Carlisle United Supporters’ Trust – Financial Summary 2023-24

Business Review
The society negotiated a new shareholders’ agreement with the club’s prospective new owners, Castle
Sports Group Ltd in November 2023. This helped facilitate the takeover of the club in the same month. The Society’s holding was reduced from 25.4% to 10% of CUFC Holdings Limited as part of this process. The agreement includes heritage matters which require unanimous shareholder consent, including the name of the football club, the design of the club’s crest, the home shirt colours and location of the stadium.

Matt Spooner succeeded Nigel Davidson as representative on the club’s main 1921 Board, with David Noble acting as his alternate. Later in the year, Dave stepped down from the board and Billy Atkinson, the existing CUFC Holdings board rep, replaced Dave as 1921 Board alternate.

During the summer of 2024 the Society polled its members on some potential changes. This consultative
exercise produced a change of trading name from Carlisle United Official Supporters Club (CUOSC) to
Carlisle United Supporters’ Trust. Alongside this change, the Society adopted a new logo and launched a
new website with an online shop selling items ranging from commemorative plaques to tee-shirts, pin
badges and mugs.

The Society sponsored Georgie Kelly during the 2023-24 season and also for the 2024-25 season. Further
sponsorship of the women’s team took place with £1,000 of support. Members were rewarded with prizes
ranging from places in the boardroom to signed home shirts and, from this season, further places on match days in the new commercial lounge in the East Stand, which will be funded by the society.

Investment in CUFC Holdings Limited
The society’s investment in CUFC Holdings Limited in the period has not been adjusted in these accounts.
The accounts for CUFC Holdings Limited to 30 June 2023 reflect a loss for the year but also a large upwards revaluation of the stadium. The net assets of CUFC Holdings Limited at 30 June 23 were £8.1m. However, the Society’s holding has reduced from 25.4% to 10%. This holding provides little control and a 10% holding would always be heavily discounted. Therefore the board have decided to leave the value at £200,000 in these accounts.

Memberships
Memberships rose sharply in wake of the clubs change of control and passed the 1,000 mark during the
year. The increased membership was the main driver behind a surplus for the year of £7,400.
This figure was also boosted by sales noted above. The Society as part of its community role have been
active members of the Carlisle United Supporters Groups and has continued its membership of the Football Supporters’ Association.