csbowes wrote:Did anyone go to the Sturt AGM?
The AGM reports are on the website for those interested...
I'd be keen to get others people's thoughts on the balance sheet. Last year the club posted a $447K loss, but I said it was really a $655K operating loss as they included the debt demolition payments.
In other words, if it weren't for some people's generosity, the loss would have been the $655K.
This year the club has posted a $37K loss, but again that includes a $334K debt demolition payment, so again the operating loss to me is $371K. Am I way off here or would others see this as the real situation with regards operating profit / loss?
The other thing I noticed is that while total liabilities went down $267K, net assets are $155K worse. Financial liabilities are actually $81K worse, so to me it looks like the $562K in debt demolition payments the last two years hasn't actually reduced the overall club debt.
Maybe old debt has been retired, but new debt has been incurred?
I dunno, you'd think something good has come from such a huge fundraising effort, but I'm not sure I'm seeing it.
Can someone else shed some light on it? Give their thoughts...