Sturt Football Club’s consolidated financial report has been released and based on my reading of the report they have turned the corner and are looking at being profitable going into the future.
The bottom line for the year ending October 2013 shows they have made yet another loss but a deeper look into the statement reveals that with the Castle Tavern lease terminated back on 2 April they are ready to post a profit. I say this because without the loss suffered last year from their Tavern activities they would have actually posted a healthy surplus.
The current board, the previous CEO Matt Benson who started the debt consolidation process and the new CEO Sue Dewing who has escalated these activities and overseen some significant renovations in the McKay Stand at Unley Oval, all deserve acknowledgement for turning things around.
A summary of their statement is as follows:
Sturt Football Club surplus $ 302,797.00
Castle Tavern loss $ 234,172.00
Unley Sports & Social Club loss $ 105,540.00
Consolidated loss $ 36,915.00
Without absorbing another loss from the activities of the Castle Tavern, which the report claims was unsustainable because of the fees payable to their landlord, the would have posted a surplus of $ 265,282.00. This can only be seen as healthy and an indication the club is indeed sustainable into the future, with its current operating model.
The report also indicates that they have managed to negotiate a waiving of unpaid licence fees such that their working capital will improve by $ 270,000.00 in the 2014 year.
Well done Sturt.
This is all good news, not only for the club but for Council and the rate payers of Unley to whom they still have a debt to pay off, albeit a very much reduce one.