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CLUB: Audited Annual Accounts 20/21

Results for the year end confirmed

2 April 2022

Club News

CLUB: Audited Annual Accounts 20/21

Results for the year end confirmed

2 April 2022

Year ended 30 June 2021.

The club can now confirm its audited financial results for the year ended 30 June 2021.

For the second year in a row the club made a profit - we achieved a profit after tax of £397,000 (19/20: £782,000). This was despite the impact of Coronavirus and fans being excluded for almost all games. The key financial headlines are as follows:

  • Headline turnover: £4.06m (19/20: £4.59m). This includes recurring business income from tickets, retail and commercial, one-off Coronavirus related income and Football Fortune from player sales and cups.


  • Recurring business turnover: £616,000 (19/20: £1.36m). This is from tickets, retail and commercial activity and is estimated to be circa £1.2m lower in 20/21 than ‘normal’, due to Coronavirus effects. Recurring business turnover in the last year unaffected by Coronavirus was £1.85m in 18/19.
  • Non-recurring, one-off business turnover: £825,000 (19/20: £200,000). This is from Premier League grant, iFollow streaming and fan donations arising from the Coronavirus pandemic.
  • Coronavirus Job Retention Scheme income: £242,000 (19/20: £361,000). From the HM Government support scheme.
  • This makes a total of one-off Coronavirus related income of £1.07m. Combined with cost savings from Coronavirus lockdowns and fan lockouts at game, this income fully balanced the £1.2m reduction in our ‘normal’ recurring business turnover.


  • Football Fortune: £1.07m (19/20: £1.45m). This includes £977,000 (19/20: £1.13m) of income earned from player transfers. Not all of that income was received in cash in 20/21. Some receipts will come in 21/22 and beyond. We have earned £2m from player sales in the last two years 19/20 and 20/21.


  • Total wages & salaries costs: £2.4m (19/20: £2.5m). The reduction relates mainly to Coronavirus effects.
  • Total Football Expenditure: £2.0m (19/20: £2.0m) including Player Costs. Spending on the football department activities was maintained despite Coronavirus.
  • Net assets: £5.3m (19/20: £4.9m) at 30 June 2021 including £7.6m attributable to stadium fixed assets.
  • Net cash in hand: £1.24m (19/20: £396,000) at 30 June 2021 being cash less overdrafts. 
  • Debtors receivable for player sales: £213,000 (19/20: £587,000) at 30 June 2021.  These will be collected in 21/22 and beyond. This excludes other contingent add-on amounts or possible sell-on income, which is not certain.
  • VAT deferrals: £104,000 at 30 June 2021 by agreement with HMRC, arising from Coronavirus. This was settled in full as agreed during 2021. 
  • Total debt: £3.16m (19/20: £3.06m) at 30 June 2021 with no new debt advances or debt repayments being received from or made to PurePay Retail Limited or Pioneer Food Group in 20/21. The change in the year comprises accrued interest only.
  • Player transfer receipts: £1.35m (19/20: £590,000).

The Audited Annual Accounts for the year ended 30 June 2021 have been approved and lodged at Companies House, and will be available there shortly. We have also made them available on the official website so that fans can see the information, if they wish to do so.

Click HERE to download the document in pdf format.


Year ended 30 June 2021

Chief Executive Nigel Clibbens said: “The filing of the audited Annual Accounts and detail being made public now is very much historic. However, the key financial headlines have already been shared in detailed financial updates given to fans since the year end.

“The 20/21 financial results are excellent in the circumstances and show us in a sound position day-to-day. 

“The underlying trading of the club continued to hold up well in the challenging circumstances on and off the field. 

“We fully absorbed all exceptional adverse financial effects of Coronavirus (through a combination of cost savings, fan donations in lieu of refunds, claims under the HM Government Coronavirus Job Retention Scheme and other one-off Coronavirus related income, such as iFollow and grants from the Premier League).

“Clearly player transfer income was again important. This remains a crucial element of our funding and operating model each year.

“A full and detailed explanation of 20/21 results is contained in the Annual Accounts. Again, this year they provide comprehensive information. This year we have added further disclosure of a cash flow statement. This is part of the commitment to be transparent about the club’s finances and the issues and challenges we face.

“At 30 June 2021, we had cash in hand and further transfer cash due in, and no creditor pressure or debt repayments scheduled for 21/22 except for small amounts to the EFL. The legacy VAT deferral outstanding at the year end has been settled since.

“We are pleased that we were able to emerge from a difficult period, well-placed financially, with few legacy Coronavirus issue. In summary, our day-to-day cash position remains sound and our trade creditors position remains good with the trading liabilities remain low. 

"All our PAYE and VAT liabilities continue to be paid up in full and on time. We also recognise the club faces uncertainties and challenges going forward. As we have changed course and takeover discussions ceased towards the end of 2021, there is some uncertainty until the matter of the repayment of the PurePay loan is resolved.

"The backing of all those who have supported us has been crucial and we hope that will continue as we face the future. Thank you all.”

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