Simplicity in the black after two years
It reported a deficit of $380,000 in the year ended March 31, compared to a deficit of $147,000 a year earlier.
Fee income of $997,000, from $138,000 the year before, was outpaced by operating costs more than doubling to $1.3 million.
That left it propped up by $900,000 of interest-free loans from Stubbs. He said it had at one point been paying out $50,000 a month in operating costs. “It’s a reasonably stomach-wrenching moment when you’re writing that out each month.”
But he said it was now in positive cash flow and planned to donate $220,000 in the year to March 31 next year. “We’ve just gone cashflow positive this month, which is way more quickly than we expected. We expected to break even in another 18 months so we are ahead of schedule, that gives us flexibility to do things.”
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
