The period involved ran from July 2004 until last month and Town's prudence again highlighted the clubs excellent reputation as a financially well-run football league club with a small budget. The average League 2 total was £13,500.
Chairman Paul Baker defended the clubs policy, saying to the Western Daily Press: "There are a number of clubs that have a similar policy as our own and I have never known a player not come to Cheltenham Town because we wouldn't pay his agent.
"We don't feel that players at our level need agents and if they feel they do then they are working for the player and should be paid by the player. "