The Sydney Gay and Lesbian Mardi Gras has announced a significant financial turnaround, reporting a net surplus of $401,750 for 2025, a substantial improvement from the previous year’s deficit of $1,242,774.
The positive result, foreshadowed by Gay Sydney News earlier this week, is detailed in the charity’s annual financial statements released on Friday, which reveal it had $1,072,182 in cash and cash equivalents as of June 30 this year.
Sponsorship revenue for Sydney Mardi Gras was down from $6,335,423 in 2024 to $5,517,409 in 2025 and total revenue reached $10,607,162, though this was a decrease from $12,350,615 in 2024.
Despite the overall revenue dip, Mardi Gras managed to significantly reduce its cost of sales from $11,036,356 in 2024 to $8,118,202 in 2025, contributing directly to the improved profitability.
This positive outcome was also heavily influenced by a significant decrease in employee benefits expenses, which were down to $1,320,291 in 2025 from $1,747,580 in 2024, resulting in a reduction of $427,289. As Gay Sydney News previously reported, at least six staff left the organisation of about a dozen employees in recent times, which would have reduced costs while it sought replacements.
American Express also pulled out of being the festival’s “principal” sponsor in 2026, although Mardi Gras previously confirmed to Gay Sydney News that the credit card giant had fulfilled all of its financial obligations.
The financial implications of having no principal sponsor for 2026 remain unclear. Mardi Gras told Gay Sydney News in September that it was “currently canvassing for a Principal Partner for the 2026 festival”.
Mardi Gras states in its financial statements that sponsorship income “is recognised over the period when the event occurs or when the sponsorship benefits are bestowed for sponsorship not directly related to the events”. This means that 2025’s financial results could include American Express sponsorship money that was originally intended for the 2026 festival, although there has been no confirmation of this.
Key revenue contributors for 2025 included the aforementioned $5,517,409 in sponsorship, ticket sales ($2,627,424), and contra revenue ($1,223,642).
The financial statements also noted contributions from membership income of $134,476 (down from $142,615 last year), stallholder fees of $307,987 (up significantly from $21,065 following the cancellation of Fair Day last year), sale of goods of $363,189, festival revenue of $259,058, parade entry fees of $65,716, and donations of $47,720 (up from $14,185 last year).
A breakdown of each event’s profit and loss is not provided in the financial reports released on Friday.
Unlike in previous years, the financial statements have been released ahead of the non-profit’s annual report, which tends to focus on community impact, partnerships, and programming outcomes rather than the underlying financial performance. Mardi Gras’ website states: “The FY25 Annual Report will be made available shortly.”
As of June 30, 2025, Mardi Gras’ net assets stood at $732,600, a considerable rise from $330,850 in the previous year. Current assets exceeded current liabilities by $690,455. Mardi Gras also confirmed it has no external debt.
The results of Mardi Gras Arts Ltd, which provides a workshop for Mardi Gras parade float construction and supports other community organisations, are also broken down in the financial statements.
Mardi Gras Arts charges Mardi Gras for the full costs of the workshop, which totalled $248,551 in 2025, down from $366,375 in 2024, as well as a management fee for services that amounted to $1,590,964 in 2025, down from $2,017,791 in 2024. Mardi Gras Arts itself reported a surplus of $150,682 for the year ended June 30, 2025, up from $24,669 in 2024.
The financial report outlines Sydney Mardi Gras’ commitment to several key strategies to achieve its objectives. These include increasing artistic and production excellence, fostering better involvement and consultation with its members and the community, and implementing open and considered processes for recruiting and retaining talented individuals.
Furthermore, Mardi Gras said it was focused on better decision-making, planning, and budgeting at all organisational levels, alongside rigorous financial planning, monitoring, risk mitigation, and cost control.
The charity’s short-term objectives for 2025 included consistently achieving events excellence, reviewing and re-visioning the organisation to meet community needs, returning to financial sustainability, and increasing reserves for long-term stability.
Long-term objectives remain centred on organising and co-ordinating events of celebration, commemoration, and protest for the LGBTQIA+ community, increasing the organisation’s visibility, boosting visitation to its events both locally and internationally, and enhancing events to ensure sustained financial health and increased reserves.
Attendance record of directors at meetings
According to board attendance records in the 2025 Mardi Gras financial report, Alice Anderson, Brad Booth, Brandon Bear, Damien Nguyen, Kathleen Pavlich, Kyriakos Gold, Louis Hudson, Luc Velez, Melanie Schwerdt, and Daniel Mitsuru “Mits” Delisle all served as directors during the reporting period.
The total number of meetings each director could attend varied depending on when they were appointed, elected, or retired during the year.
Several achieved perfect attendance at board meetings, including Bear, Schwerdt, Anderson, and Delisle, while, Pavlich, Nguyen, Booth and Hudson each missed one meeting.
Velez attended 15 of 18 meetings.
One reason Velez, who is affiliated with the activist group Pride in Protest, likely attended fewer board meetings than some other directors was because he took a leave of absence while campaigning as the Greens candidate for the federal seat of Sydney against Labor’s Tanya Plibersek. He was unsuccessful in his bid and has since returned to the board, where he will remain until his term ends shortly.
The lowest attendance rate was recorded by Gold, who participated in 14 of 18 meetings.
Editor’s note: Journalist Ben Grubb pays $50 annually for Mardi Gras membership to access discounts, including at retail stores and bars, but does not use the membership’s voting rights.
Ben Grubb is the founder and editor of Gay Sydney News, an independent publication covering LGBTQIA+ news. A journalist with more than 15 years' experience, he has reported and edited for The Sydney Morning Herald, The Age, WAToday, Brisbane Times, The Australian Financial Review, News.com.au, ZDNet, TelecomTimes and iTnews, primarily on the topic of technology. He previously hosted The Informer, a queer current affairs program on Melbourne’s JOY 94.9 radio station, and contributes to LGBTQIA+ media including Stun Magazine. Ben has also appeared as a technology commentator on Channel Ten's The Project, ABC RN’s Download This Show and commercial radio stations 2UE, 2GB and 6PR. Contact Ben: ben.grubb@gaysydneynews.com.au
