NEWPORT County AFC have revealed that they received a total of £661,000 for the sales of Conor Washington, Regan Poole and Aaron Collins.

The information is disclosed in the club’s audited accounts for the financial year ending on June 30 last year, which were recently submitted to Companies House and the Football League.

The money received for Washington, Poole and Collins is listed under ‘post-balance sheet events’ as it came in after the end of the last financial year.

The Exiles benefited from a sell-on clause following Washington’s move from Peterborough United to Queens Park Rangers in January this year.

Collins left Rodney Parade for Wolverhampton Wanderers in the same month, while Poole joined Manchester United last September.

Both Collins and Poole could yet earn County more money based on appearances and honours won at their new clubs.

The financial statements are the first produced by the club following the acquisition of a controlling interest by the Supporters Trust, referred to in the document as the Newport County AFC Supporters’ Society Limited, on September 29 last year.

The profit and loss account discloses a loss of £677,000 on turnover of £1,971,000.

This compares with a re-stated loss in the previous year of £569,000 on turnover of £2,051,000.

This level of trading losses was sustained by the club’s then-chairman and major shareholder Les Scadding who invested £526,000 by way of equity and loan in the year (compared to £445,000 in 2013/14).

In the three years to June 2015, Scadding invested a total of £1,659,000 in the club by way of equity and loan.

The report states that Scadding “indicated a desire to step aside from his role at the club in early summer 2015.”

After the Trust raised £236,000 from supporters in a five-week period, Scadding gifted his shares, at an original cost of £1,327,000, to the Trust.

He also wrote off a loan of £32,000 but requested that the balance of his loan of £300,000, which will be interest free, be repaid at a rate of £3,000 per month until January 2024.

The accounts reveal that the Newport County AFC Supporters' Society Limited (Supporters Trust) now controls 62 per cent of shares, Howard Greenhaf 14 per cent and Matt Southall five per cent.

As well as the repayment to Scadding, the club also owes former director Greenhaf £58,000 (compared to £20,000 in 2014).

But the report states: “Repayments have been suspended awaiting clarification of transactions being disputed by the board.”

The report also adds: "Within the financial statements for the period to 30 June 2014, expenditure of £405,594 was capitalised, either as Leasehold Improvements or as Plant and Machinery.

"Assistance of £18,359 was received in respect of this expenditure, and depreciation of £43,255 provided, resulting in a Net Book Value for the Fixed Assets thus capitalised of £343,980.

"The expenditure related to works undertaken at Spytty Park and at Rodney Parade over the preceding five years.

"However, because Newport AFC Limited has no title to either property, and because the works undertaken are incapable of separate identification, the Board considers that the expenditure was inappropriately capitalised.

"Accordingly, the Board has determined to write off its cost, net of depreciation charged and assistance received, as a prior year adjustment.

"Also adjusted within the prior period is £25,000 subscribed in respect of ordinary shares in the period to 30 June 2013, which had been treated incorrectly as a donation within the financial statements for that period."

Capitalising is an accounting method used to delay the recognition of expenses by recording the expense as long-term assets. 

A prior period adjustment is the correction of an error in the financial statements that were reported for a prior period.