Financial Statements

https://westadelaidefc.com.au/inside-west-adelaide/resources/


Now published.

They do not make great reading and we have to be concerned at our ability to continue for too many years without major correction.

We are in big trouble! That is stating the obvious.

So our revenue was 2.4 million or thereabouts.

Not all clubs have released reports yet but:

Revenue for Norwood was 8.4 million
Revenue for the Eagles was 3.4 million

Tough times ahead…..

Our gaming revenue dropped significantly, functions, etc up, but our salaries and admin costs continue to rise a lot.

Iy also appears (I may be wrong), that we may have sold more gaming licences just to get working capital.

We have lots of strategic plans, but plans don't make profits or win games.

Yes we are in a world of pain that’s for sure.
Lee I did notice our salaries continue to increase which is surprising given our dire financial position.

The Strategic Plan is similar to previous years and the start of the upgrade to Richmond Oval is still 3 years.
Waiting 3 years before the upgrade commences is absolutely ridiculous and the council needs to explain why.

It needs to be said that the current Board needs our full support.

Most are new.

Since the change of Constitution and Board that we were told was necessary, all original Directors have gone and we've had more than a dozen Directors
come and go.

We need stability, a realistic plan for survival and an end to drafting in Board members who have either had no previous passion for the Club, have had 2 or 3 previous terms, or who advocated for the change of Constitution.

In short, our survival depends on members feeling they have their club back.

So, support the Board, turn up to the AGM, ask questions, be constructive and fight for our survival.

We are now nearly 5 months into our financial year. It would be good to hear how we're travelling financially and if we're heading for a similar result as last year or whether we have staunched the bleeding to some extent.

That is a very reasonable request, Aldo.

If we're going well, it would lift our spirits.  If we're going badly, the next AGM is too late.

It would be good to hear a statement about how we're tracking.