Newcastle United had more than £34million sitting in the bank at the end of the last financial year , the club 's full accounts have revealed . The club announced record profits last month of £18.7million for the 2013/14 season , but the full accounts registered with Companies House on Monday show that £38.6million was transferred into Newcastle 's bank account as a cash-flow sum - paying off a £4.5million overdraft and leaving £34.1million available . The revelation has infuriated Newcastle fans who claim owner Mike Ashley has little ambition beyond remaining in the top flight and benefiting from the lucrative Premier League TV deals . Mike Ashley pictured previously at Stamford Bridge as Newcastle United faced Chelsea in January . Newcastle had more than £34m in the bank at the end of the last financial year , the club 's accounts reveal . A protest , backed by the Newcastle United Supporters ' Trust , is planned for Sunday with fans being urged to boycott the home match against Tottenham . The protest comes with the Magpies having lost their last five Premier League matches , including a painful 1-0 defeat at north-east rivals Sunderland . Mark Jensen , editor of online Newcastle fanzine themag.co.uk , said : 'The accounts show that all this cash was generated and the question a lot of fans would ask ( is ) why was a significant portion of that not spent on team strengthening ? 'The idea of a boycott has been building for a long time and you ca n't blame the fans , and I 'm all in favour of it . It 's a starting point where fans may feel empowered and make their feelings known . 'The frustrating thing for them is the money is there but the club wo n't spend it . 'Newcastle United are a club that should be in the top eight every season - that 's the size of the club with the support base it has and the benefit of being a city with one club . John Carver has taken over as manager of the North East club but is struggling to get them in form . The struggling Premier League club announced record profits last month of £18.7m for the 2013/14 season . 'We are going to fall well short of that this season and that equals failure in lots of fans ' eyes . 'It seems that every transfer window the squad keeps weakening . People talk about Newcastle being a well-run business - that may be so in the short term but in the long term we have a squad which needs massive investment . ' The accounts say owner Ashley still has £129million in interest-free loans outstanding but the money in the bank means the club 's net debt is down to £94.8million . The accounts also reveal that £29.8million was spent on signings after June 30 , with £12.6million coming in player sales - mainly from Mathieu Debuchy 's move to Arsenal . The reported income from player sales does not appear to cover the January departures of Mapou Yanga-Mbiwa and Davide Santon , whose sales brought in around a further £8million . Newcastle 's salary bill rose to £78.3million from £61.7million , a 27 per cent increase , but that was more than covered by the increase in income from the new Premier League television deal and sponsorship income - the ratio of wages to turnover dropped from 64 per cent to 60 per cent . The accounts reveal £29.8m was spent on signings after June 30 , with £12.6m coming in player sales - mainly from Mathieu Debuchy 's move to Arsenal ( pictured )
Newcastle had more than £34m in the bank at end of last financial year . The club announced record profits last month of £18.7m for 2013/14 season . The revelation infuriated fans who claim Mapou Yanga-Mbiwa has little ambition .