- 3 August 2017
- Simone Keir
With the support of our valued staff and members, including our various interest groups, the Board is pleased to report that the Club has successfully completed FY 2017 and traded at an operating surplus of $31,250 (including delayed expenses attributable to FY 2016 of approximately $40,000). Although outside budget the hoarding in Albert Street, as a requirement of Sydney City Council, has been remediated, painted and photographic images attached at a full cost of $71,000.
The net result also included repairs and maintenance expenditure on the building of $496,000, to progress the upkeep and upgrade of the building. Capital expenditure of approximately $240,000 was incurred, the major capex being phase 1 of the air conditioning system replacement. Phase 2 is due to be completed during the current financial year at a cost of $195,000. Further security cameras are also scheduled to be installed at the Club. These material improvements result from our business producing results and cash essential to fund such substantial expenditure.
The Club’s Constitution has been updated and will be adopted, subject to special resolution, at the Annual General Meeting on 19 October 2017,
Management has now filled all full time employee vacancies, and the Club has both financial, sales & marketing expertise, whose teams have, and continue, to maintain and build the business of the Club. Our newly appointed maintenance manager adds a “hands on” maintenance expertise.
In summary the Club is well placed to continue trade responsibly and without operating deficit into the future and without use of its overdraft facility. Booked activity in and about the Club for the quarter to 30 September 2017 already exceeds the prior financial year.
A reciprocal Club, in New Zealand, the Hamilton Club, has just dissolved due to a serious decline in its membership, and its corpus disbursed to educational institutions.
The Board congratulates Markus Friedler and his staff for their commitment to advancing the services of the Club for the benefit of all members, guests and invitees, and thanks all members for their support which has, and continues to, underpin a successful Club into the future.
Michael Callanan, PresidentReturn to Blog