The Football Association of Wales (FAW) recorded record income last year.
In the year to the end of June 2023, FAW's revenue increased by 56% to £36.2m, mainly due to Wales qualifying for the 2022 World Cup.
FAW's operating loss was £715,243 as it invested in grassroots football through the Cymru Football Foundation.
However, thanks to FAW's investment portfolio (worth £17.6m), it achieved a profit after tax of £173,432, compared to a loss of £100,659 in the same period last year.
FAW Chief Financial Officer John Young called the financial results “positive,” and President Steve Williams said the umbrella organization's financial position was “sound.”
The FAW earned around £9m from qualifying for the World Cup, which was split between the team and management, tournament costs in Qatar and investment in grassroots football in Wales.
FAW's charitable arm, the Shimulsucker Foundation, estimates it has spent more than £9 million on grassroots and community projects across Wales since its establishment in 2022.
This has been a priority for FAW CEO Noel Mooney since he took over in 2021. Before World Cup qualification was confirmed, he said Wales were in the following situation: “We're a million miles away from where we need to be.” Regarding grassroots facilities.
Qualifying for Qatar was a big boost in this regard, but other sources of income for the financial year ending June 2023 include TV and radio contracts worth £8.2m and £1.3m from Sport Wales. It included contracts worth £5.6 million from Sterling and other governing bodies.
During this period, the number of employees increased from 79 to 126 due to the merger of FAW and FAW Trust. As a result, staff costs increased from his £3.5 million to his £6.3 million.
Mr Mooney's salary was £233,700, making the accounts for the first time reflect the entire financial year the Irishman held the job.
His salary for the previous year to June 2022 was £195,279, which included the period when his predecessor Jonathan Ford was still in office.
Qualifying for Euro 2024 would have secured a further boost of at least £8m to their future FAW accounts, but Wales missed out on qualification with their next result. lose to poland in last month's playoff final.
However, according to FAW President Williams, qualifications were not essential from a financial perspective.
“The association conducted a detailed exercise to identify the risk of future cash flow issues, assuming a worst-case scenario,” Williams wrote in a memo attached to the financial statements.
“These results demonstrate that the association maintains a strong cash position throughout the period to January 2025, generating sufficient cash from its operations to pay its debts as they fall due.
“This, together with the investment, allows the association to conclude that the financial impact will not be significant.”
