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Club News


28 January 2022

Club News


28 January 2022

The Club has today published its Annual Report and Financial Statements (“the Accounts”) for the year ended 31 May 2021.

As last year, more information is being provided to be read alongside the Accounts to enable Supporters to be more informed about the Club’s activities.

The Report shows the position at 31 May 2021 and the year leading up to that date.  The impact of the Covid-19 Pandemic prevailed throughout the year.

Headline Results:

Turnover is down by £1,389,000 to £4,208,000

Operating Costs are down £1,023,000 to £4,804,000

Other Operating Income increased by £333,000 to £618,000

Interest Payable reduced by £21,000 to £9,000

Resulting in a Profit for the Year of £13,000 (2020 -£25,000)

This small profit is a reflection of the Club’s long held policy of reinvesting as much of its income as possible to spend on the playing side of the Club without causing unnecessary debt in the process.  The Club’s aim is to strive for success whilst ensuring it is sustainable.


Turnover has obviously fallen due to the continued impact of Covid-19.  The entire season was played behind closed doors and this had a significant knock-on effect on revenue.  Within Match Receipts, only Season Ticket income of £374,000 was generated during the year with individual matchday receipts down by £541,000 on the previous season.  Average attendances fell from 4,517 in Season 19/20 to NIL in Season 20/21.

Football and Commercial Income which includes such things as all other football revenue (not including match receipts), conference & events income, M6 digital advertising, the Sunday Market and retail shop sales collectively have fallen by £848,000 to £3,834,000.

The Club has also received £618,000 in the financial year as a result of taking advantage of the Government’s Coronavirus Job Retention Scheme to furlough certain employees.


Operating Costs fell by £1,023,000 as a direct result of nationwide restrictions meaning the Stadium was closed for large periods during the year.

Net Debt:

The Club’s Net Debt, which includes loans from Directors and a new Coronavirus Business Interruption Loan (CBILS) of £500,000, has increased by £462,000 to £2,362,000.  Directors’ Loans at the Balance Sheet date were £1,176,000 (2020 - £1,180,000).

The Supporters have played a major part in helping the Club by leaving their Season Ticket monies with the Club for matches that have been played behind closed doors due to the Government and we are incredibly thankful for the continued support.

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