The accounts show a £1.5million loss, which although significant, is down almost £500,000 on the previous year's record losses.
Chairman Peter Swann said the loss was ‘somewhat inevitable’ given the club’s rapid slide from the Championship, followed by unsuccessful attempts to establish themselves as a League One side last term.
“Surviving as a football club has drastically changed over the years and no one sees these effects more than clubs in the lower reaches,” Swann wrote.
“A difficulty in balancing the books after relegation, a lack of sponsorship due to the economic downturn and a serious drop in income for our fans have all been contributors.
“The biggest contributor though, has been the lack of success on the pitch and the downward slide of the team
United’s wage bill has been reduced by £600,000 to £2.7million – which is the lowest it has been for five years..
Although the club's turnover was down more than £800,000, the Iron’s club shop and the Glanford Park restaurant both increased takings. The latter continues to thrive, boasting a significant increase of £50,000.
The club also received £450,000 in transfer fees.
This is primarily down to the money United received from the Gary Hooper deal, as Celtic reached the group stages of the Champions League. Also included is youth prospect Charles Vernon’s sale to Derby County.
There was also a small proportion of that figure that relates to Bobby Grant’s sale to Rochdale last season.
Scunthorpe’s Annual General Meeting of shareholders will take place in the executive lounge at Glanford Park on Monday, December 16, from 7pm.