Half Yearly Financial Update as at 30th September 2023
It is my pleasure to provide all members our half yearly update with respect to the financial position of the Club for the 6 months ended 30th September 2023.
We have reported an actual loss YTD of $182,300 compared with a budgeted loss of $122,987 or $59,313 behind budget. Consistent with our monthly board reporting, we normalise the reporting to budget by factoring out abnormal insurance recoveries and the associated course recovery costs post the October 2022 flooding events. After taking these factors into account, our adjusted loss would only be $49,180, being $73,807 better than budget.
Key to the YTD result is that we have seen strong growth in new memberships that has contributed to the strong performance in the Subscription Income component of the half yearly result.
On the other hand, our Hospitality result has performed well below budget due to the combination of both the increased cost of goods sold and increased labour costs.
Golf Trading is basically in line with budget whilst Other Income and Total Expenses have been impacted by the flooding events as summarised in the above table.
We continue to maintain a very healthy cash position that supports operations and multiple projects currently in progress. Cash and cash equivalents as at 30th September 2023 are $5.1m. This position continues to underpin our 2023/24 Capital Expenditure budget of $3.3m.
As we move into the warmer weather and with costs associated with the flooding events substantially behind us, we are on track to deliver sound financial results for the remainder of the year to March 2024.
Ron Ferrari
Treasurer.
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