NEWPORT County AFC unsurprisingly saw a rise in almost all aspects of their finances in 2014, their first season back in the Football League.

The club shared their accounts this evening at their AGM, with shareholders asking questions for just under an hour following the ratification of the accounts. Shareholders also voted to allow the directors to continue allocating shares in the club as they see fit.

County reported a rise in turnover, from £1,227,623 in 2013 to £2,220,738 in 2014, with gross profit increased to £161,175, up from £137,263 in 2013.

However, the Exiles also saw their operating loss increase from £342,408 to £567,820 (before exceptional items). The total loss for the financial year ending June 30, 2014, was £568,671. This figure is down in comparison to 2013, reflecting that chairman Les Scadding invested £263,626 to pay previous debts.

However, County reported a sharp increase in terms of tangible assets, from £46,413 to £451,219, reflecting the completed work on BarAmber, County’s training base and an asset that they own. The directors also acknowledged money spent on improvements at Rodney Parade that were only necessary due to County’s presence as tenants at the stadium.

The Exiles have continued their aim of reducing the debt to creditors and have shifted the number from £650,418 in 2013 to £482,169 last year.

The overall figures owed to creditors, is increasingly a case of leading directly to two men, Mr Scadding and director Howard Greenhaf.

Mr Scadding’s contribution for 2014 in terms of funds and assets introduced was £588,700, with £319,650 worth of loan converted into shares. Mr Greenhaf’s contribution in terms of construction work on BarAmber and Rodney Parade was valued at £373,000, with the total converted to shares.

So the Exiles seem to be increasingly reliant on the contribution of Mr Scadding, in particular, with the chairman again reiterating that the club are actively seeking further investment.

Mr Greenhaf revealed that the club expect to appoint a new general manager within a week, with the interview process already completed, and will interview candidates, including Mike Flynn, to take the post of Academy Manager.

It was also announced that Mark Crook, of Henry Howard Finance, has been appointed as a non-executive director.

Mr Greenhaf acknowledged that the club have had a problem with communication and also vowed to improve the club website.

The accounts were presented by Kilsby and Williams LLP whose representative confirmed that there is “no good reason” why the next set of accounts can’t be available sooner.

The County board later released the following statement: "In a tough financial climate it was pleasing that Newport County AFC almost doubled turnover, whilst at the same time managing to reduce operating losses during our first season back in the Football League.

"As we strive to become more sustainable for the good of the long term future of the football club, it is pleasing to see operating losses falling, but at the same time turnover increasing.

"We have also seen an improvement in our net debt position with the conversion of loans to equity from the two directors. Additional improvement has been made post balance sheet due to the conversion by Les Scadding of loans to equity further improving the net debt position.

"The board would like to take the opportunity to thank supporters for their continued support, it is very much appreciated by all at Newport County."