MFA President Dr Joseph Mifsud told delegates at the annual general meeting yesterday morning that the Balance Sheet of the association showed that the hard work put in throughout the past year was bearing fruit. “The figures show quite clearly that the association is on the right track, even if there is still a lot to be done in the interest of the game in Malta,” he said.

The MFA’s balance sheet for the year ended 31 May shows that there has been an excess of income over expenditure of Lm330,904. Thanks to this, the accumulated fund at the end of the year, increased to Lm2,193,686.

The main income of the association came from FIFA subsidies and refunds which amounted to Lm433,983 (around Lm17,600 more than the previous year), Lm386,069 from international matches (around Lm130,000 more than the previous year).

Sponsorships during the year amounted to Lm43,050, almost double that of the previous year. From local matches, the MFA’s income amounted to Lm14,475. Also included as income were the disciplinary fines, club fines and damages incurred at the Stadium which amounted to close to Lm20,000.

In all, the operating income of the association amounted to Lm922,599, that is, Lm84,829 more than the previous year.

On the other hand, the association’s main expenditure was the national teams’ sector. This amounted to a massive Lm348,928, almost Lm80,000 more than the previous year.

The other main expenditures consisted of salaries (Lm67,430) and Bank loan interest and charges (Lm63,945).

The sum paid for MFA officials’ allowances during the year, amounted to Lm28,200.

The Balance Sheet showed that the income from the Clinic was also slightly on the increase the past year – Lm8,311 – against the Lm7,498 of the previous year.

There was an excess of expenditure over income (after depreciation) of Lm23,795 in the Technical Sector and the Training Grounds.

Income generated from the complex reached the amount of Lm24,512, although in all, it amounted to Lm40,893.

The overall expenditure in this sector was Lm59,357 with the bulk – Lm31,921 – being paid for the training grounds’ maintenance. Lm10,664 were paid in wages and personnel expenses, Lm6,066 in travelling allowances and Lm5,304 in food cost of sales.

The Sports Facilities Board had an excess of expenditure over income of Lm148,919. Despite a decrease of about Lm43,000, the adverse balance at the end of the year was Lm904,440.

The National Stadium had the best results. Here, there was an excess of income over expenditure of Lm26,621, well above the Lm4,944 registered the previous year. The Millennium Stand and the Centenary Stadium showed an excess of expenditure over income of Lm142,157 and Lm33,383 respectively.

The main income of this Board resulted from the share of the gates which the past year amounted to Lm53,709. Other income came from bar concessions (Lm16,640), advertising (Lm30,356), broadcasting rights (Lm12,250) and the cark park (Lm3,697).

The main expenditure were the wages and personnel expenses which amounted to Lm35,705. The MFA also spent the sum of Lm33,616 on ground maintenance, among other items for a grand total of Lm77,402.

As to the Millennium Stand, the sum of Lm91,463 was collected from the concession and other income.

The sum of Lm37,913 was spent on energy costs while Lm21,356 was spent on wages and allowances. Maintenance costs amounted to Lm7,352. The sum of Lm5,318 was paid in insurance.

In all, expenditure on the Millennium Stand amounted to Lm77,716. In fact, there was an excess of income over expenditure of Lm13,747 before depreciation of Lm155,904, bringing a reverse situation of excess of expenditure over income of Lm142,157.

There was a huge excess of expenditure over income in the sector incorporating the national teams, youth and grassroots development. This amounted to Lm332,039 after depreciation.

The main expenses involved travelling and accommodation for the national teams – Lm167,879. The sum of Lm85,942 was paid out to the technical staff while Lm22,730 were paid in bonuses and appearance money to the players. The players’ training allowances amounted to Lm18,835, while medical and insurance expenses amounted to Lm17,767.

The income in this sector amounted to just Lm16,889.