The Audited Accounts and Balance Sheet of the Malta Football Association for the year 2010/2011 were presented during the Annual General Meeting of the Malta Football Association on Saturday.
MFA Treasurer Antoine Portelli explained that during the past season, the Association distributed directly or indirectly the sum of €503,000 to the clubs. Portelli went on to explain that this was the result of the gate money which is now 100% distributed to the clubs and also to various expenses previously paid by clubs such as referee and venue costs which are now fully financed by the MFA.
If these distribution are eliminated the Association would have made a profit of €1.355 million or €100,000 more than last year.
Antoine Portelli explained in detail the “accounting loss” for this year and stated that this is solely due to the large investment in clubs’ infrastructure which for the last 12 months amounted to €3.3m, which is more than was invested in the previous two years altogether. The treasurer stated that he partly disagreed with the fact that this investment was put in the income and expenditure report in one year.
“We could have easily avoided this so called loss by postponing investment until UEFA funds are received, but we (the administration) did not want to waste time and went on with these investments because that is what we promised.”
The treasurer gave details of the achievements of the finance department and also of the future plans. Mr Portelli explained that the new health insurance for the National Teams will cover all National teams and not only the national team A and under 21 side. In addition, players will be covered also whilst playing and training with their respective clubs.
“We believe that each National team player is an asset also of the association, so we have the duty to ensure his/her well being and ensure the best treatment.”
The treasurer also gave details of the new ticketing system which he described as a ‘culture change’, he explained that this will reduce abuse.
The treasurer ended his presentation by giving assurances to all that the MFA’s finances are sound and guaranteed by UEFA.
Antoine Portelli concluded by saying, “The banks would have never sanctioned our new facilities and the auditors would definitely not give us a clean audit report, so rest assured the MFA is financially strong as before, we have just chosen to reduce our profits to give more to the Clubs ”
The association’s income for the year ending 31st May 2011 amounted to €4,376,603 while the expenditure amounted to €3,524,170. The surplus of income over expenditure (after finance charges) amounted to €630,512. However by including the net investment in the member clubs’ infrastructural facilities amounting to €3,278,648, the excess of expenditure over income amounted to €2,648,136.
At the end of season 2010/11, the excess of income over expenditure (profit) amounted to €670,132.
The Accumulated fund at the end of the year therefore amounts to €2,334,791 compared to the €4,982,927 at the end of 2010/11.
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STATEMENT OF FINANCIAL POSITION (Balance Sheet)
Non-Current Assets €12,334,822
Current Assets €1,594,144
Total Assets €13,928,966
Equity & Liabilities
Equity – Accumulated Fund €2,334,791
Non-Current Liabilities €10,190,313
Current Liabilities €1,403,862
Total Equity and Liabilities €13,928,966
DETAILED INCOME STATEMENT
Income: €2,614,618 (€3,445,055 in 2009/10)
(including local matches €29,576; FIFA Financial Assistance Programme €587,751; UEFA HatTrick Annual Solidarity €1;205,000; UEFA Referee Convention €81,466; UEFA other income €521,985; sponsorships €58,877; disciplinary fines – club fines and damages €31,304; disciplinary fines – others €43,307; affiliation and other fees €45,476; advertising €8,678; sundry income €1,198).
Expenditure: €2,525,367 (€2,350,203 in 2008/09)
(including salaries €333,289; MFA officials’ allowances €86,204; foreign officials’ expenses €6,335; referees’ fees €120,172; presentations and gifts €11,165; travelling and accommodation €18,128; professional fees €1,730; course expenses €7,983; match inspectors €29,183; match expenses €11,605; ground rental assistance €52,443; referees kits and equipment €45,977; referees’ fees €142,714; referees training allowance, seminars and other expenses €49,728; advertising and promotion €29,056).
Surplus of income over expenditure (following depreciation amounting to €115,528): €1,456,106
(€1,439,120 in 2009/10)
Income: €503,536 (€758,272 in 2009/10)
(including share of gates €16,232; bar concessions €67,200; advertising €45,599; broadcasting rights €23,853; car park income €8,641; complex income €306,606; football school subscriptions €2,460; course fees €32,945).
Expenditure: €542,991,221 (€534,221 in 2009/10)
(including wages and personnel expenses €228,389; maintenance €180,105; utility costs €61,535).
Excess of expenditure over income (following depreciation amounting to €551,638): €591,093 (€350,226 in 2009/10)
National Teams, Youths and Grassroots Development
Income: €1,258,449 (€1,319,052 in 2009/10)
(including international matches €1,100,851 and players’ sponsorships €157,598) .
Expenditure: €1,271,029 (€1,157,324 in 2009/10)
(includes players’ training allowance €59,868; bonuses and appearance money €41,865; travelling and accommodation for national teams €549,954; kits and training equipment €37,384; technical staff €454,716; insurance and medical €68,525; advertising €3,936).
Surplus of expenditure over income: €12,580 (€161,728 surplus of income over expenditure in 2009/10)