The future of West Adelaide.
Posted: Wed Jan 30, 2013 1:29 pmSome concerning reports are doing the rounds re the loss at West Adelaide for Season #2012, clearly cost cutting is underway to offset the losses, yet its being raised that far harder decisions await the club on what can be done to change things.
On the WAFC website they are permitting candidates for the board to have their say and put their case forward for election, this one caught my eye, see what you make of it - and no I dont know him, yet he seems like someone that would be a good candidate for the club.
DEAN WITHERS
Director – Dean Withers & Associates Pty Ltd, Chartered Accountants
Qualiifcations
• Practising Member – Institute of Chartered Accountants
• Chartered Tax Advisor
• Registered Tax Agent
• Registered Company Auditor
• Bachelor of Economics (Accounting) from Flinders University
Professional Associates
• Member of Institute of Chartered Accountants in Australia
• Member of National Tax Agents and Accountants Association
• Member of Tax Institute of Australia
As a lifelong supporter of West Adelaide Football Club and a Chartered
Accountant, I have decided to stand for the Board out of my deep concern
for the financial affairs of the club.
Over the past few years we have seen improved on field performance which
has been matched by a deteriorating financial position. To put it bluntly, we
have been living beyond our means.
The club has two main assets being its land and buildings valued at around
$2 million and gaming machines valued at $1.5 million. Neither of which you
would want to sell but if the club’s cash flow position is not addressed soon
we face the possibility of having to sell one of these assets.
“Why and how could this be?” you ask. This potential situation could arise
due to the deteriorating liabilities and cash position of the club. Let’s look
at some examples.
Last year’s financials (2011) showed a combined payables and accruals
balance of $1116552 compared to the 2007 financials where the balance was
$555927. A half a million dollars deterioration.
If you then look at the cash assets of the club:
Cash assets in 2007 $408707
Cash assets in 2011 $ 40647
A deterioration of $368060
These are very sobering numbers and something that has to be addressed. As a
Chartered Accountant with over 20 years’ experience in public practice I believe
that I can ask the questions and work on the solutions to fix the problems.
From a personal point of view, I have been coming to Westies with my family
since the mid 1970’s. I have a ten year old son and an
eight year old daughter who I enjoy bringing to the
footy on a regular basis. I want them to be able to
look back in 35 years with the same fond memories
of West Adelaide that I have. I, however, fear that if
we continue down the same financial path we are
currently, on then that may be a “dream”.
If you wish to contact me to discuss any issues of
my nomination, I can be contacted on either mobile
0407714196 or drw@ihug.com.au
On the WAFC website they are permitting candidates for the board to have their say and put their case forward for election, this one caught my eye, see what you make of it - and no I dont know him, yet he seems like someone that would be a good candidate for the club.
DEAN WITHERS
Director – Dean Withers & Associates Pty Ltd, Chartered Accountants
Qualiifcations
• Practising Member – Institute of Chartered Accountants
• Chartered Tax Advisor
• Registered Tax Agent
• Registered Company Auditor
• Bachelor of Economics (Accounting) from Flinders University
Professional Associates
• Member of Institute of Chartered Accountants in Australia
• Member of National Tax Agents and Accountants Association
• Member of Tax Institute of Australia
As a lifelong supporter of West Adelaide Football Club and a Chartered
Accountant, I have decided to stand for the Board out of my deep concern
for the financial affairs of the club.
Over the past few years we have seen improved on field performance which
has been matched by a deteriorating financial position. To put it bluntly, we
have been living beyond our means.
The club has two main assets being its land and buildings valued at around
$2 million and gaming machines valued at $1.5 million. Neither of which you
would want to sell but if the club’s cash flow position is not addressed soon
we face the possibility of having to sell one of these assets.
“Why and how could this be?” you ask. This potential situation could arise
due to the deteriorating liabilities and cash position of the club. Let’s look
at some examples.
Last year’s financials (2011) showed a combined payables and accruals
balance of $1116552 compared to the 2007 financials where the balance was
$555927. A half a million dollars deterioration.
If you then look at the cash assets of the club:
Cash assets in 2007 $408707
Cash assets in 2011 $ 40647
A deterioration of $368060
These are very sobering numbers and something that has to be addressed. As a
Chartered Accountant with over 20 years’ experience in public practice I believe
that I can ask the questions and work on the solutions to fix the problems.
From a personal point of view, I have been coming to Westies with my family
since the mid 1970’s. I have a ten year old son and an
eight year old daughter who I enjoy bringing to the
footy on a regular basis. I want them to be able to
look back in 35 years with the same fond memories
of West Adelaide that I have. I, however, fear that if
we continue down the same financial path we are
currently, on then that may be a “dream”.
If you wish to contact me to discuss any issues of
my nomination, I can be contacted on either mobile
0407714196 or drw@ihug.com.au
