"We maintained one of the top wage bills in the Championship and committed over £1million net expenditure on transfer fees, a substantial investment in Championship terms.
"Since promotion, all available resources have been directed to team strengthening, including additional funds made available by lengthening the repayment periods for our two bank loans.
"We have looked to maximise our available resources by the use of the loan system and the acquisition of free agents.
"Transfer activity can no longer be measured by transfer fee expenditure alone, but the investment in wages for all players, including free agents and loan players, as well as loan fees and agency fees."