The Audited Accounts of the Balance Sheet of the Association for the year 2015/16 was approved during the MFA’s Annual General Meeting on Saturday. The accounts covered a period of ten months rather than the usual period of twelve months as the financial year is now being considered to end on March 31st.
MFA Honorary Treasurer Ivan Mizzi explained that the association’s income over the past ten months increased to €6.127,178 from €15,715,241 last year and expenditure went down from €4,918,320 to €4,340,064. This was due to a decrease in direct operating and administrative costs.
Therefore the surplus of income over expenditure before finance and other charges amounted to €1,787,114. Less the finance costs, this was equal to €1,689,869.
Income generated amounted to €3,622,373 – compared to €2,994,333 at the end of the previous year. This was due mainly to the funds received from the UEFA HatTrick Investment Programme which amounted to €950,000. Other remarkable figures was the €442K from the FIFA Assistance Programme, €1.43M from the UEFA HatTrick Annual Solidarity, €344K in other income from UEFA, €115K fromthe UEFA Referee Convention and €102K from sponsorships.
Expenditure amounted to €1,208,615 – compared to €1,281,674 at the end of the previous year. The biggest expense is salaries €517K, followed by referees’ convention expenses €109K, awards, ceremonies and refreshments €85K, general expenses €65, provision for doubtful debts €64K, water and electricity €53K and MFA Officials’ allowances €50K, among others.
Surplus of income over expenditure (after depreciation) €2,183,023 – compared to €1,465,757 at the end of the previous year.
Income generated amounted to €664,231 – compared to €647,318 at the end of the previous year. The biggest source of income was the complex income €438K, course fees €90K and bar concessions €67K.
Expenditure amounted to €865,760 – compared to €878,684 at the end of the previous year. The biggest expenses were wages and personnel expenses €430K and maintenance €232K.
The excess of expenditure over income (after depreciation) was €681,299 – compared to €862,885 at the end of the previous year.
National Teams, Youth and Grassroots Development
Income generated amounted to €1,840,574 – compared to €1,900,166 at the end of the previous year. The sources were the international matches €1.74M and €100 in sponsorships.
Expenditure amounted to €1,555,184 – compared to €1,879,541 at the end of the previous year. The biggest expenses were travelling and accommodation for the national teams which amounted to €644K, technical staff €597K, bonuses and appearance money €133K.
Surplus of income over expenditure €285,390 – compared to €194,049 at the end of the previous year.
Income generated amounted to €52,533 – compared to €57,112 at the end of the previous year. The sources of income were fines for clubs and damages €18K and other disciplinary fines €33K.
Expenditure amounted to €588,818 – compared to €67,015 at the end of the previous year. The biggest expenses were ground rental assistance €172K, referees fees €291K, match expenses €45K and assistance in league/cups €43K.
The excess of expenditure over income was €536,285 – compared to €549,903 at the end of the previous year.
With regards to Football Social Responsibility, several donations were presented to various organisations including Istrina €12K, Captains of Change €3.55K, Puttinu Cares €3K, Millennium Chapel €1.5K, Alive €100, Dar Tal-Provvidenza €500 and individuals €6,340.
Balance carried forward is €51,768.