Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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AFC WIMBLEDON LIMITED
COMPANY INFORMATION
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AFC WIMBLEDON LIMITED
CONTENTS
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AFC WIMBLEDON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present their strategic report and a review of the business for the financial year ended 30 June 2024.
On the pitch – Men’s first team
The 24/25 season has started positively on the pitch progressing in both the League Cup and League Trophy, as well as a strong start in the league. The team continue on a positive trajectory despite a flood severely damaging the Plough Lane playing surface for three weeks before returning to playing home games in October with an emphatic victory over Carlisle United. 23/24 marked the first full season of the Club working under its new structure led by the Head of Football Operations, Craig Cope. Following a squad overhaul, the Club achieved its first top half finish since 2016. It was also only the second time Wimbledon had won more games than it had lost during a league campaign, since re-joining the EFL in 2011. The squad was bolstered in the summer of 2023 with the additions of Jake Reeves, Ryan Johnson, Omar Bugiel, James Ball, Josh Neufville, James Tilley, Armani Little and Ryan McLean, plus a number of loan signings including Joe Lewis. The team performed well in all domestic cup competitions, reaching the 2nd round of the League Cup, losing narrowly to Premier League Chelsea. The team reached the quarter finals of the EFL Trophy, knocking out teams from the level above who have subsequently been promoted. In the FA Cup, the club reached the 3rd round, being knocked out by Ipswich Town following two fixtures selected for televised coverage. There was some notable transfer activity during the year with Ali Al-Hamadi being sold to soon to be Premier League Ipswich Town in the January transfer window and Jack Currie being sold to Oxford United in the Summer window. The Club reinvested in the squad paying transfer fees for striker Josh Kelly and centre back Joe Lewis with John-Kymani Gordon, Kofi Balmer, Ronan Curtis and John-Joe O'Toole (later to become permanent) also joining. Youth development Youth development continues to be an important part of the club and the success of the academy continues to be noticed across the whole country with extensive national media coverage. The academy also provides a vital source of income from transfer fees with the Club benefitting during the season from contingent fees earnt in relation to Michael Golding and Tyler Burey. The focus of the academy remains to maximise the development of individuals, rather than results, but it is always rewarding to see the youth teams progress in competitions. Last season saw our Under-17s win the EFL League and Cup double, with the final of the cup being played at Plough Lane, a 2-0 win over Blackpool. Other seasonal highlights included notable achievements for former academy players with Jack Currie winning the Clubs Player of the Year award and Issac Ogundere winning the Club's young Player of the Year. Charlie Wilson Papps was also called up to the England U15s squad. Financial performance The club made an operating profit of £0.3m (2023: £1.1m profit) and a total profit for the year of £0.6m (2023: £1.1m profit) with profit from player sales of £3.3m (2023: £2.6m) once again helping to offset operating losses. Turnover itself increased by 19% to £8.7m (2023: £7.3m) – a record level for the club. Encouragingly our
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AFC WIMBLEDON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
stadium revenues continue to grow with another uplift in season ticket sales, ticketing (aided by cups) and retail. The club also benefitted from London Broncos status as a Super League club and greater stadium usage during the close season.
Administrative expenses increased in the year by 33% to £4.5m (2023: £3.4m). The costs of running the stadium continued to increase notably across matchday security, insurance, IT and maintenance compounded by the need to increase wages in key areas, including delivering on our commitment to paying London Living Wage to those directly employed by the club. Forward projections suggest inflationary pressures will continue in the medium term with the recent budget significantly increasing our national insurance costs from April 2025. Interest receivable increased to £65k (2023: £7k) with the club introducing active treasury management during the season. As in previous years, the Academy is a substantial net cost to the club. This is a conscious decision of the club to invest in future talent and does not take into account income from transfer fees and the benefit the first team derives from the Academy. The club considers the financial performance for the season to be strong especially in the context of the overall environment for Football League clubs who regularly making significant operating losses running in to millions. Financial position Turning to the balance sheet, shareholders’ funds increased by £0.6m with overall shareholders’ funds now standing at £1.4m. Furthermore we fully repaid the EFL Covid loans and reduced our ongoing finance lease commitments (including final payments for our LED boards). The cash position at year-end decreased slightly from £1.9m to £1.6m but remains healthy moving into the new season.
Risk is normally regarded as having two elements: the likelihood that something will happen, and the probable consequences if it did. In reviewing the risks we face, we have taken both these elements into account.
Strategic risks The key strategic risks to the club and majority shareholder, the Dons Trust, arise from the continued operation of Plough Lane. In addition to the obvious financial risks, which include increasing revenue generation and managing operational costs, there are cultural risks. In particular, the club needs to maintain the increase it has seen in its regular fanbase proactively engaging with new fans to help them understand our ethos and principles so they can play their part in the future direction of the club. How the club and Trust manage these changes is a key strategic risk and significant work is undertaken to ensure that management and staff are thoroughly prepared as we embark on developing our long-term strategy at the Plough Lane. People risks Operating at a much larger stadium has brought the need to professionalise the club whilst ensuring that new hires understand the culture and history of the club. Significant investment in senior personnel has occurred including the hiring of a full time Head of HR - these key roles are tasked with improving the organisational structure, culture and underlying processes at the club. As a medium sized business, there are a number of single points of failures and any loss of senior staff will need to be carefully managed. The AFCW PLC Board and Dons Trust Board both have monthly meetings which include discussions on succession planning.
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AFC WIMBLEDON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Financing risks
There are financial risks involved in being a fans owned club as, despite having very generous fans, the majority of our turnover is earned organically. This leaves us more exposed than many other clubs to the adverse financial consequences if we were to be relegated from the English Football League. The Board is satisfied that finances are sufficiently robust to manage this risk with a detailed budget and cash flow forecast prepared for the season to ensure the club has adequate financial resources to continue as a going concern. We reduce our risk by not over extending ourselves on long-term commitments in players’ contracts and by carrying out regular cash flow forecasting during the season. With the stadium largely complete (excluding the third floor), the Plough Lane Bond debt remains the most obvious risk from a financial perspective with bonds starting to mature from January 2025. The club is embarking on a long-term refinancing plan driven by the finance committee, which includes detailed business plan and cash flow forecasting to ensure we can meet bond maturities. Additionally, we continue to actively engage with bond holders and potential new equity investors. Reputational risks We have always been aware of the importance of our reputation, and maintaining it was a particular focus as we sought support for the planning process for the new stadium. Our approach throughout was to stress the positive aspects of a return to Merton and the benefits to the community. We believe that we are a particularly welcoming club, and new visitors frequently comment on our friendly atmosphere on matchdays. Nonetheless, we remain alert to the reputational damage that can be done by one off events, and we continue to actively monitor fans whose behaviour could bring the club into disrepute. Operational risks By their nature, operational risks arise from a wide range of issues. They are managed on a day to day basis by the Senior Leadership Team at the stadium with key issues elevated to the AFCW PLC Board for feedback and guidance.
In any medium sized business, cashflow remains critical with balances monitored on a daily basis and forecast reports provided to the Board monthly. Once a season is under way, the finances are largely predictable, with season tickets and corporate sponsorships sold (and, by and large, collected) in the early part of the season. The major factor that then affects the finances is attendances with their associated impact on matchday income from bars, catering and merchandise sales. Attendances including comparisons against budget are regularly produced and reviewed by the AFCW PLC Board in the management accounts - steps are taken to ensure that we actively promote games which are likely to have lower crowds including Tuesday night games and early rounds of the cup competitions.
The other major area of focus is costs, specifically in relation to operating the stadium and football-related areas with our monthly position reported in the management accounts. The fixed annual commitments within players’ contracts and the policy of only paying substantial bonuses out of additional earnings, such as prize money, means that exposures are limited.
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AFC WIMBLEDON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
This report was approved by the board and signed on its behalf.
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AFC WIMBLEDON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £555,330 (2023 - £1,080,092).
The directors do not propose payment of a final dividend (2023 - £Nil).
In preparing these financial statements, the company has made use of the disclosure exemptions available to it under FRS 102, as set out in Note 2.2.
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AFC WIMBLEDON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Credit risk
The company is exposed to credit risk mainly through the invoicing of customers for sponsorship, player transfers and hiring of facilities. The risk is monitored and controlled on a monthly basis and regular follows up performed by the finance team to ensure amounts are collected timeously. Interest rate risk The company has no external borrowings. Amounts due to group companies are interest free and therefore the company does not have any significant exposure to interest rates. Going concern Having reviewed the performance of the company subsequent to the year-end and having prepared forecasts for the out-turn of the 2024/25 season, the directors are confident that the company will have adequate financial resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements. Relegation to League Two did not see a drop in season ticket sales or overall attendance and the directors are confident that 2024/25 will be another year of stable financial performance, with targeted increases to turnover, continued careful management of costs and lower overall interest payments alongside an already successful start to the playing season both in the league and cup including a lucrative cup draw against Chelsea in the League Cup.
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AFC WIMBLEDON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Directors' and Officers' insurance cover has been established for all Directors to provide appropriate cover for their reasonable actions on behalf of the Company. The indemnities, which constitute a qualifying third-party indemnity provision as defined by section 234 of the Companies Act 2006, were in force during the 2024 financial year and remain in force for all current and past Directors of the Company.
The auditors, Harris & Trotter LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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AFC WIMBLEDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFC WIMBLEDON LIMITED
We have audited the financial statements of AFC Wimbledon Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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AFC WIMBLEDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFC WIMBLEDON LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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AFC WIMBLEDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFC WIMBLEDON LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following: • We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006. • We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making enquiries of management. • We challenged assumptions and judgments made by management in its significant accounting estimates; We did not identify any key audit matters relating to irregularities, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
The financial statements of AFC Wimbledon Limited for the year ended 30 June 2023 were audited by another auditor who expressed an unmodified opinion on those statements on 21 November 2023.
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AFC WIMBLEDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AFC WIMBLEDON LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
101 New Cavendish Street
1st Floor South
W1W 6XH
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AFC WIMBLEDON LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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AFC WIMBLEDON LIMITED
REGISTERED NUMBER: 04458490
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
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AFC WIMBLEDON LIMITED
REGISTERED NUMBER: 04458490
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 32 form part of these financial statements.
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AFC WIMBLEDON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
AFC Wimbledon Limited is a company incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given in the Company Information page. The nature of the Company's operations and its principal activities are given in the Directors' Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
Items included in the financial statements are measured using the currency of the primary economic environment in which the company operates ('the functional currency'), being Sterling.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of AFCW PLC as at 30 June 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
During the year the company made a profit of £0.6m (2023: £1.1m) and the balance sheet shows net assets of £1.4m (2023: £0.8m).
Having reviewed the performance of the company subsequent to the year end, and having prepared forecasts for the outturn of the 2025/26 season and extending to December 2026, the Board of Directors have concluded that the company has adequate financial resources to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements. In arriving at this conclusion the directors have applied prudent assumptions in forecasting match day cup attendance, cup income, player sales including contingencies, donations and underlying costs. As a result, the directors consider that it is appropriate to draw up the financial statements on a going concern basis.
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
The cost of players' registrations, comprising transfer fees payable and signing-on fees (if any), is capitalised at the fair value of consideration payable as at the date of acquisition and is amortised over the period to which the registration relates. The carrying value is reviewed to take into account any perceived impairment of the value of the registrations. Contingent transfer fees payable are recognised once the contingent event occurs.
The directors do not consider it possible to determine the value in use of an individual player in isolation, as that player cannot generate cash flows on his own. However, in circumstances where it is apparent that as at the period end the player would not be available for selection to play for the club, the player is taken outside of the wider football club single cash generating unit and valued at the lower of amortised cost and recoverable amount, being the directors' best estimate of the player's fair value less cost to sell, with any resulting impairment charge being made in operating expenses. Examples of such circumstances include: the player falling out of favour with the senior football management, career-threatening injury and a clear intention on behalf of the player to leave the club. The directors' assessment of fair value will be based on: • in the case of a player who has fallen out of favour with senior football management or intends to leave the club, either the agreed selling price if a transfer has been agreed subsequent to the year end or, if a transfer has not yet been agreed, the directors' best estimate of disposal value taking into account relevant transfer market information; or • in the case of a player who has suffered a career-threatening injury, the value attributed by the club's insurers. Gains or losses on the disposal of player registrations are calculated as the amount received for the sale of the player registration less the carrying value of the player registration at the date of the sale. Where computer licences relate to software that is not an integral part of a related item of computer hardware, the licence is treated as an intangible asset. Capitalised licence costs include external direct costs of goods and services. Capitalised licences are amortised on a straight line basis over their expected useful lives of five years. Any impairment in value is recognised within profit or loss.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
• Determine whether leases entered into by the company either as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease-by-lease basis. • Determine whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. • Determine whether, at the year end, players are available to play for the club. In circumstances where it is apparent that the player would not be available and has not yet been sold (for example, has suffered a career-threatening injury) that player is valued on a 'recoverable amount' basis which is based on the directors' best estimate of his valuation at the next available transfer opportunity. Any resulting impairment charge is recorded within operating expenses. • Determine whether, at the year end, contingent player acquisition payables are probable or contingent player disposal receivables are virtually certain. In general these conditions are not considered to be met until the underlying contingency has been satisfied Other key sources of estimation uncertainty: • Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Profit and loss account
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The immediate parent is AFCW PLC which owns 100% of the issued share capital of the company and is the parent company of the smallest and largest group to prepare financial statements which include the results of the company. The consolidated financial statements of AFCW PLC are available to the public and can be obtained from Companies House.
The ultimate parent company is Wimbledon Football Club Supporters' Society Limited, a registered society under the Co-operative and Community Benefit Societies Act 2004.
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AFC WIMBLEDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Additionally at the time of writing in autumn 2024, the club recently experienced a major incident resulting in significant flood damage to the pitch and ground floor of the stadium, caused by extreme rainfall and subsequent impact on local surface water drainage being overwhelmed. The club postponed three home matches, and is facing significant business interruption - notably by offices remaining out of action for several months, and all lifts out of action for a prolonged period - compromising non matchday income as well as guest experience. We are extremely grateful for significant donations from supporters, the wider football family, and local community which will help cover the insurance excess and increase in premium. Club officials are working closely with insurers, Merton Council, the Environment Agency on building business resilience in the event of a similar incident.
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