Seattle Bears Financial Statements

[Berocka 2,263]

Profit & Loss

Income			Notes
Memberships		16,674,000	2
Merchandise		35,158,986	3
Sponsorships		61,356,249	4
Ticket Sales		48,831,650	1
Winnings		25,000,000	5
Total Income		187,020,885
Expenses
Accomodations		2,865,326
Advertising		2,315,623
Arena Rent		50,503,261
Back-Up Goalie Wages		2,000,000	8
Championship Rings		1,500,000	10
Championship Belt		69,420	11
Cleaning		25,318,595
Commissions		833,700	12
Depreciation		17,244,623	13
Electricity		536,789
Equipment		124,256
Food/Drinks		2,365,498	14
Insurance		220,000
Interest		200,000	15
Junior Players Wages		2,000,000	9
Maintenance		35,132
Manager Wages		9,000,000	7
Medical Fees		5,824,131
Players Fines		3,005,000	16
Players Wages		44,000,000	6
Staff Wages		3,845,632
Travel		1,986,532
Water		489,653
Total Expenses		176,283,171
TOTAL PROFIT		10,737,714
Balance Sheet
Assets			Notes
Current Assets
Cash at Bank		89,116,549	17
Petty Cash		23,657
Cash Floats		30,000
Total Current Assets		89,170,206
Non-Current Assets
Plant and Equipment		24,569,832
Less: Accumulated Depreciation		(18,659,362)	18
Leasehold Improvements		542,365,924
Less: Accumulated Depreciation		(65,083,911)	19
Shares in Hogan's Gym		228,736	20
Total Non- Current Assets		483,421,219
Total Assets		572,591,425
Liabilities
Current Liabilities
Trade Creditors		102,359	21
Campbell - Credit Card		2,365
Total Current Liabilities		104,724
Non-Current Liabilities
Loan for Rayz Funk's Wage		4,236,958	22
Provision for tax		3,221,314
Wages Payable		57,769,126	23
Australian Taxes (Sundqvist)		200,165	24
Total Non- Current Liabilities		65,427,564
Total Liabilities		65,532,288
NET ASSETS		507,059,137
Equity
Shares in Seattle		212,621,643	25
Retained Profits		283,699,780
Current Year Profits		10,737,714
TOTAL EQUITY		507,059,137

 

 

^{Notes to the Financial Statements}

Income

1.      Ticket Sales

This incorporates all one game tickets, including senior, concession, child, adult and family tickets to see one game at the Key Arena in Seattle. This includes both regular season and playoff games.

 

2.      Memberships

This incorporates any multi package deals where you receive tickets to more than one game. This includes but is not limited to 2 game pass, 4 game pass, 10 game pass, season tickets, play-off pass, conference finals pass & cup finals pass.

 

3.      Merchandise

This includes all merchandise that is sold in the team store, sold online or sold to other distributers around the world. Merchandise encompasses all non-ticket items that are branded by the Seattle Bears.

 

4.      Sponsorships

The Seattle Bears have multiple sponsorships, this includes advertising on and around the arena and the rink. It also applies to any discounted supplies we receive this includes but is not limited to, sticks, pads, pucks, jerseys, travel and accommodation. At the end of the financial year our current sponsors were, Bauer, Hilton, Hogan’s Jam, United Airlines and Warrior. These make up over 75% of all sponsorship money the remaining is made up of smaller amounts that are immaterial for the financial statements.

 

5.      Winnings

As Seattle won the Cup during the financial year they received a $5,000,000 sum for winning the NA Conference and an extra $20,000,000 for winning the Cup.

 

Expenses

6.      Players Wages

This encompasses all salaries and bonuses paid to the players during the season that is applied against the salary cap. The current cap in the VHL sits at $45,000,000 this leaves the Seattle Bears under cap with a $1,000,000 surplus.

 

7.      Manager Wages

This is the amount of money that has been paid to GM Blake Campbell during the year, this includes his base salary of $6,000,000 a $1,000,000 bonus for winning the NA Conference and an extra $2,000,000 for bringing the cup to Seattle.

 

8.      Back-Up Goalie Wages

The Rules of the VHL state that a back up goalie can be paid up to $2,000,000 without it impeding on the salary cap. The current back up Joe Nixon has a wage of $2,000,000 this is shown separately on the financials as it does not have an impact on the current cap.

 

9.      Junior Player Wages

The amount of $2,000,000 is paid to the players who Seattle owns the rights to but have not moved up from the VHLM to the VHL. These players salaries do also not have any impact on the cap and is the reason they have been displayed separately.

 

10.    Championship Rings

With the Seattle Bears winning the championship during the most recent season the management team awarded all players and staff that were involved with the team a championship ring.

 

11.    Championship Belt

One player would not accept a ring as a reward for the cup victory and said player demanded a belt instead. This player plays an important role for the team and the money was paid to keep this player happy.

 

12.    Commissions

A certain amount of membership tickets are sold by salespeople external to the company when any of the memberships are sold by said sales people they receive a 10% commission on the ticket price. This financial year 50% of all memberships were sold by the salespeople external to the company.

 

13.    Depreciation

All assets held by the company are valued at the end of the financial year according with local legislation any amount that is reduced by is recorded here. This is made up of both the Plant & Equipment and the Leasehold Improvement depreciation.

 

14.    Food & Drinks

This includes all food and drink purchases for each of the players and management. This is over 200% increase over last financial year due to the extremely high budget for alcoholic drinks from one player in particular. It is said that this player can Drink like a Bird.

 

15.    Interest

This is the interest that has accumulated on the current loans. The company only has one loan at the current point in time.

 

16.    Players Fines

This expense is bought up for all fines relating to penalties whilst playing a game. This is a result of a certain two culprits that have caused this expense to be extremely high. One of them won a belt and the other is from the Southern Hemisphere.

 

17.    Cash at Bank

This is a summary of all money held by the Seattle Bears in their multiple bank accounts. This is the amount in USD at the end of the financial year.

 

18.    Plant & Equipment

Any assets that have been purchased that are able to be sold and are not a physical improvement on the Key Arena or any other Seattle Building has been included here. As per Note 13. All assets held by the company are valued at the end of the financial year according with local legislation any amount that is reduced by is recorded here.

 

19.    Leasehold Improvements

This is all assets that have been applied to the building or structure and cannot be removed without damaging the property. These assets have a longer effective life and will be depreciated at a reduced rate. As per Note 13. All assets held by the company are valued at the end of the financial year according with local legislation any amount that is reduced by is recorded here.

 

20.     Shares in Hogan’s Gym

As the Seattle training facility was unavailable for part of the season the team did some training at Hogan’s Gym, the management team was extremely happy with the facilities they purchased a share in the company and now use it as an offsite gym. The price of the shares was valuated at the end of the financial year and this was the current stake the Seattle Bears held.

 

21.    Trade Creditors

This is the amount of memberships that have been pre ordered but have not been paid in full. All creditors are expected to be recoverable at the end of the financial year.

 

22.    Loan – Wages

When Rayz Funk was drafted there was an extremely high salary demanded from the player. At the current time of being drafted there was not enough funds to pay him straight away. A loan was taken out to be able to afford this. The loan is the current amount owing at the end of the financial year and is on a fixed interest rate.

 

23.    Wages Payable

This applies to the wages and salaries not yet paid to players and staff. This is due to the timing of paying the players and employees. At the end of the financial year there was no reason to assume that this figure would be reduced.

 

24.    Australian Taxes

Berocka Sundqvist is still an Australian citizen and needs to have taxes withheld as per Australian taxation law. This is the amount that has been withheld and needs to be paid to the ATO within the coming months.

 

25.    Shares Held

This is the total interest of shares that are held around the globe there is currently 10,708,019 shares held at a current price of $19.8563 per share. This figure is accurate up to the end of the financial year.

 

 

1208 Words excluding the Table

Edited November 29, 2019 by Berocka
Fixing Format

[Victor 11,043]

Cant get away from my job anywhere.

[Berocka 2,263]

2 hours ago, Victor said:

Cant get away from my job anywhere.

I thought this would be easy enough to do at work, I was wrong. Actual financials are pretty boring

[Berocka 2,263]

Claiming week ending 8/12