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Supporters owned club publishes first annual accounts

wfc1864For the first time in ten years supporters of Wrexham Football Club attended the club's annual general meeting to receive the financial statements for the year ending 30th June 2012.

The AGM, held in the Nick Whitehead Theatre at Glyndwr University, was the first annual general meeting of Wrexham AFC Limited, the company set up by supporters to take the football club into community ownership under the stewardship of Wrexham Supporters Trust.

In a break from tradition, the club has published a detailed set of accounts than what is required under company law and a link to download these documents, along with
the presentation from the AGM, can be found further down this page.

The following summary was provided at the AGM:

  • The football club had a turnover of £1.4m and gross profit of £300,000wstagm 002s
  • There was a small operating profit of £16,000 made from football operations
  • Acquisition costs turned this into a overall operating loss and a significant goodwill write down following the acquisition of the old football club resulted in a net loss overall
  • The supporters owned football club inherited a net liability of £442,500 and has successfully repaid all these liabilities except for the long-term liabilities consisting of hire purchase agreements and pension payments
  • At the end of the financial year the football club had cash reserves of £225,000 with the only creditors outstanding being traditional trade and crown creditors that would apply to any other company
  • The football club auditors, McLintcoks, were reappointed for the current financial year at the AGM

wstagm 001sSupporting Files:

Wrexham FC AGM Finance Presentation 24\01\2013       

Wrexham FC Full Accounts as presented at the AGM of 24\01\2013

 

*UPDATE* Meeting notes available HERE

 

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