Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Bar Sales
Turnover from the sale of goods are recognised when significant risks and rewards of ownership of the goods have transferred to the buyer. This is usually on payment for the goods.
Matchday income
Gate and other match day revenues are recognised over the period of the football season as games are played.
Sponsorship income
Sponsorship and similar commercial income is recognised over the period in which the sponsorship is provided.
Lettings income
Letting income from operating leases net of any incentives given to the lessees is recognised on a straight-line basis over the lease term.
Legacies
Legacies are recognised over the period in which the legacies are received.
Interest receivable
Interest income is recognised using the effective interest method.
When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the stage of completion at the balance sheet date.