The Company
A Supporters’ Trust is a democratic, not-for-profit organisation of supporters. It is committed to strengthening the voice for supporters in the decision-making process at a football club and strengthening the links between the club and the community it serves.
Supporters’ Trusts are constituted as Community Benefit Societies (CBS), a form of Co-operative that operates under a one-member one-vote principle and regulated by the provisions of the Co-operative and Community Benefit Societies Act 2014.
CBSs are registered with the Financial Conduct Authority (FCA), and any changes to the rules must be approved by the members and only become effective once the FCA has agreed to them, checking they are in keeping with the spirit of the organisation.
The members own all assets and liabilities collectively.
Under FCA rules the Trust must remain solvent if it is to continue to legally exist. Trusts are non-profit making organisations and any profit made is either kept as reserves or reinvested in the organisation to meet its objectives. This means a CBS will never issue a dividend to members.
The Community Benefit Society behind our Trust is Ironworks 1895 Supporters Society Limited which is formed in accordance with these rules and guidelines with FCA registration number 8741. Our trading name is West Ham United Supporters’ Trust.
Compliance
The Football Supporters Association recommend that supporter trusts be set up as a Community Benefit Society (CBS) with the Financial Conduct Authority (FCA). As such all its actions and conduct will be regulated by the provisions of the Co-operative and Community Benefit Societies Act 2014.
Because we registered as a CBS with the FCA, there are certain requirements that we must meet, and other things that we cannot do. In particular, the FCA will not register any amendment to the Rules which is not in accordance with the democratic and community benefit principles established in the Trust’s constitution.
The Trust must file annual reports to the FCA. We have appointed an independent financial examiner, but don’t have to present audited accounts at the Trust’s AGM and to the FCA. Instead, we file an annual return which is publicly available and will appear on the FCA website. Supporter groups should also be committed to producing financial reports at every meeting of the Trust members, which is something WHUISA strived to do and we are committed to continuing to do so.
Everything that a Trust does will be guided and controlled by its Constitution. Our Constitution is directly based on the Model Rules for a Football Community Mutual, drawn up by the Football Supporters’ Association (the FSA, not to be confused with the FCA).
The Government’s Fan-led Review states that a fan representative CBS will be in an important position, and it is therefore crucial that it is constituted and operates according to high standards. The key document in a CBS is the rules document. This sets out the rules that govern key items such as membership, voting, and office holders.
If the Fan-led Review recommendations pass into law, then we will have to submit an amendment to the Model Rules whereby there is a requirement to hold a vote on whether or not to exercise any Golden Share powers.
MODEL RULES
These are the Model Rules that were developed by the FSA and submitted by them to the FCA as part of our application to become a Community Benefit Society
Details of the Society are on the Financial Conduct Authority’s Mutuals Public Register: