WORCESTER City have recorded a financial loss of £27, 978 on the 2019/20 season, their annual financial statement has shown.

The club released the report this afternoon, which also confirmed the club's value has dropped from £116,120 in May 2019 down to £88,142 as of May 2020, which is around a 40-45% drop in value during that year.

COVID-19 has had a significant impact on the club financially as they have not been able to generate the cash flow from ticket sales, due to playing outside of Worcester.

The club released the following with the full report:

The results for year ended 31 May 2020 are set out in the financial statements and reflect the seventh year of the company’s life away from St Georges Lane following the move in June 2013. During the year under review, games were played at the ground of Bromsgrove Sporting FC.

A good run in the FA Vase did bring additional income, but the continued “exile” from Worcester meant the trend of reduced attendances and difficulties in raising sponsorship also continued to be an issue. A major reduction was seen in our Goldbond scheme income, mainly due to the effects of the Covid-19 lockdown. The curtailed finish to the season did also see reductions in spend for those weeks but whilst costs were reduced compared to 2018/19, these were not as great as the loss in income and the operating loss subsequently increased.

"During the close season a long-term arrangement was made for the club to play its football from the new facilities within the Worcestershire FA campus at Claines Lane.

This facility allows the club to return to Worcester and re-establish itself in its home city. The football club has therefore been able to start the 2020/21 campaign back in Worcester after 7 years away.

The restrictions caused by the Covid-19 induced rules have impacted on full use of the facilities, but the interest from the community in terms of both attendance and sponsorship/fund raising have vindicated the positive arguments for the return.

"The directors are confident that the return will allow the club to return to a break-even situation and solidify its status in the English football pyramid system, as a community-owned football club."