The organisation behind the annual Sydney Gay and Lesbian Mardi Gras festival and parade is poised to post a surplus for the 2025 financial year, according to two people familiar with the yet-to-be-released results.
While the size of the surplus is not yet known, it would mark a significant turnaround from a $1.24 million deficit in 2024. The figures will be independently audited before being released.
Mardi Gras did not deny that a surplus will be reported, saying on Monday it “wouldn’t be appropriate to comment” on its “financial statements before they are officially released to members”.
“Providing commentary without the complete and verified information has a high risk of inaccuracy.”
This year’s financial results could be released as soon as this week. Last year’s results were distributed to members on Friday, November 15, and lodged with the Australian Charities and Not-for-profits Commission on December 19. The organisation last posted a surplus in 2023, reporting $176,253.
Sources with knowledge of aspects of the 2025 results, who are not authorised to speak publicly, said the improvement was driven by several factors, including a lower-than-usual staff headcount and sponsorship income brought forward earlier than expected.
American Express pulled its “principal partner” sponsorship of Mardi Gras in June, midway through its two-year agreement, but still fulfilled its financial obligations for 2026.
Approximately six staff have departed the organisation in recent months, including senior graphic designer Joel De Sa; head of engagement Dusty Panuccio Hartland; parade producer Emily Santiago; partnerships manager Max Tweedie; festival marketing and communications executive Georgia Rae; and head of festival marketing and communications Jake Troncone.
Nick Kyprianou-Brown has replaced Troncone as head of festival marketing and communications.
Troncone and Rae have since joined events company Fuzzy, which will stage next year’s Bondi Beach pop festival Mighty Hoopla and also runs Listen Out, Harbourlife and Field Day. Hartland is now a client services manager at LGBTQIA+ youth housing and support charity Twenty10, while Tweedie has become partnerships manager at Doctors Without Borders. De Sa does not list a new employer on LinkedIn.
Permanent CEO to be announced before AGM
Separately, Mardi Gras confirmed it will announce a permanent chief executive before its annual general meeting (AGM), to be held on November 29. Former company secretary Jesse Matheson is serving as interim chief executive.
Four Mardi Gras board positions will be up for grabs at the AGM. All candidates for the election of directors are set to be posted on the Sydney Gay and Lesbian Mardi Gras website by the end of Monday, November 3, with their candidate statements and information.
Last year’s $1.24 million deficit followed a $1.1 million emergency funding injection from the NSW government and the City of Sydney to keep the organisation afloat amid financial pressures.
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
