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Club News

Annual Accounts Update - May 2023

29 February 2024

Club News

Annual Accounts Update - May 2023

29 February 2024

Cheltenham Town have today filed their financial statements for the year ending 31 May 2023 at Companies House.

On the pitch, the club finished its second successive League One campaign in 16th position, the second highest finish in its history, and came within a penalty shoot-out of a Wembley appearance in the Bristol Street Motors Trophy.

Away from the football operation the major highlight was the purchase of the training facility at Seasons.

However the club has not been immune from the current set of economic challenges and is today announcing an operating loss of £531,000 following last year’s profit of £412,000, resulting in a swing of £943,000.

Here we want to outline some of the successes and challenges we have faced, and continue to face, as well as outlining the measures being put in place for the future.


Revenue was reduced by £88,000 compared to previous year. However, there were some notable movements within this number.

  1. Gate receipts (£32,000 reduction). Despite a 3% reduction in ticketing revenue we saw an increase in attendance at the Completely-Suzuki Stadium. The number of fans coming through the turnstiles remains good despite a difficult campaign, having achieved a record number of season ticket holders in the summer.
  2. EFL and Premier League subscriptions (£305,000 reduction). This was in the main part as a result of the one-off solidarity payment received in the previous financial year.
  3. Player sales and manager compensations (£297,000 reduction).
  4. Prize money (£132,000 increase). Our run to the semi-final at Plymouth Argyle in the Bristol Street Motors Trophy was the main reason for this.
  5. Commercial. There was a £318,000 increase through new partnerships, bar revenue and matchday hospitality. However we are currently facing ongoing challenges in these areas and taking steps to improve our commercial performance across the board.


Rising costs continue to be a significant factor. Our cost of sales increased by £561,000 while administrative expenses rose by £241,000. Wages was the biggest driver, rising by £418,000 as we continue to to compete both on and off the pitch. There were also additional costs in matchday expenses, stewarding and the maintenance of our facilities including our academy and development centres.

Balance sheet:

Significant changes in the balance sheet relate to the following areas:

  1. Tangible Asset increases relate to the purchase of the training ground.
  2. Reduction of cash at hand in bank due to the purchase of the training ground and covering loss made within the year.
  3. Increase in Creditors relate to loan taken out to help fund the training ground purchase.

Going forward:

Player sales have mitigated the challenges we continue to face in the current financial year with costs rising at a greater rate than revenue. As a result the Board has embarked on a strategic mapping process to identify the key areas for growth and stability alongside the ongoing task of League One survival. A fourth successive season in League One would be unprecedented. We will always adopt a fan-first decision making process.

The club continues to maintain its model of player development through the Academy. Meanwhile, recruitment is key with a focus on young talent.

The new Sky TV deal will bring increased funds into the club from the start of the 2024/25 season and the possibility of a ‘new deal’ for football clubs is essential for continued stability.

The board are actively looking at all areas of the football club to ensure continued financial sustainability is maintained while competing at the highest level possible.

We’d like to take this opportunity to thank every supporter for their continued support.

There will be another fans forum before the end of the season when supporters can ask questions to members of the Board and football staff. Details to follow shortly.

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