Cheltenham Town Football Club made a six-figure loss for the financial year ending May 2018, the club have confirmed.

The loss of £121,261 means the club have reported losses for four out of the past five years - the one exception being a profit of £176,803 in the year to May 2017.

The Club's finance director Clive Gowing explained that running a sustainable club in the lower leagues away from the Premier League big bucks was a constant challenge.

Gowing said: "The profit for year ending May 2017 was based around some exceptional circumstances where the Board were required to look at a two-year picture as we aimed to bounce back from the National League the previous season.

"Running a League Two Football Cub is a very challenging task and as a football club we continue to run a sustainable model based around cash flow.

"Although this may mean that certain years we record losses all of these are calculated based on our cash flow position.

"As a board we continually monitor our accounts and cash flow forecasts and we dedicate time at every board meeting to do this."

The accounts state that the "Company continues to rely on loans from directors and shareholders of £332,971."

Of that total the accounts reveal that, "£120,000 has been paid back in the period since May 31, 2018, though further advances of £70,000 have since been received."

Because the Robins have a turnover of less than £6.5million and a balance sheet total of no more than £3.26 million, they can file abbreviated accounts to Companies House.

As a result, there is no full annual return filed so no profit and loss account to view. However, the club have confirmed that a loss of £121,261 was made for the financial year.

The loss comes despite the sale of midfielder Harry Pell to League Two rivals Colchester United for a fee reported to be in excess of £100,000 in May.

Since the end of the financial year star striker Mo Eisa was sold for a club record - albeit undisclosed - fee to Bristol City, with the transfer believed to be worth in excess of £1million.

The full accounts will be presented to shareholders at an information meeting and fans forum on Wednesday, March 27 at the club's Jonny-Rocks Stadium.

New chairman Andy Wilcox, the owner and CEO of construction company LCI Rail, explained that despite the financial challenge investments were being made.

He said: "Where possible we continue to invest in the club both on and off the field and this can be demonstrated this year with substantial investment at our training ground in a new gymnasium facility, as well as some much-needed investment at the ground.

"I would like to take this opportunity to thank all our supporters and sponsors for the backing they have provided and to thank our staff for their hard work in ensuring we continue to run a financially sustainable football club.

"At times this can be a challenge but we must continue to ensure the club remains a success both on and off the field for years to come."