Financial Report 2021/22 and Budget 2022/23
Financial Report 2021/22
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Financial Report 2021/22 and Budget 2022/23
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Financial Report 2021/22 and Budget 2022/23
Contents
Introduction
4
Income Statement 2021/22
5
1
Funding
7
2
Expenses
9
3
Balance Sheet 2021/22
11
4
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Financial Report 2021/22
Introduction
the season. The newly revamped legal journal and legal roadshows concept have been particularly well received. Youth studies and workshops have generated great engagement while our Women’s football “Be a Changemaker” strategy continues the implementation of its projects across its six strategic goals. The evolution of the ECA administration’s staff and organisational model is ongoing albeit at a slower pace than initially budgeted, requiring (as per budget) the leasing of additional office space in Nyon as of season 2022/23. Finally, as validated by the ECA Board and presented to the ECA General Assembly in March 2022, ECA – under the supervision of the Board appointed Ukraine Relief Committee and facilitated by the UEFA Foundation for Children - contributed an overall €1.0m donation to member clubs’ efforts with humanitarian initiatives in order to assist the Ukrainian people so terribly affected by the tragic circumstances in their country. The presented 2021/22 ECA accounts were audited by E&Y and approved by the ECA Executive Board at its meeting on 25 August 2022.
This report covers the financial year 2021/22, corresponding to the fourteenth ECA financial period from 1 July 2021 to 30 June 2022. All displayed amounts are in EUR thousands ('000) and are reported under Swiss GAAP. The presented figures have been audited by Ernst & Young (E&Y). The 2021/22 financial year has been notable for (i) the return of physical events enabling enhanced Membership and stakeholder engagement and (ii) the delivery of certain key projects such as the approval of the Post 2024 UCC format and access, as well as the framework around UEFA Club Competitions regulations (“UEFA Club Licensing and Financial Sustainability Regulations”). The overall relationship with UEFA including the creation and interim operations of the new Joint Venture to manage commercial matters going forward has been and continues to be a major project for the administration. On the services side, on top of the daily support rendered to members on all key club football matters, the 4 th edition of the Club Management Programme (“CMP”) was successfully launched, and various research initiatives (such as fans and women’s football matters) have been active through
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Financial Report 2021/22
2021/22 Income Statement 1
The operational result (EBIT) for the 2021/22 booking year amounts to €995 k (vs €1’165 k in 2020/21). After deduction of financial expenses, and after accounting for the Ukraine Relief Fund donation and extraordinary income and taxes, the net result of the 2021/22 booking year amounts to -€46 k .
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Financial Report 2021/22
Income Statement (in €’000)
2021/2022
2020/2021
Income
10’058
8’179
Operating expenses
-9’062
-7’014
Earnings before interest, tax, depreciation, amortization (EBITDA)
995
1’165
Depreciation
—
—
Earnings before interest and tax (EBIT)
995
1’165
Financial expenses
-13
-6
Operating result before taxes
983
1’159
Extraordinary income, non-recurring Extraordinary expenses, non-recurring
51
44
-1’000 1
-917 2
Result before taxes
34
286
Income taxes
-80
-35
Net result
-46
251
1 As validated by the ECA Board and presented to the ECA General Assembly in March 2022, ECA – under the supervision of the Board appointed Ukraine Relief Committee and facilitated by the UEFA Foundation for Children - contributed an overall €1.0m donation to member clubs’ efforts with humanitarian initiatives to assist the Ukrainian people so terribly affected by the tragic circumstances in their country. 2 The 2021/22 extraordinary expense amount is mostly composed of the increase in the risk provision recorded during this financial year. This provision was increased due to the potential liability, which may arise from European Club Association participation in the decision-making process of the football governing bodies and European football system.
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Financial Report 2021/22
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Funding
Total ECA funding for the 2021/22 period amounted to €10’058 k (vs. €8’179 k in 202 0 /2 1 ). Same as in previous years, the main source of funding remains the contribution from the UEFA Champions League (UCL). Other income was generated from membership fees and some of the registration fees for the fourth edition of the ECA Club Management Programme (“CMP”).
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Financial Report 2021/22 and Budget 2022/23 Financial Report 2021/22
Funding
Budget
Actual
Reporting as at 30 June 2022 (in €000)
Membership Fees
24
25
UCL contribution 2020/21
1’600
1’600
UCL contribution 2021/22 drawdown
9’200
8’400 3
Other income
48
33
Total Funding
10’872
10’058
3 Please note that €0.8m related to the 2021/22 budget will appear in the 2022/23 accounts due to invoicing schedule
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Financial Report 2021/22
3
Expenses
The total expenses in 2021/22 amounted to €10’024 k (vs. € 7'893k in 2020/21). The €1.0m unbudgeted donation related to the Ukraine Relief Fund was financed by the lower than originally budgeted operating expenses (around 20%), mostly due to lower travel and event costs and staff costs (postponed recruitments).
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Financial Report 2021/22
Expenses
Budget
Actual
Reporting as at 30 June 2022 (in €000)
Staff & HR Costs
5’419
4’537
General Expenses
1’000
880
Events & Travel Costs
2’814
2’056
Consultancy & Research
1’990
1’604
Operational foreign exchange differences
—
-16
Total Operating Expenses
11’223
9’062
Financial Expenses
25
13
Extraordinary items
—
51 4
Ukraine Relief Fund
—
1’000 5
Total Expenses 10’024 4 This balance is mostly composed of a reimbursement related to the accommodation of the cancelled GA 2019 in Valencia, foreign VAT recovered and withholding tax commission for the period. 5 The amount reported corresponds to the €1.0m donation to the UEFA Foundation for Children (cf. note 1) which is not fully tax deductible. 11’248
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Financial Report 2021/22
2021/22 Balance Sheet 4 The total balance sheet as at 30 June 2022 amounts to €4’223 k (vs. €3’673 k as at 30 June 2021). The increase is mostly explained by later UCL contribution collection (Trade Receivables) and increase in accrued expenses related to year-end costs review.
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Financial Report 2021/22
Balance Sheet 2021/22
ASSETS (in €000)
30/06/2022 30/06/2021
Cash & cash equivalents
3’119
3’088
Trade receivables from third parties
882
440
Other short-term receivables from third parties
80
73
Accrued income and prepaid expenses
42
20
Tangible fixed assets
—
—
Financial assets
99
53
Total Assets
4'223
3'673
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Financial Report 2021/22
Balance Sheet 2021/22
2% Other short-term receivables from third parties 1%
21% 3rd party Trade receivables
74% Cash & cash equivalents
Accrued income & prepaid expenses 2% Financial assets
€4’223k 30/06/2022
Assets
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Financial Report 2021/22
Balance Sheet 2021/22
LIABILITIES & EQUITY (in €000)
30/06/2022 30/06/2021
Trade payables & short-term interest-bearing liabilities
334
598
Accrued expenses and deferred income
1’672
869
Provisions
1’594
1’537
Total equity
623
669
Total Liabilities & Equity
4'223
3’673
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Financial Report 2021/22 and Budget 2022/23 Financial Report 2021/22
Balance Sheet 2021/22
8% Trade payables & short-term interest-bearing liabilities
39 % Accrued expenses & deferred income
15% Total equity
€4’223k 30/06/2022
38% Provisions
Liabilities & Equity
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Financial Report 2021/22 and Budget 2022/23 Financial Report 2021/22
www.ecaeurope.com
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Financial Report 2021/22 and Budget 2022/23
Financial Report 2021/22 and Budget 2022/23
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