Newly-appointed Folkestone Invicta chairman Jim Pellatt admits "all of my Christmases will have come at once" when the club are finally debt-free at the start of next year.

Mr Pellatt has helped steer the club through a five-year Company Voluntary Arrangement (CVA) and to the verge of financial stability.

Folkestone were given a clean bill of health by the Football Association’s financial regulation officer last week and they’re on course to clear the CVA in early 2015.

That thumbs-up from the sport’s national governing body has ended the speculation sparked by Mr Pellatt’s predecessor Mark Jenner regarding the club’s financial dealings.

Mr Jenner, who quit as Invicta chairman in August, made allegations relating to the payment of player wages but the FA’s compliance review endorsed the way Mr Pellatt has been running the club.

He said: "It’s very significant, particularly in the context of what was written. There was no truth in it. It was wrong.

"It was very timely for me. I’ve always said I was happy for somebody to look through the accounts and the payroll, to have somebody else looking over my shoulder.

"I’m not perfect – but there is a huge difference between making a mistake, being out by 10p, and intending to do something wrong. We were absolutely clear that we hadn’t done anything wrong – and our books are in a good state. It’s very reassuring."

The club’s board have formally accepted the FA’s report, which is confidential, but they’re clear in all ‘crucial’ aspects.

Paying off the CVA will allow manager Neil Cugley to strengthen his squad in the latter part of the season – and that’s not far away now.

Mr Pellatt said: "We will definitely pay it off on time and when we do, we’ll be debt-free. We’re up to date with our VAT, our income tax and national insurance.

"For me, it’ll be like all my Christmases have come at once. It was only 11 or 12 months ago that I was still negotiating with the Inland Revenue to keep the wolves at bay.

"Now we can say we’re financially stable."

Read the full story in the Folkestone & Hythe Express.