AS we promised to release the financial statements for the year ended 30 June 2008 by 31 May 2009, we have attached, via the link below, draft accounts for that year.

The audit work has been undertaken and we are now seeking a final review by the directors and auditors. This should be complete within a week. In the meantime these accounts should not be considered as audited.

We do not, however, anticipate any major changes to the figures or underlying results.

We have sought and received clearance from Companies House to delay the submission of these accounts.

Full audited accounts will be released in due course.

Whilst obviously disappointed with the relegation during the year under review and the failure to be promoted the following year, we now feel that there are reasons to be optimistic about the long term future of the Club.

It was our performance on the pitch, despite our attempts to fund our way to a more successful season, that was the dominant impact on the current year figures.

The expenditure on management, loan players and fulfilling player contracts has resulted in a loss of £940,482 for the year.

The continued funding of new management, new players and loan players during the 2008-09 season will mean that we will have similar results for the year ending 30 June 2009.

Whilst we managed to recover from a disappointing opening two months of the season, our attempts to gain a big pay day via promotion; a play-off final; or an FA Trophy final did not materialise.

Relegation meant a reduction in income and our failure to be promoted straight back has resulted in a further loss of income.

There has also been a substantial reduction in our Youth funding; despite which we have recently won the Football League Youth Alliance - North West Conference!

These losses have been funded by Mr Moss, interest free and he is willing to continue to do so, until such time as the development plans are actioned. Although he has made it clear that he does not want to fund continued losses in the longer term.

The loan interest charged during the year relates to interest paid on loans from third parties, made to the Club via Mr Moss and Mr Dickens - neither has received any benefit from interest on any loan.

With the agreement by the Council to our planning application, we have now secured the financial future of the Club. We have reached outline agreement with investors to fund the building project for 800 student flats.

Mr Moss will sell his 100% share holding in the Club to Wrexham Village Ltd. This company will buy the development land from the Club and in return clear the debts of the Club and also invest desperately needed working capital into the Club.

Mr Neville Dickens has retired as a Director (2/7/08) and we would like to take this opportunity to thank him for his past and ongoing services to the Club.

We have appointed three new directors during the Year since these accounts, namely Paul Retout (2/7/08), Paul Atkinson (2/7/08) and Ian Roberts (13/3/09).

Paul Retout has now been made Chief Executive with the task of initially cutting the losses to a manageable level and within two years to make the Club profitable.

Unfortunately, this has meant some voluntary and compulsory redundancies, however we feel that this was unavoidable if we were to secure the long term future of the Club.

Wrexham FC Draft Accounts 2007/08