The Western Bulldogs have successfully completed the 2022 financial year with a total statutory profit of $5,188,421.
This includes a profit from operations (before Redevelopment Activities) of $1,363,857.
It is the Club’s ninth consecutive year of total profits, and its seventh consecutive year of total profits in excess of $1 million.
Since 2018, redevelopment activities at the VU Whitten Oval precinct have been separately identified in the financial report due to significant grants the Club has obtained and/or planned for.
As the Club’s redevelopment activities continue into 2023, the Club’s financial report will continue to separately identify income and expenses arising from the redevelopment project.
In 2022, the surplus from redevelopment activities was $3,824,564, which included income from State Government grants in relation to the VU Whitten Oval Redevelopment, offset by non-capitalised costs, assets written off and the Club’s non-capital contribution to the alternative training oval at Skinner Reserve delivered in partnership with the Maribyrnong City Council.
For accounting purposes, while all Whitten Oval Redevelopment grants received are recognised as income, the cash received is utilised to build physical and enduring assets for the Club.
The Club finished the financial year with net assets of $62,231,139 (up from $57,042,718 in 2021) and cash on hand of $29,292,366 (up from $24,439,706 in 2021).
“It has been another busy year for our football club, with our AFL and AFLW teams playing three seasons combined, spanning 11 months of the year, and with significant work being undertaken on the VU Whitten Oval redevelopment,” said Bulldogs’ CEO Ameet Bains.
“While the past few years have been difficult for most, we are buoyed by our strong financial position, which allows us to keep investing in important Club and community projects and initiatives, as well as providing for our football programs.”
“A significant contributing factor to our 2022 financial result was the ongoing and unwavering loyalty of our members, with a record membership of more than 50,000 pledging their commitment to the Club, helping us eclipse our previous record of 47,961. We thank our members wholeheartedly for their passion and support and look forward to sharing our journey with them in 2023.
“We have also received incredible support from our club partners, coterie members and philanthropic donors, many of whom are long-standing club supporters and to whom we remain very grateful.
“Our redevelopment has progressed considerably across the year and excitement greets each step of visible progress. This is most substantial project in the Club’s history, made possible by some prudent financial decision-making, along with generous assistance through grants from the state and federal governments and the AFL.
“We also remain grateful to be governed by a strong and stable Board of Directors, led by President Kylie Watson-Wheeler, and we thank our wonderful staff for their tireless work across another long yet rewarding year.
“We look forward to 2023 and beyond, understanding the strong platform we have built to achieve sustained success both on and off the field.”
To download the Club’s 2022 Financial Report, click here.
The Club will hold its Annual General Meeting on Monday, December 19, 2022.