Club members will be pleased to hear the club’s net profit was $113,347 for 2018/19 compared to last financial year’s operating loss of $641,235.
That information will be detailed at this year’s Annual General Meeting on October 31, starting at 8.00pm.
“At last year’s AGM I made it clear that we were embarking on a significant period of consolidation and this year was the start of this process,” club president Gil Cunningham said.
“We have a long way to go, and I am pleased to say that as promised the integrity of the golf course has not only been maintained but improved.”
YMGCR’s trading profit for 2018/19 was $2,118,577 - an increase of $787,482 over last year. After accounting for depreciation of $2,005,230 it meant a net profit of $113,347.
“We have reduced our debt to $100,000 and had cash holding of $1, 073,984 at 30/6/2019.”
About to deliver his second annual report on October 31 as president, Mr Cunningham described the turnaround as “significant” and acknowledged the “fantastic support and work my board of directors has provided over the past year”.
Following the resignation of CEO Richard Hogg in August 2018, the Board of Directors appointed Greg Ferguson to the role. Mr Ferguson started on January 14, 2019.
“This year’s improved outcomes are as a result of hard work and tough decisions being made,” Mr Cunningham said.
“My thanks to Peter Savy (was acting CEO) and Samantha Macheda (finance manager) for the way they ‘stepped up’ in the interim period prior to Greg’s commencement.
“The CEO has been extremely busy since taking up his position and like myself knows we have a long way to go to achieving our financial goals of, and I quote Greg’s ‘future proofing’ our great club. Thanks Greg for your hard work and endeavour.”
YMGCR’s sporting facilities and staff were praised by the president. “Chris Burgess, our course superintendent together with Trevor Elliott and their wonderful team of employees and member volunteers have not only given us three wonderfully conditioned courses but have also beautified and improved the aesthetics of all courses,” Mr Cunningham said.
“You guys do a wonderful job and the members and visitors are in awe of our facilities.
“Our bowling greens are the envy of the district and we are seeing the fruits of our labours generating many prestigious events because of this quality.
“The croquet club also enjoys great facilities and wonderful lawns.”
Mr Ferguson said the reporting period provided many challenges to the club and commend all who took the “supportive and positive path”.
“Given sustainability is the key focus, on-going adjustments to our expense base, and our revenue generating ability, will continue,” he said.
“My view is long-term, and while results in this reporting period provide strong evidence of improvements, continual gains will need to be made over time.
“Change is inevitable, and while changes in this period have been moderate, the response from our club community has been excellent.”The club’s movie theatre has proven to be so successful that other clubs in the district are following suit establishing their own, according to Mr Cunningham. “The theatre continues to be a profitable endeavour,” he said.
“We have remained committed to improving our accommodation occupancy rates with many positive initiatives being put in place and I am confident we will see this important area of revenue steadily improve over the ensuing years.”
Mr Ferguson referred to challenges looming. “Apart from the political landscape, where gaming machines are increasingly demonised, competition will permanently increase and our objective is to achieve excellence in all facets of our operation,” the CEO said.
“This excellence places businesses in strong positions when considering the ability to capitalise or insulate during fluctuations in trading conditions.
“The reported financial outcome showing a profit of $113,347 is a heartening and just reward for the team, who regularly had to operate outside their comfort zone to replace and modify existing cultures and practices.”
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