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25
Mar
Harrogate Town publishes annual accounts
Harrogate Town AFC increased their turnover but made a £2.5 million loss last season, according to the club's newly published annual accounts.
Turnover grew from £2.7 million to £3.1 million, which was attributed largely to higher attendance for home and away supporters.
This followed the completion of a new away supporters stand and additional refreshments facilities halfway through last season.
The accounts, for the year ending June 2024, also reveal the amount the club owes to chairman Irving Weaver more than doubled.
The club now owes Mr Weaver £5.25 million, compared with £2.46 million the previous year.
Despite the debt, the accounts say Mr Weaver "has indicated his intention to continue to make available such funds as are needed by the company, and that he does not intend to seek repayment of the amounts due for the periods covered by the forecasts".
Town has enjoyed its greatest ever period of success under the control of Mr Weaver, who owns 96% of the club's shares.
But the club's financial dependence on him has grown annually.
Staff costs
The Stray Ferret reported that Town made a loss of £2,475,345 in 2022/23.
That loss increased to £2,530,900 in 2023/24, when Town finished 13th in Division Two of the English Football League — their highest ever position.
This was partly down to an increase in staff costs. The number of people employed by the club increased by 14, from 66 to 80.
As a result, wages and salaries increased from £2.5 million to £3.2 million.
This year’s accounts said:
The company will have sufficient funds, through funding from its controlling shareholder, R I Weaver, to meet its liabilities as they fall due for that period.
Those forecasts are dependent on R I Weaver not seeking repayment of the amounts currently owed to him, which at 30 June 2024 amounted to £5,254,574, and providing additional financial support during that period.
The latest accounts do not cover the current season, in which Town received a huge financial boost by playing Leeds United at Elland Road in the FA Cup.
Revenue from that clash will be included in next year's report.
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