WPA Board Update I FY18-19 Audited Accounts

Water Polo Australia (WPA) is pleased to present its audited accounts for the 2018-19 financial year - click here.

In good news for the sport, the accounts show WPA posted an operating surplus of $323,740 against a budgeted surplus of $240,000. Total revenue grew 23 percent to $7.2 million, against total expenditure of $6.9 million.

The result puts WPA in a positive net asset position of $226,976 with a closing cash balance of $734,722.

In addition to the operating surplus, WPA was able to set aside $467,623 in High Performance funding, which is additional to existing annual funding provided by the Australian Institute of Sport (AIS). This funding will supplement the 2019-20 high performance program in the lead up to the Tokyo 2020 Olympic Games.

Water Polo Australia President Thomas Whalan said the organisation was in a strong financial position moving forward.

“It is pleasing to be able to deliver this result which brings our members funds back to surplus,” Whalan said.

“The team at Water Polo Australia led by CEO Joelie Chisolm and Finance Manager Cara O’Neill have focused on bringing our corporate functions towards best practice and made sure Water Polo Australia’s management is of the standards expected by members and stakeholders,” he said.

Although a surplus has been achieved, Whalan said WPA would continue to explore additional revenue opportunities.

“Pleasingly, Water Polo Australia received revenues from new sources in FY2019 including netting new sponsorships of some $300,000,” Whalan said.

“While we have delivered a surplus, WPA is still committed to exploring opportunities for external revenues and efficiencies to enable the most effective use of members funds.

“We are at advanced stages with several partners for new, long term partnerships across the Australian Youth Water Polo Championships and the Aussie Stingers and Sharks which will provide additional funding to the sport,” he said.

The Water Polo Australia 2018-19 Annual Report will be handed down at the AGM on 23 November 2019.