Accounts reveal AFC Telford United's finances looking stronger

The club’s accounts for year ending May 31, 2022, filed to Companies House, reveal a brighter picture off the pitch for the club in comparison to the previous year, chiefly due to key share sales.

These include the significant share purchase from Music Magpie co-founder Walter Gleeson in December 2021, as well as a further purchase of shares by the Pryce family in October 2021 that gave them a majority shareholding of 51 per cent.

Those share purchases meant the National League North club, who look likely to be relegated this season to step three for the first time since being promoted from that level in 2007, reached the set share capital of £500,000, up from £257,700 12 months earlier. That limit was set when the club issued shares, and became no longer fan-owned, in December 2016.

“This balance sheet reflects a materially stronger balance sheet and therefore a stronger and much more sustainable financial outlook for the football club,” Dosser told the Shropshire Star. “An increase in other reserves to £500,000 reflects three share sales. In October 2021 the Pryce family made an additional share purchase to increase their ownership to 51 per cent.

“Then in December 2021 there was a very welcome share purchase from Walter Gleeson.

“These, combined with a number of other smaller share sales to others, gives us a position where the authorised share capital of £500,000 was all sold as of May 31, 2022.”

The managing director added: “The additional share sales has given us a much better and more sustainable cash position and a much stronger net current liabilities position.

“It shows the club in a more sustainable financial position going forward.”

The strengthening of the club’s finances has seen Telford’s net current liabilities fall from £122,121 to just £9,810.

The club made a marginal loss of just £5,289 in the year between May 31, 2021, and May 31, 2022.

That figure is one the club are pleased with given several challenges.

Dosser explained: “It’s a relatively small loss and a result remarkably close to breaking even in a very difficult period post Covid pandemic, it reflects very tight control of off-field costs, attendances holding up well – so thank you to our supporters.

“Also secondary spend on matchday has held up well, as it has commercial income, so thank you to the continued support of our sponsors.”

The filings revealed the club’s ‘cash at bank and in hand’ rose by more than £100,000 across the year from £228,581 to £336,691.

Tangible assets also climbed significantly, from £243,037 to £362,109. This is in part due to improvements made to the West Stand, such as its refurbished gym and swimming pool, which provide new income streams.