CFC Financial Report

from the official website www.chesterfield-fc.co.uk

Chesterfield FC's Report and Accounts for y/e 30 June 2008 reveal that the club continues to maintain financial stability with only a small loss being made despite a difficult trading year with a reduced turnover.

The Spireites made a small operating loss of £24,708 during season 2007-08 but, after the sale of shares, the overall deficit was reduced to just under £9,000. As a result the net Balance Sheet value of the club has decreased from £292,620 to £282,764.

Turnover reduced from £2.9 million to £2.6 million due mainly to a decrease in gate receipts from a Carling Cup high the previous year, and less income from transfers. This would have been even greater but for increases from Football League central funds and increases from general income, including a welcome bonus from Saltergate location fees for the film, 'The Damned United'.

Location fees received for 'The Damned United'

Overall expenditure reduced by £91,000 despite the majority of expenses showing small increases in line with everyday living costs. There were savings of £127,726 on wages, down to £1,828,194, even though additional costs of community staff have had to be absorbed.

The accounts will be presented for approval at the Annual General Meeting for shareholders, which will be held at the Olde House Hotel, Newbold, Chesterfield, on Thursday 22 January 2009, at 7.30pm. Barrie Hubbard thumbCFC chairman, Barrie Hubbard, was pleased to report that financial stability has again been achieved during a challenging trading year He said: "We have managed to produce figures which in the football world are very acceptable even though it becomes more difficult each year to try and balance the books"

A season which began with high expectations ended with some disappointment that promotion back to League One was not achieved at the first attempt, despite being in contention right up to the final weeks of the season. In the end the club eventually finishing in 8th position on 69 points, just one place outside the play-off places, and the highest finish of the three teams relegated with Chesterfield the previous season.

Alan WaltersIn the report, CFC finance director, Alan Walters, highlights that over the last four years the financial position of the Club has improved, the Club has made a net profit in this period and the number of shares issued has increased resulting in a healthier overall position.

Debenture and secured loans now stand at £1,666,205 million, an increase of £103,000 on the previous year.

Alan Walters said: "The difficulties of operating from the outdated stadium at Saltergate continue to restrict the Club's ability to earn additional income from other sources, which the majority of other clubs now enjoy."

In his Chairman's Statement, Barrie Hubbard reports that as it was a disappointing end to the 2007-08 season he hopes there will be an improvement in our league position for the next season.

Significantly, he also notes that the planning application for the new stadium has been finally passed by Chesterfield Borough Council. In the longer-term this will have a beneficial impact on the financial health of the business.

stadium

Planning approval received for new stadium

Barrie Hubbard said: "I will give a full report on the latest position regarding our relocation at the AGM."

Copies of the Report and Accounts are being posted out to CFC shareholders this week.

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