Lincoln City accounts 2023/24

An image of the Lincoln City club badge

Lincoln City have released their accounts for the financial year ending in June 2024.

Season review

A fantastic 16-game unbeaten run from mid-January to mid-April saw us push into the top six with one game to go but ultimately miss out on a promotion play-off place by just two points with a final day defeat. This was a remarkable recovery after a disappointing run hampered by injuries to attacking players and red cards culminated in a 2-0 defeat at Blackpool on New Year's Day. The signings of Joe Taylor (on loan) and Jack Moylan, plus the return of Freddie Draper from a successful loan spell in League Two together with Ben House and Reeco Hackett returning from injury were key to the revival. A three-game run in which the Imps scored 16 goals with Joe and Jack scoring six and four times respectively was a particular highlight.
 
In a disrupted first half to the season, we parted company with head coach Mark Kennedy and his assistant Danny Butterfield with the team sitting 16th in the league. Tom Shaw steadied the ship for a month earning a notable home win over Charlton Athletic during that period before Michael Skubala was appointed as the new permanent head coach on a four-year deal with Tom as his assistant.
 
Cup competitions were again a disappointment with defeats to League Two teams in the first round of the FA Cup and the second round of the EFL Trophy. The Carabao Cup produced the most excitement with a win on penalties over Premier League Sheffield United in the second round followed by a narrow 1-0 defeat in front of a sell-out LNER Stadium to West Ham United.

Player trading

The only significant sale during the financial year was that of Lasse Sorensen to Huddersfield Town on 18 June 2024. The profit from the sale was reduced by a sell-on fee due to Lasse's previous club, Stoke City.
 
Further contingent fees were received from previous sales of Jamie Robson and James Jones, and a small fee was received for Charles Vernam.

The other prominent sale from the summer of 2024 was that of Lukas Jensen. Despite conversations starting in mid-June, the transaction was only formally completed 10 days into July, meaning this fell into the 2025 financial year.

2023/24 result

Despite the higher turnover, administrative expenses increased by 8.6% from £9.3million to £10.1million resulting in an increased loss of just below £3million compared to £2.6million last year.
 
The main reason for the increase in costs was sharply higher staff costs, up from £5.9million to £6.9million. This was attributable to a larger pro budget, an increase in commercial staff, the dismissal of our previous head coach and his assistant along with general staff increases including the securing of senior key management.

Balance sheet

In order to fund the operating losses, player signings and capital expenditure, the company issued shares for cash amounting to £3.9million. With the majority of that investment from the Jabara family, at the financial year-end, HJ-LCFC Holdings LLC was the largest shareholder in Lincoln City Holdings with 32.2% of the issued shares.
 
The Co-Op Community Hub development was completed on time and within budget by the Lindum Group. The final account for the project is being agreed with the overall project costs being around £2.5m (£2.2m being shown in these financial statements in freehold property).
 
Overall cash at the year-end declined from £1.7million to £1.3million but £0.9million of the cash held last year was ring-fenced towards the Stacey West redevelopment. Net assets were higher by £0.9million at £3.8million.

Click here to view the accounts