Burnley Football Club made a record £30.14m net profit during their Premier League season in the financial year ending June, 2015.
The figure reverses a £7.6m pre-tax loss reported in the previous 12 months, earned during promotion to the top flight.
The accounts also do not include the sale of Danny Ings to Liverpool, for which a compensation fee is yet to be determined.
In a statement to shareholders, Chairman Mike Garlick said: “I’m sure you will all agree that the 2014/15 season was one where we showed great spirit and commitment, both on and off the pitch, and despite our eventual relegation, as a club, we gained a great deal of respect and admiration throughout the football world.
“A net profit of £30.1m is not only the biggest recorded by the club, but also one of the highest in the Premier League as a whole.
“In times of boom and bust for many clubs in the world of football we continue to be regarded by many as a role model of how to run a club in the modern era.”
Mr Garlick added: “It is worth noting that although these financial figures indicate that we now have a large sum of money in the bank, this isn’t the case.
“Decisions were taken early in the season to clear all the clubs external and internal debts, as people will remember that last time we were promoted we did have around £10m of debt, both in terms of external creditors and directors.
“They have been paid off, as have the Turf Moor Bond holders and, of course, the ground buy-back.
“We also committed to stadium improvements, such as the offices and new Clarets Store, as well as redeveloping our training ground at a cost of around £10m, in order to bring us in line with other clubs in both the Championship and Premier League and help to attract the best possible playing talent to the club, whatever their age group.
“Most of the development work will be completed by early 2017, and was long overdue, but lack of funds always previously prevented us from completing these projects.
“If you add all that up, the combined cost of eliminating all debt, plus the new developments is approximately £20m pounds.”
The latest accounts show a turnover of £78.77m, a £59.14m increase compared with 2013/14, due to the club’s Premier League status.
This includes a substantial rise in television rights, as well as increases in match income, catering sales, retail sales and other commercial activities.
All directors’ loans and external loans were repaid in full,
Image: Action Images / Adam Holt