The directors present the strategic report for the year ended 30 June 2024.

The principal activity of the Company is that of a holding company.

The Company's core activity is that of investment, with the largest investment to date held in Ipswich Town Football Club Company Ltd (the Club). Alongside this further investments are being made into entities with synergistic benefits to the investment in a Football Club, with initial steps taken with the formation of GC Property Ltd and GC Data Ltd.

During the year the Company secured significant and strategic capital to ensure it is able to execute its future intended investment activities. In securing this investment, the Company is working with experienced parties who have both related and diverse investment backgrounds. Some of the costs associated with securing this investment are captured in the income statement for the Company.

The main performance indicator for the Company is the value of its investments. At the balance sheet date £116m has been invested into Ipswich Town Football Club Company Ltd. The Directors have considered the fair value of its investment in the Club, which is estimated at £168m. This represents a 45% gain on the investment at the balance sheet date. The increase in value of the investment arises as a result of improvements to the Club including its playing and non-playing infrastructure, in addition to the increased ability to generate revenues following promotion to the English Premier League.

The residual investments held by the Company at the balance sheet date are predominantly in property assets.

Despite the increase in the group's loss for the year, which was primarily caused by exceptional items, the financial position of the group has improved. Net assets have increased to £117m due to the significant new investment raised during the period, with it noted that the investment raised will be drawn over a period, as and when investment needs arise.

With regards to the performance of Ipswich Town Football Club, the 2023/​​24 season was another excellent season for the Club, achieving a second successive promotion in what was another record-breaking season. The on-pitch success was also reflected off it, with the Club benefitting from fantastic support resulting in excellent ticket, retail, venue and commercial revenues. This support is key to the Club's ongoing success.

The directors consider that the principal risk facing this company is an increase in the cash demands of its investments. The Company is the predominant source of funding for its investment in Ipswich Town Football Club, which is historically a loss-making entity. The funding requirements of its investments and subsidiaries are therefore the responsibility of the Company. The Company has reviewed the funding requirements of its investments for the forecast period and is satisfied it has access to funds in order to provide support as necessary.

The principal risk in underlying investment value is the performance and the divisional status of largest investment, Ipswich Town Football Club Company Limited. The implications this has on the investments ability to generate revenue streams are significant. Key to this is also compliance. The Club is regulated by the rules of the FA, EPL, EFL, UEFA and FIFA. Any changes to the regulations of these bodies could have an impact on the investment as they cover areas such as competition format, distribution of media income, player eligibility and operation of the transfer market. The board ensures compliance with the relevant rules and regulations and monitors and considers the impact closely of any potential changes.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 June 2024.

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The group is predominantly financed by capital injections from its owners and therefore is not exposed to significant risks associated with financial instruments. The group does have some financial assets and liabilities such as trade debtors and trade and other creditors arising directly from its operations.

Cash requirements are managed closely. Detailed cash flow forecasts and budgets are used to ensure the group has sufficient liquid resources to meet the operating needs of the business.

Customers who wish to trade on credit terms are subject to credit verification procedures and trade debtors are monitored on an ongoing basis.

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Post-balance sheet events are discussed in note 27 of the financial statements.

The Company acquired £56,382,000 of shares in Ipswich Town Football Club post 30 June 2024.

The Company has issued and allocated 1,815 Non-voting shares post 30 June 2024.

The Company will continue to support its investments in addition to evaluating and establishing further investments with synergistic benefits to its portfolio.

Ensors Accountants LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Gamechanger 20 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2024 and of the group's loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

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 group's and parent 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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 group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

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 auditor's 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.

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including transactions with related parties, revenue recognition, management override of systems and control and accounting estimates.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

• obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework;

• inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known, actual, suspected or alleged instances of fraud;

• discussed matters about non-compliance with laws or regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

• robustly challenged accounting estimates to ensure no indication of management bias.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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 auditor's 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.

The notes on pages 16 to 35 form part of these financial statements.

The notes on pages 16 to 35 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The notes on pages 16 to 35 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £12,997,797 (2023 - £3,550,478 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The notes on pages 16 to 35 form part of these financial statements.

Gamechanger 20 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Portman Road, Ipswich, IP1 1QJ.

The group consists of Gamechanger 20 Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Gamechanger 20 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The directors have considered the factors that impact the Group’s future development, performance, cash flows and financial position along with the Group’s current liquidity and financial resources in forming their conclusion on the applicability of the going concern basis.

As outlined in the strategic report, accompanying these financial statements, the Group made a loss in the year ended 30 June 2024. Notwithstanding the loss, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate.

The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate, taking account of reasonably possible downsides, that the Group will not need to raise any new capital or debt to meet liabilities as they fall due for that period. The group continues to have the financial support of its investors, in particular making available all unpaid issued share capital as required. The directors have no significant doubts over its investors ability to make such funds available whenever they may be required.

Consequently, at the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover from sale of services represents match receipts, executive box rentals, sponsorships, commercial and other income arising from the ordinary activities of the group and excludes transfer fees receivable and value added tax. Television income is recognised in the period in which the relevant matches are televised and gate receipt income is taken to profit and loss account when the matches are played. Advance season ticket sales are included within deferred income and released to turnover in the relevant season.

Income from the East Anglian Association and Ipswich Town Development Association being donations to the Club is recognised in the financial year for the season to which it relates.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible fixed assets represent transfer fees and other directly attributable costs, such as league levies and agent fees, associated with the acquisition of player and key football management staff registrations, which are capitalised and amortised straight line over the period of the contracts.

Where there are deferred payment terms greater than one year, the future cash flows are discounted to present value at the date of acquisition using a market rate of interest for a similar debt instrument.

Registration costs contingent on certain conditions being met, such as number of appearances, are capitalised once the conditions have been met. The total amount of contingent fees which had not been recognised as an intangible asset at the year end is disclosed as a contingent liability.

Provision for any impairment in value, such as through injury or loss of form, is made when it becomes apparent that the diminution in value is permanent.

The profit or loss on disposal of a player's registration is calculated as the difference between the present value of the transfer fee received, less the net book value at the date of player sale and less any direct costs of the transfer.

Transfer fees receivable contingent on certain conditions being met are recognised once the conditions have been met.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks are stated at the lower of cost and net realisable value. The cost of stock is calculated using the purchase price on a weighted average basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors, cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities, including trade and other creditors, transfer fees payable and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors and transfer fees payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Signing on fees are due to players if they are still in the service of the Club on future dates specified in their contacts. They are charged to the profit and loss account as they fall due. The element of such signing on fees not yet payable is disclosed as a commitment.

The group operates various defined contribution schemes. The assets of the schemes are held separately from those of the group in independently administered funds. The amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the accounting period.

The group also continues to make contributions in respect of its share of the deficit on the defined benefit section of the Football League Limited Pension and Life Assurance Scheme (suspended in 1999). As one of a participating employers the group is advised only of its share of the Scheme deficit and accordingly recognises a liability in respect of this.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Deferred income

Deferred income relating to ticket revenues received in advance is shown within accruals and deferred income.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following have been identified as being significant judgements and estimates:

Depreciation of tangible fixed assets

Tangible fixed assets are depreciated to write off the cost of the asset, less any residual value, over its useful life. Estimates of useful lives are based on the nature of the asset and management’s experience. The actual useful lives of assets may vary depending on a range of factors.

Amortisation of goodwill

Goodwill is considered to have a finite useful life. Where an estimate of the useful life cannot be made, the life shall not exceed 10 years. Judgement is required as to what the underlying goodwill relates to and how reliable an estimate of its life is.

Impairment of fixed assets

When assessing fixed assets; including intangible, tangible and fixed asset investments for impairment, management apply judgement in determining whether there have been any indications of impairment. For example, whether there has been loss of form of a player, poor economic performance of assets or the carrying amount of fixed asset investments is more than the estimated fair value. Judgement may also be required over a reliable basis to determine the recoverable amount of the fixed asset which may involve estimates of future cash flows and events.

Fair value of net assets acquired in business combinations

On acquisition the cost of a business combination is allocated by recognising the acquiree's identifiable assets and liabilities at their fair values separately from goodwill. An asset should only usually be recognised if its fair value can be measured reliably and a liability should only be recognised if it is probable that an outflow of resources will be required to settle the obligation, which require judgement.

On the acquisition of Ipswich Town Football Club Company Limited in 2022, it was considered that the fair value of Stadium leasehold improvements totalling £16,934,000 cannot be measured reliably and that preference shares of £8,052,000 would not result in an outflow of resources.

All turnover arises purely from operations related to the football club in the United Kingdom.

Promotion costs relate to costs incurred, such as bonuses, due to the promotion of the Ipswich Town Football Club to the English Premier League at the end of the 23/24 season.

Capital restructuring costs relate to amounts incurred in order to raise significant new investment, such as fees incurred to terminate existing agreements.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

Included in the above are exceptional wages and social security costs totalling £17,597,000 (2023: £nil) relating to the promotion of the football club to the English Premier League.

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

The group has unused tax losses at the year end of £151,672,000 (2023: £96,386,000)

Details of the company's subsidiaries at 30 June 2024, all of which are registered in England and Wales at Portman Road, Ipswich IP1 2DA, are as follows:

Loans from related parties are in respect of an arrangement whereby an entity, with a participating interest in the company issued loan notes and the proceeds were lent to the company under the same terms. Under these terms the company made loan repayments of £3,000 (2023: £3,000) and was charged interest of £23,000 (2023: £25,000) during the year. Since the year end £340,000 of the loan notes have been redeemed.

During the year, the company entered into an agreement for the issue of an unsecured variable funding note, which was listed on the Cayman Islands Stock Exchange, with a maximum principal amount of £25,000,000 and fixed coupon of 12%. As at 30 June 2024, £15,000,000 has been drawn down by the company which is due to be repaid in June 2027 or before. The directors consider that the carrying amount of the funding note is materially equal to the fair value. The funding note was issued to a related party by virtue of it being under common control of a party with a participating interest and significant influence in the group.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The Group participates in the Football League Pension and Life Assurance Scheme (“the Scheme”). The Scheme is a funded multi-employer defined benefit scheme, with 92 participating employers, and where members may have periods of service attributable to several participating employers. The Group is unable to identify its share of the assets and liabilities of the Scheme and therefore accounts for its contributions as if they were paid to a defined contribution scheme.

The last actuarial valuation was carried out on 31 August 2023 where the total deficit on the on-going valuation basis was £20.554 million.The results of the 2023 valuation were rolled forward to 30 June 2024 on the same assumptions as detailed above, and the Club’s notional share of the deficit was £492,000 (2023: £470,000).

The Group currently pays total contributions of £10,431 per month (increasing by 5% pa on each 1 September) and based on the actuarial valuation assumptions will be sufficient to pay off the deficit by 30 November 2028. As at 30 June 2024, based on an appropriate discount rate of 4.96% per annum (2023: 6.39%) the present value of the Club’s outstanding contribution is £563,000 (2023: £472,000). This amounts to £130,000 (2023: £124,000) due within one year and £432,000 (2023: £348,000) due after more than one year and is included within other creditors.

The Ordinary Shares have full rights in the company with respect to voting but no rights to dividends or distributions. They take priority on a return of assets on liquidation or following an asset sale equal to the par value of those shares only.

The Non-voting Shares have rights to one vote for each share on a vote by way of written resolution, otherwise they have no voting rights. They participate in and carry full rights to receive dividends and distributions. On a return of assets they have have full rights with respect to capital up to a hurdle value, save for the priority of Ordinary Shares to receive an amount equal to their par value. Where surplus assets are greater than the hurdle value, they have full rights with respect to capital, save for the priority of Growth Shares described below.

The Growth Shares have no rights with respect to voting, dividends or distributions. On a return of assets, the growth shares take priority over the first 15% of any surplus assets above the hurdle value. The directors consider the fair value of the growth shares at the grant date to be immaterial and therefore a share based payment arrangement has not been recognised.

During the year there were the following changes to share capital:

• 5,533 £0.000001 Non-voting Shares were allotted for a consideration of £3,333.33 per share

• 29,905 £0.000001 Non-voting Shares were allotted for a consideration of £3,960 per share

• 100 Growth Shares were allotted for a consideration of £55 per share

During the year options to acquire 775 £0.000001 Non-voting Shares were granted to key management personnel. The directors consider the fair value of the options at the grant date to be immaterial and therefore a share based payment arrangement has not been recognised. None of the options are exercisable at the year end.

Represents the premium arising on the issue of shares net of directly attributable issue costs.

The capital reduction reserve relates to reduction of issued share capital on the cancellation of shares.

Other reserves relate to amounts received for share issues prior to board resolutions formally allotting the shares.

Includes all current and prior period retained realised profits and losses.

Player Transfers

The club is contractually bound to pay additional amounts in respect of registration costs should certain criteria be met. The maximum amount of this contingent liability is £11,515,000 (2023: £691,000) excluding amounts which have been provided for and those which are considered to have a remote likelihood of becoming due.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Amounts contracted for but not provided in the financial statements:

Player movements

Since the year end the company has acquired player registrations totalling £111,920,000. Additional amounts of up to a maximum of £28,918,000 may become payable should certain criteria be met.

Investment in subsidiaries

Since the year end the company acquired £56,382,000 of shares in Ipswich Town Football Club.

Capital funding

Since the year end the company has issued and allocated 1,815 £0.000001 Non-voting shares for a total consideration of £7,597,000.

The remuneration of key management personnel is as follows.

During the year 13 £0.000001 Non-voting Shares and 98 Growth Shares have been issued to key management personnel for a consideration of £3,960 and £55 per share respectively.

Entities with control over the company

During the year 4,483 £0.000001 Non-voting Shares have been issued to the parent entity for a consideration of £3,333.33 per share.

Entities with a participating interest in the company

During the year 26,978 £0.000001 Non-voting Shares have been issued to an entity with a participating interest in the company for a consideration of £3,960 per share. Direct issue fees of £4,500,000 were charged to the company in respect of these share issues which has been debited to share premium in the period, £4,275,000 remains outstanding and is recorded in accruals.

Fees of £1,013,000 (2023: £nil) have been charged by the company in relation the sublicensing of various rights it has under partnership agreements with a subsidiary company.

Entities over which the company has control

Key management remuneration of the group is borne by the company and a management fee of £600,000 (2023: £450,000) has been charged during the year to a subsidiary. Fees of £1,257,000 (2023: £nil) have been charged by a subsidiary in relation to various sponsorship and hospitality partner agreements.

The company holds 32,208,112 £0.25 redeemable preference shares in a subsidiary. Cumulative dividends outstanding at the start of the year amounting to £1,268,000, which had been fully provided for in previous years, were formally waived during the year.

During the year the company has invested a further £39,200,000 (2023: £29,464,000) in the shares of a subsidiary.

Other related parties

During the year there have been management fees of £604,000 (2023: £797,000) charged to the company under a service agreement with an entity in which certain directors of the company have a participating interest and a fee of £3,271,000 was paid by the company to end this agreement. Fees of £155,000 (2023: £nil) have been charged by the company in relation the sublicensing of various rights it has under partnership agreements with a subsidiary company. During the year 3,964 £0.000001 Non-voting Shares have been issued for a total consideration of £15,039,000.

During the year the Group provided management and administrative services to a charity, the Ipswich Town Foundation, in which two Group Directors served as trustees during the year (2023: 2). A notional charge of £460,000 (2023: £501,000) was incurred relating to these services. This was not recharged and is considered a donation in kind. The Group also provides payroll and accounting services to the Foundation, including making payments to third party suppliers. At the year end the Group was due £81,000 (2023: £123,000) from the Foundation.