Accounts to June 2019

Last updated : 30 March 2020 By Paddock Pundit

The audited Financial Statements of Carlisle United Association Football Club (1921) Limited for the year ended 30 June 2019 have been filed at Companies House.

Chief executive Nigel Clibbens said: "2018/19 was a year of change on and off the field as we accelerated the transition and transformation process that started late in the previous year.

"The financial results, particularly the very significant reduction in our costs, reflect progress with this difficult but necessary change.

 

“The club became financially stronger, more resilient and better prepared for the future. This has proved beneficial as we now face the impact of the Coronavirus in 2020.

“In the year ended June 2019, the club was again grateful to have the continuing benefit from the external Commercial Funding Facility provided by EWM.  This gave the club the breathing space, assurance and flexibility to continue this transition, and has enabled the club to focus on long-term success over chasing short-term results.

“Despite the improvement in financial performance and lower cost budgets, it still shows the importance of football fortune and other funding to support this club, just like most others.

“On behalf of all at the club, we are grateful to the loyal supporters of Carlisle United. While current events continue to be challenging for everyone, we are on the right course and are moving in the right direction for sustainable future success.”

Click HERE to download a pdf copy of the 2019 Financial Statements.

The key figures are as follows:

  • Headline income £3.6m (2017/18: £4.0m).
  • Football Fortune income from windfalls such as cup income, player sales and sell-on income reduced to £242,000 (2017/18: £450,000). The period saw no significant player sales.
  • Business costs fell by £129,000 to help balance the fall in Headline income.
  • Total overheads unchanged despite relentlessly increasing stadium costs.
  • Wages and salaries reduced by over £540k (17% reduction) combined with a switch away from long-term fixed player costs to more variable short-term costs.
  • Operating loss reduced by £207,000 to £743,000 (2017/18: £950,000).
  • Overall loss £667,000.
  • Net assets £4.11m.
  • During the year £145,000 of shareholders debt were converted to equity, meaning all shareholder debt has been extinguished.
  • Total debt of the club at 30 June 2019 was £2.89m (30 June 2018: £2.26m) as the operating loss was funded by external debt though the Commercial Funding Facility (no new borrowings or repayments have been made since then).
  • Underlying Contribution improved to £1.50m (2017/18: £1.37m). This measures the club’s longer-term ability to pay for its normal football activities, from its own trading, without calling on extra funding from shareholders, external funders or football fortune windfalls.

We have continued to increase the breadth, depth and detail of our reporting this year, to provide a comprehensive and transparent commentary on the club’s financial performance, position and prospects. 

We have enhanced our key performance indicators to track progress. We believe this is the right thing to do and that it will help fans and stakeholders to increase their understanding of the way the club operates in all areas. We see this as beneficial, and hope it is welcomed.

In the light of the Coronavirus Carlisle United Football Club can confirm that there will be no AGM this year.