The financial statements for the year-ended 30th June 2016 were approved by the directors on 28th November and will be filed at Companies House in the next few days.Copies have been emailed to shareholders who have provided email addresses, and copies have been sent in the post to shareholders who opted against electronic communications.
The Chairman provided a brief overview of the accounts at the Fans Forum held last month.
The Board report a loss after tax of £2.6m compared with £3.2m for the previous year.
Income for the season also saw a substantial increase from £3.1m to £3.7m. This increase can be attributed to several reasons, although mostly due to the income generated from the third round tie of the FA Cup away at Chelsea with the game also being shown live on BT Sport. Less significant but still important increases in income came from an increase in central distribution of £145k and a slight increase in academy funding. There was also a considerable increase in commercial income of 64% and an increase in sponsorship of 30% despite the main shirt sponsorship being donated to Prostate Cancer for the 15/16 season (increase of 86% like for like).
Income has increased by £1.3m (57.7%) since the year ended 30 June 2014, the first year in which the Chairman took control of the Club.
The balance sheet shows net assets of £1.70m compared with £492k last year (increase of £1.2m). This is due to the share capital increase of £3.8m being £1.2m greater than the loss for the year of £2.6m.
Expenditure on the new stadium construction was £820k taking the total at 30 June to £1.3m.
The player wage bill for the season was £2.5m.
If you are a shareholder and have not yet provided the club with your email address in order to receive your copy of the financial statements, please email Leanne Mayo on Leanne.email@example.com.
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