he AIM Rules, he Direcors of Totenham Hospur plc (he Company)have decided o provide corporae governance disclosures comparable wih hose required of a lised company. However in he year o 30 June 2011he Company has no been able o comply wih he provisions se ou in secion 1 of he code for par of he year because prior o K V Watsappoinmen as a Non-Execuive Direcor on 14 December 2010, here was only one Non-Execuive Direcor, Sir K E Mills. As a resul he Companyhas no been able o comply wih principles A.3, B.2 and C.3 for he full year, which recommend ha he Board should include a balance of Execuiveand Non-Execuive Direcors and ha he Remuneraion and Audi Commitees should comprise a leas wo independen Non-Execuives.

There are currenly wo Execuive Direcors (D P Levy and M J Collecot); and he Board considers ha i is adequae for wo Execuive Direcors o

deal wih he managemen of he Public Limied Company (PLC) and ve Execuives of he Fooball Club. Following he appoinmen of K V Wats,he Group currenly has wo Non-Execuive Direcors.

There are hree furher principles ha he Company has no complied wih during he year o 30 June 2011 nor in he period up o he dae ofapproval of he Annual Repor:

Principle A.2 saes ha here should be a clear division of responsibiliies a he head of he Company beween he running of he Boardand he execuive responsibiliy for he running of he Companys business. The roles of Chairman and Chief Execuive are currenly combined.As Chairman and Chief Execuive, D P Levy is responsible for running boh he Board and he Groups business. In he Boards view heindependen Non-Execuive Direcors have he abiliy and auhoriy o ensure he Group and is shareholders are no disadvanaged byhis combinaion of roles;

Principle A.4 saes ha here should be a nominaion commitee which should lead he process for Board appoinmens and makerecommendaions o he Board. The Board considers ha a nominaion commitee is no appropriae due o he relaively small size of heBoard; and

Principle B.6 saes ha he Board should underake a formal and rigorous annual evaluaion of is own performance and ha of is commitees

and individual Direcors. The Board does no feel i necessary o operae a formal Board evaluaion policy because, due o he frequency wihwhich he Board mees (as noed below), any issues concerning he performance of an individual Direcor would be promply idenied and,if necessary, recied.

Furhermore, Provision A.3 saes ha he Board should sae is reasons if i deermines ha a Direcor is independen nowihsanding heexisence of relaionships or circumsances which may appear relevan o is deerminaion, including if he Direcor has had a maerial businessrelaionship wih he Company as a senior employee of a body ha has such a relaionship wih he Company.

The Board and is DirecorsThe Execuive and Non-Execuive Direcors are named above. Furher deails abou he Direcors are conained wihin The Club secion of heClubs websie otenhamhospur.com.

Non-Execuive Direcors are appoined for an iniial erm of a year and heir service conracs provide for a noice period of hree monhs.They are independen of managemen and free from any business or oher relaionship, which could maerially inerfere wih he exercise of heirindependen judgemen. All Direcors are subjec o re-elecion a he rs Annual General Meeing following heir appoinmen. The Aricles of

Associaion also provide for one-hird of he Board o reire by roaion a each Annual General Meeing.The Board me formally on four occasions during he year o discuss maters specically reserved for decision by he full Board, which have beenseparaely dened. In addiion he Board mees informally on many occasions hroughou he year when atending boh home and away TotenhamHospur xures.

The Board is responsible for he developmen of commercial sraegy, monioring and approval of major business maters and he approval of henancial saemens. Prior o each meeing, he Board is furnished wih imely nancial and non-nancial informaion in a form and qualiy for i odischarge is duies.

The ulimae responsibiliy for reviewing and approving he Annual and Inerim Repors and for ensuring ha hey presen a balanced assessmenof he Groups posiion lies wih he Board.

The Board has esablished a number of commitees and delegaes he day-o-day responsibiliy of managing he Group o he Execuive Direcors.There are wo principal commitees of he Board, he Audi and he Remuneraion Commitees, boh of which have dened erms of referenceand duies.

The specic erms of reference for all of he Commitees may be obained from he Company Secreary a he Regisered Oce. The erms andcondiions on which Non-Execuive Direcors are appoined may also be obained from he Companys Regisered Oce.

cOrPOrate GOvernance




The Company Secreary atends all of he Board and Commitee meeings and is responsible for he preparaion and disribuion of all agenda,minues and relaed Board and Commitee papers.

A procedure has been esablished by which Direcors are able o ake independen professional advice and obain he appropriae raining, deemednecessary in he pursuance of heir duies, a he expense of he Company.

Audi CommiteeThe Audi Commitee (Chairman: Sir K E Mills), which me on wo occasions during he year, has responsibiliy for, among oher hings, reviewinghe scope and resuls of he audi, he overview of he Annual Repor, considering compliance wih legal requiremens, accouning sandards,he AIM rules of The London Sock Exchange, for advising he Board on he requiremen o mainain an eecive sysem of inernal conrol and forreviewing he arrangemens by which sa of he Company may, in condence, raise concerns abou possible improprieies in maters of nancialreporing or oher maters.

The Audi Commitee mees he exernal audior independenly of he Execuive Direcors and reviews maters brough o is atenionby he exernal audior. The Commitee also reviews he objeciviy, approach and cos eeciveness of boh is audi and non-audi services.

In accordance wih bes pracice, he exernal audior has conrmed is audi independence in wriing o he Commitee.The Commitee recommended o he Board ha Deloite LLP be proposed for reappoinmen a he forhcoming Annual General Meeing.This recommendaion has been acceped and will be proposed o he shareholders.

Remuneraion CommiteeThe Remuneraion Commitee (Chairman: K V Wats), which me on wo occasions during he year, has responsibiliy for making recommendaionso he Board, wihin agreed erms of reference, on he Companys policy on remuneraion and he individual remuneraion packages for heExecuive Direcors, including any compensaion paymens. Remuneraion packages are esablished when he Direcors are appoined.

The Execuive Direcors may atend meeings a he inviaion of he Commitee bu are no included in discussions concerning heir ownremuneraion package.

A repor on Direcors remuneraion is se ou on pages 29 and 30.

Inernal conrolThe Board complies wih he UK Corporae Governance Code recommendaions and revised guidance on inernal conrol and mainains a soundsysem of inernal conrol o safeguard shareholders invesmens and Company asses.

The Board is responsible for he Groups sysem of inernal conrol, including review of he eeciveness of he Companys risk managemen andinernal conrol sysems. A process of idenifying, evaluaing and managing he signican risks faced by he Group was in place from he sar ofhe year and o he dae of approval of he Annual Repor, and is in accordance wih Turnbull guidance. Any sysem of conrols can, however, onlyprovide reasonable and no absolue assurance agains maerial missaemen and loss.

The key feaures of he nancial conrols of he Group, which have been in place hroughou he year ended 30 June 2011 and up o he dae ofapproval of his Annual Repor, include a comprehensive sysem of nancial reporing, budgeing and forecasing, and clearly communicaedaccouning policies and procedures. Financial conrol is moniored cenrally and auhorisaion of expendiure is closely moniored by he ExecuiveDirecors. The Execuive Direcors receive seleced informaion daily. Income saemen, balance shee and cash ow informaion is prepared eachmonh and reviewed by relevan Execuives. The Board is furnished wih regular nancial informaion. The public release of he Annual and InerimRepors is no made unil i has been reviewed by he Board.

In addiion o nancial conrols, here is an esablished whisle blowing procedure in place where employees may, in condence, raise concernsabou possible improprieies in maters of nancial reporing or oher maters. Working groups have also been esablished involving managemen,exernal consulans and operaional sa a all levels. Cross-group meeings ake place o ensure ha he risks arising are reviewed,communicaed and clearly undersood and seps have been aken o ensure he conrols in place miigae, minimise or preven heir evenualiy.The Execuive Direcors discuss key issues a Board meeings. The Board feels ha his allows i o review he eeciveness of inernal conrolsand is sucien o ensure ha key risks are idenied in a imely manner, evaluaed by he correc level of managemen, and miigaed, wherepossible, hrough a sysem of conrol measures and repored upon saisfacorily. Given he Groups size he Board does no consider ha i wouldbe appropriae o have is own inernal audi funcion a presen.

Financial reporingDeailed reviews of he year are included in he Chairmans Saemen and Financial Review on pages 14 o 22. The Board uses hese and heDirecors Repor o presen a balanced and undersandable assessmen of he Companys posiion and fuure prospecs. The Direcorsresponsibiliies for he preparaion of he nancial saemens are described below.


30/7428


cOrPOrate GOvernancecontinued

Relaionships wih shareholdersThe Board recognises he imporance of mainaining srong relaionships wih is shareholders. The Direcors seek o build on a muualundersanding of objecives beween he Company and shareholders and communicae wih privae and insiuional invesors hroughhe Clubs websie otenhamhospur.com and all oher media channels available o hem.

All shareholders will be given a leas 21 days noice of he forhcoming Annual General Meeing a which he Execuive and Non-ExecuiveDirecors and key sa will be available o answer quesions from shareholders.

Direcors responsibiliies saemenThe Direcors are responsible for preparing he Annual Repor and he nancial saemens in accordance wih applicable law and regulaions.

Company law requires he Direcors o prepare nancial saemens for each nancial year. Under ha law he Direcors are required o prepare heGroup nancial saemens in accordance wih Inernaional Financial Reporing Sandards (IFRS) as adoped by he European Union and Aricle 4of he IAS Regulaion and have eleced o prepare he paren company nancial saemens in accordance wih Unied Kingdom Generally AccepedAccouning Pracice (Unied Kingdom Accouning Sandards and applicable law). Under company law he Direcors mus no approve he accouns

unless hey are saised ha hey give a rue and fair view of he sae of aairs of he Company and of he pro or loss of he Company for ha period.

In preparing he paren company nancial saemens, he Direcors are required o:

selec suiable accouning policies and hen apply hem consisenly; make judgemens and accouning esimaes ha are reasonable and pruden; sae wheher applicable UK Accouning Sandards have been followed, subjec o any maerial deparures disclosed and explained in he

nancial saemens; and prepare he nancial saemens on he going concern basis unless i is inappropriae o presume ha he Company will coninue in business.

In preparing he Group nancial saemens, Inernaional Accouning Sandard 1 requires ha Direcors:

properly selec and apply accouning policies; presen informaion, including accouning policies, in a manner ha provides relevan, reliable, comparable and undersandable informaion; provide addiional disclosures when compliance wih he specic requiremens in IFRS are insucien o enable users o undersand he

impac of paricular ransacions, oher evens and condiions on he eniys nancial posiion and nancial performance; and make an assessmen of he Companys abiliy o coninue as a going concern.

The Direcors are responsible for keeping adequae accouning records ha are sucien o show and explain he Companys ransacions anddisclose wih reasonable accuracy a any ime he nancial posiion of he Company, and o enable hem o ensure ha he nancial saemenscomply wih he Companies Ac 2006. They are also responsible for safeguarding he asses of he Company and hence for aking reasonable sepsfor he prevenion and deecion of fraud and oher irregulariies.

The Direcors are responsible for he mainenance and inegriy of he corporae and nancial informaion included on he Companys websie.Legislaion in he Unied Kingdom governing he preparaion and disseminaion of nancial saemens may dier from legislaion in oher jurisdicions.

Responsibiliy saemenWe conrm ha o he bes of our knowledge:

he nancial saemens, prepared in accordance wih he relevan nancial reporing framework, give a rue and fair view of he asses,liabiliies, nancial posiion and pro or loss of he Company and he underakings included in he consolidaion aken as a whole; and

he managemen repor, which is incorporaed ino he Direcors Repor, includes a fair review of he developmen and performance of hebusiness and he posiion of he Company and he underakings included in he consolidaion aken as a whole, ogeher wih a descripion ofhe principal risks and uncerainies ha hey face.

By order of he Board

Daniel Levy Mathew CollecotChairman Finance Direcor15 November 2011 15 November 2011




InroducionThis repor has been prepared in accordance wih he Companies Ac 2006 (he Ac).

As required by he Ac, a resoluion o approve he repor will be proposed a he Annual General Meeing of he Company a which he nancialsaemens will be approved.

The Ac requires he audior o repor o he Groups members on cerain pars of he Remuneraion Repor and o sae wheher, in is opinion,hose pars of he repor have been properly prepared in accordance wih he Companies Ac 2006. The repor has herefore been divided inoseparae secions for audied and unaudied informaion.

Unaudited information

Policy on he remuneraion and incenivisaion o employeesIn order o ensure ha he Group atracs, reains and moivaes Execuives, he policy of he Board is o ensure ha he remuneraion of he

Direcors and senior managemen reecs heir duies, experiences and responsibiliies.All Execuive Direcors have conracs wih an indenie erm providing for a maximum of one years noice. The service conracs of all ExecuiveDirecors provide for one years compensaion on erminaion.

All Non-Execuive Direcors have specic erms of engagemen and heir remuneraion is deermined by he Board wihin he limis se by heAricles of Associaion and based on independen surveys of fees paid o Non-Execuive Direcors of similar companies. Non-Execuive Direcorscanno paricipae in any of he Companys share opion schemes.

Remuneraion packageThere are ve main elemens of he remuneraion package for Execuive Direcors and senior managemen:

basic annual salary (including Direcors fees) and benes; annual bonus paymens; share opion incenives;

pension arrangemens; and performance-based loyaly scheme.

Basic annual salary and benesExecuive Direcors, wih he excepion of he Chairman, are paid a basic salary, which is reviewed annually by he Remuneraion Commitee.The basic salary reecs he Execuives experience and job responsibiliies. The Remuneraion Commitee also akes ino accoun informaionfrom independen sources on he raes of salary for similar jobs in a seleced group of comparable companies. The fees for he Chairman of heGroup, D P Levy, are payable o ENIC Group. These fees are reviewed annually by he Remuneraion Commitee. In addiion o a basic salary,he Execuive Direcors are eniled o be provided wih cerain benes in kind, principally he provision of privae healhcare and afully-expensed company car.

Annual bonus paymensBonuses, where paid, are dened by he Companys Execuive Incenive Scheme, which predenes specic key performance indicors againswhich he Remuneraion Commitee evaluaes he Execuives performance in ligh of business risk and economic climae.

Share opion incenivesAn Execuive Share Opion Scheme exiss for boh Execuive Direcors and employees. A he curren ime he Group has chosen no oremunerae is employees and Direcors wih share opions. No share opions have been issued o employees and Direcors since 4 April 1999.This policy will coninue o be reviewed each nancial year. Opions graned previously were made on a discreionary basis by he Board.

Pension arrangemensThe Company does no operae is own pension scheme bu a sakeholder pension scheme is available o all employees. During he year heCompany made paymens o an exernal scheme on behalf of M J Collecot. The only elemen of remuneraion which is pensionable is he basicannual salary.

remUneratiOn rePOrt


32/7430


remUneratiOn rePOrtcontinued

Perormance-based loyaly schemeAggregae emolumens of Direcors disclosed below do no include any amouns in respec of he senior Execuives loyaly bonus scheme,a scheme which was awarded in January 2007. For he curren year M J Collecots award could equae o 150,000 subjec o he crieria belowbeing me. This same amoun would accrue for each of he nex wo years and be receivable in ranches as oulined below:

Noes: amouns payable in wo ranches, he rs aer hree years from he commencemen dae (he dae he Execuive is informed of his bonus) and he second aer ve years

from he same dae; he rs ranche was paid in 2009/2010, following achievemen of aggregae earnings before ineres, ax, depreciaion and amorisaion (EBITDA) of 45m or more over he

hree year ends following he commencemen dae; no paymen was made in 2010/2011; he paymen of he second ranche is condiional on he above condiions being me as well as achieving aggregae EBITDA of 30m per annum in he fourh and h years

aer commencemen; and Execuive Direcors are only eniled o receive heir enilemen provided hey remain in employmen a he dae hey are eniled o receive heir rs and second ranches.

Audited information

Direcors remuneraionThe aggregae emolumens of he Direcors of he Company for he year were 2,274,374 (2010: 1,835,657). Conribuions o pension schemeswere 28,500 (2010: 23,500) as deailed below.

Deails of he remuneraion of he Direcors individually and in oal are shown below:

Year to Year o 30 June 30 June

Benes 2011 2010Fees Salary Bonus in kind Sub oal Pension Total Toal

D P Levy* 1,000,000 800,000 1,800,000 1,800,000 1,350,000

M J Collecot 285,000 177,000 2,374 464,374 28,500 492,874 504,157Sir K E Mills** 5,000 5,000 5,000 5,000

K V Wats** 5,000 5,000 5,000

1,010,000 285,000 977,000 2,374 2,274,374 28,500 2,302,874 1,859,157

* The fees of he Chairman, D P Levy, were payable o ENIC Group and were setled aer he balance shee dae.

** Non-Execuive Direcors.

Approved by he Remuneraion Commitee.

Sir Keih Mills

Chairman of he Remuneraion Commitee15 November 2011




We have audied he Group nancial saemens of Totenham Hospur plc for he year ended 30 June 2011 which comprise he ConsolidaedIncome Saemen, he Consolidaed Balance Shee, he Consolidaed Saemen of Changes in Equiy, he Consolidaed Saemen of Cash Flowsand he relaed noes 1 o 27. The nancial reporing framework ha has been applied in heir preparaion is applicable law and InernaionalFinancial Reporing Sandards (IFRS) as adoped by he European Union.

This repor is made solely o he Companys members, as a body, in accordance wih Chaper 3 of Par 16 of he Companies Ac 2006. Our audiwork has been underaken so ha we migh sae o he Companys members hose maters we are required o sae o hem in an audiors reporand for no oher purpose. To he fulles exen permited by law, we do no accep nor assume responsibiliy o anyone oher han he Company andhe Companys members as a body, for our audi work, for his repor, or for he opinions we have formed.

Respecive responsibiliies o Direcors and audiorAs explained more fully in he Direcors Responsibiliies Saemen, he Direcors are responsible for he preparaion of he Group nancialsaemens and for being saised ha hey give a rue and fair view. Our responsibiliy is o audi and express an opinion on he Group nancialsaemens in accordance wih applicable law and Inernaional Sandards on Audiing (UK and Ireland). Those sandards require us o comply wih

he Audiing Pracices Boards Ehical Sandards for Audiors.Scope o he audi o he nancial saemensAn audi involves obaining evidence abou he amouns and disclosures in he nancial saemens sucien o give reasonable assuranceha he nancial saemens are free from maerial missaemen, wheher caused by fraud or error. This includes an assessmen of: wheherhe accouning policies are appropriae o he Groups circumsances and have been consisenly applied and adequaely disclosed; hereasonableness of signican accouning esimaes made by he Direcors; and he overall presenaion of he nancial saemens. In addiion,we read all he nancial and non-nancial informaion and he Annual Repor o idenify maerial inconsisencies wih he audied nancialsaemens. If we become aware of any apparen maerial missaemens or inconsisencies we consider he implicaion for our repor.

Opinion on nancial saemensIn our opinion he Group nancial saemens:

give a rue and fair view of he sae of he Groups aairs as a 30 June 2011 and of is pro for he year hen ended; have been properly prepared in accordance wih IFRS as adoped by he European Union; and have been prepared in accordance wih he requiremens of he Companies Ac 2006.

Opinion on oher maters prescribed by he Companies Ac 2006In our opinion he informaion given in he Direcors Repor for he nancial year for which he nancial saemens are prepared is consisen wihhe Group nancial saemens.

Maters on which we are required o repor by excepionWe have nohing o repor in respec of he following maters where he Companies Ac 2006 requires us o repor o you if, in our opinion:

cerain disclosures of Direcors remuneraion specied by law are no made; or we have no received all he informaion and explanaions we require for our audi.

Oher maters

We have repored separaely on he paren company nancial saemens of Totenham Hospur plc for he year ended 30 June 2011 and on heinformaion in he Direcors Remuneraion Repor ha is described as having been audied.

Alhough no required o do so, he Direcors have volunarily chosen o make a corporae governance saemen deailing he exen of heircompliance wih he UK Corporae Governance Code. We reviewed:

he Direcors saemen, in relaion o going concern; he par of he Corporae Governance Saemen relaing o he Companys compliance wih he nine provisions of he UK Corporae

Governance Code specied for our review; and cerain elemens of he repor o shareholders by he Board on Direcors remuneraion.

Nigel Mercer

(Senior Sauory Audior)for and on behalf of Deloite LLPCharered Accounans and Sauory AudiorLondon, Unied Kingdom15 November 2011

inDePenDent aUDitOrs rePOrtto the members of Toenham Hotspur plc


34/7432


Year ended 30 June 2011 Year ended 30 June 2010 Operations, Operaions,

excluding excludingfootball Football fooball Fooballtrading* trading* Total rading* rading* Toal

Noes 000 000 000 000 000 000

Revenue 3 163,486 163,486 119,814 119,814

Operaing expenses 4 (131,192) (39,450) (170,642) (97,140) (39,466) (136,606)

Operating prot/(loss) 32,294 (39,450) (7,156) 22,674 (39,466) (16,792)

Pro on disposal of inangible xed asses 7 8,573 8,573 15,250 15,250

Prot/(loss) from operations 5 32,294 (30,877) 1,417 22,674 (24,216) (1,542)

Finance income 8 4,499 1,358

Finance coss 8 (5,514) (6,355)

Prot/(loss) on ordinary activities before taxation 402 (6,539)

Tax 9 267 (108)

Prot/(loss) for the period 21 669 (6,647)

Aributable to:

Equity holders of the parent 669 (6,647)

Earnings/(loss) per share fromconinuing operaions basic 10 0.4p (5.6p)

Earnings/(loss) per share fromconinuing operaions dilued 10 (1.6p) (5.6p)

* Fooball rading represens amorisaion, impairmen and pro/(loss) on disposal of inangible xed asses, and oher fooball rading-relaed income and expendiure.

There were no oher gains or losses in eiher he curren or prior year, accordingly no consolidaed saemen of comprehensive income is presened.

All aciviies in he year derive from coninuing operaions.

cOnsOliDateD incOme statementfor the year ended 30 June 2011




cOnsOliDateD Balance sheetas at 30 June 2011

30 June 30 June 2011 2010Noes 000 000

Non-current assets

Propery, plan and equipmen 11 150,299 123,552

Inangible asses 12 101,215 115,660

251,514 239,212

Current assets

Invenories 13 1,774 1,066

Trade and oher receivables 14 18,030 35,909

Curren ax receivable 697

Cash and cash equivalens 15 20,650 11,285

40,454 48,957Total assets 291,968 288,169

Current liabilities

Trade and oher payables 16 (95,608) (86,776)

Curren ax liabiliies 16 (260)

Ineres-bearing loans and borrowings 16 (20,461) (24,117)

Provisions 16/18 (2,564) (1,595)

(118,893) (112,488)

Non-current liabilities

Ineres-bearing overdras and loans 17 (56,269) (65,761)

Trade and oher payables 17 (15,085) (18,833)

Deferred gran income 17 (2,045) (2,127)Deferred ax liabiliies 17/18 (18,193) (18,459)

(91,592) (105,180)

Total liabilities (210,485) (217,668)

Net assets 81,483 70,501

Equity

Share capial 20 10,693 6,177

Share premium 34,788 25,217

Equiy componen of converible redeemable preference shares (CRPS) 3,774

Capial redempion reserve 595 595

Reained earnings 35,407 34,738

Total equity 21 81,483 70,501These nancial saemens (Company number 1706358) were approved by he Board of Direcors and auhorised for issue on 15 November 2011.

Signed on behalf of he Board of Direcors



36/7434


cOnsOliDateD statement OF chanGes in eqUityfor the year ended 30 June 2011

Share Share Equiy Capial Procapial premium componen Revaluaion redempion and lossaccoun accoun of CRPS reserve reserve accoun Toal

000 000 000 000 000 000 000

Balance as a 1 July 2010 6,177 25,217 3,774 595 34,738 70,501

Pro for he year 669 669

CRPS convered in he period 4,516 9,571 (3,774) 10,313

At 30 June 2011 10,693 34,788 595 35,407 81,483

for the year ended 30 June 2010

Share Share Equiy Capial Procapial premium componen Revaluaion redempion and loss

accoun accoun of CRPS reserve reserve accoun Toal000 000 000 000 000 000 000

Balance as a 1 July 2009 4,640 11,638 3,805 2,240 595 39,145 62,063

Loss for he year (6,647) (6,647)

Transfer of revaluaion reserve (2,240) 2,240

CRPS convered in he period 37 79 (31) 85

Ordinary share issue 1,500 13,500 15,000

A 30 June 2010 6,177 25,217 3,774 595 34,738 70,501




cOnsOliDateD statement OF cash FlOwsfor the year ended 30 June 2011

30 June 30 June 2011 2010Noe 000 000

Cash ow from operating activities

Pro/(loss) from operaions 1,417 (1,542)

Adjustments for:

Amorisaion and impairmen of inangible asses 41,953 39,990

Pro on disposal of inangible asses (8,573) (15,250)

Loss on disposal of propery, plan and equipmen 64

Depreciaion and impairmen of propery, plan and equipmen 5,284 2,423

Capial grans release 84 88

Foreign exchange loss/(gain) 2,537 (755)

Decrease/(increase) in rade and oher receivables 4,301 (4,865)(Increase)/decrease in invenories (709) 107

Increase/(decrease) in rade and oher payables 22,732 (344)

Cash ow from operations 69,090 19,852

Ineres paid (3,680) (3,071)

Ineres received 21 83

Income ax refund 957 602

Net cash ow from operating activities 66,388 17,466

Cash ows from investing activities

Acquisiions of propery, plan and equipmen, ne of proceeds (32,371) (22,984)

Proceeds from sale of propery, plan and equipmen 276

Acquisiions of inangible asses (48,825) (61,992)Proceeds from sale of inangible asses 22,547 34,499

Net cash ow from investing activities (58,373) (50,477)

Cash ows from nancing activities

Ordinary share issue 15,000

Proceeds from borrowings 6,831 13,750

Repaymens of borrowings (5,481) (4,076)

Net cash ow from nancing activities 1,350 24,674

Ne increase/(decrease) in cash and cash equivalens 9,365 (8,337)

Cash and cash equivalens a sar of he period 11,285 19,622

Cash and cash equivalents at end of year 15 20,650 11,285


38/74




(c) Contingent considerationUnder he condiions of cerain ransfer agreemens, furher fees will be payable o he vendors in he even of he players concerned making acerain number of Firs Team appearances or on he occurrence of cerain oher specied fuure evens. Liabiliies in respec of hese addiionalransfers are accouned for, as provisions, when i becomes probable ha he number of appearances will be achieved or he specied fuureevens will occur.

(d) ImpairmentThe Group will perform an impairmen review on he inangible asses if evens or changes in circumsances indicae ha he carrying amounof he player may no be recoverable. The Group compares he carrying amoun of he asse wih is recoverable amoun.

The Group does no consider ha i is possible o deermine he value in use of an individual fooball player in isolaion as ha player (unless viaa sale or insurance recovery) canno generae cash ows on his own. Furhermore, he Group also considers ha all of he players are unable ogenerae cash ows even when considered ogeher. Accordingly he Group considers he smalles cash-generaing uni o conain all he oherFirs Team players, he Sadium and he raining faciliies.

The Group calculaes he value in use of his cash-generaing uni by discouning esimaed expeced fuure cash ows (being he pre-playerrading cash ows generaed by he Groups exising operaions and any fuure capial expendiure on he ground and Firs Team squad). The Groupcompares his wih is assessmen of he fair value less coss o sell o all of he Firs Team players and he higher of hese wo numbers isdeemed o be he recoverable amoun.

In cerain rare insances here may be an individual player whom he Group does no consider o be par of he Firs Team squad and who willherefore no conribue o he fuure cash ows earned by he cash-generaing uni. This is normally due o a permanen career-hreaening injury/condiion or due o a serious and permanen fall ou wih he Groups senior fooball managemen and Direcors which, as a consequence, meanshe Group consider i highly unlikely he will ever play for he Firs Team again. In his siuaion, he carrying value of he player is removed from hecarrying value of players assessed as par of he cash-generaing uni referred o above and insead his player will be assessed for impairmen inisolaion by considering his carrying value wih he Groups bes esimae of his fair value less coss o sell. The Group esimae his using one of hefollowing sources:

in he case of a player who has permanenly fallen ou wih he Groups senior fooball managemen and Direcors, eiher he agreed sellingprice in he even he player has been ransferred subsequen o he year end; or

if here have no been any bids for he player, managemens bes esimaion of he disposal proceeds (less coss) of he player on an armslengh basis. This is deermined by he Groups senior fooball managemen in conjuncion wih he Direcors who will use he oucome of recenplayer disposals (by boh he Group and oher fooball clubs) as a basis for heir esimaion. Any coss o sell, such as agency coss are deducedfrom he fair value; or

in he case of a player who has suered a career-hreaening injury/condiion, he value atribued o he player by he Groups insurers.

(e) DisposalsPros or losses on he disposal of hese regisraions represen he fair value of he consideraion receivable, ne of any ransacion coss, lesshe unamorised cos of he original regisraion.

(f) RemunerationRemuneraion of players is charged in accordance wih he erms of he applicable conracual agreemens and any discreionary bonus whenhere is a legal or conracual obligaion.

Liabiliies in respec of player loyaly fees are provided for, as par of operaing expenses, when paymen becomes probable as he player isconraced o he Club and he loyaly fee is payable prior o he nex ransfer window a he dae he accouns are signed.

Finance costsFinance coss of borrowings are recognised in he income saemen using he eecive ineres mehod. The eecive ineres rae is he rae haexacly discouns esimaed fuure cash ows hrough he expeced life of he borrowing.

In accordance wih IAS 39 Financial Insrumens: recogniion and measuremen, any non-curren asses acquired on deferred erms are recordeda he discouned presen value a he dae of acquisiion. The associaed payable is hen increased o he setlemen value over he period ofdeferral, wih his value being charged as a noional nance cos hrough he income saemen.

Similarly any inangible asse disposed of on deferred erms will be iniially recorded a he discouned presen value of fuure receips and hereceivable is hen increased o he setlemen value over he period of deferral wih his value being charged as noional nance income hroughhe income saemen.

In respec of inangible asse acquisiions, he diering rae a which he nance cos and amorisaion are recognised in he income saemenproduces a deferred ax credi. In respec of inangible asse disposals, he nance income recognised produces a deferred ax asse.The adjusmens are saed ne of deferred ax.


40/7438


nOtes tO the cOnsOliDateD accOUntsfor the year ended 30 June 2011continued

1. Accouning policies and criical accouning judgemens (coninued)TaxThe ax expense represens he sum of he ax currenly payable and deferred ax.

The ax currenly payable is based on axable pro for he year. Taxable pros dier from ne pro as repored in he income saemen becausehey exclude iems of income or expense ha are axable or deducible in oher years and hey furher exclude iems ha are never axable ordeducible. The Groups liabiliy for curren ax is calculaed using ax raes ha have been subsanively enaced by he balance shee dae.

Deferred ax is he ax expeced o be payable on he dierences beween he carrying amouns of asses and liabiliies in he nancial saemensand he corresponding ax bases used in he compuaion of axable pro and is accouned for using he

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Tottenham Hotspur Annual Report 2011

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