Hence the disappointment when Punt Rd got not a cent out of $500K in state government venue upgrades in the April announcement. Have to suspect McGuire's grubby hand was in there somewhere, working to Richmond's detriment.
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IMPORTANT // Please look after your loved ones, yourself and be kind to others. If you are feeling that the world is too hard to handle there is always help - I implore you not to hesitate in contacting one of these wonderful organisations Lifeline and Beyond Blue ... and I'm sure reaching out to our PRE community we will find a way to help. T.
From SOS to 24mill.
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Hence the disappointment when Punt Rd got not a cent out of $500K in state government venue upgrades in the April announcement. Have to suspect McGuire's grubby hand was in there somewhere, working to Richmond's detriment.
Trade debtors is money owed to the club, not money the club owes. I have not seen the financials but it should be listed as an asset. Not sure what this would be composed of (is the annual report a FY or calendar year?) but assume it is detailed somewhere in the notes attached to the financials.
Creditors are what you are referring to above ie suppliers the club owed money to as at the balance date.
Ways you can increase cash without booking profit:
- Loan/Debt drawn down: assume this hasn't happened but haven't seen the annual report
- Revenue received in advance: where someone pays us upfront and we bring it into revenue (i.e. profit) over time
- Non-cash expenses reducing profit (depreciation and amortisation) e.g we make $100 in revenue, $100 goes into bank, but we expense $50 in depreciation, profit is $50 but cash reserves are $100
https://s.afl.com.au/staticfile/AFL Tenant/Richmond/Images/Concise Financial Report 2019 V2.pdf link to concise Financial reprots.
That report doesn't tell you anything. Not sure where Better Tigers is getting his numbers from.
What is/are the right of use assets ($9M) in the Balance Sheet? How has it been valued?
What is the $8M non-current lease liability?
You can request a copy of the full financial report which I will do.
I'd imagine a lot of supporters are on monthly payment plans re their membership.
I prefer just putting the money down as soon as it's due, bit of a hit as i pay my mum's 3121 as well, but these last few years it's been well worth it.
Yep, there's no 'Notes' on this one.
Cash and profit are two different things. Cash is the asset you held whilst profit is what you make through the year.
The $10,337,884 increase in cash shows in the Cash Flows Statement. Receipts from customers (membership?) already shows an increase of $14.7m
I'm a bit surprised we profited $98,000 more last year than this year.
I can almost guarantee you its a capital lease asset. IFRS standard changes means there are now no operating leases, all are now regarded as financial / capital leases and therefore a right of use asset is applied with the full lease obligation shown in liabilities.
A new accounting standard came in Jan 2019 around how operational leases are recorded
What it means is you are recording the right to use an asset over the life of a lease.
The non current asset amount is the value of the asset you have received under the original lease
The non current liability amount is in simple terms the value the liability you have to pay over the life of the lease
Perviously operational leases didn't get recorded this way. Finance leases were but not operations
I have blatantly plagiarised the text above !!, including spelling mistakes
Numbers were from that link.
i refer to trade debtors as suppliers we owe money too - sorry to confuse anyone - its a liability that we have to pay. That has increased by $5m net since last year. its part of the working capital equation.
as to why they are holding on to more cash at the expense of paying suppliers - that’s an operating decision and may just be temporary. nothing to see here.
Umm no, a Trade DEBTOR is someone who owes you money
A trade CREDITOR is someone you owe but haven't yet paid
Right of use assets are leased assets. Previously leases were accounted for in 2 ways, financial leases and operating leases. Financial leased assets appeared as assets for an organisation but operating leases didn't, organisations simply expensed the lease payment and that was the extent of the accounting. With the new lease accounting standard that others have referred to all leases are now accounted for as financial leases and and the leased assets are called right of use assets with a corresponding lease liability in the Balance Sheet they essentially net each other off. My guess is that the $9M is for Punt Road Oval. The value is determined from the total lease payments in the lease contract and the underlying interest rate in the contract.
FWIW I'm an accountant and think that changes to standards like this were not warranted and simply serve to make Financial Statements harder for non accountants to interpret.
The $9mil would more likely be leases of equipment for the gyms and leisure centres and also computer and IT systems
As long as there's a few shekels in the bank n we're not rattling tins again, this non accountant numpty is happy. Even happier that we're winning flags again
I remember rucking for PRE in footy games against opposition forum boards, and i reckon our average age was probably 10 years higher because of the lack of any recend success. From memory, that was around 2004 ish.
We held our own pretty well, but i think we'd form a pretty formidable line up now!
We held our own pretty well, but i think we'd form a pretty formidable line up now!
To be fair to Carlton they helped us out during the SOS time. The fund raising game at Windy Hill was fabulous.
don't wanna sound like a broken record, but this is why we should fund the JD stand rebuild ourselves. no taxpayer handouts thanks.
maybe they are in a planning phase?
