GILLINGHAM chairman Paul Scally paid himself a salary of £141,000 with benefits in kind of £5,878. The figures are contained in the directors' report and accounts for the year ended May 31, 2001 which show a turnover of £6,606,989 with a profit, after taxation, of £347,983 and net assets of £2,921,013.

The directors value the playing squad at £6,635,000. The report confirms that it will cost another £2.2 million to complete the re-development of Priestfield Stadium. In a letter to shareholders, Mr Scally says that the decision to withdraw from the Ofex market was not taken lightly.

He says: "Following a strategic review by the directors it was decided that the Ofex listing did not serve the club as was originally envisaged and was unlikely to assist the club over the coming years in its development. The de-listing will benefit the club in its fund raising efforts as it will remove what the directors believe is an unrealistic valuation, currenty £3.52 million, from the club.

"You will observe that the audited results show a turnover of £6,606,989, compared with £4,392,543 for the corresponding period last year, with a profit after taxation of £347,983. This compares to £1,008,996 last year. Net assets increased from £2,573,030 last year to £2,921,013."

The annual meeting of shareholders will be held at Priestfield Stadium on Thursday, January 17, at 8pm.