Inverness Caledonian Thistle confirm losses of £835,000 in latest financial statement
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Inverness Caledonian Thistle have confirmed a loss of £835,751 before tax in its latest annual financial statement.
The accounts for Inverness Thistle and Caledonian FC Limited released today revealed the massive six-figure loss for the 12 month period ending May 31, 2022.
The accounts also revealed the company has a net asset position of £462,497 with net current liabilities of £1,714,997.
The report says that directors have taken required actions to ensure the long term financial stability of the company.
It also said the club has contracted with Intelligent Land Investments Group on planned developments which are of significant value.
The report said: "Giving the directors confidence is the fact that the club has contracted with our partners Intelligent Land Investments Group on the Loch Ness Hydro Pump project and is also awaiting a planning decision on the ICT Battery Farm application.
"Both projects have significant value for the club and are both out with the exciting classification of the Caledonian Stadium within the Inverness Tax Site section of the Green Freeport. The latter having huge potential for the development of our site.
"The directors have taken the required actions to ensure the long term financial stability of the company and continue to monitor its financial position.
"They are encouraged by the performance and resilience shown. The company remains reliant on player trading, new funding streams and the continued financial support backing of its directors, shareholders and supporters.
"Forecasts prepared for the directors for the season to May 2024, which recognise the ongoing challenges faced by the company in respect of rising costs and rely on certain factors and assumptions, indicate that the company can meet its liabilities as they fall due over the next 12 months.
"These projections are reliant on new income streams to support annual revenue shortfalls and football operating losses.
"Whilst the forecasts are inherently uncertain, the directors are confident that additional income sources, combined with operational costs savings will secure the financial viability of the company and ensure it meets its debts as they due fall.
"Notwithstanding the material uncertainty regarding additional income sources, the directors are satisfied that the company will be able to realise its assets and discharge in its liabilities in the course of its business."
