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Bristol City Football Club Limited
Annual Report and Financial Statements
Year Ended 30 June 2025

Registration number: 03230871

Bristol City Football Club Limited

Contents

Company Information | 1
Strategic Report | 2 to 4
Directors' Report | 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 10
Profit and Loss Account | 11
Balance Sheet | 12
Statement of Changes in Equity | 13
Notes to the Financial Statements | 14 to 34

Bristol City Football Club Limited

Company Information

Directors | J S Lansdown - Chairman T J Rawcliffe R Scudamore

Company secretary | V L Long

Registered office | Ashton Gate Stadium Ashton Road Bristol BS3 2EJ

Bankers | Barclays Bank plc Bristol & North Somerset Group PO Box 207 Bristol BS2 0ZX

Auditors | PKF Francis Clark Statutory AuditorFirst Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Bristol City Football Club Limited

Strategic Report for the Year Ended 30 June 2025

The directors present their strategic report for the year ended 30 June 2025.

Review of the business

On the pitch, the 2024/25 season was the Club’s tenth consecutive season in the EFL Championship. Liam Manning and his Assistant Head Coach Chris Hogg oversaw the first team throughout the season but departed for Norwich City in June 2025. They were subsequently replaced by Gerhard Struber, supported by two Assistant Head Coaches in Bernd Eibler and Craig Fleming, ahead of the 2025/26 season.
The Club finished in sixth position in the Championship with a total of 68 points, which enabled the Club to achieve their highest finish, and qualify for the EFL Championship Play-offs, for the first time since 2008. This represented an improvement of five positions and six points on the 2024/25 season. Despite losing out to Sheffield United in the Play-off semi-finals, the campaign provided notable moments of excitement, with the celebrations against Preston North End at the end of the regular season being particularly memorable. The Club departed both cup competitions at the first stage, but this did not detract from what was a very positive season.
The Academy exists to successfully support, and be integrated with, the senior squad, and the talent pathway continues to be a source of pride for the Club. Whilst five Academy graduates made league appearances for the Club during the season, there were no league debuts, and it is imperative that a clear talent pathway is visible as it provides reassurance to the younger players that their hard work will be rewarded with first team exposure.
The Club is in a strong position as it seeks to comply with the EFL’s financial fair play regulations, with the sale of Alex Scott during the previous financial period dramatically reducing the risk of non-compliance in the short-term. However, it is important to recognise that reporting cycle exists over a three-year period and therefore, in the absence of further player sales, the Club will be much tighter to the threshold in the 2026/27 season. The anticipated changes to the existing Profit & Sustainability (P&S) rules are likely to be introduced in the 2026/27 season and are being assessed by the Club in conjunction with the EFL, along with a broader review of financial controls across the footballing landscape.
Bristol City Women Football Club (“BCWFC”) which operated as a subsidiary company throughout the season, was subject to the sale of a controlling interest post the financial year end. Negotiations were finalised and contracts were exchanged on 17 September 2025, with ratification from the Women’s Professional League Limited (“WPLL”) being received on 28 November 2025. The sales proceeds amounted to £4.4m, thereby recovering the majority of the funding the Club had passed to BCWFC across the years since its incorporation.
The continued financial support that the Club receives from Pula Sport Limited, and ultimately Steve and Maggie Lansdown, is substantial and the board would like to formally acknowledge its appreciation for the generosity shown by our Owners. The Club is always looking to improve both on and off the field, and would like to thank the supporters for their continued backing of the Club, and the staff for their hard work throughout the year.

Bristol City Football Club Limited

Strategic Report for the Year Ended 30 June 2025

The company's key financial and other performance indicators during the year were as follows:

(i) | Loss before tax - £13.1 m (2024 - £0.8 m)

(ii) | Average league attendance - 22,283 (2024 - 22,554)

(iii) | Final league position - 6th (2024 - 11th) in the Championship, meaning that the 2025/26 season will be spent in the Championship

(iv) | Season ticket holders, including half-season ticket holders - 14,656 (2024 - 15,350)

(v) | Ticket sales remained largely flat at £7.3m (2024 - increase of 18% to £7.3m)

(vi) | Central distributions from broadcasting, the Football League and solidarity payments increased by £3.7m (40%) (2024 - increase of £0.4m (5%))

(vii) | Loss excluding player trading - £14.0m (2024 - £18.8m)

(viii) | Net profit on player trading - £0.9m (2024 - £18.5m)

Turnover increased by 17% to £24.1m in the period (2024 - £20.5m). Ticket sales remained flat with the increased sales from the run to the playoffs, an additional playoff fixture and one home FA Cup fixture, making up for the loss of two FA Cup replay fixtures from the previous season. However, revenue earned from season tickets and league match tickets also increased in comparison to the 2023/24 season. The funding received from the EFL and the Premier League increased by 40%, with the new EFL TV deal, enabling an increased number of EFL Championship fixtures being televised live, providing the majority of the uplift in central funding income. Other footballing revenue has increased due to the compensation fee received from Norwich City for the former coaching team, albeit it is partly mitigated by the reduction in FA Cup prize money. The commercial and hospitality income fell as the streaming income was unable to be retained domestically following the new EFL TV deal starting.
The operating loss for the period reduced by £3.2m to £18.8m (2024 - £22.0m). Whilst revenue increased during the year, costs decreased largely due to the temporary removal of the license fee that is ordinarily payable to Ashton Gate Limited, a fellow group company, as agreed with the group’s parent company. The year-on-year playing budget increased as the Club largely re-invested the increased central funding in the playing budget. The prior year costs also included the compensation figures for a previous coaching team, as well as the recruitment of a coaching team from Oxford United.
As in previous years, the Academy requires significant continued investment. This is a conscious decision taken by the Club as the up-front costs are well-balanced by the benefit the first team receives from Academy graduates, and the potential revenue from player sales, as is evidenced by the sale of Tommy Conway in August 2024. With the Robins High Performance Centre being the home to both the men’s first team and the Academy, as well as BCWFC, it requires significant investment to enable the facilities to be maintained to a high standard.
Overall, the Club recorded a loss before tax of £13.1m (2024 - £0.8m). The bulk of the deterioration is due to the £15.9m decrease in profit from player trading, with the sale of Alex Scott to AFC Bournemouth in August 2023 being the main driver for this. However, the improvement in the operating loss is noticeable, and the Club will seek to trade successfully in the transfer market in future seasons.

Bristol City Football Club Limited

Strategic Report for the Year Ended 30 June 2025

The balance sheet includes £11.6m (2024 - £15.9m) of amounts receivable in respect of transfer fees, and £7.0m (2024 - £1.4m) of amounts payable in respect of transfer fees. The carrying value of player’s contracts amounted to £11.7m (2024 - £5.4m). The increase in accruals is due to the interest owed, but not paid, to Pula Sport Limited on the loan provided to build the RHPC. Deferred income of £5.5m (2024 - £4.1m) largely represents the money receivable in advance of the year end for 2025/26 season tickets and sponsorship relating to the following season.
During the period 7,500,000 ordinary shares were allotted to Bristol City Holdings Limited for an aggregate consideration of £7,500,000 by way of a debt-to-equity swap. The capital subscription, combined with the loss for the year has resulted in the company having net assets of £5.9m at 30 June 2025 (2024 - £11.5m).

Future developments

The Club continues to pursue a strategy of sustainable development for our football team, with a strong focus on providing Academy players for the first team. The Club has a strong working relationship with the EFL which has helped in ensuring compliance with the existing financial fair play regulations. Additionally, the Club will need to be prepared for the proposed changes to the financial fair play regulations that may be introduces as early as the 26/27 season.
Away from the pitch, the Club is also strongly focussed on supporting the Bristol City Foundation, and the work it does in the local community. The Club was proud to be present in Belgium when the Add-Mentor Project, run by the Bristol City Foundation, won the prestigious More than Football Award at the European Football for Development Network (EFDN) conference in November 2024.

Principal risks and uncertainties

Inevitably, there are no guarantees over the performance of the first team, with relegation to EFL League One being the biggest sporting threat to revenue in future seasons. The 25/26 season represents the Club’s eleventh successive year in the EFL Championship, and the continued investment in the playing squad, coupled with the ability to keep hold of the core of the squad that finished sixth in the previous season, helps to mitigate the threat of the Club being relegated.
Away from the pitch, the principal risk to the company continues to be the cost-of-living crisis that is prevalent across the country. The rising costs of necessary areas of expenditure such as utilities, food and wages is exacerbated further by the reduction in disposable income of supporters, which could have a negative impact on ticketing, retail and hospitality sales. Additionally, the increased the tax burden on employers that was announced as part of the changes to Employer National Insurance Contributions in the Autumn 2024 Budget, will result in an additional annualised cost in excess of £500,000 to the Club.
However, the continuing financial support of Pula Sport Limited and the ultimate controlling parties, Mr & Mrs S P Lansdown, as has been demonstrated during the past 12 months to 30 June 2025, and, as explained in the going concern accounting policy, is critical.

Approved by the Board on 5 December 2025 and signed on its behalf by:

......................................... T J Rawcliffe Director |  |

Bristol City Football Club Limited

Directors' Report for the Year Ended 30 June 2025

The directors present their report and the financial statements for the year ended 30 June 2025.

Directors of the company

The directors who held office during the year were as follows:

J S Lansdown - Chairman

G T Marshall (resigned 31 October 2025)

T J Rawcliffe (appointed 1 July 2024)

The following director was appointed after the year end:

R Scudamore (appointed 1 November 2025)

Principal activity

The principal activity of the company is the running of a professional football club.

Financial instruments

Objectives and policies

The directors have reviewed the financial risk management objectives and policies of the company. They do not believe there to be significant risks in this area. The company does not enter into any hedging instruments as there are not believed to be any material exposures. It does not enter into any financial instruments for speculative purposes.

Price risk, credit risk, liquidity risk and cash flow risk

Appropriate trade terms are negotiated with suppliers and customers. Management reviews these terms, the relationship with suppliers and customers and manages any exposure on normal trade terms. The company prepares regular forecasts of cash flow and liquidity and any requirement for additional funding is managed by the directors on a needs basis.

Future developments

The company has taken advantage of Section 414C (11) of the Companies Act 2006 and included details of future developments in the Strategic Report.

Research and development

During the year, the company undertook research and development activities in order to provide solutions in respect of improving performance, injury recovery and injury prevention.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 5 December 2025 and signed on its behalf by:

......................................... T J Rawcliffe Director |  |

Bristol City Football Club Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

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

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

• | 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 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.

Bristol City Football Club Limited

Independent Auditor's Report to the Members of Bristol City Football Club Limited

Opinion

We have audited the financial statements of Bristol City Football Club Limited (the 'company') for the year ended 30 June 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, 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).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its 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 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 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Bristol City Football Club Limited

Independent Auditor's Report to the Members of Bristol City Football Club Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities (set out on page 6), 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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:

Bristol City Football Club Limited

Independent Auditor's Report to the Members of Bristol City Football Club Limited

The key laws and regulations we identified were English Football League (EFL) Championship Profitability and Sustainability rules (P&S rules) and Employment legislation.
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily Companies Act 2006 and Corporation Taxes Acts 2009 and 2010.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deal with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity’s ability to continue trading and the risk of material misstatement to the financial statements.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

• | Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements, specifically including the key laws and regulations noted above;

• | Review of relevant correspondence, reports and documentation;

• | Review of legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance; and

• | Reviewed Board minutes.

As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which management confirmed there had been none during or after the period.
We also evaluated the risk of fraud through management override. The key risks we identified were the potential manipulation of results in order to maintain continuing support from the ultimate owners, and also improve the results reported in English Football League Profitability and Sustainability calculations by the immediate parent company. We determined that the principal risks were related to recognition of player contract movements, management override of controls and revenue recognition.
In response to the identified risk, as part of our audit work we:

• | Reviewed recognition of player movements in conjunction with underlying contract evidence;

• | Used data analytics to test journal entries throughout the year, for appropriateness;

• | Undertook specific review of P&S calculations provided to the EFL;

• | Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates; and

• | Undertook substantive sample testing and global reconciliations on revenue and specific cut-off procedures.

Bristol City Football Club Limited

Independent Auditor's Report to the Members of Bristol City Football Club Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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.

......................................
Nicholas Farrant BA MSc FCA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor
First Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

5 December 2025

Bristol City Football Club Limited

Profit and Loss Account

Year Ended 30 June 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 24,058,634 | 20,523,730
Other operating income | 4 | 210,138 | 277,400
Staff costs |  | (25,853,682) | (24,822,941)
Depreciation and amortisation expense |  | (5,757,210) | (4,255,202)
Other expenses |  | (11,502,188) | (13,689,223)
Operating loss | 5 | (18,844,308) | (21,966,236)
Profit on disposal of players' contracts |  | 5,802,129 | 21,696,827
Loss before interest and taxation |  | (13,042,179) | (269,409)
Loss excluding player trading |  | (13,977,532) | (18,757,280)
Player trading* |  | 935,353 | 18,487,871
Other interest receivable and similar income | 9 | 1,074,800 | 141,907
Interest payable and similar expenses | 10 | (1,180,978) | (668,319)
Loss before tax |  | (13,148,357) | (795,821)
Loss for the year |  | (13,148,357) | (795,821)

*Player trading comprises amortisation and impairment of players' contracts and the profit/loss on disposal of players' contracts.

Bristol City Football Club Limited

Balance Sheet

30 June 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 12 | 11,666,012 | 5,368,903
Tangible assets | 13 | 14,030,704 | 14,848,045
Investments | 14 | 101 | 101
|  | 25,696,817 | 20,217,049
Current assets |  |  |
Debtors | 15 | 16,225,995 | 18,839,131
Cash at bank and in hand |  | 33,090 | 277,611
|  | 16,259,085 | 19,116,742
Creditors: Amounts falling due within one year | 17 | (8,977,873) | (5,015,515)
Net current assets |  | 7,281,212 | 14,101,227
Total assets less current liabilities |  | 32,978,029 | 34,318,276
Creditors: Amounts falling due after more than one year | 17 | (21,550,733) | (18,694,764)
Deferred income |  | (5,541,259) | (4,089,118)
Net assets |  | 5,886,037 | 11,534,394
Capital and reserves |  |  |
Called up share capital |  | 214,435,510 | 206,935,510
Profit and loss account |  | (208,549,473) | (195,401,116)
Shareholders' funds |  | 5,886,037 | 11,534,394

Approved and authorised by the Board on 5 December 2025 and signed on its behalf by:

......................................... T J Rawcliffe Director

Company Registration Number: 03230871

Bristol City Football Club Limited

Statement of Changes in Equity

Year Ended 30 June 2025

| Share capital £ | Profit and loss account £ | Total £
At 1 July 2024 | 206,935,510 | (195,401,116) | 11,534,394
Loss for the year | - | (13,148,357) | (13,148,357)
Total comprehensive income | - | (13,148,357) | (13,148,357)
New share capital subscribed | 7,500,000 | - | 7,500,000
At 30 June 2025 | 214,435,510 | (208,549,473) | 5,886,037

| Share capital £ | Profit and loss account £ | Total £
At 1 July 2023 | 193,935,510 | (194,605,295) | (669,785)
Loss for the year | - | (795,821) | (795,821)
Total comprehensive income | - | (795,821) | (795,821)
New share capital subscribed | 13,000,000 | - | 13,000,000
At 30 June 2024 | 206,935,510 | (195,401,116) | 11,534,394

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ashton Gate Stadium
Ashton Road
Bristol
BS3 2EJ

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its individual financial statements. Exemptions have been taken in relation to presentation of a cash flow statement, intra-group transactions and remuneration of key management.

Group accounts not prepared

The financial statements contain information about Bristol City Football Club Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt by virtue of Section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Bristol City Holdings Limited, a company incorporated in England & Wales. The registered office of Bristol City Holdings Limited is: Ashton Gate, Bristol, BS3 2EJ.

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Going concern

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.
The company made a loss for the ﬁnancial period, and net assets at 30 June 2025 were £5.9m (2024 – net assets of £11.5m). The ﬁnancial position before player trading improved versus prior year largely as a result of increased revenue and cost control. Player trading is signiﬁcantly down on prior year due to no large comparable sales like Alex Scott in August 2023 and reduced equity investment to £7.5m (2024 – £13m). This had a negative impact on net current assets which reduced to £7.3m in 2025 (2024 – net current assets of £14.1m), and creditors due within one year increased by £4m to £9m (2024 – £5.0m). The total net assets of £5.9m are stated after deferred revenues of £5.5m (2024 – £4.1m) which appear on the balance sheet as a liability but represent revenues to be recognised during the year ending 30 June 2026.
The directors are satisfied that, whilst there can be no certainty as to the specific longer-term implications for professional football of the current cost-of-living crisis, there are no material uncertainties in respect of the going concern status of the company.
The club continues to be dependent on the financial support of its intermediate parent company, Pula Sport Limited, to ensure adequate access to funding and working capital. Pula Sport Limited is a company owned and controlled by Mr & Mrs S P Lansdown that invests in the group via debt and equity injections. Evidence of the commitment of Pula Sport Limited and Mr & Mrs S P Lansdown is the debt-to-equity swap which took place in the year in Bristol City Holdings Limited and, in turn, Bristol City Football Club Limited of £7.5m (2024 - £13.5m). Pula Sport Limited has confirmed its ongoing support for the company for at least the next 12 month, post approval of these financial statements.
The directors are confident that, after taking into account the ongoing match day and commercial revenues, post year end transfer activity profits and the commitment by Pula Sport Limited, the company (and wider Bristol City Holdings Limited group) will have sufficient working capital until the end of the 2025/26 season and for the foreseeable future, being not less than 12 months from the date of approval of these financial statements. The directors are also confident that the club will continue to be compliant with the English Football League Championship Profitability and Sustainability rules. Accordingly, the directors consider it appropriate to prepare these financial statements on a going concern basis.

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Key accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgements which have a significant effect on the financial statements are:
Going concern, as described in the accounting policy above;
Contingent receipts - Under the terms of certain contracts with other football clubs in respect of player transfers, additional amounts would be payable to the group if certain conditions are met. Any amounts deemed probable to occur will be disclosed in the notes to the accounts, with any events determined to be virtually certain resulting in the fees being recognised as a debtor. Management use their judgement taking into account a variety of variables when assessing whether a contingent receiptt is probable or possible.
Contingent payments - Under the terms of certain contracts with other football clubs in respect of player transfers, additional amounts are payable by the group if certain events occur. These amounts are only recognised within intangible assets as part of the registration of player contracts when management considers that it is probable that the condition required to trigger the payment will be met. Any amounts considered possible are disclosed in the notes to the accounts. Management use their judgement taking into account a variety of variables when assessing whether a contingent payment is probable or possible.
Management apply accounting judgement in determining which costs are considered directly associated with the acquisition of player registrations, with reference to consideration of the enduring benefit of those costs.
The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:
Land and buildings
Properties (see note 13) are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates used as well as assessment of the loss excluding player trading as to whether an indicator of permanent impairment has occurred. There is estimation in respect of the assumptions regarding future cash generation in respect of the player performance, attracting gate receipts and broadcasting revenue. The carrying amount at the year end is £13,821,629 (2024 - £14,499,550).

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Intercompany debtor recoverability
This requires estimation by management as to the recoverability of the debtor and the amount of any provision required against the debt at the year end (see note 15). The directors have considered recoverability with reference to regular settlement, overall going concern assessment of group and ongoing interrelationship and trading between entities. The value of provisions against intercompany debtors at the year end is £4,440,000 (2024 - £3,246,778).
Player contracts
The costs associated with acquiring players' registrations, or extending their contracts, is carried at cost, less accumulated amortisation and accumulated impairment losses (see note 12). The carrying value of players' contracts is reviewed for impairment in light of post year end performance, injuries and the sales value achieved for any players sold to other clubs. This review requires significant estimation by management in respect of player performance and value in the player market. The carrying amount at the year end is £11,666,012 (2024 - £5,368,903).

Turnover

Turnover comprises the fair value of the consideration received or receivable for matchday revenue, including ticket sales, broadcasting revenue, internet receipts and grants, Football League funding, comprising central funding and solidarity payments, and other commercial and related income, in respect of sponsorship, hospitality and advertising. Turnover is shown net of value added tax, returns, rebates and discounts.
Income is recognised as follows:
Income from matchday revenue, season tickets, broadcasting revenue is recognised when the related matches are played. Income from advance ticket sales, including season tickets, is deferred accordingly;
Income from the Football League is recognised on a receivable basis; and
Income in respect of other commercial and retail income is recognised in the period to which it relates.

Tax

Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The company receives/passes some tax losses from/to fellow group companies via group relief. It makes/receives payment for these losses at the average rate of tax for the financial period in which the losses are relieved.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the group's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax assets in respect of tax losses carried forward are not recognised as they do not meet the recognition criteria set out in FRS 102 given there is no certainty as to when the losses will be utilised.

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

UK Research and Development tax incentive regimes

The company accounts for amounts claimed under the RDEC scheme as other income.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Government grants

Government revenue grants are accounted for under the accruals method. These are credited to the profit and loss account when the company is entitled to the income.

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Players' contracts and transfer fees

The costs associated with acquiring players' registrations or extending their contracts are capitalised as intangible assets and amortised, in equal instalments, over the period of the respective players' contracts. Where a contract is renegotiated prior to the expiry of its original term, the net book value at that time, and any new costs relating to the contract extension, are amortised over the remaining revised contract life.
Under the conditions of certain transfer agreements or contract renegotiations, further fees will be payable in the event of the players concerned making a certain number of first-team appearances or on the occurrence of certain other specified future events. Liabilities in respect of these additional transfer fees are accounted for, as provisions, when it becomes probable that the number of appearances will be achieved or the specified future events will occur.
Provision is made for any impairment and player registrations are written down when the carrying amount exceeds the amount recoverable through use or sale.

Profit on disposal of players' contracts

Profits or losses arising on the disposal of players' contracts are credited or charged to the profit and loss account in the year in which the player is sold. They are calculated as the difference arising between the transfer fees received and the net book value of the contracts at the time of this disposal.

Software
Software is in respect of website and IT software costs capitalised. This is amortised on a straight line basis over 4 years.

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Assets under construction represents the development of the training ground. Depreciation is not charged on assets under construction. Upon formal completion of each stage of the development the cost of assets will be transferred to the freehold buildings category.

Depreciation

Depreciation is provided on tangible fixed assets, other than freehold land and assets under construction, so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic lives as follows:

Asset class | Depreciation method and rate
Leasehold land & buildings | Over the term of the lease
Freehold buildings | 25 years straight line
Plant and machinery | 2-7 years straight line
Fixtures and fittings | 3-6 years straight line
Motor vehicles | 4 years straight line

Investments

Investments in subsidiaries where the shares are not publicly traded and where fair value cannot be reliably measured are stated at historical cost less provision for any diminution in value.
Investments in associates measured at historical cost less accumulated impairment losses.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

The company operates a defined contribution pension scheme to which it contributes for members. The company also contributes to some employee's personal pension plans. Contributions are charged in the profit and loss account as they become payable in accordance with the rules of the scheme.

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Short term intra-group debtors and creditors;
• Debtors and creditors in relation to transfer fees;
• Long term other borrowings; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Short term trade, intra-group, transfer fee and other debtors and creditors and cash and bank balances are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Long term debtors and creditors in relation to transfer fees constitute a financing transaction and are measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument at inception. As the discount unwinds it is charged/ credited to the Profit and Loss account.
Long term other borrowings are initially measuared at transaction price, including transactions costs, and are subsequently carried at amortised cost using the effective interest method.

3 | Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 212,417 | 154,000
Rendering of services | 4,604,643 | 4,444,725
Ticket sales | 7,304,171 | 7,318,472
Football League income | 11,937,403 | 8,606,533
| 24,058,634 | 20,523,730

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

The analysis of the company's turnover for the year by class of business is as follows:

| 2025 £ | 2024 £
Matchday revenue | 3,384,486 | 3,464,592
Season tickets | 3,919,685 | 3,853,880
Broadcasting revenue | 825,300 | 506,050
Football League pool | 6,597,403 | 3,416,533
Solidarity payment | 5,340,000 | 5,190,000
Other football related income | 1,715,838 | 1,311,946
Other commercial and retail income | 2,275,922 | 2,780,729
| 24,058,634 | 20,523,730

All turnover arose within the United Kingdom.

4 | Other operating income

The analysis of the company's other operating income for the year is as follows:

| 2025 £ | 2024 £
Government grants | 210,138 | 277,400

Income in respect of government grants relates to £210,138 (2024 - £277,400) for the Research and Development tax credit which is recognised as taxable income.

5 | Operating loss

Arrived at after charging

| 2025 £ | 2024 £
Depreciation expense | 890,434 | 958,341
Amortisation expense | 4,866,776 | 3,208,956
Impairment loss | - | 87,905
Foreign exchange losses | 581 | 962

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

6 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 22,748,751 | 22,187,178
Social security costs | 2,930,328 | 2,486,589
Pension costs, defined contribution scheme | 174,603 | 149,174
| 25,853,682 | 24,822,941

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Office, coaching and management staff | 140 | 144
Players | 79 | 74
| 219 | 218

7 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 188,984 | 254,082
Contributions paid to money purchase pension schemes | 5,980 | 915
Compensation for loss of office | - | 20,000
| 194,964 | 274,997

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 2 | 1

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

In respect of the highest paid director:

| 2024 £
Remuneration | 249,401

There is no requirement to disclose the highest paid director for the year to 30 June 2025 as the total directors remuneration for the year was less than £200,000.

8 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 23,525 | 18,850

Included within these fees are the fees for the audit of the parent company, Bristol City Holdings Limited, totalling £2,500 (2024 - £1,850).

9 | Other interest receivable and similar income

| 2025 £ | 2024 £
Other finance income | 1,074,800 | 141,907

Certain agreements for the sale of players' contracts include an element of deferred consideration. The deferred element of the consideration has, where a financial asset has been recognised, been discounted to its present value at the date of the contract, using a market rate of interest for a debt instrument of a similar amount and duration. Other finance income represents the unwinding of this discount to the period end.

10 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 43,849 | 32,114
Interest on obligations under hire purchase contracts | 242 | 873
Interest expense on other finance liabilities | 606,593 | 103,590
Interest payable on loans from group undertakings | 530,294 | 531,742
| 1,180,978 | 668,319

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Certain agreements for the purchase of players' contracts include an element of deferred consideration. The deferred element of the consideration has, where a financial liability has been recognised, been discounted to its present value at the date of the contract, using a market rate of interest for a debt instrument of a similar amount and duration. Interest expense on other finance liabilities represents the unwinding of this discount to the period end.

11 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | - | 54,798
R&D tax credit relating to prior periods | - | (54,798)
| - | -

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Loss before tax | (13,148,357) | (795,821)
Corporation tax at standard rate | (3,287,089) | (198,955)
Expenses not deductible for tax purposes | 294,307 | 288,909
Movement in deferred tax on losses not recognised | 3,045,316 | 30,879
Decrease in current tax from adjustment for prior periods | - | (54,798)
Tax decrease from effect of adjustment in research and development tax credit | (52,534) | (66,035)
Total tax charge/(credit) | - | -

Deferred tax

There are £192,079,858 of unused tax losses (2024 - £181,771,913) for which no deferred tax asset is recognised in the Balance Sheet.

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

12 | Intangible assets

| Players' contracts £ | Computer software £ | Total £
Cost or valuation
At 1 July 2024 | 15,641,064 | 101,528 | 15,742,592
Additions acquired separately | 11,163,885 | - | 11,163,885
Disposals | (4,552,422) | - | (4,552,422)
At 30 June 2025 | 22,252,527 | 101,528 | 22,354,055
Amortisation
At 1 July 2024 | 10,272,161 | 101,528 | 10,373,689
Amortisation charge | 4,866,776 | - | 4,866,776
Amortisation eliminated on disposals | (4,552,422) | - | (4,552,422)
At 30 June 2025 | 10,586,515 | 101,528 | 10,688,043
Carrying amount
At 30 June 2025 | 11,666,012 | - | 11,666,012
At 30 June 2024 | 5,368,903 | - | 5,368,903

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

13 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Plant and equipment £ | Total £
Cost or valuation
At 1 July 2024 | 16,833,593 | 727,405 | 591,560 | 18,152,558
Additions | - | 20,993 | 52,100 | 73,093
At 30 June 2025 | 16,833,593 | 748,398 | 643,660 | 18,225,651
Depreciation
At 1 July 2024 | 2,334,043 | 493,938 | 476,532 | 3,304,513
Charge for the year | 677,921 | 110,026 | 102,487 | 890,434
At 30 June 2025 | 3,011,964 | 603,964 | 579,019 | 4,194,947
Carrying amount
At 30 June 2025 | 13,821,629 | 144,434 | 64,641 | 14,030,704
At 30 June 2024 | 14,499,550 | 233,467 | 115,028 | 14,848,045

Included within the net book value of land and buildings above is £13,821,629 (2024 - £14,499,550) in respect of freehold land and buildings.
Included within land and buildings is freehold land with a cost of £263,209 (2024 - £263,209) which is not depreciated.

14 | Investments

Subsidiaries | £
Cost or valuation
At 1 July 2024 | 100
Carrying amount
At 30 June 2025 | 100
At 30 June 2024 | 100

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Associates | £
Cost
At 1 July 2024 | 1
At 30 June 2025 | 1
Carrying amount
At 30 June 2025 | 1
At 30 June 2024 | 1

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Bristol City Women Football Club Limited | Ashton Gate Stadium, Ashton Road, Bristol, BS3 2EJ | Ordinary | 100% | 100%

Associates
BCFC Heritage and Archive Limited | Robins High Performance Centre, Clevedon Road, Bristol, BS8 3TN | Limited by guarantee | 33.3% | 33.3%

Subsidiary undertakings
Bristol City Women Football Club Limited The principal activity of Bristol City Women Football Club Limited is the running of a professional football club.

Associates
BCFC Heritage and Archive Limited The principal activity of BCFC Heritage and Archive Limited is that of archive activities. The company is limited by guarantee.

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

15 | Debtors

| 2025 £ | 2024 £
Trade debtors | 173,589 | 21,566
Amounts owed by group undertakings | 2,376,374 | 1,376,705
Other debtors | 121,230 | 161,401
Amounts receivable in respect of transfer fees | 11,624,475 | 15,909,772
Prepayments and accrued income | 1,930,327 | 1,369,687
Total current trade and other debtors | 16,225,995 | 18,839,131

An impairment loss of £1,200,000 (2024 - £1,121,188) has been recognised against amounts owed by group undertakings during the year.

Details of trade and other debtors

£5,482,835 (2024 - £7,676,494) of amounts receivable in respect of transfer fees is classified as non current.

16 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash at bank | 33,090 | 277,611
Bank overdrafts | (3,095,605) | (2,495,352)
Cash and cash equivalents | (3,062,515) | (2,217,741)

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

17 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 18 | 3,095,605 | 2,518,562
Trade creditors |  | 376,729 | 221,167
Amounts due to group undertakings |  | 90,180 | 111,414
Social security and other taxes |  | 1,120,245 | 1,148,188
Other creditors |  | 72,863 | 56,991
Amounts payable in respect of transfer fees |  | 3,636,024 | 365,337
Accrued expenses |  | 586,227 | 593,856
|  | 8,977,873 | 5,015,515
Due after one year |  |  |
Loans and borrowings | 18 | 17,676,461 | 17,676,461
Accrued interest on loans and borrowings |  | 530,295 | -
Amounts payable in respect of transfer fees |  | 3,343,977 | 1,018,303
|  | 21,550,733 | 18,694,764

18 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank overdrafts | 3,095,605 | 2,495,352
Hire purchase contracts | - | 23,210
| 3,095,605 | 2,518,562

Non-current loans and borrowings

| 2025 £ | 2024 £
Other borrowings | 17,676,461 | 17,676,461

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Bank borrowings

The bank overdraft is denominated in sterling with a nominal interest rate of 1.75% plus base rate, and is repayable on demand. The carrying amount at year end is £3,095,605 (2024 - £2,495,352). The bank overdraft is secured by a limited guarantee given by S P Lansdown.

Other borrowings

Hire purchase contract liabilities are denominated in sterling with a nominal interest rate of 4-6%, and the final instalment of the liabilities in existence at the previous balance sheet date was paid on 31 January 2025. The carrying amount at the year end is £Nil (2024 - £23,210).

The other borrowings loan has been provided by Pula Sport Limited and is denominated in sterling with a nominal interest rate of 3%. There is no fixed repayment date. The loan is secured by a floating charge over the undertakings and assets of the company. The loan had a carrying value as at 30 June 2025 of £17,676,461 (2024 - £17,676,461).

Included in the loans and borrowings are the following amounts due after more than five years:

| 2025 £ | 2024 £
After more than five years not by instalments | 17,676,461 | 17,676,461

| - | -

19 | Obligations under leases

Hire purchase contracts

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | - | 23,210
| - | 23,210

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 107,652 | 72,774
Later than one year and not later than five years | 160,577 | 55,004
| 268,229 | 127,778

The amount of non-cancellable operating lease payments recognised as an expense during the year was £107,156 (2024 - £63,393).

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

20 | Pension schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme and also contributes to certain employees' personal pension plans. The pension cost charge for the year represents total contributions payable and amounted to £174,603 (2024 - £149,174). Contributions totalling £26,603 (2024 - £41,857) were payable to the scheme at the period end and were included in creditors.

21 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 214,435,510 | 214,435,510 | 206,935,510 | 206,935,510

New shares allotted

During the year 7,500,000 Ordinary shares having an aggregate nominal value of £7,500,000 were allotted for an aggregate consideration of £7,500,000. The allotment was undertaken by way of a debt to equity swap.

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: The right to one vote per share held at general meetings.

22 | Commitments

Capital commitments

At the year end the company had a non-cancellable financial commitment to purchase player registrations. The total amount contracted for but not provided in the financial statements was £600,000 (2024 - £Nil).

23 | Contingent assets

Contractual assets under contracts for the sale of players are expected to become receivable of £422,500 (2024 - £nil) at various stages in the future, contingent on the relevant players meeting certain performance conditions.

24 | Contingent liabilities

Contractrual liabilities unders players' contracts may be payable of £1,140,000 (2024 - £nil) at various stages in the future contingent on the relevant players meeting certain performance conditions.

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

25 | Non adjusting events after the financial period

Since the end of the financial year, the company has contracted for the purchase and sale of various players. The net cash inflow of these transfers, taking into account the applicable levies and excluding value added tax, is £1,142,043 (2024 - outflow of £6,868,054). These transfers will be accounted for in the year ended 30 June 2026. The company is also due to receive £459,452 (2024 - £451,585) in respect of sell on clauses for players disposed of in previous years.
Subsequent to the year end, the company finalised negotiations, and exchanged contracts, on 17 September 2025 for the sale of a controlling interest in Bristol City Women Football Club Limited, with ratification from the Women's Professional League Limited being received on 28 November 2025. In preparation for this deal, Bristol City Women Football Club Limited is expecgted to undertake a debt-equity swap in respect of £4m of the £4.44m intercompany balance due to the company as at 30 June 2025 and against which the company has made full provision in the financial statements.

26 | Related party transactions

Summary of transactions with parent

Intermediate parent company In a prior period, the company received a loan facility of £17,000,000 from the intermediate parent company. During the period the company was charged interest of £530,294 (202 - £531,742) and paid interest of £nil (2024 - £575,328). At the balance sheet date the amount due to the immediate parent company was £17,676,641 (2024 - £17,676,641). See note 18 for details of the loan.

Summary of transactions with other related parties

Fellow (non wholly owned) subsidiaries During the year, the company made sales of services and recharged other expenditure to its fellow subsidiaries. The company recognised receivables/(payables) in respect of tax losses group relieved to/(by) fellow subsidiaries in the previous year. The company made other purchases from its fellow subsidiaries.

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

Income and receivables from related parties

2025 | Other related parties £
Sales of services | 6,382,278
Expenditure recharged to related parties | 108,244
Group relief receivable | 52,534
| 6,543,056
Amounts receivable from related parties | 2,376,110

2024 | Other related parties £
Sales of services | 8,016,131
Expenditure recharged to related parties | 102,485
Group relief receivable | 56,607
| 8,175,223
Amounts receivable from related parties | 1,374,212

Expenditure with and payables to related parties

2025 | Other related parties £
Purchases from related parties | 943,780
| 943,780

2024 | Other related parties £
Purchases from related parties | 1,561,567
| 1,561,567
Amounts payable to related parties | 7,111

Bristol City Football Club Limited

Notes to the Financial Statements

Year Ended 30 June 2025

27 | Parent and ultimate parent undertaking

The company's immediate parent is Bristol City Holdings Limited, incorporated in England & Wales.
The ultimate parent is Pula Limited, incorporated in Guernsey.
The most senior parent entity producing publicly available financial statements is Bristol City Holdings Limited. These financial statements are available upon request from its registered office at Ashton Gate, Bristol, BS3 2EJ.
The ultimate controlling parties are Mr & Mrs S P Lansdown by virtue of their majority shareholding in Pula Limited, the ultimate parent company.