We have today published our audited financial accounts for the year ending June 2023.
All supporters know that this was a period of great instability, the financial state of the football club at the time it was acquired by the Hellier Group cannot be underestimated. There were substantial financial obligations due to HMRC, kit manufacturers and to integral suppliers. In the final weeks of the previous ownership, the Club had been propped up by individuals who should not have been placed in that position.
We made clear at the outset that we would try to be transparent and that is the aim of this statement. Save where there is a legal requirement we have sought to be as open as possible.
The accounting period also includes the time when the Club was under stewardship. Whilst they may have acted with the best of intentions, this was a period which saw contracts agreed which were not sustainable, were not approved by the manager and have proved difficult to resolve.
Since acquisition, we have all worked tirelessly to improve the financial situation of the Club, give Mark the resources he needs and to improve the fan experience. We would like to think that we have achieved all of these. It was essential that the Club returned to the National League in order to be a viable going concern. Since acquisition, the Hellier Group has provided funds to the club in the region of £1.7m, the majority of this has been converted to equity, such that these are not treated as directors’ loans. This can be shown in the events after the reporting date.
One of the most straight forward ways for the Club to be sustainable is for attendances to continue to increase. We are extremely grateful to all the fans for their phenomenal support throughout the season and are excited for a bumper bank holiday crowd.
The Hellier Group are fully committed to the football club and providing the financial support that it needs. We anticipate that there will be a reduced loss in the accounts for the period ending 30th June 2024 due to efficiency savings and the falling away of creditors who were incurred under the previous ownership.
