Company registration number 00470509 (England and Wales)
OXFORD UNITED FOOTBALL CLUB LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
OXFORD UNITED FOOTBALL CLUB LIMITED
COMPANY INFORMATION
Directors
S Thanakarnjanasuth
A N Bakrie
G S Ferguson
Company number
00470509
Registered office
The Kassam Stadium
Grenoble Road
Oxford
Oxfordshire
OX4 4XP
Auditor
BK Plus Audit Limited
Oakingham House
Frederick Place
High Wycombe
Buckinghamshire
HP11 1JU
OXFORD UNITED FOOTBALL CLUB LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
OXFORD UNITED FOOTBALL CLUB LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

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

Fair review of the business

The 2024/2025 season represented Oxford United’s return to the second flight of English football for the first time in 25 years, ending the season in a respectable 17th place. Our final standing in the 2024/2025 season reflects the hard work, skill and commitment across all aspects of the club including the players, back-room staff and wider team. It also demonstrates the continued development of the club as we work toward being an established Championship club.

Promotion required a number of improvements to be made to both the training ground and the Kassam stadium to ensure Championship readiness. Whilst the training ground was still being renovated following the flood damage in January 2024, this was fully reopened in March 2025 with significantly improved facilities across the board.

During the year the club appointed Gary Rowett as the new men’s first team head coach, bringing with him 10 years of experience in managing at this level.

It was noted at the time of approving last year's strategic report that we were in advanced stages with respect to obtaining planning permission for a new, all-electric 16,000 capacity stadium to be based at a site near Kidlington. It is pleasing to report that such planning permission was granted by Cherwell District Council on 14 th August 2025.

Financially, the club has reported a loss after tax of £17,479,972 for the year ended 30 June 2025 compared to £15,850,627 in the comparative year. That loss continues to include substantial investment in the new stadium, with all costs to date being expensed as incurred, as required by UK accounting standards. The adjusted loss, after excluding costs associated with the new stadium is £14,867,668 compared to £10,709,724 in the comparative year. The increased loss reflects the continued investment in the club, both on and off the pitch, required to ensure the club remains competitive both in the short and longer term.

The club’s net liabilities were £59,488,154 at 30 June 2025 compared to £42,008,182 in the prior year. The movement being solely related to the loss for the year. The shareholders remain highly committed to the club, demonstrated by the increase in amounts owed to group undertakings of £17,657,900 in the year.

Future developments

Looking forward, a key priority for the club will be in supporting all three sections of the club – men’s, women’s and youth development – whilst ensuring the new stadium is completed, bringing significant benefit to all stakeholders, including the club and the local community.

Principal risks and uncertainties

The nature of the club’s operations is subject to a number of risks. The directors are of the opinion that a thorough risk management process is in place which involves the formal review of these business risks. Where possible, processes are put in place to monitor and mitigate such risks. Notwithstanding this, the principal risk facing the club at present is that the new stadium will not be completed before the current lease expires. Whilst a robust construction plan is in place, there may be circumstances beyond our control where this situation arises. In such circumstances the directors will ensure suitable temporary arrangements are made in that interim period.

OXFORD UNITED FOOTBALL CLUB LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
Key performance indicators

The directors have monitored the performance of the club with particular reference to the following key performance indicators:

1. The league in which the club plays and the finishing position in that league

2. The level of match attendance and associated income arising from gate receipts. Gate receipt income increased from £2,524,806 in 2024 to £3,627,886 in 2025 (See Note 3 to the financial statements)

3. The level of other sources of commercial income, including sponsorship income and income arising from retail sales, compared to the prior financial year (see Note 3 to the financial statements).

4. Administrative expenditure, compared to budget and the prior financial year.

5. Expenditure incurred on the new stadium development. Costs were £5,140,903 in 2024 and £2,612,304 for 2025.

Financial risk management – credit, liquidity and cashflow risk

The club uses various financial instruments which include cash balances and other items, such as debtors and creditors, which arise directly from operations.

The main risks arising from the club’s financial instruments are credit risk and liquidity risk. The directors review and agree policies for managing each of these risks, which are summarised below.

Credit risk

The club’s principal financial assets are cash and trade and other debtors.

The credit risk associated with cash balances is limited as the club uses banks with high credit ratings assigned by international credit-rating agencies.

Liquidity risk

The club seeks to manage its liquidity by ensuring sufficient financial resources are available within the club to enable it to meet its working capital requirements as they become due. Cashflow is monitored on an ongoing basis by the directors and the club continues to have adequate working capital to meet its financial liabilities.

On behalf of the board

G S Ferguson
Director
23 December 2025
OXFORD UNITED FOOTBALL CLUB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

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

Principal activities

The principal activity of the company continued to be that of the running of a professional football club and related activities.

Directors

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

S Thanakarnjanasuth
H J F Geicke
(Resigned 13 November 2025)
A N Bakrie
G S Ferguson
Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The Directors do not recommend payment of a final dividend.

No preference dividends were paid.

Auditor

The auditor, BK Plus Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Strategic Report

The company has chosen, in accordance with Section 414C of the Companies Act 2006, to set out the following information in the Strategic Report which would otherwise be required to be contained in the Directors' Report:

- Future developments; and

- Financial risk management.

Statement of disclosure to auditor

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

Going concern

The directors have prepared cash flow forecasts to confirm the funding requirements to 31 December 202 6. Furthermore, the principal shareholders remain highly supportive of the Club and have confirmed that they will continue to support the Club through to 31 December 202 6.

Taking the above factors into account, the Club's financial statements continue to be prepared on a going concern basis.

On behalf of the board
G S Ferguson
Director
23 December 2025
OXFORD UNITED FOOTBALL CLUB LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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;

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

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.

OXFORD UNITED FOOTBALL CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OXFORD UNITED FOOTBALL CLUB LIMITED
- 5 -
Opinion

We have audited the financial statements of Oxford United Football Club Limited (the 'company') for the year ended 30 June 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the 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's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the Strategic report and the Directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

OXFORD UNITED FOOTBALL CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OXFORD UNITED FOOTBALL CLUB LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the Strategic report or the Directors' r eport.

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

- adequate accounting records have not been kept, 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 Directors' r esponsibilities statement set out on page 4, 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's 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.

OXFORD UNITED FOOTBALL CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OXFORD UNITED FOOTBALL CLUB LIMITED (CONTINUED)
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

From the preliminary stage of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance, if available;

- Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.

T here are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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 concealment by, for example, forgery or intentional misrepresentations, or through collusions. There is always the unavoidable risks that material misstatements in the financial statements may not be detected despite the audit being properly performed in accordance with UK Auditing standards.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Kapil Davda
23 December 2025
Senior Statutory Auditor
For and on behalf of BK Plus Audit Limited
Oakingham House
Statutory Auditor
Frederick Place
High Wycombe
Buckinghamshire
HP11 1JU
OXFORD UNITED FOOTBALL CLUB LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
as restated
Notes
£
£
Turnover
3
18,999,871
8,439,071
Cost of sales
(19,159,499)
(10,289,379)
Gross loss
(159,628)
(1,850,308)
Administrative expenses
(13,279,985)
(9,544,573)
Other operating income
4
868,214
811,241
(12,571,399)
(10,583,640)
Profit on disposal of players
84,110
621,634
Amortisation of player contracts
(2,360,963)
(593,313)
Payments in respect of player contracts
-
(26,250)
New stadium development costs
(2,612,304)
(5,140,903)
Operating loss
5
(17,460,556)
(15,722,472)
Interest receivable and similar income
7
11,179
-
0
Interest payable and similar expenses
8
(30,595)
(128,155)
Loss before taxation
(17,479,972)
(15,850,627)
Tax on loss
9
-
0
-
0
Loss for the financial year
(17,479,972)
(15,850,627)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

OXFORD UNITED FOOTBALL CLUB LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
2025
2024
£
£
Loss for the year
(17,479,972)
(15,850,627)
Other comprehensive income
-
-
Total comprehensive income for the year
(17,479,972)
(15,850,627)
OXFORD UNITED FOOTBALL CLUB LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
4,951,815
1,842,820
Tangible assets
11
2,218,268
1,807,742
7,170,083
3,650,562
Current assets
Stocks
12
293,617
129,749
Debtors
13
2,506,628
1,657,490
Cash at bank and in hand
242,669
470,625
3,042,914
2,257,864
Creditors: amounts falling due within one year
14
(69,561,498)
(47,722,314)
Net current liabilities
(66,518,584)
(45,464,450)
Total assets less current liabilities
(59,348,501)
(41,813,888)
Creditors: amounts falling due after more than one year
15
(139,653)
(194,294)
Net liabilities
(59,488,154)
(42,008,182)
Capital and reserves
Called up share capital
21
7,070,527
7,070,527
Share premium account
6,426
6,426
Capital redemption reserve
75
75
Other reserves
298,336
298,336
Profit and loss reserves
(66,863,518)
(49,383,546)
Total equity
(59,488,154)
(42,008,182)

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

The financial statements were approved by the board of directors and authorised for issue on 23 December 2025 and are signed on its behalf by:
G S Ferguson
Director
Company registration number 00470509 (England and Wales)
OXFORD UNITED FOOTBALL CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 July 2023
7,070,527
6,426
75
298,336
(33,532,919)
(26,157,555)
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
-
-
(15,850,627)
(15,850,627)
Balance at 30 June 2024
7,070,527
6,426
75
298,336
(49,383,546)
(42,008,182)
Year ended 30 June 2025:
Loss and total comprehensive income
-
-
-
-
(17,479,972)
(17,479,972)
Balance at 30 June 2025
7,070,527
6,426
75
298,336
(66,863,518)
(59,488,154)
OXFORD UNITED FOOTBALL CLUB LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
5,661,548
1,812,156
Interest paid
(30,595)
(128,155)
Net cash inflow from operating activities
5,630,953
1,684,001
Investing activities
Purchase of intangible assets
(5,178,058)
(1,704,177)
Proceeds from disposal of intangibles
511,138
642,680
Purchase of tangible fixed assets
(1,047,966)
(200,351)
Interest received
11,179
-
0
Net cash used in investing activities
(5,703,707)
(1,261,848)
Financing activities
Repayment of borrowings
-
0
(61,200)
Repayment of bank loans
(10,000)
(10,000)
Payment of finance leases obligations
(145,202)
(132,542)
Net cash used in financing activities
(155,202)
(203,742)
Net (decrease)/increase in cash and cash equivalents
(227,956)
218,411
Cash and cash equivalents at beginning of year
470,625
252,214
Cash and cash equivalents at end of year
242,669
470,625
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
1
Accounting policies
Company information

Oxford United Football Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Kassam Stadium, Grenoble Road, Oxford, Oxfordshire, OX4 4XP.

1.1
Accounting convention

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

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

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

1.2
Going concern

The directors have prepared cash flow forecasts to confirm the funding requirements to 31 December 202 6. Furthermore, the principal shareholders remain highly supportive of the Club and have confirmed that they will continue to support the Club financially to 31 December 202 6.

Taking the above factors into account, the Club's financial statements continue to be prepared on a going concern basis.

1.3
Turnover

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

Revenue from the sale of goods – principally programme and club shop sales - is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, which is usually at the point of sale.

Season ticket income, Football League contributions, donations and similar income is recognised on a straight-line basis over the respective football season.

Gate receipts and television broadcasting fees are included in income at the end of the respective match.

Sponsorship, advertising, membership and similar income is recognised on a straight-line basis over the period stated in the underlying contract.

The fee income arising on the transfer of players is recognised when the transfers are complete.

All amounts are stated net of any amounts due to the Football League and visiting football clubs.

OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -
1.4
Intangible fixed assets other than goodwill

The element of a player's transfer fee which relates to registration, together with associated costs, is capitalised as an intangible asset and amortised as follows:

Players' contracts
Over the period of players' contracts,including any subsequent agreed extensions

No provision is made for the value of players developed within the company.

Conditional amounts receivable in respect of players transferred are accounted for in the year in which the condition is met. L oyalty bonuses are included within direct operating costs in the year of payment.

1.5
Tangible fixed assets

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

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

Leasehold improvements
10% straight line or over the term of the lease
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss. No depreciation is provided on freehold land.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

In the case of player contracts, recoverable amount would be based upon management's assessment of fair value less sales costs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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

1.8
Cash at bank and in hand

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

OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments

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

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

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

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

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

The company contributes to a defined contribution pension scheme in respect of certain employees. The cost of such contributions to the scheme is charged to the profit and loss account as incurred. The assets of the schemes are held separately from those of the company, mainly in funds administered by the Football League Limited Pension and Life Assurance Scheme.

The company is a member of the Football League Pension and Life Assurance Scheme (the “Scheme”). The Scheme is a multi-employer defined benefit pension scheme, where it is unable to identify its share of the underlying assets and liabilities on a consistent and reasonable basis. Therefore, as required by FRS102, the company accounts for the Scheme as if it was a defined contribution scheme. As a result, the amounts charged to Administrative expenses represent the contributions payable to the Scheme. Where material, contributions payable under an agreement with the Scheme to fund past deficits are recognised as a liability in the company’s financial statements. These are the known repayments, discounted to the net present value at the financial year-end using a market rate discount factor. Where material, the unwinding of the discount is recognised as a finance cost in the profit and loss account in the period incurred.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets' fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease, except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -
1.15
Foreign exchange

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

1.16

Insurance claim proceeds

Insurance proceeds received for the replacement of tangible fixed assets are included in other operating income when the amount of the claim has been agreed and the cost of the replacement assets has been incurred.

Insurance proceeds received to cover costs which are not capital in nature are included in other operating income to the extent that the associated cost has been incurred at the reporting date. Insurance proceeds received are included in deferred income to the extent that the covered costs have not been incurred at the reporting date.

2
Judgements and key sources of estimation uncertainty

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

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Expenditure incurred on proposed new stadium

The Club has incurred expenditure in connection with the proposed construction of a new football stadium. FRS102 permits such expenditure to be capitalised within tangible fixed assets only if it is probable that future economic benefits associated with the proposed new stadium will flow to the Club. At 30 June 202 5, the Club has not obtained planning consent for the new stadium and all associated expenditure incurred to that date has been written off as incurred.

Intangible fixed assets

The directors assess whether there is any indication that player contracts, capitalised as intangible fixed assets, are impaired. Where impairment indicators are identified, an impairment review is performed as set out in Note 1.6.

OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Gate receipts
3,627,886
2,524,806
Football League Contributions
10,769,624
2,468,196
Sponsorship and advertising
1,290,484
922,003
Broadcasting rights
685,000
15,000
Youth Academy grants
543,309
518,083
Commercial income
1,989,771
1,877,320
Other income
93,797
113,663
18,999,871
8,439,071
4
Other operating income

Other operating income in both the current and previous financial year represents the proceeds from an insurance claim.

5
Operating loss
2025
2024
Operating loss for the year is stated after charging:
£
£
Exchange losses
31,086
9,915
Fees payable to the company's auditor for the audit of the company's financial statements
32,000
30,000
Depreciation of owned tangible fixed assets
545,213
658,322
Loss on disposal of tangible fixed assets
92,227
57,813
Amortisation of intangible assets
2,360,963
593,313
Operating lease charges
896,689
729,009

Youth Development £2,745,598 (2024: £1,429,050) and Women’s Football expenditure of £444,528 (2024: £332,009) has been separately disclosed in accordance with guidance issued by The Football League. This expenditure represents costs incurred in meeting the Club’s regulatory and strategic commitments and these costs are recognised as operating expenses in the period in which they are incurred.

6
Employees

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

2025
2024
Number
Number
Full time playing, training and football management
149
141
Administration, commercial and stadium maintenance
73
52
Casual staff
60
61
Total
282
254
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
19,033,235
9,980,513
Social security costs
2,468,008
1,195,650
Pension costs
156,536
74,924
21,657,779
11,251,087
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
11,179
-
0
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
614
866
Interest payable to group undertakings
-
0
83,576
614
84,442
Other finance costs:
Interest on finance leases and hire purchase contracts
10,276
23,269
Other interest
19,705
20,444
30,595
128,155
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
9
Taxation

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

2025
2024
£
£
Loss before taxation
(17,479,972)
(15,850,627)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(4,369,993)
(3,962,657)
Tax effect of expenses that are not deductible in determining taxable profit
715,446
1,262,940
Unutilised tax losses carried forward
3,667,495
2,591,020
Depreciation in excess of capital allowances
(1,580)
120,605
Other timing differences
(11,368)
(11,908)
Taxation charge for the year
-
-

The company has estimated losses of £55,477,941 (2024: £40,807,963) available for carry forward against futur e profits.

10
Intangible fixed assets
Players' contracts
£
Cost
At 1 July 2024
3,124,119
Additions
5,896,986
Disposals
(1,277,039)
At 30 June 2025
7,744,066
Amortisation and impairment
At 1 July 2024
1,281,299
Amortisation charged for the year
2,360,963
Disposals
(850,011)
At 30 June 2025
2,792,251
Carrying amount
At 30 June 2025
4,951,815
At 30 June 2024
1,842,820
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
11
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2024
2,234,199
1,574,889
55,394
3,864,482
Additions
840,563
207,403
-
0
1,047,966
Disposals
(211,275)
(53,728)
-
0
(265,003)
At 30 June 2025
2,863,487
1,728,564
55,394
4,647,445
Depreciation and impairment
At 1 July 2024
977,594
1,023,752
55,394
2,056,740
Depreciation charged in the year
307,286
237,927
-
0
545,213
Eliminated in respect of disposals
(132,593)
(40,183)
-
0
(172,776)
At 30 June 2025
1,152,287
1,221,496
55,394
2,429,177
Carrying amount
At 30 June 2025
1,711,200
507,068
-
0
2,218,268
At 30 June 2024
1,256,605
551,137
-
0
1,807,742

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Fixtures, fittings & equipment
153,543
255,906
12
Stocks
2025
2024
£
£
Finished goods and goods for resale
293,617
129,749
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,174,906
239,983
Other debtors
435,154
595,798
Prepayments and accrued income
526,863
429,476
2,136,923
1,265,257
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
13
Debtors
(Continued)
- 23 -
2025
2024
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
369,705
392,233
Total debtors
2,506,628
1,657,490

Included within the trade debtors balance due within one year is £205,152 (2024: £57,408) in respect of transfer fees receivable, including player loans receivable (exclusive of VAT).

14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
16
10,000
10,000
Obligations under finance leases
17
8,886
150,198
Trade creditors
5,802,517
2,967,836
Amounts owed to group undertakings
58,040,616
40,382,716
Taxation and social security
885,046
549,356
Deferred income
20
2,082,704
1,786,989
Other creditors
40,752
116,224
Accruals
2,690,977
1,758,995
69,561,498
47,722,314

Included in other creditors is a balance of £40,752 (2024: £34,293) owed to the Football League Limited Pension and Life Assurance Scheme.

Included within the trade creditors balance due within one year is £2,386,888 (2024: £611,872) and included in accruals is £718,928 (2024: £233,383) in respect of transfer fees payable and associated costs, including loan fees payable (exclusive of VAT).

15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
9,167
19,167
Obligations under finance leases
17
-
0
3,890
Other creditors
130,486
171,237
139,653
194,294

Included in other creditors is a balance of £130,485 (2024: £171,237) owed to the Football League Limited Pension and Life Assurance Scheme.

The bank loan totals £19,167 (20 24: £29,167) and is repayable by instalments.

OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
16
Loans and overdrafts
2025
2024
£
£
Bank loans
19,167
29,167
Payable within one year
10,000
10,000
Payable after one year
9,167
19,167
17
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
8,886
150,198
Within two to five years
-
0
3,890
8,886
154,088

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Defined benefit pension

The company has a liability under the Football League defined benefit scheme which closed in 1999. A balance of £171,237 remained outstanding at 30 June 2025 (2024: £205,530) in total, which is allocated between creditors falling due within and after one year. The most recent actuarial valuation took place as at 31 August 2023 and the amounts included in these financial statements for the year ended 30 June 202 5 are based on that valuation. The movement on the balance of £205,530 at 30 June 202 4 to £171,237 at 30 June 202 5 is represented by payments to the scheme of £53,630 and interest charged of £19,337.

The scheme is a multi employer scheme in which the football club no longer actively participates. The football league arranges actuarial valuations every three years and the club is informed of its share of liabilities and payments due over the next three years. As the club is unable to independently identify its own share of assets and liabilities, it treats and discloses the scheme as a defined contribution scheme whilst recognising known liabilities for which it has a contractual obligation.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
156,536
74,924
Charge to profit or loss in respect of actuarial valuation
-
38,209

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 25 -
20
Deferred income
2025
2024
£
£
Other deferred income
2,082,704
1,786,989
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 1 shares of £7 each
800
800
5,600
5,600
6,049,927 Ordinary shares of £1 each
6,049,927
6,049,927
6,049,927
6,049,927
6,050,727
6,050,727
6,055,527
6,055,527
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
1,015,000
1,015,000
1,015,000
1,015,000
Preference shares classified as equity
1,015,000
1,015,000
Total equity share capital
7,070,527
7,070,527
OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
21
Share capital
(Continued)
- 26 -

Rights attached to share classes

The rights conferred by the ordinary shares are as follows:-

a) Ordinary shares carry one vote for every £1 of nominal capital. Subject to this, the ordinary shares of £7 each and the ordinary shares of £1 each rank pari passu in all respects and constitute one class.

b) No dividend can exceed the maximum allowed from time to time by the Football Association. Subject thereto, and the Companies Act 2006, interim dividends may be declared and paid by the directors in their discretion if the profits so justify. Subject to the above, the payment of final dividends requires an ordinary resolution.

c) Ordinary shares are not redeemable.

d) On a winding up the ordinary shares rank behind the preference shares in respect of any surplus assets but if such surplus assets are more than sufficient to pay to members the whole amount paid up on their shares, the balance shall be given to the Football Association Benevolent Fund or to some other similar club or institute in Oxfordshire.

The rights conferred by the preference shares are as follows:-

a) Holders are entitled to a fixed preferential dividend at the rate of 5.25% per annum on the amounts for the time being paid thereon. This dividend ranks for payment in priority to the payment on other shares of the company and is payable in respect of any accounting reference period (if and so far as, in the opinion of the directors, the profits of the company justify such payment) six months after the accounting reference date which concludes that period, provided such preference shares were in issue during the whole of such period.

b) On a winding up or other repayment of capital, holders are entitled to have the assets of the company available for distribution amongst the members applied, in priority to any other class of shares, in paying to them pari passu the capital paid up on their preference shares.

c) Holders are not entitled to receive notice of or attend or vote at any General Meeting unless the business of the meeting includes the consideration of a resolution for winding up the company or reducing its share capital.

d) Holders do not have the right to any further or other participation in the profits or assets of the company.

e) Preference shares are not redeemable.

22
Reserves

Profit and loss account

The profit and loss account relates to cumulative retained earnings less amounts distributed to shareholders.

Share premium account

The share premium account relates to the consideration for shares issued by the company which exceeds the nominal value of those shares.

Capital redemption reserve

The capital redemption reserve relates to shares which were previously cancelled by the company.

Other reserve

The other capital reserve relates to the discount to present value arising on a shareholder loan issued to the company at a below-market rate of interest.

OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 27 -
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
354,871
250,000
Other information

During the year, the company provided £444,528 (2024: £332,009) against balances due from a company under common control. There were no balances outstanding at the balance sheet date (2024: £Nil).

24
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
959,006
919,683
Within 2-5 years
1,956,560
479,615
2,915,566
1,399,298
25
Events after the reporting date

Since the year-end, the Club has entered into transfer agreements amounting to net transfer fees payable and related costs of approximately £3,815,243.

At the year-end, further amounts were potentially receivable in respect of players sold, and further amounts were potentially payable in respect of players purchased, conditional upon future events occurring. In accordance with the accounting policy in note 1, these will be accounted for in the year in which those future events take place, if they occur.

Subsequent to the year-end, Erick Thohir became the ultimate controlling party as he acquired a controlling shareholding in the parent company.

26
Ultimate controlling party

The parent company is Oxford Investment Holding PTE Ltd, a company registered in Singapore and which is the parent company of the smallest group which prepares consolidated financial statements of which Oxford United Football Club Limited is a member. The address of Oxford Investment Holding PTE Ltd is 96 Robinson Road, #16-04, SIF Building, Singapore, 068899.

The company had no ultimate controlling party at 30 June 2025. As noted in Note 25 above, Erick Thohir became the ultimate controlling party subsequent to that date.

OXFORD UNITED FOOTBALL CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 28 -
27
Cash generated from operations
2025
2024
£
£
Loss after taxation
(17,479,972)
(15,850,627)
Adjustments for:
Finance costs
30,595
128,155
Investment income
(11,179)
-
0
Loss on disposal of tangible fixed assets
92,227
57,813
(Profit) on disposal of players
(84,110)
(621,634)
Amortisation and impairment of intangible assets
2,360,963
593,313
Depreciation and impairment of tangible fixed assets
545,213
658,322
Movements in working capital:
(Increase)/decrease in stocks
(163,868)
206,050
(Increase)/decrease in debtors
(849,138)
746,993
Increase in creditors
20,925,102
15,333,805
Increase in deferred income
295,715
559,966
Cash generated from operations
5,661,548
1,812,156
28
Analysis of changes in net funds
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
470,625
(227,956)
242,669
Borrowings excluding overdrafts
(29,167)
10,000
(19,167)
Lease liabilities
(154,088)
145,202
(8,886)
287,370
(72,754)
214,616
29
Reclassification of expenses

The directors have reclassified certain expenses between cost of sales and administration expenses to more fairly reflect the nature of the expenses. The reclassification relates to the cost of management’s salaries and expenses, matchday salaries, security and certain sports technology costs, which were all included in cost of sales in the previous financial year. The expenses have been reclassified in the comparative profit and loss account included in these financial statements and the effect of the reclassification is to reduce cost of sales and increase administration expenses for the year ended 30 June 2024 by £1,635,322 compared to the amounts previously reported. The reclassification had no impact on the loss for the year ended 30 June 2024 and no impact on total equity at 1 July 2023 and 30 June 2024.

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