Tamworth charity One of a Kind misses financial reporting deadline third time in row

It's the third year in a row that the charity has been late in releasing its financial report and annual information statement to the Australian Charities and Not-for-profits Commission.

The charity's volunteer president and treasurer Michael Ticehurst, who was appointed after the administration period, was contacted for comment.

The latest deadline was missed on January 31.

READ MORE:

The charity's latest financial report, which was released in July last year and covers 2020, shows it lost $574,000 in two years to that year despite receiving COVID subsidies during the pandemic.

The company earned $617,687 in revenue in 2020, down from $2,041,798 in 2019.

It made a loss of $389,338 the same year, larger than the $185,062 loss in 2019, when it went insolvent.

It appears to have ended the year with net assets worth less than a million dollars.

Finances released in July last year show the company ran into financial trouble after spending big to fund an ambitious expansion program. At its height it offered Work for the Dole at nine sites, including in communities outside Tamworth, as far away as Narrabri and Toowoomba.

One of a Kind crashed into administration in 2019. It was forced to sell almost all of its assets, including several buildings, close most of its stores and sack 21 of 22 staff.

Voluntary administrator Andrew Barnden believed the company traded insolvent, had "very poor levels of governance, accountability and transparency" and bad bookkeeping.

One of a Kind was also forced to enter a payment plan with the Australian Tax Office, according to the administrator's report.

Since selling almost all of its assets, including stores at 63 Denne Street and 3 Hill Street, the company has operated out of a single rented site in Taminda.

Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content: