by Luke Cawdell

Gillingham Football Club have announced a loss of close to half a million pounds in their latest set of financial accounts.

Those accounts, for the year ending May 31, 2010, correspond to last season where the Gills were relegated from League 1 on the final day of the season.

The loss of £463,000 is almost double that recorded in the previous season of just over £250,000.

The club are still being propped up by the Bank of Scotland, whose loan facility increased to £3,371,403.

Gillingham’s net debt as of May 31 stood at £3,183,466.

They were boosted by a loan of around £400,000 by company director Michael Anderson, who was appointed the previous year.

Turnover at the club, which includes gate receipts, Football League pool, commercial activities and advertising, totalled £4,780.003, which was down slightly on the previous year.

Wages increased in the year to £2,131,651 with the club paying directors’ remuneration of £173,913, up from £151,000 the year previously, while the wife of the Chairman Paul Scally (pictured) also appeared on the accounts, taking £20,779 for performing consultancy services.

The club remain a “going concern” with the bank overdraft being secured against Priestfield Stadium.

That overdraft could still be recalled at any time as it is on an informal basis. The club’s directors are currently in negotiations with the Bank of Scotland to set up a formal overdraft facility.