The 2021/22 Annual Report will be posted to the website on Friday, 30 September and I write a short update to highlight some of the notable outcomes over the course of yet another unusual year.
Notwithstanding some 10 weeks of Covid lockdown and full closure of the course for an additional 60 days we have managed to finish the year on 30 June 2022 in a much stronger financial condition than when we set out on 1 July 2021.
It is satisfying to inform members that the borrowings of some $700k at the commencement of the year were replaced by cash at bank of some $300k at the end of the year. The results do include Government grants and a legal settlement but the outcome is attributable in the main to careful economic management and member support.
You will have heard me say that subscription income is the product of price times volume, get membership numbers up and there is less reliance on price to meet revenue targets. Happily, revenue in 2022 reached $3.4m, a substantial increase over the $3.1m in 2021. The surplus attributable to members was $620k compared to a surplus in the previous year of $792k. This is an outstanding result given the Covid tail and rain events.
Our budget for 2022/23 and the Centenary year is a conservative one and grounded on a return to normal if there is such a thing. Recent times indicate that it is difficult to predict what is around the corner. Our bank facilities have been renegotiated with NAB out to July 2025.
Whilst that all presents a sound financial condition there are worrying cost pressures that are beginning to emerge. We face steep price increases in food and kitchen supplies as well as cost escalation for chemicals, soil and the machinery required to maintain our course. We also face wage rises in the near future. I can assure you that every effort is being made to contain expenses and so avoid excessive increases in subscription levels. The solar panels are making a welcome contribution as the cost of power supply continues to grow. As our Treasurer indicates in his report, improved member retention and new member recruitment programs have supported the financial results and they position the Club well for the future.
There is upside as the increased interest in functions from external parties shows signs of picking up. There is obviously lead time to bookings, but this is an important revenue earner that has not featured in the past couple of years and enquiries are encouraging.
The Annual Report is presented in a “read a book’ format where you “click” to turn the page. This format has been under development since the previous report when it was first introduced. It now includes photographs, not as many as we would have liked due to a corrupt file but enough to make it a more inclusive and informative document. This approach has been taken in preparation of our centenary year where the report will provide more detail and record the celebrations we are all looking forward to.
Centenary Program
The Centenary Program is very well planned and the broad outline is also on the web site and I encourage you to check the calendar – click here to view.
The Centenary Committee have been promoting the “Speed Relay” and I encourage you to take part in this fun event. It entails two teams, one being The Presidents, the other The Captains. It is a time trial where the teams are positioned on the fairways and hit the ball forward as soon as it stops or for the more athletic, before it stops. Time starts at tee off on the 1st and ends as the ball is in the cup on 18th.
The Committee is also hoping to capture some drone footage and photos for our Centenary projects and are proposing to have a photographic shoot on Sunday, 16 October from approx. 4-5pm.
The vision for this project is to create a human formation of “100” on the practice putting green, shot from the drone, with people spilling out from the Beecroft Room to the putting green to create an interesting effect. Get into it.
Course Project
Work with designers has continued and planning is well advanced, in my last update I said that the working group comprising Neil Rolfe, Liam Ash, David Blackshaw, Damian Maguire, Barnaby and myself will probably meet toward the end of August and hopefully would be in a position to share the proposed way forward with a review group of members in October. This was to be followed by a presentation to all members at a special meeting, the timing of that meeting will now probably occur in December.
It is a change to write a brief letter.
Good luck with your golf.
Michael Rowan
President
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