One-Eyed Richmond Forum
Football => Richmond Rant => Topic started by: one-eyed on December 05, 2008, 10:52:31 PM
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Treasurer's Report - Garry Cameron
RFC Annual Report 2008
On behalf of the Board, I am pleased to present the Club's financial report for the year ended 31 October 2008.
2008 REVIEW
It is pleasing to report that the consolidated entity has recorded a profit relating to football operations of $394,724 and a net profit of $8,010,285. The significant net profit is largely attributable to government grants associated with the redevelopment of Punt Road Oval.
Highlights of the result are as follows:
* The profit relating to football operations excluding the impact of the redevelopment and one-off items is $394,724.
* The net profit of $8,010,285 is the highest ever recorded by the Club.
* The Club has recorded profits for the past four consecutive years to rebalance the loss made in 2004.
YEAR NET PROFIT / (LOSS) $000
2008 8,010 (Profit from football operations - 395)
2007 1,031
2006 949
2005 41
2004 (2,195)
Importantly the Club has been able to achieve this significant, sustained increase in profitability while increasing Football Department expenditure by in excess of $3 million between 2005 and 2008:
YEAR FOOTBALL DEPT EXPENDITURE $000
2008 13,427
2007 12,000
2006 10,802
2005 10,277
2004 10,559
* As at 31 October 2008 the Club has net assets of $8.9 million which is a significant improvement on prior years.
YEAR NET ASSETS $000
2008 8,858
2007 848
2006 (183)
2005 (704)
2004 (745)
The Board has previously communicated to members the fact that comprehensive plans were established at the conclusion of the 2004 financial year to put the Club on a sounder financial footing for the future. This year's profit result and more importantly significant improvement in net assets again reaffirms the Board and management's commitment to this plan, and the finance and governance principles that were established to support our operations. It should be noted that the total debt has reduced from $5.2m in 2004 to $3.89m at the end of 2008 and it is the plan of the board to continue to reduce this debt whilst balancing the need for investment in both assets and football department operations to achieve a sustainable competitive position in the AFL.
2009 OUTLOOK
The Club's 2009 budget will target a low to breakeven operating profit as compared to that achieved in 2008 as a result of further reinvestment in the Club's resources (including the Football Department) and given the difficult economic conditions expected to prevail.
The 2008 profit and significant growth in net assets is an excellent result for the Club. The ability to generate a profit despite not making the AFL finals again highlights the dedication of our staff, players, sponsors, members, coterie members, donors and supporters.
Signed:
Garry Cameron
Treasurer
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Seeing as we've received this money from the government as a lump sum, I certainly hope we have used it to pay off all our debt and then redraw from it as required for the redevelopment. It will save us hundreds of thousands in interest over the year or two of the construction. As such by the time we pay it off, the debt remaining will be much lower, especially once you take into account the forthcoming profits as well.
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Seeing as we've received this money from the government as a lump sum, I certainly hope we have used it to pay off all our debt and then redraw from it as required for the redevelopment. It will save us hundreds of thousands in interest over the year or two of the construction. As such by the time we pay it off, the debt remaining will be much lower, especially once you take into account the forthcoming profits as well.
Would be nice Imfamy.
But I think you will find legally the redevelopment funding can only be used for sole purpose of the redevelopment.
And personally I believe that's how it should be
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Did anyone here receive a concise financial report?
For some reason it's missing this year ???.
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Did anyone here receive a concise financial report?
For some reason it's missing this year ???.
Was going to ask the same question
Where is it? ;D
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Did anyone here receive a concise financial report?
For some reason it's missing this year ???.
Was going to ask the same question
Where is it? ;D
Good question lol. I thought by law we were meant to receive one.
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If the revenue from Government is the same as what I have been involved with, it will be in the form of promissary notes and budget allocations in government coffers that we are entitled to draw down upon.
So in accounting terms we need to recognise the money now in line with the budegt allocation, though we have no cash. The cash is provided when we have invoices that need to be paid.
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Did anyone here receive a concise financial report?
For some reason it's missing this year ???.
at some point there is one avaialble on request...I had a copy sent to me last year
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I noticed that it thanked players that had been delisted, but David Gourdis wasn't there.