According to recent Financial Statements issued by Queens for the financial year ending May 2012,the club has recorded a profit of 20,898 compared with a loss of £259,945 the previous year. The turnover for 2010 is slightlty down from the previous year but £300,000 was cut from the personnel wage bill bringing the club back into the black.
It is worth noting that Queens still owe around a total of £575,479 to Queen's Chairmen and Directors(past and present) in the form of interest free oans. It is understood that such loans, in most cases, repayment will not be sought within the next 12 months and in one particular case only in certain specific windfall circumstances.
The auditors now seem satisfied that the club have no immediate Going Concern problems despite concerns last financial year.
The Directors are pleased with our tremendous start to the new season and fully expect to return a profit for the financial year ending May 2013.
Queen's AGM is being held at the Nith Hotel,Glencaple,at 7.30 pm on Monday 26th November 2012. Included on the agenda is the proposed re-appointment of William J.Hewitson as Director/Chairman.