The figures, for the year ending May 31 2013, show an operating loss of £30.9m, up from almost £13m.
Of the club's overall debt, £66m is owed to current owner Vincent Tan, despite the Malaysian businessman converting £2.5m into equity and writing off interest of £5m.
Club salaries rose from £18.5m to £27m, which was explained by "significant bonus payments" made as a result of promotion from the Championship to the Premier League, while there was an £8m rise in administrative costs.
Tan stated last summer he planned to turn the debt owed to him into equity, and chairman Mehmet Dalman said: "I don't think club supporters should be worried. We've gone into this with our eyes open. We want to get rid of the debt by converting to equity.
"That means Vincent Tan will own this club 98 per cent, and it will have no debt.
"If we remain in the Premier League, debt will not exist and profit will begin to accumulate which means better players, better football and so on."
Chief executive Simon Lim's said in his summary of the accounts: "Our aim has always been to see the football club playing in the Barclays Premier League and in winning promotion last year from the Championship as champions our plans and investments have been vindicated."