Torquay Exile wrote: September 17th, 2023, 2:58 pm
I have taken this statement from Newport County's Website in 2022
Newport County AFC's Audited Accounts
30 March 2022
The audited accounts for the year ended 30th June 2021 have now been completed and have been filed at Companies House.
In spite of the Covid restrictions which created significant challenges during the year, we are pleased to confirm that a net profit of £25,988 has been achieved. This is the fourth consecutive year that a profit has been reported. The net assets of the club have, as a result increased to £837,859.
A healthy cash balance has been maintained whilst ensuring that financial obligations have been met.
The club employed 102 paid members of staff across all areas (including First Team players and staff, Academy Scholars and Coaches, both full and part time and also Club Administration staff). In addition we have 10 directors who continue to operate on an unpaid voluntary basis. Volunteers, in general, continue to pay a key role in the operations of the Club.
The following executive summary has been included as part of the directors’ report within the filed accounts:
The financial statements relate to the 2020/21 EFL league season which continued to be impacted by Government restrictions in place as a result of the ongoing COVID-19 pandemic.
In view of the uncertainty, the club has continued to apply a robust approach to managing its finances with all appropriate controls in place. This approach has ensured that the club navigated its way through the pandemic and maintained a reasonable financial position.
The initial challenge came from the Government decision, made at the start of the season, that all fixtures were to be played “behind closed doors” until further notice.
The Club immediately adopted a policy in relation to season ticket sales where purchasers could enjoy access to the EFL iFollow system in the event that they were unable to attend matches in person.
As a result, the club was able to maintain a good level of season ticket sales which in conjunction with the support of sponsors and advertisers meant a reasonable level of match related revenue. The Club continued to take advantage of all available Government support which included Job Retention Scheme, Welsh Government and Local Council initiatives.
Support from the Football Authorities, both EFL and Premier League, has been vital in the Club maintaining its strong financial base and the Board ensured it continued to meet all contractual obligations.
At the start of the 20/21 season the EFL introduced a system of Salary and Squad Caps which created new challenges which required careful management and the Club continued to achieve success on the pitch by reaching the EFL League 2 play-offs.
The semi-finals and final of these were given dispensation to be played in front of minimal crowds with a considerable level of restrictions. The financial benefit of reaching the play-offs was therefore severely impacted.
Overall, the performance remains very satisfactory and the support the club has received throughout the year from sponsors, partners, Football Authorities, Welsh Government, UK Government, Newport Council, and local politicians is very much appreciated.
The Board would like to acknowledge the overwhelming support and understanding it has received from its supporters during a difficult period for all concerned. This has been absolutely crucial in meeting all of the challenges that the Club faced.