Wrexham AFC are pleased to release our report of directors and audited financial statements for season 2016/17.
The performance of the business resulted in turnover increasing from £2.1 million to £2.6 million, and returning a profit before depreciation and amortisation of £150,000 against a budgeted loss of £70,000, the second profit posted in the last three financial years.
The financial statements also mark the first year where we have assumed operational control of the Racecourse Ground and therefore additional revenue and expenditure items are reported, including an increase in the number of employees.
The club did benefit from transfer fee income and these have been recorded in the profit and loss account at their full value, but supporters will notice the increase in trade debtors on the balance sheet, and this reflects that part of the payment of the transfer fee income not due until the current financial year.
This, along with additional stadium income towards the end of the Financial Year, allowed the club to prepare for the current campaign, where we sit in a healthy fourth position ahead of a busy Easter weekend of fixtures.
Investments in the football club by supporters continued to increase and with the 'Build the Budget' initiative, the total amount invested is now above £1 million after six full years of supporter ownership.
A full presentation of the financial statements will take place alongside and the Annual General Meeting, to be held on Thursday 12th April, together with a trading update on the current season.
All paid up club members are entitled to attend the meeting, to be held at the Centenary Club, commencing 7.30pm.
The AGM will also include a presentation of the financial statements of WST Assets, the sister company of Wrexham AFC and the holder of the 99-year lease on the Racecourse.