WEYMOUTH Football Club’s finances are “safe” despite recording a loss of more than £290,000 for the 2021/22 financial year, CEO Paul Maitland said.

Maitland’s prognosis came at the club’s annual general meeting, with the Terras having undertaken drastic efforts to stabilise their accounts.

Back in October, documents released on Companies House shed light on the £291,111 loss up to the year ending May 31, 2022.

Those figures were presented to shareholders this evening (Tuesday), along with a breakdown of costs and income matched against the healthier figures for 2020/21, yielding a profit of £54,532.

Figures show Weymouth’s wage bill rose by 52.85 per cent, having risen by 63.46 the previous year.

READ MORE: Weymouth lose £291,111 in single year of trading

Those jumps were connected to the club’s presence in the National League, the club’s participation in which Maitland feels left the accounts “mortally wounded”.

Addressing shareholders, Maitland said the financial situation, which has since been steadied, was “disastrous” and he felt “bewildered” at the circumstances.

He estimates a full recovery from the financial past could take up to three years.

He thanked those that stepped in to save the club and stressed the club is now financially safe, albeit in a financially limited position.

Finances continue to affect the Terras on the pitch, with manager Bobby Wilkinson severely restricted in playing budget terms.

Maitland also highlighted plans for additional revenue streams and improved economic growth and emphasised the need for stability, including extending by two years Wilkinson’s improved contract.

His decision to stay, along with interim financial consultant Simon Etherington, was a further measure of solidarity and stability.

Weymouth also plan to restructure the company and re-engage with the community.

Weymouth are additionally expected to return to a part-time model for the 2023/24 season, regardless of division.

Elsewhere, directors Steve Walkinshaw and Pete Saxby were re-elected while Pete Nash, Kelvin Hastings-Gordon and Bob Russell will all continue in their board roles.

Questions from shareholders were then answered, including the matter of a potential 4G pitch.

Maitland stressed a 4G would require significant investment and only select days in which to generate income, once the club’s various training sessions at all levels were booked.

Currently, Maitland added, the cons outweigh the pros of installing a 4G.

Weymouth were then asked why the club overspent, with Maitland admitting the club’s setup did not allow for the club to chase the National League dream.

He pointed towards the current National League season, which overall has seen eye-watering amounts spent by teams including Wrexham and Notts County.

Maitland insisted accountability is everything and that Weymouth have been more open since August, keeping supporters in the loop.

Maitland further explained that the removal of Brian Stock as manager in January 2022 had been the start of a well-documented chain of events leading to the financial strife.

On the pitch, Weymouth are back in action on Good Friday at Havant & Waterlooville (3pm).

Bobby Wilkinson’s men are 23rd and remain five points off safety with six games to play.