The accounts will be presented for approval at the Annual General Meeting for shareholders, which will be held at the Olde House Hotel, Newbold, Chesterfield, tonight Thursday 24 January 2008, at 7.30pm.

Chesterfield FC's Report and Accounts for y/e 30 June 2007 reveal that the club continues to maintain financial stability with a small profit being achieved.  The transfer of Caleb Folan and a good Carling Cup run helped to offset reduced league gate receipts and increased expenditure.

The Spireites made a trading profit £88,069 during season 2006-07.  In addition, £43,170 of new shares was sold through various schemes promoted by the club.  As a result the net Balance Sheet value of the club has increased to £292,620 from £161,351.

Turnover increased from £2.3 million to £2.9 million, due mainly to an increase in cup match revenue, TV money and transfers fees received, whilst expenditure increased by around £400k. 

Just under half of this was due to increases in players' salaries and cup bonuses, contractual settlements and the ten additional loan and short-term contract players added to the squad during the season in an attempt to improve League results during a disappointing relegation season. As a result wages costs, which make up 70% of expenses, increased by £180k to £1,948,590.

REMARKABLE BREAK-EVEN POSITION

CFC chairman, Barrie Hubbard, was pleased to report that financial stability has again been achieved during a challenging trading year.

He said: "I think it is remarkable that over the last four years we have maintained financial stability by just about breaking even over a period where we have had such tight constraints."

DRAMATIC CHANGE OF SHAREHOLDING

The shareholding of the club was changed dramatically during the year with over 344,000 shares previously held by the Chesterfield Football Supporters Society (CFSS) being transferred to individual CFSS members so there is now no ultimate parent company.

DISAPPOINTING SEASON

A season which promised much ended with the disappointment of relegation back to League Two after an absence of six years with the club eventually finishing 21^st in Coca-Cola League One. Disappointingly, the average attendances, after the high of 4,961 in 2004-05, down to 4,774 in 2005-06, dropped again last season to 4,234. 

MORE FIXED REVENUE NEEDED

In the report, CFC finance director, Alan Walters, highlights that the financial position of the Club shows a small but welcome improvement over the previous year.  Debenture and secured loans now stand at £1,563,205 million, a reduction of £27,799 on the previous year.  Alan Walters said: "The fluctuations in gate receipts illustrate how precarious financial planning for a football club can be, emphasizing the need to obtain as much fixed revenue as possible."

NEW STADIUM FRUSTRATION

In his Chairman's Statement, Barrie Hubbard reports his frustration about the delays for the new stadium at Whittington Moor.  Plans have been ready for submission to Chesterfield Borough Council since November 2006 but had been delayed by site owner Wilson Bowden and their prospective client not being ready to proceed, which is nothing whatsoever to do with the football club.  Barrie Hubbard also reveals that: "At the AGM I hope to be able to give more positive news regarding the stadium."  With the news this week about the new stadium development that won't be so hard to do after all.

Copies of the Report and Accounts were posted out to CFC shareholders last month.