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tracking sheet now up
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The_Wookie picked up a couple of things from you spreadsheets. Haven't looked at Carlton but have the others.
Essendon's current assets are $3.54m not $35.54m.
Hawthorn - as you have put the consolidated figures I think you should add 1 bit of info and make 1 adjustment
The bottom of Note 4 Revenue it says the following about $6.729m Other Income re JobKeeper
** The Group has qualified for and complied with the conditions to receive wage subsidy grants from the Federal Government during 2020. The grant income has been presented within other income. During 2020 the Group has recognised $5.4m (2019: nil).
Hawthorn split Gaming income from Bar and Bistro income whereas other clubs just have a one line item for this. Think its correct to leave out the Accomodation income.
That means those two totals are $8.23m for 2020 and $19.94m for 2019.
View attachment 1022710
The 657k and 356k figures in our financial statements which are listed as grants are almost certainly amounts given by governments and NGO health bodies for us to spend on community/health programs like the Sons/Daughters of the West programs and not just amounts which would significantly improve the bottom line. Note 2 of this year's report indicates that this is the case:The_Wookie I have taken your first lot of columns of info and added the grants from governments and donations probably all with Australian Sports Foundation eligible projects status so donors can get a tax deduction for building new facilities at their training base. Different clubs handle these differently and some include and some exclude these amounts as part of their normal operating profits figure announcement.
Also some clubs include amounts as part of normal operations and/or have amounts as part of comprehensive profits component of their income statement. Bulldogs have had both.
The Bulldogs have note 6 in their accounts saying the $657k in 2020 and $356k in 2019 are different grants to Whitten Oval redevelopment grants. They disclosed an addition $900k in 2020 and $2m in 2019 in grants in their profits after their profit before the redevelopment figures of $1.71m profit in 2020 and loss of $0.16m in 2019, but showed expense of $936.9k in 2020 and $286.8k in 2019 against these grant amounts.
Hawthorn continue to be a bit different. Your figures of Revenue of $40.48m is $42.04m - cost of sales of $1.56m in 2020 and $73.27m is $76.199 - cost of sales $2.931m in 2019.
I have taken all revenue items as per their Note 4 I posted in post 78 above to be consistent with how other clubs report gross income before any cost of sales.
But as you will see they have a line in normal revenue of Donations and Special Fundraising of $785k in 2020 and $559k in 2019. As that's too hard to know what its for and the exact break down I have ignored it. I will update the other clubs' figures when they get released.
View attachment 1023156
Grants and contributions Certain grants received by the Club from government and non-government organisations are reciprocal transactions whereby there are certain conditions attached to the grant which much be satisfied. The Club assessed that these grants generally comprise a single performance obligation that is satisfied over-time by conducting specified activities (a ‘program’) as set out in an enforceable agreement. These activities are conducted in accordance with an agreed budget upon which the Club must provide an acquittal. The Club has determined that an output method of income recognition (represented by the satisfactory completion of the program by conducting the agreed activities) best reflects the satisfaction of the performance obligation and therefore revenue is recognised at that point in time.
JobKeeper payments from 28 March to 27 September were $19,500 per employee paid in cash by early October. The 2 x October $1,200 fortnights were paid in November some clubs could have accrued for that.From what i've seen of the 2020 financials, 2 things stand out - first is how big jobkeeper is for AFL clubs, it basically makes the difference between breaking even and making a huge loss. The second is that no club seems to be accounting for 2021 credits for members. That may well be because no members took up the offer from clubs to use their 2020 fees for their 2021 membership (and every club seems to have offered it), but I doubt it.
The 2021 membership credits are either missing, or buried in Payables or another item, or maybe because the amount is small, so totally ignored. How many clubs offer membership packages than can be paid for in full or part before 31st October??
Of the 5 clubs who have released their reports, only Richmond have a liability Income Received in Advance for 2020 or 2019 in their balance sheet or notes as part of a liability. Their 2020 figure is $1.1m less than 2019.
I know West Coast has a comprehensive note splitting up their 4 or 5 sources of their Unearned Income / Income Received in Advance. The crows moved their membership auto renewals from mid November to mid October in 2016 and they have a liability called Unearned Income and the note says its income received in advance and over 90% of that is memberships prepaid in full or part.
Port copied the crows in 2017, changing their auto renewals to mid October and in their Trade and Other payables they have a not of the split up of those sources and one is Income Received in Advance and that amount would be 90%+ made up of prepaid memberships in full or part.
Yeah I know you are.I'm talking about 2020 membership fees that clubs let members elect to be provided as a credit to 2021, not 2021 membership fees paid early.
AFAIK most clubs offered it - I took up the 50% option with my Freo membership. So I have a $500 credit there that offset my 2021 bill.
Yeah I know you are.
But if clubs have never collected membership fees before 31st October for the next season, they don't have any experience of collecting fees in advance and having a liability called income received in advance, so they have probably ignored it, is what I'm getting at.
Yeah I know you are.
But if clubs have never collected membership fees before 31st October for the next season, they don't have any experience of collecting fees in advance and having a liability called income received in advance, so they have probably ignored it, is what I'm getting at.
Of course they would, but clubs do plenty of iffy things and its all cleared.The clubs mightn't have much experience there, but I'd certainly hope their accountants/auditors would recognise a such a liability fairly easily.
They took that page down pretty quickly.Interesting overview from outside the industry:
!
They took that page down pretty quickly.
Yeah you have to go thru this link first, https://federation.edu.au/news then click on The AFL season is over ... linkTry again: https://federation.edu.au/news/articles/the-afl-season-is-over-let-the-financials-begin!
Its open at this end as the fingers do the talking, its in the newsroom.
Good luck.
The revenue provides interesting reading, the effect of Covid, where $31mil* went. This is not a knock on the Pies.
Revenue and other income
AFL distribution 9,929,681 11,534,172
Commercial activities 10,236,152 20,233,386
Function centres 4,284,958 7,690,124
Membership and match day 15,851,219 30,985,842
Other 1,290,364 2,114,988
Revenue 41,592,374 72,558,512 ....... *down $31mil
Rent Relief 1,360,317 -
Government subsidies 4,287,716 -
Interest income from operations 16,132 12,307
Interest and dividend income from investments 565,684 506,061
Net (loss)/gain arising from financial assets measured at FVTPL (297,450) 342,218
Total Revenue and Other Income 47,524,773 73,419,09
Not a shock that that we lost so much on the match day given we went from 60K home game average to 0. Also loss of income from the Glass House was inevitable
The details of the commercial activities drop would be interesting.
More generally at this point with 7 of the Melbourne clubs reporting, there is a net consolidated profit which is astonishing really.
Of course they would, but clubs do plenty of iffy things and its all cleared.