Carlisle United Football Club can confirm that this year’s AGM will be held at 7pm on Thursday 21 March 2019 in Foxy’s Restaurant.
Club accounts will be filed ahead of 31 March deadline – and AGM notices are now being issued to shareholders who will be able obtain a copy of the accounts from the club.
Andrew Jenkins, chairman of Carlisle United, said: "2018 was a year of transition and transformation for the club, and the financial results reflect this difficult but necessary transformation.
“Whilst this has certainly been a challenging time, the club has now emerged stronger, more resilient and better prepared for the future. Using this period of change as a springboard, since June Carlisle United Football Club has changed its manager, appointed a new director of football, made a number of strategic signings, restructured its commercial team, and experienced a recent run of success in League Two.
“The club had a frustrating 2017/18 season, ending 10th in League Two with, particularly disappointing form at home. This understandably hit ticket sales and commercial income.
“This, in turn, affected business turnover at the club in the year to June 2018, which was £1.973m (2016/17: £2.280m) during the transitional period. The fall in ticket sales and sponsorship also knocked the club's underlying contribution to £1.389m (2016/17: £1.649m) and overheads to £960,000 (2016/17: £1.101m) as the club refocused its expenditure to align with the fall in revenue.
“Total Football Expenditure, which is the amount spent on all first team football, including player salaries, bonuses and football staff and football operations, remained significantly in excess of what the club could afford without external funding support, and was maintained. It totalled £2.6m (2016/17: £2.76m).
“But, since June, the club has taken a fresh footballing approach, bringing in a new management and coaching team, as well as appointing a new director of football. These appointments, along with the loyalty and outstanding support of our fans, have enabled the club to move away from trying to solve problems by simply increasing the footballing budget and, instead, think strategically, make targeted signings, and focus on developing a winning style of play that is distinctly Carlisle United. This has borne fruit, and we have recently experienced a period of strong results on the pitch.
“In the period ending June 2018, the club was also fortunate enough to have continued to benefit from an external commercial funding facility, which has given the club the breathing space and flexibility to undergo this transition and has enabled the club to focus on long-term success over chasing short-term results.
“I know I speak on behalf of all of the club when I say that I'm eternally grateful to all the loyal supporters of Carlisle United. While this year will be no doubt continue to be challenging, we are now on the right course and moving in the right direction for sustainable future success."
Click HERE to download a pdf copy of the abbreviated accounts.
The accounts will report:
- Overall loss for the year ended 30 June 2018 of £121,000 (2016/17: £209,000 loss).
- Headline turnover of £3.99m (2016/17: £4.27m) from all club activities, including windfalls from cups and player sales.
- Business turnover of £1.97m (2015/16: £2.28m). This was primarily the result of lower attendances following the previous play-off season, which impacted ticket, commercial and retail income.
- Business costs and overheads were reduced to help balance the lower income and totalled £1.44m (2016/17: £1.525m).
- Football income from EFL and Premier League increased to £960,000 (2016/17: £919,000).
- Academy grant income from EFL increased to £466,000 (2016/17: £424,000).
- Football Fortune income from windfall such as cup income, player sales and sell-on income and play-off income was £449,000 (2016/17: £484,000).
- During the year £860k of loans were written off.
- Total debt of the club at 30 June 2018 was largely unchanged at £2.26m (30 June 2016: £2.01m).
