Published: 14:00, 27 July 2021
| Updated: 15:00, 27 July 2021
Gillingham's financial accounts have finally been submitted and they show an operating loss of nearly £100,000.
The League 1 club were placed under a transfer embargo because their accounts hadn't been filed in time, the club citing Covid-related staffing issues for the reason.
Turnover for the year up to May 31, 2020 was just over £7m while costs were £5.4m. Expenditure was £1.6m. That led to an operating loss of £99,502.
Chairman Paul Scally said he was satisfied with the figures in what has been a tough period.
He said: "I am delighted we have finally been able to submit our accounts for the Company financial period ending May 2020.
"I accept these figures have taken longer than expected to release due mainly to Covid related matters, however given the numbers reflect only nine months of income, with many events cancelled between February 29th and May 31st 2020, and include depreciation of just under £160k.
"I am satisfied with the performance of the business and would like to thank all staff, sponsors and supporters for their hard work and continued allegiance, without which life would be more difficult and challenging than the awful period we have all been through over the past sixteen months."
Player and management salaries for the year were £2.6m while chairman Paul Scally claimed £214,345 for the year (£168,000 in 2019) in consultancy fees. The directors of the company are also directors of Three Directors Limited which was owed £1.8m as of May 31, 2020. Interest of £63,000 was charged.
The ultimate controlling party of the club is GFC Holdings Limited. Mr Scally is the sole shareholder of the company.