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REGISTERED NUMBER: 04573250 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

FOR

BARNSLEY FOOTBALL CLUB LIMITED

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 5 |

Independent Auditor's Report | 7 |

Income Statement | 11 |

Other Comprehensive Income | 12 |

Balance Sheet | 13 |

Statement of Changes in Equity | 15 |

Cash Flow Statement | 16 |

Notes to the Cash Flow Statement | 17 |

Notes to the Financial Statements | 19 |

BARNSLEY FOOTBALL CLUB LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 JUNE 2025

| DIRECTORS: | Mr R Zuk

| Mr J P Cryne

| Mr N A Parekh

| Mrs J E Cryne

| Ms J A K Quay

| Mr J P Flatman

| REGISTERED OFFICE: | Oakwell Stadium

| Barnsley

| South Yorkshire

| S71 1ET

| REGISTERED NUMBER: | 04573250 (England and Wales)

| AUDITOR: | Xeinadin Audit Limited

| 8th Floor, Beckett House

| 36 Old Jewry

| London

| EC2R 8DD

| BANKERS: | Barclays Bank Plc

| 10 - 18 Queen Street

| Barnsley

| South Yorkshire

| S70 2AJ

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2025

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

REVIEW OF BUSINESS

Sporting Results

The team finished in 12th place in EFL League One for the 2024/2025 season and therefore did not achieve our objective of securing a play-off position.

The playing budget available for the first team was sufficient to be in a competitive position for a top six finish. The final points tally of 61 was therefore disappointingly 17 points below the sixth placed team.

The team did occupy a top six place until late January, however a downturn in results saw the team drop into mid table. In March, Head Coach, Darrell Clarke left the Club and was replaced by Conor Hourihane on an interim basis to the end of the season.

In the cup competitions, the team beat Port Vale in the first round of the FA cup, before losing on penalties to Bristol Rovers in the second round.

The team did not progress out of the group stage of the EFL Trophy, losing all three matches.

The team progressed to the third round of the Carabao Cup, beating League One's Wigan Athletic and Championship club Sheffield United to set up a lucrative third round tie against Premier League giants and six-time League Cup winners, Manchester United. This cup run is the key driver of the increased matchday revenue in Note 3 of the accounts.

The Club signed a number of new players in the summer transfer window, including Marc Roberts returning to the Club for a second spell, Georgie Gent joining from Blackburn and Davis Keillor-Dunn joining from Mansfield in the final days of the window. Davis went on to make 44 appearances in all competitions and scoring 19 goals, earning him a place in the EFL League One Team of the Season.

Player sales were below the levels historically achieved by the Club, with Callum Styles' sale to West Bromwich Albion being the only notable sale.

Financial Performance

Turnover of £10.3m represents a 15% increase compared to the previous 13-month period.

Central League distributions increased from £2.6m to £3.1m, driven by the increased EFL basic award following the new Sky Sports broadcast deal.

Match day revenue from match tickets and season tickets increased by £0.8m mainly due to the lucrative progression in the Carabao Cup.

Chief Commercial Officer, Darren Hayes, rejoined the Club for a second spell during the season helping the Club generate over £1m in sponsorship and advertising revenue. This represents a 32% increase compared to the previous 13-month period.

Cost of sales and administrative costs totalled £16.6m compared to £18.6m in the previous 13-month period. This represents a 3.4% pro-rata reduction in operating costs.

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2025

This reduction in operating costs comes despite rises in the National Minimum Wage by 9.8% and increases in Employers' National Insurance during the period. Such inflationary increases added significant pressure to the Club's cost base. These changes affected not only staff paid at minimum wage, but also a wide range of other matchday and non-matchday operational costs.

Due to the increase in turnover and reduction of costs, the operating loss incurred of £6.3m reflects a £3.3m improvement compared to the previous 13-month period.

As referred to previously, the level of profitable player trading in the year did not match that of the 2023/2024 season. A £7m variance compared to the previous season is a key factor in reporting an overall loss of the season of £6.6m compared to £2.8m in the previous season.

Cashflow Statement

The amount of cash needed to fund operating activities has decreased slightly from £9.2m in 2023/2024 to £8.7m in 2024/2025.

This shortfall of operating cash required to run the Club has been funded by equity raises from subscribing shareholders of £5.4m (2024 : £4.2m).

Cash of £4.9m (2024 : £5.2m) was also received from the sale of players in previous seasons, where the payments are spread over multiple years.

The Club also spent £0.9m of cash (2024 : £0.8m) on incoming player transfers. Again, this partially relates to players brought in during previous seasons, but paid for in instalments.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the Club are:

- The material impact on revenue dependent on divisional status.

- Cash management within the constraints of available working capital.

- A lack of influence on the principal revenue streams relating to central broadcasting contracts.

- Increasing costs of energy, food, fuel and labour costs, affecting both the Club's available resources and the economic position of supporters and partners locally and nationally.

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2025

KEY PERFORMANCE INDICATORS

The Board of Directors use a variety of financial and non-financial measures to monitor performance. Actual revenue, costs and cashflows are regularly monitored against detailed budgets and forecasts.

Financial KPI's |  | 2024/2025 |  | 2023/2024 |  |

Revenue |  | £10,276,916 |  | £8,969,422 |  |

Operating costs |  | £16,559,165 |  | £18,628,927 |  |

Wages/ turnover % |  | 111% |  | 125% |  |

Operating loss |  | £6,282,249 |  | £9,659,505 |  |

Player trading (loss)/ profit |  | (£171,164) |  | £6,780,861 |  |

Net interest (payable)/ receivable |  | (£128,927) |  | £33,750 |  |

Net loss |  | £6,582,340 |  | £2,844,894 |  |

Non Financial KPI's |  | 2024/2025 |  | 2023/2024 |  |

Points |  | 61 |  | 76 |  |

League position |  | 12th |  | 6th (play offs) |  |

EFL trophy |  | Group stage |  | 2nd round |  |

EFL cup |  | 3rd round |  | 1st round |  |

FA cup |  | 2nd round |  | 1st round |  |

Season ticket holders |  | 9,054 |  | 9,627 |  |

Total league attendance |  | 280,863 |  | 291,664 |  |

Average league attendance |  | 12,211 |  | 12,681 |  |

ON BEHALF OF THE BOARD:

Mr R Zuk - Director

18 March 2026

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a professional football club.

DIVIDENDS

No dividends will be distributed for the year ended 30 June 2025.

DIRECTORS

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

Mr R Zuk

Mr J P Cryne

Mr N A Parekh

Mrs J E Cryne

Ms J A K Quay

Mr J P Flatman

Other changes in directors holding office are as follows:

Mr M Sormaz ceased to be a director after 30 June 2025 but prior to the date of this report.

EMPLOYMENT OF DISABLED PERSONS

Applications for employment by disabled persons are always fully considered. In the event that a member of staff becomes disabled, every opportunity is made to ensure that their employment continues. It is the policy of the company to ensure that the employment of disabled persons is, as far as possible, identical to the employment of other employees.

ENGAGEMENT WITH EMPLOYEES

The company policies are designed to attract, retain and motivate the best employees. The company involves all employees through regular communication to understand the current performance and future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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). 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.

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 JUNE 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

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 auditor is 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 auditor is aware of that information.

AUDITOR

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr R Zuk - Director

18 March 2026

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

BARNSLEY FOOTBALL CLUB LIMITED

Opinion

We have audited the financial statements of Barnsley Football Club Limited (the 'company') for the year ended 30 June 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 Auditor's Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

BARNSLEY FOOTBALL CLUB LIMITED

Opinions 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.

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

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

- | the financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages five and six, 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.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

BARNSLEY FOOTBALL CLUB LIMITED

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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We design audit procedures to respond to the risk, recognising that 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 collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditor's Report.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF

BARNSLEY FOOTBALL CLUB LIMITED

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.

Scott Mell FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

8th Floor, Beckett House

36 Old Jewry

London

EC2R 8DD

18 March 2026

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

INCOME STATEMENT

FOR THE YEAR ENDED 30 JUNE 2025

| Period

| 1.6.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

| Notes | £ | £ |

TURNOVER | 3 | 10,276,916 |  | 8,969,422 |  |

Cost of sales | 13,968,000 |  | 14,562,786 |  |

GROSS LOSS | (3,691,084 | ) | (5,593,364 | ) |

Administrative expenses | 2,591,165 |  | 4,066,141 |  |

OPERATING LOSS | 5 | (6,282,249 | ) | (9,659,505 | ) |

Trading of intangible assets | 7 | (171,164 | ) | 6,780,861 |  |

(6,453,413 | ) | (2,878,644 | ) |

Interest receivable and similar income | 28,266 |  | 81,326 |  |

(6,425,147 | ) | (2,797,318 | ) |

Interest payable and similar expenses | 8 | 157,193 |  | 47,576 |  |

LOSS BEFORE TAXATION | (6,582,340 | ) | (2,844,894 | ) |

Tax on loss | 9 | - |  | - |  |

LOSS FOR THE FINANCIAL YEAR | (6,582,340 | ) | (2,844,894 | ) |

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2025

| Period

| 1.6.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

| Notes | £ | £ |

LOSS FOR THE YEAR | (6,582,340 | ) | (2,844,894 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (6,582,340 | ) | (2,844,894 | ) |

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

BALANCE SHEET

30 JUNE 2025

| 30.6.25 | 30.6.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | 1,487,614 |  | 1,288,090 |  |

Tangible assets | 12 | 389,054 |  | 381,342 |  |

1,876,668 |  | 1,669,432 |  |

CURRENT ASSETS

Stocks | 13 | 253,260 |  | 21,285 |  |

Debtors | 14 | 2,137,693 |  | 5,331,451 |  |

Cash at bank and in hand | 882,480 |  | 700,792 |  |

3,273,433 |  | 6,053,528 |  |

CREDITORS

Amounts falling due within one year | 15 | 5,675,612 |  | 5,810,779 |  |

NET CURRENT (LIABILITIES)/ASSETS | (2,402,179 | ) | 242,749 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | (525,511 | ) | 1,912,181 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (2,020,565 | ) | (3,236,968 | ) |

PROVISIONS FOR LIABILITIES | 18 | (129,799 | ) | (129,799 | ) |

NET LIABILITIES | (2,675,875 | ) | (1,454,586 | ) |

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

BALANCE SHEET - continued

30 JUNE 2025

| 30.6.25 | 30.6.24 |

| Notes | £ | £ | £ | £ |

CAPITAL AND RESERVES

Called up share capital | 19 | 120 |  | 30 |  |

Share premium | 20 | 22,487,952 |  | 17,126,991 |  |

Retained earnings | 20 | (25,163,947 | ) | (18,581,607 | ) |

SHAREHOLDERS' FUNDS | (2,675,875 | ) | (1,454,586 | ) |

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 18 March 2026 and were signed on its behalf by:

Mr R Zuk - Director

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 June 2023 | 12 |  | (15,736,713 | ) | 12,888,060 |  | (2,848,641 | ) |

Changes in equity

Issue of share capital | 18 |  | - |  | 4,238,931 |  | 4,238,949 |  |

Total comprehensive income | - |  | (2,844,894 | ) | - |  | (2,844,894 | ) |

Balance at 30 June 2024 | 30 |  | (18,581,607 | ) | 17,126,991 |  | (1,454,586 | ) |

Changes in equity

Issue of share capital | 90 |  | - |  | 5,360,961 |  | 5,361,051 |  |

Total comprehensive income | - |  | (6,582,340 | ) | - |  | (6,582,340 | ) |

Balance at 30 June 2025 | 120 |  | (25,163,947 | ) | 22,487,952 |  | (2,675,875 | ) |

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE 2025

| Period

| 1.6.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (8,683,341 | ) | (9,217,759 | ) |

Interest paid | (157,193 | ) | (47,576 | ) |

Net cash from operating activities | (8,840,534 | ) | (9,265,335 | ) |

Cash flows from investing activities

Purchase of intangible fixed assets | (895,541 | ) | (780,374 | ) |

Purchase of tangible fixed assets | (101,529 | ) | (261,974 | ) |

Sale of intangible fixed assets | 4,977,708 |  | 5,269,918 |  |

Sale of tangible fixed assets | 98,215 |  | 5,625 |  |

Interest received | 28,266 |  | 81,326 |  |

Net cash from investing activities | 4,107,119 |  | 4,314,521 |  |

Cash flows from financing activities

New loans in year | 57,848 |  | - |  |

Loan repayments | (503,796 | ) | (545,190 | ) |

Share issue | 5,361,051 |  | 4,238,949 |  |

Net cash from financing activities | 4,915,103 |  | 3,693,759 |  |

Increase/(decrease) in cash and cash equivalents | 181,688 |  | (1,257,055 | ) |

Cash and cash equivalents at beginning of year | 2 | 700,792 |  | 1,957,847 |  |

Cash and cash equivalents at end of year | 2 | 882,480 |  | 700,792 |  |

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE 2025

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 | (6,582,340 | ) | (2,844,894 | ) |

| Depreciation charges | 100,793 |  | 115,666 |  |

| Profit on disposal of fixed assets | (64,692 | ) | (5,625 | ) |

| Amortisation | 1,021,082 |  | 870,115 |  |

| Decrease in pension provision | - |  | (39,226 | ) |

| Profit on player sales and compensation | (910,655 | ) | (7,708,870 | ) |

| Finance costs | 157,193 |  | 47,576 |  |

| Finance income | (28,266 | ) | (81,326 | ) |

(6,306,885 | ) | (9,646,584 | ) |

| (Increase)/decrease in stocks | (231,975 | ) | 20,802 |  |

| (Increase)/decrease in trade and other debtors | (873,295 | ) | 15,433 |  |

| (Decrease)/increase in trade and other creditors | (1,271,186 | ) | 392,590 |  |

| Cash generated from operations | (8,683,341 | ) | (9,217,759 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 30 June 2025

| 30.6.25 |  | 1.7.24

£ | £ |

| Cash and cash equivalents | 882,480 |  | 700,792 |  |

| Period ended 30 June 2024

| 30.6.24 |  | 1.6.23

£ | £ |

| Cash and cash equivalents | 700,792 |  | 1,957,847 |  |

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE 2025

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.7.24 | Cash flow | At 30.6.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 700,792 |  | 181,688 |  | 882,480 |  |

700,792 |  | 181,688 |  | 882,480 |  |

| Total | 700,792 |  | 181,688 |  | 882,480 |  |

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1. | GENERAL INFORMATION

| Barnsley Football Club Limited 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 financial statements are prepared in sterling which is the functional currency of the entity and rounded to the nearest pound.

| The significant accounting policies applied in the preparation of these financial statements have been set out below.

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.

| Change of accounting reference date

| Period ended 30 June 2024 covered a 13 month period as the accounting reference was extended.The 2025 figures within the financial statements cover a 12 month period and as such may not be directly comparable with the previous period.

| Going concern

| The company made a financial loss for the year of £6,582,340 (2024 - £2,844,894) and has net current liabilities of £2,402,179 (2024 - £242,749, net current assets) at the year end.

| The directors are required to consider whether the company can continue its operational existence for the foreseeable future, that is at least 12 months from the date of signing this report. In assessing the appropriateness of the going concern assumption, the Directors have reviewed detailed forecasts and projections, which consider all reasonably potential scenarios and uncertainties in relation to income and funding from all sources and associated expected future outgoings.

| Based on these forecasts the Club can meet its liabilities as they fall due and the Directors have concluded that it is appropriate for the financial statements to be prepared on a going concern basis.

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| 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 only affects that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| The directors do not believe there are any material judgements or sources of estimation uncertainty that require disclosure.

| Turnover

| Turnover comprises income receivable from football and related commercial activities, exclusive of VAT.

| Gate receipts and other match day revenue are recognised as the games are played.

| Central distributions and solidarity payments from the Football League and the Premier League are recognised evenly over the course of the financial year.

| Revenue derived from season tickets is credited to income in the period to which it related. Amounts received in advance are credited to accruals and deferred income in the Balance Sheet.

| Sponsorship, advertising and similar commercial income is recognised over the duration of the respective contracts. Amounts received in advance are credited to accruals and deferred income in the Balance Sheet.

| Players' registrations

| The costs associated with the acquisition of players' registrations are capitalised as intangible fixed assets. These costs are amortised in equal annual instalments over the period of the respective players' contract. Players' registrations are written down for impairment when the carrying amount exceeds the amount recoverable through use or sale. Any transfer fees payable as a result of the occurrence of one or more uncertain future events are capitalised when it is probable such event will occur.

| Tangible fixed assets

| Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or if held under finance lease, over the lease term, whichever is the shorter.

| Freehold property |  |  | - Straight line over 3 to 10 years |  |

| Plant and machinery |  |  | - Straight line over 3 to 10 years |  |

| Fixture and fittings |  |  | - Straight line over 3 to 10 years |  |

| Motor vehicles |  |  | - Straight line over 3 to 4 years |  |

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

| Financial instruments

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

| Financial instruments are recognised 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.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Pension costs

| The company contributes to the Football League Limited Pension and Life Assurance Scheme, a multi-employer defined benefit pension scheme operated on behalf of all league clubs. The pension costs charged in the financial statements represent the contributions paid by the company and adjustments for actuarial revaluations.

| The company also paid into employees personal pension schemes. The annual contributions payable are charged to the profit and loss account.

| Operating lease agreements

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3. | TURNOVER

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

| An analysis of turnover by class of business is given below:

| Period

| 1.6.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

£ | £ |

| Football League distributions | 3,103,726 |  | 2,590,104 |  |

| Match day | 3,864,210 |  | 3,101,227 |  |

| TV and broadcasting | 168,616 |  | 267,603 |  |

| Merchandise | 238,544 |  | 253,155 |  |

| Sponsorship & advertising | 1,039,282 |  | 788,015 |  |

| Catering | 818,572 |  | 801,641 |  |

| Other receipts | 1,007,830 |  | 1,129,524 |  |

| Donation income | 36,136 |  | 38,153 |  |

10,276,916 |  | 8,969,422 |  |

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

3. | TURNOVER - continued

| An analysis of turnover by geographical market is given below:

| Period

| 1.6.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

£ | £ |

| United Kingdom | 10,276,916 |  | 8,969,422 |  |

10,276,916 |  | 8,969,422 |  |

4. | EMPLOYEES AND DIRECTORS

| Period

| 1.6.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

£ | £ |

| Wages and salaries | 10,180,070 |  | 10,156,405 |  |

| Social security costs | 1,133,904 |  | 1,035,729 |  |

| Other pension costs | 141,566 |  | 59,868 |  |

11,455,540 |  | 11,252,002 |  |

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

| Period

| 1.6.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

| Footballing activities | 131 |  | 126 |  |

| Administration and commercial | 22 |  | 22 |  |

| Matchday staff | 270 |  | 287 |  |

423 |  | 435 |  |

| Period

| 1.6.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

£ | £ |

| Directors' remuneration | 357,846 |  | 346,612 |  |

| Directors' pension contributions to money purchase schemes | 26,580 |  | 15,001 |  |

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

4. | EMPLOYEES AND DIRECTORS - continued

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| Period

| 1.6.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

£ | £ |

| Emoluments etc | 127,216 |  | 134,487 |  |

| Pension contributions to money purchase schemes | 6,275 |  | 4,583 |  |

5. | OPERATING LOSS

| The operating loss is stated after charging/(crediting):

| Period

| 1.6.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

£ | £ |

| Depreciation - owned assets | 97,081 |  | 115,666 |  |

| Depreciation - assets on hire purchase contracts or finance leases | 3,713 |  | - |  |

| Profit on disposal of fixed assets | (64,692 | ) | (5,625 | ) |

| Players' registrations amortisation | 1,021,082 |  | 870,115 |  |

| Foreign exchange differences | 241 |  | 1,698 |  |

| Lease charges recorded as an expense | 153,311 |  | 176,922 |  |

6. | AUDITORS' REMUNERATION

| Period

| 1.6.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

£ | £ |

| Fees payable to the company's auditor for the audit of the company's financial statements | 12,500 |  | 12,000 |  |

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

7. | PLAYER TRADING

| Trading of intangible assets

|  | 30.6.25 |  |  | 30.6.24 |

|  | £ |  |  | £ |

| Profit on player sales and compensation |  | 910,655 |  |  | 7,708,870 |

| Player registrations amortisation |  | (1,021,082 | ) |  | (870,115 | )

| Add on fees, sell on fees and unrecoverable transfer levies |  | (60,737 | ) |  | (57,894 | )

|  | (171,164 | ) |  | 6,780,861 |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period

| 1.6.23

| Year Ended |  | to

| 30.6.25 |  | 30.6.24

£ | £ |

| Loan interest | 157,193 |  | 47,576 |  |

9. | TAXATION

| No liability to UK corporation tax arose on ordinary activities for the year ended 30 June 2025 nor for the period ended 30 June 2024.

| Estimated tax losses available for set-off against future trading profits amounts to approximately £29,462,928 (2024- £22,799,003). This estimate is subject to the agreement of the current year corporation tax computation with HM Revenue & Customs.

10. | DEFERRED TAX

| A deferred tax asset of £7,365,732 (2024 - £5,699,750) has not been recognised in respect of tax losses, as recoverability of these losses is not considered certain given the historic performance and budgets for the coming years. A deferred tax liability of £97,264 (2024 - £94,809) in respect of accelerated capital allowances has also not been recognised due to the significant tax losses available.

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

11. | INTANGIBLE FIXED ASSETS

| Players'

| registrations

£ |

| COST

| At 1 July 2024 | 2,682,667 |  |

| Additions | 1,220,606 |  |

| Disposals | (1,174,167 | ) |

| At 30 June 2025 | 2,729,106 |  |

| AMORTISATION

| At 1 July 2024 | 1,394,577 |  |

| Amortisation for year | 1,021,082 |  |

| Eliminated on disposal | (1,174,167 | ) |

| At 30 June 2025 | 1,241,492 |  |

| NET BOOK VALUE

| At 30 June 2025 | 1,487,614 |  |

| At 30 June 2024 | 1,288,090 |  |

| Amortisation and impairment is included within Trading of Intangible Assets in the profit and loss account (note 7).

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

12. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | Plant and |  | and |  | Motor |

| property |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 July 2024 | 85,478 |  | 952,014 |  | 540,047 |  | 7,996 |  | 1,585,535 |  |

| Additions | - |  | 132,045 |  | 9,984 |  | - |  | 142,029 |  |

| Disposals | (85,478 | ) | (258,942 | ) | (162,614 | ) | (7,996 | ) | (515,030 | ) |

| Reclassification/transfer | - |  | (138,527 | ) | 138,527 |  | - |  | - |  |

| At 30 June 2025 | - |  | 686,590 |  | 525,944 |  | - |  | 1,212,534 |  |

| DEPRECIATION

| At 1 July 2024 | 50,719 |  | 799,945 |  | 345,533 |  | 7,996 |  | 1,204,193 |  |

| Charge for year | 1,192 |  | 73,479 |  | 26,123 |  | - |  | 100,794 |  |

| Eliminated on disposal | (51,911 | ) | (258,942 | ) | (162,658 | ) | (7,996 | ) | (481,507 | ) |

| Reclassification/transfer | - |  | (162,632 | ) | 162,632 |  | - |  | - |  |

| At 30 June 2025 | - |  | 451,850 |  | 371,630 |  | - |  | 823,480 |  |

| NET BOOK VALUE

| At 30 June 2025 | - |  | 234,740 |  | 154,314 |  | - |  | 389,054 |  |

| At 30 June 2024 | 34,759 |  | 152,069 |  | 194,514 |  | - |  | 381,342 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

| Plant and

| machinery

£ |

| COST

| Additions | 40,500 |  |

| At 30 June 2025 | 40,500 |  |

| DEPRECIATION

| Charge for year | 3,713 |  |

| At 30 June 2025 | 3,713 |  |

| NET BOOK VALUE

| At 30 June 2025 | 36,787 |  |

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

13. | STOCKS

| 30.6.25 |  | 30.6.24

£ | £ |

| Goods for resale | 253,260 |  | 21,285 |  |

14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.6.25 |  | 30.6.24

£ | £ |

| Trade debtors | 535,014 |  | 507,785 |  |

| Transfer fees debtors | 416,899 |  | 4,483,952 |  |

| Other debtors | 650,774 |  | 43,723 |  |

| Prepayments and accrued income | 535,006 |  | 295,991 |  |

2,137,693 |  | 5,331,451 |  |

15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 30.6.25 |  | 30.6.24

£ | £ |

| Trade creditors | 473,096 |  | 476,224 |  |

| Transfer fees creditors | 836,195 |  | 408,352 |  |

| PAYE and NIC | 392,768 |  | 319,007 |  |

| VAT | 259,232 |  | 384,376 |  |

| Other creditors | 1,405,403 |  | 1,627,409 |  |

| Accruals and deferred income | 2,308,918 |  | 2,595,411 |  |

5,675,612 |  | 5,810,779 |  |

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 30.6.25 |  | 30.6.24

£ | £ |

| Other creditors | 2,020,565 |  | 3,236,968 |  |

| Other creditors falling due after one year includes long term transfer fee creditors of £519,444 (2024- £622,222).

17. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 30.6.25 |  | 30.6.24

£ | £ |

| Within one year | 149,823 |  | 133,801 |  |

| Between one and five years | 459,994 |  | 438,643 |  |

| In more than five years | 2,375,000 |  | 2,475,000 |  |

2,984,817 |  | 3,047,444 |  |

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

17. | LEASING AGREEMENTS - continued

| The operating leases disclosed above includes a 30 year lease for the land and buildings based on the current rental charge, which commenced January 2024. The rental charge is recalculated in June annually and is dependent upon the clubs position in the league system as at the review date.

18. | PROVISIONS FOR LIABILITIES

| 30.6.25 |  | 30.6.24

£ | £ |

| Other provisions

| Pension provision (Football

| League Scheme) | 129,799 |  | 129,799 |  |

129,799 |  | 129,799 |  |

| This provision relates to the Football League Limited Pension and Life Assurance Scheme. See note 21 for further details.

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.6.25 |  | 30.6.24

| value: | £ | £ |

| 120,000 | Ordinary | 0.001 | 120 |  | 30 |  |

| During the year 90,000 ordinary shares were issued with a nominal value of £0.001 for a total consideration of £5,361,051.

20. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 July 2024 | (18,581,607 | ) | 17,126,991 |  | (1,454,616 | ) |

| Deficit for the year | (6,582,340 | ) | (6,582,340 | ) |

| Rights share issue | - |  | 5,360,961 |  | 5,360,961 |  |

| At 30 June 2025 | (25,163,947 | ) | 22,487,952 |  | (2,675,995 | ) |

BARNSLEY FOOTBALL CLUB LIMITED (REGISTERED NUMBER: 04573250)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 JUNE 2025

21. | EMPLOYEE BENEFIT OBLIGATIONS

| The company contributes to the Football League Limited Pension and Life Assurance Scheme, a defined benefit pension scheme operated on behalf of all league clubs. Under section 28 of FRS 102 the scheme would be treated as defined multi-employer benefit scheme. The assets of the scheme are held separately from those of the company, being invested with insurance companies. Sufficient information is not available for full disclosure.

| Following a review of the Minimum Funding Requirement of the scheme, accrual of benefits of the final salary section of the scheme was suspended as at 31 August 1999. In light of the exceptional circumstances affecting the scheme, the trustees of the scheme commissioned an independent actuary's report on the Minimum Funding Requirement position and a substantial deficit was identified. Under the pensions act 1985, participating employers will be required to contribute to the deficit.

| The latest actuarial valuation of the scheme was carried out as at 1 September 2023, as such the charge to the profit and loss in the period was £30,007 (2024: £31,483). The deficit was being repaid in monthly instalments of £2,511 from 1 September 2024, increasing to £2,637 per month from 1 September 2025. Monthly repayments are due to increase by a further 5% p.a from 1 September 2026.

22. | ULTIMATE PARENT COMPANY

| The parent company of the entity is BFC Investment Company Ltd, a company registered in Hong Kong. Company registration number 2542075.

23. | CONTINGENT LIABILITIES

| Under the terms of certain contracts for the purchase of players' registrations future payments may be due if certain conditions arise after 30 June 2025. The directors have taken the view that these amounts are not certain enough to be recorded as provisions, but note that the maximum amount that could be payable in relation to these items and other contingent liabilities is £638,000 (2024 - £2,021,500).

24. | RELATED PARTY DISCLOSURES

| Included in other creditors are amounts totalling £1,850,000 (2024: £2,750,000) due to Oakwell Holdings Limited, a company with mutual directors.