‘Wycombe Wanderers Football Club PLC (formerly Trekdream Plc) Report and Financial Statements Period Ended 30 June 2005 BDO Stoy Hayward Chartered AccountantsWycombe Wanderers Football Club PLC Annual report and financial statements for the period ended 30 June 2005 Contents Directors Page: 1 Chairman's report 3 Report of the directors 5 Report of the independent auditors 7 Profit and loss account 8 Balance sheet 9 Cash flow statement 10 Notes forming part of the financial statements Directors TL Beeks (Chairman) K Blagbrough S Hayes BLKane 1 Mather Secretary and registered office K J Allen, Causeway Stadium, Hillbottom Road, Sands, High Wycombe, Buckinghamshire, HP12 4HJ. Company number 5132509 Auditors BDO Stoy Hayward LLP, 8 Baker Street, London, W1U 3LL.Wycombe Wanderers Football Club PLC Chairman's report ‘The season 2004/5 saw Wanderers in the Coca-Cola League Division 2 having come down from Division 1 the previous season. At the start of August of 2005, WWEC transferred its trade and assets from a company limited by guarantee to Wycombe Wanderers Football Club PLC. The principal activity of the company continues to be the operation of a professional football club, together with related commercial activities. The inception of a PLC brought with it a new Board and new aspirations. The Board has set-about achieving medium term goals which include greater on field success and the modemisation of the club's physical and support infrastructure to serve both the football and non-football related activities. The team, under Manager Tony Adams, started the season in fine style and following an away win at Southend United on September 11°, Wanderers siood proudly at the top of the division However, following nine matches without a win the Club found themselves in 17" place, the 1-0 home reversal to Yeovil Town proving to be enough for the Manager who resigned in strange circumstances on 11 November 2004. Assistant Manager Peter Cawley took charge for the home FA Cup tic with Non-League Coalville Town, a slender 1-0 victory seeing the Club progress into the second round. The win was not enough to secure Cawley a long period at the helm and by the time the next match arrived, long serving player Keith Ryan and Youth Coach Gary Smith were in charge ‘The duo were in control for just two matches, # fine win at Leyton Orient and a home success against Bristol Rovers, before John Gorman was appointed Manager, making Ryan and returning hero Steve Brown his Assistants, A home F.A. Cup defeat at the hands of Luton Town was a rare early setback for the new Manager and by Christmas the team were back in a play-off position. ‘A poor Christmas and New Year period proved a set back and despite mounting a determined challenge for a play-off spot, Wanderers ended the campaign in 10" place and 6 points short. Striker Nathan Tyson was the player to catch the eye, scoring 22 goals in league action, although central defender Roger Johnson being the second highest scorer with 6 highlighted the team’s problems in ftont of goal Average attendance for home league matches fell by 286 to 4267. Revenue derived from season tickets and match day receipts consequently fell by £186k. An annual continuation of the ground share agreement with the Premiership Rugby Club London Wasps was. reached to include 18 ‘Home’ fixtures at the Causeway stadium. During the season Wasps ended up as champions of the Zurich premiership. Loans.co.uk remained the main sponsor of the club and we are delighted they have re-signed as main club sponsor up to and including the 2006/7 season.‘Wycombe Wanderers Football Club PLC Chairman's report (Continued) On a 12 months basis to assist comparison, tumover in 2004/5 was down £600k to £3.8m primarily as a result of relegation - match day revenues fell £186k , Commercial revenues by £342k and Broadcasting revenues by £77k. Operating costs were held at the 2003/4 level so the reported loss rose from £432k in 2003/4 to £1,053k in 2004/5. Capital expenditure of £232k included a provision of £53k for a potential stamp-duty liability relating to the PLC conversion, the remainder relating to the upgrade of equipment and infrastructure around the stadium and training ground. ‘The transfer of the net asset value of £1.3m as referenced in the articles of association for the PLC has taken place and has been classified in the accounts under negative goodwill In looking forward to the new season the board is determined to better position the club both on and off the field. On the field we are looking to play an open, attacking game which will put the Blues in a strong position to challenge for promotion back to Division 1. Off the field we are looking to further build the PLC as a viable business model. The conversion to 2 PLC and the determination of the new board will herald a new stage in the histogaof Wycombe Wanderers football club and we hope you will enjoy being part of it. 11 October 2005Wycombe Wanderers Football Club PLC Report of the directors for the period ended 30 June 2005, ‘The directors present their report together with the audited financial statements for the period ended 30 June 200. Results and dividends ‘The profit and loss account is set out on page 7 and shows the loss for the period. The directors do not recommend a final ordinary dividend. Principal activities, trading review and future developments ‘The principal activity of the company is the operation of a professional football club, together with related commercial activities. A Section 425 Companies Act 1985 Scheme of Arrangement was sanctioned by the High Court on 6 August 2004. All of the assets, liabilities and ongoing business of Wycombe Wanderers Football Club Limited were transferred to Trekdream ple with effect from 1 August 2004. Trekdream ple was renamed ‘Wycombe Wanderers Football Club plo on 25 August 2004. Market value of land and buildings Given the specialised nature of the company's property interests, the directors do not consider that there is a readily ascertainable market value for the company's properties, which are carried in the accounts at cost less depreciation. ‘Payment of creditors ‘The company's policy is to settle agreed amounts outstanding to creditors as and when they fall due subject to the availability of cash resources. Directors The directors of the company during the period and their interests in the share capital of the company were: Founder shares of £1 each 30 June 2008 30 June 2005 IL Beeks 259,584 1 K Blagbrough 500 1 S Hayes 259,584 - B Kane 259,584 1 1 Mather - 1 Other than stated above, no director had any interest in the share capital of the company.‘Wycombe Wanderers Football Club PLC Report of the directors for the period ended 30 June 2005 (Continued) Directors' responsibil ies Company law requires the directors to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the directors are required to: + select suitable accounting policies and then apply them consistently; * make judgements and estimates that are reasonable and prudent; ‘+ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and, * prepare the financial statements on the going concer basis unless it is inappropriate to presume that the company will continue in business, ‘The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities, Auditors BDO Stoy Hayward LLP were appointed as auditors by the directors. BDO Stoy Hayward LLP have expressed their willingness to continue in office and @ resolution to re-appoint them will be proposed at the annual general meeting. der of tht Board ace Chairman 11 October 2005‘Wycombe Wanderers Football Club PLC Report of the independent auditors ‘To the shareholders of Wycombe Wanderers Football Club PLC We have audited the financial statements of Wycombe Wanderers Football Club PLC for the period ended 30 June 2005 on pages 7 to 24 which have been prepared under the accounting policies set out on pages 10 and 11. Respective responsibilities of directors and auditors The directors’ responsibilities for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards are set out in the Statement of Directors’ Responsibilities. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards. We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the Directors’ Report is not consistent with the financial statements, if the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, of if information specified by law regarding directors’ remuneration and transactions with the company is not disclosed. We read the Directors’ Report and consider the implications for our report if we become aware of any apparent misstatements within it. ur report has been prepared pursuant to the requirements of the Companies Act 1985 and for no other purpose. No person is entitled to rely on this report unless such a person is @ person entitled to rely upon this report by virtue of and for the purpose of the Companies Act 1985 or has been expressly authorised to do so by our prior written consent, Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability. Basis of audit opinion ‘We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.‘Wycombe Wanderers Football Club PLC Report of the independent auditors (Continued) Opinion In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 30 Junc 2005 and of its loss for the period then ended and have been properly prepared in accordance with the Companies Act 1985. M30 J4 ae BDO STOY HAYWARD LLP Chartered Accountants and Registered Auditors London 11 October 2005Wycombe Wanderers Football Club PLC Profit and loss account for the period ended 30 June 2005 Note Turnover 2 Operating costs Amortisation of players Profit on disposal of players Other operating income Operating loss 3 Interest payable and similar charges 6 Loss on ordinary activities before taxation Tax on loss on ordinary activities 7 Loss on ordinary activities after taxation for the period and carried forward Alll of the company's activities were acquired during the above financial period, All recognised gains and losses are included in the profit and loss account ‘The notes on pages 10 to 24 form part of these financial statements. 11 months ended 30 June 2005 £ 3,618,533, (4,503,264) (66,747) 7,500 121,241 (822,737) (103,303) (926,040) (026,040)Wycombe Wanderers Football Club PLC Balance sheet at 30 June 2005 30 June 30 June Note 2008 2008 £ £ Fixed assets Goodwill 9 (2,303,763) Intangible assets 10 78,469 Tangible assets u 5,902,385 4,677,091 Current assets Stocks 12 49,452 Debtors 13 293,682 Cash at bank and in hand 1311 350,511 Creditors: amounts falling due within one year 14 2,524,182 ; Net current liabilities (2.173.671) Total assets less current liabilities 2,503,420 Creditors: amounts falling due after more than one year 15 (2,343,811) Provision for liabilities and charges 16 (53.547) 106,062 Capital and reserves Called up share capital 7 1,032,102 Profit and loss account 18 (926,040) Shareholders’ funds - equity 106,062 financial\stgtements were approved by the Board on 11 October 2005 ks Director ‘The notes on pages 10 to 24 form part of these financial statements.‘Wycombe Wanderers Football Club PLC Cash flow statement for the period ended 30 June 2005 11 months 11 months ended ended 30 June 30 June Note 2005 2005 £ £ ‘Net cash outflow from operating activities 25 (784,639) Returns on investments and servicing of finance Donations received 116,241 Interest paid (100,940) ‘Net cash inflow from returns on investments and servicing of finance 15,301 Capital expenditure and financial investment Payments to acquire tangible fixed assets (178,155) ‘Transfer fees paid (43,602) Transfer fees received 7,500 (214,257) (983,595) Financing ‘New loans 595,000 Loans repaid (124,500) Hire purchase and finance repayments (1,625) ‘New shares issued 617,602 1,086,477 Increase in cash 7 102,882 ‘The notes on pages 10 to 24 form part of these financial statements,Wycombe Wanderers Football Club PLC Notes forming part of the financial statements for the period ended 30 June 2005 1 Accounting policies The financial statements have been prepared under the historical cost convention, as modified by the revaluation of land and buildings and are in accordance with applicable accounting standards. The following principal accounting policies have been applied: Turnover Tumover is wholly attributable to the principal activity of the company and represents the total amount receivable from match receipts, commercial and other activities, excluding VAT. Intangible assets ‘The cost of players’ registrations, comprising transfer fees payable and signing on fees, is capitalised and the cost is amortised over the period of the contract to which the registration relates. ‘The carrying value is reviewed to take into account any perceived impairment of the value of the registrations, ‘Transfer fees receivable are recognised in the period in which the registration is transferred and any profit or loss arising is dealt with in the profit and loss account. Contingent transfer fees receivable are recognised once the contingent conditions have been met. Depreciation Depreciation is provided to write off the cost or valuation, less estimated residual values, of all fixed assets, except freehold land, evenly over their expected useful lives. It is calculated at the following rates: Freehold buildings and football pitch --—-2% ~ 15% straight line Equipment, fixtures and fittings - 525% straight line No depreciation is provided on freehold land. Goodwill Goodwill arising on the transfer of trade and assets to the company is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired. Negative goodwill is capitalised and amortised through the profit and loss account in the period in which the net assets are recovered. The directors estimate of this period is equal to the remaining useful economic life of the stadium which is 35 years. Impairment tests on the carrying value of goodwill are undertaken: * at the end of the first full financial year following the transfer of trade and assets; © in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment of fixed assets and goodwill ‘The need for any fixed asset impairment write down is assessed by comparison of the carrying value of the asset against the higher of its realis 10Wycombe Wanderers Football Club PLC Notes forming part of the financial statements for the period ended 30 June 2005 (Continued) 1 Accounting policies (Continued) Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal. Deferred taxation Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date except that: * deferred tax is not recognised on timing differences arising on revalued properties unless the company has entered into a binding sale agreement and is not proposing to take advantage of rollover relief; and ‘the recognition of deferred tax assets is limited to the extent that the company anticipates to make sufficient taxable profits in the future to absorb the reversal of the underlying timing differences. Deferred tax balances arising from underlying timing differences in respect of tax allowances on industrial buildings are reversed if and when all conditions for retaining those allowances have been met. Deferred tax balances are not discounted. Assets held under finance leases and hire purchase contracts Fixed assets held under hire purchase contracts, and those financed by leasing agreements which give rights approximating to ownership (ie finance leases) are treated in accordance with Statement of Standard Accounting Practice No 21 as if purchased outright. ‘The corresponding obligations are included in creditors. Depreciation is provided, depending on the type of fixed asset, by the rates and methods set out above or for finance leases, over the period of the agreement if less. Where material, the related finance costs are charged to the profit and loss account in proportion to the outstanding. balances of the contracts. For other contracts the finance costs are charged to the profit and loss account ona straight line basis. Operating leases Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit as incurred, Pensions ‘The company operates a stakeholder pension fund. Football Trust grants Football Trust grants for capital expenditure are credited to a deferral account and are released to Tevenue over the expected usefil life of the asset. u‘Wycombe Wanderers Football Club PLC Notes forming part of the financial statements for the period ended 30 June 2005 (Continued) a 3 4 ‘Turnover Tumover is wholly attributable to the principal activity of the company and arises solely within the United Kingdom, Operating loss ‘This is stated after charging/(crediting): Directors’ emoluments (see note 5) Auditors’ remuneration Depreciation Operating lease charges Amortisation of players Amortisation of goodwill Employees Staff costs consist of: ‘Wages and salaries Social security costs ‘The average number of employees, during the period was: Players, player management and groundsmen Administration Directors 11 months ended 30 June 2005 £ 9,000 197,238 55,908 66,747 35,065) 11 months ended 30 June 2005 £ 2,084,175, 186,695 2,240,870 Number 47 30 5 82Wycombe Wanderers Football Club PLC Notes forming part of the financial statements for the period ended 30 June 2005 (Continued) 5 Directors ‘None of the directors received any remuneration during the period, 6 Interest payable and similar charges 11 months ended 30 June 2005 £ Bank overdraft 274 Other loans 39,901 Hire purchase agreements 128 103,303, 7 Taxation on loss on ordinary activities No taxation charge arises due to the incidence of losses incurred and capital allowances claimed during the period. ‘The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The differences are explained below: 11 months ended 30 June 2005 £ Loss on ordinary activities before tax (926,040) Loss on ordinary activities at the standard rate of corporation tax in the UK of 30% (277,812) Effects of: ‘Non deductible expenses 40,752 Depreciation 64,874 Capital allowances 33,368) Amortisation of negative goodwill (10,520) Grant income released (11,336) Non-taxable donations (36,372) Movement on unprovided deferred tax asset 263,782 Current tax charge for period a B‘Wycombe Wanderers Football Club PLC Notes forming part of the financial statements for the period ended 30 June 2005 (Continued) 8 Deferred taxation Not Provided _ provided 30 June 30 June 2005 2005 £ £ Deferred capital gains tax - 205,110 The deferred taxation not provided represents an estimate, at the current rate of corporation tax, of the taxation liability which would crystallise on the sale of the stadium, There are no other potential tax liabilities arising from the difference between the tax written down values of assets qualifying for tax allowances and the net book values of those assets, due to the availability of tax losses. FRS 19 required deferred tax assets (including those arising from tax losses) to be recognised to the extent that they are regarded as recoverable. Because of the uncertainty of future taxable profits becoming available to utilise the current tax losses available, no provision for a deferred tax asset has been made. 9 Goodwill Negative goodwill arising on acquisition £ Cost ‘Transferred in at | August 2004 1,338,828 At30 June 2005 1,338,828 Amortisation Transferred in at 1 August 2004 i Charge for period 35,065 At30 June 2005 35,065 Net book value At 30 June 2005 1,303,763 ‘Transferred in at 1 August 2004 1,338,828 “4‘Wycombe Wanderers Football Club PLC Notes forming part of the financial statements for the period ended 30 June 2005 (Continued) 10 Intangible fixed assets ‘Transfer fees paid for players’ contracts £ Cost Transferred in at 1 August 2004 214,500 Additions 520 Disposals ai,918) At30 June 2005 203,102 Amortisation ‘Transferred in at 1 August 2004 67,886 Charge for period 66,747 Eliminated on disposal (10,000) ‘A130 June 2005 124,633 Net book value ‘At30 June 2005 78,469 ‘Transferred in at | August 2004 146,614‘Wycombe Wanderers Football Club PLC Notes forming part of the financial statements for the period ended 30 June 2005 (Continued) 11 Tangible fixed assets Freehold Equipment land and fittings and buildings equipment Total £ £ £ Cost or valuation Transferred in at 1 August 2004 6,149,081 906,434 7,055,515 Additions. 53,547 178,155 231,702, Disposals = 220,989) (220,989) At 30 June 2005 6,202,628 863,600 7,066,228 Depreciation Transferred in at 1 August 2004 470,274 698,312 1,168,586 Charge for the period 111,656 85,582 197,238 Disposals = 201,981) (201,981) ‘At 30 June 2005 581,930 581,913 1,163,843 Net book value At 30 June 2005 5,620,698 281,687 5,902,385 Transferred in at 1 August 2004 5,678,807 208,122 5,886,929 12 Stocks 30 June 2005 £ Goods held for resale 49,452 16‘Wycombe Wanderers Foothall Club PLC Notes forming part of the financial statements for the period ended 30 June 2005 (Continued) 13. Debtors 30 June 2005 £ ‘Trade debtors 221,541 Prepayments and accrued income 71,984 Other debtors 187 293,682 14 Creditors: amounts falling due within one year 30 June 2005 £ Bank overdraft 1,099,237 Trade creditors 484,777 Other taxes and social security 119,748 Other creditors 3.871 Loans 30,000 Accruals and deferred income 786,549 2,524,182 "7‘Wycombe Wanderers Football Club PLC Notes forming part of the financial statements for the period ended 30 June 2005 (Continued) 15 Creditors: amounts falling due after more than one year Loans Accruals and deferred income 30 June 2005 £ 1,087,463 1,256,348 2,343,811 Included within the above loan balance is a trade loan of £492,463 and directors’ loan notes of £595,000. The trade loan is secured by a mortgage on the company's freehold land and buildings and by fixed and floating charges over the company’s other assets. The directors’ loan notes do not attract interest and rank as unsecured creditors of the company. Each loan note shail be redeemed in five equal annual instalments with the first instalment due on the fifth anniversary of the date of issue of the note. Loans are due: ‘In one year or less, or on demand Jn more than one ycar but not more than two years Jn more than two years but not more than five years In more than five years 16 Provisions for liabilities and charges Atl August 2004 Freehold land and buildings At 30 June 2005 30 June 2005 £ 30,000 30,000 209,000 848,463 1,087,463 Stamp duty £ 53,547 53,547 ‘The liability has arisen on the transfer of frechold land and buildings into the company from Trekdrear Limited (note 20). 18‘Wycombe Wanderers Football Club PLC ‘Notes forming part of the financial statements for the period ended 30 June 2005 (Continued) 17. Share capital Allotted and Authorised called up Paid up 2005 2005 2005 £ £ £ Equity share capital Ordinary shares of £1 each 3,999,500 1,089,352 1,031,602 Founder shares of £1 each 500 500 500 4,000,000 1,089,852 1,032,102 Note: In the event of the company being wound up, a maximum of £1,320,000 of the surplus assets (if any) is to be distributed by the Company as directed by the directors of the Founder Shareholders Trust to The Football Association Benevolent Fund or to some club or institute situate within the High Wycombe area having objects similar to those set out in the Company’s Memorandutn of Association. 18 Reserves Profit and loss account £ At] August 2004 - Loss for the period (926,040) AG 30 June 2005 (926,040) 19Wycombe Wanderers Football Club PLC Notes forming part of the financial statements for the period ended 30 June 2005 (Continued) 19 Reconciliation of movements in shareholders’ funds 30 June 2005 £ Opening shareholders’ funds - Share capital issued 1,032,102 Loss for the period (926,040) Closing sharcholders' funds 106,062 20 Acquisitions Acquisition of Trekdream Limited assets and liabilities. On 31 July 2004, the company acquired all of the assets and liabilities of Trekdream Limited. The consideration paid was 500 founder member shares of £1 each, by means of a Companies Act Section 425 Scheme of Arrangement. ‘The directors have provisionally assessed the book value of assets and liabilities and consider them to be the same as their fair value. Book value & Fixed assets: Tangible assets 5,886,929 Intangible assets 146,614 Current assets: Stocks 73,153 Debtors 431,804 Cash at bank and in hand 44,711 Total assets 6,583,211 Creditors: Due within one year (1,675,666) Bank overdraft (0,239,453) Due after one year (2,328,764) Net assets, 1,339,328 20Wycombe Wanderers Football Club PLC Notes forming part of the financial statements for the period ended 30 June 2008 (Continued) 20 Acquisitions (Continued) a Share consideration Net assets acquired Negative goodwill arising on acquisition ‘The results of Trekdream Limited prior to its acquisition were as follows: Profit and loss account ‘Tumover Operating loss Net interest payable Loss on ordinary activities before taxation ‘Taxation on loss from ordinary activities Loss for the year Statement of recognised gains and losses The company had no recognised gains or losses other than the loss for the above period. Contingent liabilities 1 July 2004 to 31 July 2004 £ 180,041 (130,890) (7,170) (138,060) (138,060) £ 500 1,339,328 (1,338,828) 13 months ended 30 June 2004 £ 4,560,020 (563,882) (96,337) (660,219) (660,219) “The terms of repayment of the long term loan (1) referred to in note 14 are dependent upon certain criteria being met by the company including the purchase of specified quantities of goods from the lender. No provision is included in the financial statements for any adjustments to either the term of the loan or the interest provisions on the loan. pa‘Wycombe Wanderers Football Club PLC Notes forming part of the financial statements for the period ended 30 June 2005 (Continued) 22. Commitments under operating leases As.at 30 June 2005, the company had annual commitments under non-cancellable operating leases as set out below. 30 June 2005 Land and buildings £ ‘Operating leases which expire: Within one year 7 In two to five years 5,200 Over five years 7 5,200 23 Pension commitments 30 June 2005 Other £ 14,366 6,049 5,400 25,815 ‘The company operates a stakeholder pension scheme for its employees. No contributions are made by the company on behalf ofits employees. 24 Related party transactions Included under loans (note 14) are loans from the directors in the form of Loan Notes: IL Beeks BL Kane SE Hayes 30 June 2005 £ 100,000 100,000 395,000 595,000 Mr SE Hayes is a director of Loans.co.uk to which sales of £51,333 were made during the period. At 30 June 2005, £10,688 was owed to the company. 2‘Wycombe Wanderers Football Club PL Notes forming part of the finan statements for the period ended 30 June 2005 (Continued) 25 Reconciliation of operating loss to net cash inflow from operating activities Operating loss Depreciation charges Loss on sale of fixed assets Amortisation of players Amortisation of negative goodwill Donations received Profit on disposal of players, Decrease in stock Decrease in debtors Decrease in creditors Net cash outflow from continuing activities 26 Reconciliation of net cash outflow to movement in net debt Increase in cash Cash to repay hire purchase and lease finance ‘Cash outflow from decrease in debt Change in net debt Opening net debt Closing net debt 2B 30 June 2005 £ (822,737) 197,238 19,008 66,747 (35,065) (121,241) (7,500) 23,701 143,122 (247,912) (784,639) 30 June 2008 £ 102,882 1,625 (50,500) 54,007 (2,263,330) (2,209,323)Wycombe Wanderers Football Club PLC Notes forming part of the financial statements for the period ended 30 June 2005 (Continued) 27 Analysis of net debt Cash in hand and at bank Overdrafts Debt due after one year Debt due within one year Hire purchase and finance leases Total 24 At 1 August 2004 £ 44,711 (1,239,453) (1,194,742) (1,011,963) (85,000) (1,625) (2,263,330) Cash flow £ 7334) 140,216 102,882 (75,500) 25,000 1,625 54,007 At 30 June 2005 £ 1371 (1,099,237) (1,091,860) (1,087,463) (30,000) (2,209,323)