REGISTERED NUMBER: 00039175 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 30 June 2025

for

Gillingham Football Club Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

DIRECTORS:

S H Galinson

B D Galinson

M McAllister

REGISTERED OFFICE:

Priestfield Stadium

Redfern Avenue

Gillingham

Kent

ME7 4DD

REGISTERED NUMBER:

00039175 (England and Wales)

SENIOR STATUTORY AUDITOR:

Susan Ambrose FCCA FCA

AUDITORS:

Butt Miller

Chartered Accountants and Statutory Auditor

1 Minster Court

Tuscam Way

Camberley

Surrey

GU15 3YY

BANKERS:

Barclays Bank Plc

Hatton Garden

99 Hatton Garden

London

EC1N 8DN

The directors present their strategic report for the period 1 July 2024 to 30 June 2025.

The principal activity of Gillingham Football Club Limited continues to be the operation of a Professional Football Club together with related commercial activities.

The Company also operates a Conferencing and Banqueting business.

The primary aim of the football club and associated businesses is to provide adequate funding to enable success on the field of play.

REVIEW OF BUSINESS

The Club's long-term objective is to achieve sustainable promotion to the EFL League One and beyond, while maintaining financial stability.

On Pitch we have been investing in recruitment and an experienced coaching staff to improve league standing.

Off-Pitch we are diversifying revenue through the Conferencing and Banqueting Department.

The Youth Academy is an important part of the football business, with a focus on developing talent coming through different age groups.

We are continuing to invest in Priestfield Stadium to enhance both player performance and fan experience.

The 2025/2026 season will see the completion of an external Fan Zone. This is the next stage of the vision to modernise Priestfield Stadium. The project involves the demolition of the derelict former sports hall behind the Rainham End to build a social hub designed to accommodate home supporters.

Results and performance

The results of the company for the year, as set out on pages 10 to 23, show a loss on ordinary activities before tax of £5,737,558 (2024: £4,347,545). The total equity of the Company was £(7,826,086) (2024: £(3,666,528)).

Turnover showed an decrease to £7.53m for 12 months (2024: £8.22m for 13 months) with a 26% increase in commercial and catering sales in the period. Commercial and retail also increased for this year along with season ticket sales.

The Youth Academy still remains of high importance to our football business; we continue to have a strong talent coming through the different age groups. It always remains a source of deep satisfaction to see products of our Academy playing in the First team, and this year again was no exception.

PRINCIPAL RISKS AND UNCERTAINTIES

There are several potential risks and uncertainties which could have a material impact on the Clubs long-term performance. These risks and uncertainties are monitored by the Board on a regular basis.

Compliance with regulation, legal and ethical standards is a priority for the Football Club.

Financial risk management objective

The company uses various financial instruments including loans from directors, cash and other items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to several financial risks, which are described in more detail below.

The main risks are cash flow, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised as follows. These policies have remained unchanged from previous years.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

Credit risk

The company's principal financial assets are cash and trade debtors. The credit risk associated with the cash is limited as the counterparties are commercial banks. Credit given to trade debtors is reviewed on a regular basis to ensure credit terms are adhered to.

Cash flow risk

The directors continually update cash flow forecasts to mitigate cash flow risk and to ensure that a suitable level of liquid funds are available at all times.

FUTURE OUTLOOK

Following the appointment of Gareth Ainsworth in 2025, the club has embarked on a "two-year journey" toward promotion.

Continuing the growth of the non-matchday conferencing and commercial business.

The club expects the Fan Zone to be a transformative addition to the matchday experience. Key features of the development include:

The area will feature five bespoke shipping containers serving a rotation of "street food specials," craft beers, and soft drinks.

A dedicated performance stage will host live music and pre-match entertainment, mirroring successful models seen elsewhere in the EFL.

Beyond entertainment, the zone is strategically designed to relieve congestion in the Gordon Road and Rainham End concourses.

With a marquee-style covering, the club aims for the space to be usable throughout the year, potentially hosting non-matchday community events.

The strategic plan is to stabilise the company, make the football club financially sustainable.

EMPLOYEES, ENVIRONMENTAL AND SOCIAL MATTERS

The club is committed to being an equal-opportunity employer and regularly reviews staff welfare.

Through the Gillingham FC Foundation, the club engages local youths in health and education programs.

ON BEHALF OF THE BOARD:

B D Galinson - Director

23 December 2025

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

DIVIDENDS

The Company is unable to propose a dividend for the year due to a lack of distributable reserves.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2024 to the date of this report.

S H Galinson

B D Galinson

Other changes in directors holding office are as follows:

P D P Scally - resigned 10 October 2024

M McAllister - appointed 30 April 2025

EMPLOYEE INVOLVEMENT AND DISABLED EMPLOYEES

Within the bounds of commercial confidentiality, staff at all levels are kept fully informed of matters that affect the progress of the company and are of interest to them as employees.

Disabled persons are given full and fair consideration for all types of vacancy. If an existing employee becomes disabled, such steps as are practical and responsible are taken to retain him/her in employment. Where appropriate, assistance with rehabilitation and suitable training are given. Disabled persons have equal opportunities for training, career development and promotion, except so far as such opportunities are constrained by the practical limitations of their disability.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with s414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Butt Miller, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

B D Galinson - Director

23 December 2025

Opinion

We have audited the financial statements of Gillingham Football Club Ltd (the 'company') for the year ended 30 June 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Opinion on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page five, 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 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.

Auditors' 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 a Report of the Auditors 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.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are the Companies Act 2006, Employment Law, Health and Safety Law, Data Protections Laws (including UK General Data Protection Regulation (GDPR)) and EFL regulations and enquires were made with management regarding procedures in place to ensure compliance.

Having reviewed the laws and regulations applicable to the company, we designed and performed audit procedures to obtain sufficient appropriate evidence. Specifically we:

- Enquired with management on any non-compliance with laws and regulations.

- Reviewed the legal expense accounts to identify potential litigation or claims involving the entity.

- Reviewed internal policies and procedures and external guidance.

We assessed the susceptibility of the company's financial statements to material misstatement and fraud and in doing so:

- Considered whether there were areas of the financial statements particularly susceptible to fraud and enquired with management as to any known or suspected instances of fraud and their assessment of fraud risk.

- Considered whether management have incentives and opportunities to manipulate financial results and determined the key audit risks related to completeness of income, management override of controls, recoverability of debtors, existence and cut-off of stock and completeness of creditors.

-The risk of management override of controls has been reviewed and audited, including through testing journal entries, accounting estimates and other adjustments for appropriateness.

-Designed and performed audit procedures to obtain sufficient appropriate evidence including substantive testing in relation to completeness of income, existence and cut off of stock, debtors and creditors.

The audit has been planned and performed in such a way as to best identify risks of material misstatement, however the inherent limitations of audit procedures means that there remains a risk that material misstatements may not be identified. In particular we are aware of the inherent difficulties in detecting irregularities and irregularities that result from fraud may be more difficult to detect than irregularities from error due, for example, to override of controls, collusion or misrepresentations. In addition, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Susan Ambrose FCCA FCA (Senior Statutory Auditor)

for and on behalf of Butt Miller

Chartered Accountants and Statutory Auditor

1 Minster Court

Tuscam Way

Camberley

Surrey

GU15 3YY

31 December 2025

REVENUE

3

7,530,515

8,219,388

Cost of sales

(10,057,281

)

(9,988,351

)

GROSS LOSS

(2,526,766

)

(1,768,963

)

Administrative expenses

(3,194,908

)

(2,549,783

)

(5,721,674

)

(4,318,746

)

Other operating income

-

686

(5,721,674

)

(4,318,060

)

Interest payable and similar expenses

5

(15,884

)

(29,485

)

LOSS BEFORE TAXATION

6

(5,737,558

)

(4,347,545

)

Tax on loss

7

-

-

LOSS FOR THE FINANCIAL YEAR

(5,737,558

)

(4,347,545

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(5,737,558

)

(4,347,545

)

FIXED ASSETS

Intangible assets

8

338,701

369,873

Property, plant and equipment

9

974,617

1,291,708

1,313,318

1,661,581

CURRENT ASSETS

Inventories

10

105,084

164,183

Debtors

11

666,513

672,214

Cash and cash equivalents

81,970

326,389

853,567

1,162,786

CREDITORS

Amounts falling due within one year

12

(1,300,976

)

(2,336,670

)

NET CURRENT LIABILITIES

(447,409

)

(1,173,884

)

TOTAL ASSETS LESS CURRENT LIABILITIES

865,909

487,697

CREDITORS

Amounts falling due after more than one year

13

(7,028,242

)

(2,301,190

)

ACCRUALS AND DEFERRED INCOME

17

(1,663,753

)

(1,853,035

)

NET LIABILITIES

(7,826,086

)

(3,666,528

)

CAPITAL AND RESERVES

Called up share capital

18

1,470,051

1,470,051

Share premium

19

987,469

987,469

Other reserves

19

2,883,000

1,305,000

Retained earnings

19

(13,166,606

)

(7,429,048

)

SHAREHOLDERS' FUNDS

(7,826,086

)

(3,666,528

)

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

B D Galinson - Director

Called up

share

Retained

Share

Other

Total

capital

earnings

premium

reserves

equity

£

£

£

£

£

Balance at 1 June 2023

1,470,051

(3,081,503

)

987,469

-

(623,983

)

Changes in equity

Donations

-

-

-

1,305,000

1,305,000

Total comprehensive loss

-

(4,347,545

)

-

-

(4,347,545

)

Balance at 30 June 2024

1,470,051

(7,429,048

)

987,469

1,305,000

(3,666,528

)

Changes in equity

Donations

-

-

-

1,578,000

1,578,000

Total comprehensive loss

-

(5,737,558

)

-

-

(5,737,558

)

Balance at 30 June 2025

1,470,051

(13,166,606

)

987,469

2,883,000

(7,826,086

)

Cash flows from operating activities

Cash generated from operations

1

(5,635,913

)

(2,863,250

)

Interest element of hire purchase payments paid

(15,884

)

(29,485

)

Net cash from operating activities

(5,651,797

)

(2,892,735

)

Cash flows from investing activities

Purchase of intangible fixed assets

(255,000

)

(375,000

)

Purchase of tangible fixed assets

(38,280

)

(973,050

)

Sale of tangible fixed assets

1,400

-

Net cash from investing activities

(291,880

)

(1,348,050

)

Cash flows from financing activities

New loans in year

4,772,000

2,200,000

Loan repayments in year

(600,000

)

(205,306

)

Capital repayments in year

(50,742

)

(20,560

)

Amount withdrawn by directors

-

(1,543

)

Donations

1,578,000

1,305,000

Net cash from financing activities

5,699,258

3,277,591

Decrease in cash and cash equivalents

(244,419

)

(963,194

)

Cash and cash equivalents at beginning of year

2

326,389

1,289,583

Cash and cash equivalents at end of year

2

81,970

326,389

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.6.23

Year Ended

to

30.6.25

30.6.24

£

£

Loss before taxation

(5,737,558

)

(4,347,545

)

Depreciation charges

641,414

555,522

Profit on disposal of fixed assets

(1,270

)

-

Finance costs

15,884

29,485

(5,081,530

)

(3,762,538

)

Decrease/(increase) in inventories

59,099

(58,060

)

Decrease/(increase) in trade and other debtors

5,701

(218,724

)

(Decrease)/increase in trade and other creditors

(619,183

)

1,176,072

Cash generated from operations

(5,635,913

)

(2,863,250

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2025

30.6.25

1.7.24

£

£

Cash and cash equivalents

81,970

326,389

Period ended 30 June 2024

30.6.24

1.6.23

£

£

Cash and cash equivalents

326,389

1,289,583

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.7.24

Cash flow

At 30.6.25

£

£

£

Net cash

Cash and cash equivalents

326,389

(244,419

)

81,970

326,389

(244,419

)

81,970

Debt

Finance leases

(153,172

)

50,742

(102,430

)

Debts falling due within 1 year

(603,860

)

603,860

-

Debts falling due after 1 year

(2,200,000

)

(4,772,000

)

(6,972,000

)

(2,957,032

)

(4,117,398

)

(7,074,430

)

Total

(2,630,643

)

(4,361,817

)

(6,992,460

)

1.	STATUTORY INFORMATION

Gillingham Football Club Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been 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. The financial statements have been prepared under the historical cost convention.

The previous accounting period was extended to bring it in line with the industry norm. As a result the comparatives, including the notes, are not entirely comparable.

Judgements in applying accounting policies

In preparing these financial statements, the directors have made the following judgements:

To determine whether leases entered into by the company are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

To determine whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching a decision include the state of repair and the expected future performance of the asset.

To determine whether provisions such as deferred tax or bad debt provisions are required. The directors looked at the likelihood of these provisions crystallising by assessing all the information available at the time in determining their decision.

Key sources of estimation uncertainties

Tangible fixed assets are depreciated over their estimated useful lives taking into account residual values where appropriate. The actual lives may depend on a number of factors including technological innovations, product life cycles and replacement policies. (See note 9)

The directors make an estimate of recoverable value of trade and other debtors. When assessing impairment, the directors consider factors including the current credit rating of the debtor, the ageing profile and historical experience.

Turnover

Turnover includes gate receipts, Football League pool, school income, commercial activities, food, drink and programme sales advertising, television and radio fees, transfer fees, donations and sundry related income.

Gate receipts are stated after percentage payments to the football league, Football Association and visiting football clubs. Revenue from this source and season tickets are recognised over the course of the football season as games are played.

Sponsorship and similar commercial income are recognised over the duration of the respective contracts.

Income arising from the fixed element of broadcasting revenue is recognised over the duration of the playing season. Facility fees (non-fixed element of broadcasting revenue) which relate to live coverage or highlights of games are recognised as games are played.

Turnover relating to retail and mail order consists of the amounts receivable for goods supplied for customers, excluding value added tax. Mail order sales are recognised on dispatch to the customers.

School income is charged at a contracted rate to the local authority based on the number of students attending and is recognised over the course of each school term.

Transfer fees are recognised over the duration of the respective contracts.

Advanced invoicing and season ticket sales are included within deferred income and released to turnover in the relevant accounting period.

All turnover arises in the United Kingdom.

Intangible assets

The costs associated with the acquisition of player registrations are capitalised as intangible fixed assets. These costs are amortised over the period of their contract on a straight line basis. An impairment review is carried out at the end of each financial year to establish if any events or changes in the circumstances indicate the carrying values may not be recoverable. Signing on fees and subsequent appearance fees are accounted for in the period in which they become payable or receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

20% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33.33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items, using a mix of the average costing method and the first in first out basis.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities including trade and other payables 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 receipts discounted at a market rate of interest.

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Statement of Comprehensive Income in the period to which they relate.

Going concern

The directors have considered the working capital requirements of the Company for the short and medium term. The club is reliant on cash injections from the owners to fund current spending levels. The owners have confirmed that they are willing and able to continue to support the club for the 12 months following the date of this report. Based on this the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for at least 12 months from the date of approving these accounts. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

Leased assets and hire purchase commitments

Assets financed by hire purchase agreements are included in the company balance sheet at cost less depreciation in accordance with the company's normal accounting policies. The present value of future payments is shown as a liability. The interest element of the repayments is charged to the Statement of Comprehensive Income account over the period of the lease in proportion to the balance of capital payments outstanding. Rentals payable under operating lease contracts are charged to the Statement of Comprehensive Income account as incurred.

Deferred grants

Grants receivable from the Football Trust and similar bodies in respect of capital expenditure are treated as deferred income and released to the Statement of Comprehensive Income account over the future period. The period will equal the economic life of the assets to which the grants relate in order to match to income the depreciation charged on these assets. Deferred grant income in the Statement of Financial Position represents total grants received less amounts credited to the Statement of Comprehensive Income account.

3.

REVENUE

The revenue and loss before taxation are attributable to the one principal activity of the company.

An analysis of revenue by class of business is given below:

Period

1.6.23

Year Ended

to

30.6.25

30.6.24

£

£

Football

3,495,463

3,760,556

Commercial

2,334,535

1,849,179

School

68,491

833,087

Shop

518,864

579,293

Youth Academy

652,507

725,084

Programmes

53,741

65,042

Kiosks

359,451

404,769

Sundry income and donation

12,463

2,378

Transfer fees

35,000

-

7,530,515

8,219,388

4.	EMPLOYEES AND DIRECTORS

Period

1.6.23

Year Ended

to

30.6.25

30.6.24

£

£

Wages and salaries

6,014,299

5,855,111

Social security costs

689,064

646,832

Other pension costs

62,561

69,328

6,765,924

6,571,271

The average number of employees during the year was as follows:

Period

1.6.23

Year Ended

to

30.6.25

30.6.24

Administration and directors

17

17

Coaches, ground staff and management

11

11

Players

26

26

Other commercial activities

263

256

317

310

Period

1.6.23

Year Ended

to

30.6.25

30.6.24

£

£

Directors' remuneration

-

-