- 29 August 2018
- Simone Keir
Financial Year ended FY 2018
We have just seen the close of another financial year and your Club has operated in surplus excluding depreciation.
Your Board thanks Markus Friedler and all his staff for their ongoing commitment and application to providing services of quality to its members and guests. Any year that achieves surplus for a not for profit Club is evidence of a steady use of all areas around the Club. A Club can only continue to subsist where members and their guests use such a landmark building and the services that it offers.
Whilst subscription income must respond to increases in costs to provide such services, your Board has again resisted any material increase in subscriptions for the current subscription/financial year.
Our Motoring Enthusiasts have held another successful annual dinner with in excess of 100 guests and again furnished the Members Bar with another vintage car assiduously presented for demonstration by Alan Hunt and his team.
The Pioneers Room is now complete having been renovated under the careful eye of the Australasian Pioneers Club and their heritage architect. The artwork on wall adjoining the Members Bar is worthy of members’ attention depicting the colonialization of various States of the Commonwealth, including New South Wales.
As management continues to efficiently control the business centres of the Club, your Board continues to conduct due diligence on strategic options that may become available, subject always to member approval, to secure the longevity of our building and the Club for its growing number of interests groups and members generally.
The Circular Quay precinct, a world landmark, is under concentrated development activity and opportunities may present themselves for our Club to consolidate its current position and further refurbish our building.
The planning history of our building has been researched at Council with a view to understanding current consents which enable our building to function as it does. The research has also revealed consents relating to air rights for which Council has acknowledged substantially commencement, meaning those rights have are not confined as to time.
Given the age of our building, and the significant sums that have, and will to be, required to maintain it, our future demands that your Board explores all viable feasibilities on our future capital requirements for substantial refurbishment and capital reserves.Return to Blog