Accounts filed for year ending June 2016

Charlton Athletic Football Club has today filed the financial statements for the period ending 30th June 2016 at Companies House.

The key points from these accounts have been summarised below.
Key Points
·         The club recorded a loss for the year of £13.5m, compared to a loss of £4.0m the previous year. The increase in loss was primarily due to:
o   Increased football costs of nearly £4.0m spent primarily on player salaries and transfers as the club spent money in January to try and maintain Championship status
o   A conscious decision not to sell players during the season to try and maintain Championship status. For the 2015/16 season, the net income generated for Charlton Athletic through player trading was a negligible £39,000, the Championship average was £4.7m (from figures published to date). The report does not include 2016 summer player sales, which generated income of £6.1m and will be recognised in the 2016/17 accounts
·         The report stated: “This financial result [is] reflective of the disappointing season on the pitch."
·         These levels of losses are clearly unsustainable and will not be repeated
·         Operating loss does not include player trading and interest. The club’s operating loss at £12.6m is marginally below the Championship average of £14.2m (from figures published to date)
·         The report also stated the club has completely cleared bank debt. This is for the first time since 1998
·         The club was fully compliant with Financial Fair Play rules
·         For the year ending 30th June 2016, the club recorded a 3% increase in turnover from £11.8m to £12.1m
·         Central income, which consists of EFL and Premier League central distributions, totalled £5.0m, a 19% increase. Matchday income was down 9% due to a decrease in attendances and fan discontent, leading to reduced purchases at The Valley on matchdays. Commercial income was up 11%, while other income was down 9%
·         The 2015/16 season was “another highly productive season for player development, progression and team performance at academy level”. This produced:
o   Five academy debutants over the course of the season - including Ademola Lookman, who made 24 appearances last season and went on to be selected by England for the UEFA U19 Championships last summer before joining Everton in January
o   The U18 team retained the Professional Development League 2 national title, finishing second in the league
o   The U21 team won the Professional Development League 2 South title
o   Over the last three years, Charlton rank seventh of all 92 professional clubs in terms of Premier League Productivity Data

Pleae click here to view the financial report in full

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