The following 3 tables provides an overview of the St Georges Basin Country Club Limited financial statements for 2023-24 including a comparison of profit and loss across the Basin and Vincentia financial departments.
*Note:
All data is sourced from the Country Club 2024 Annual Finance Report
M = $Million, K = $1000
% expressed as difference from last year divided by 2022/23 result
Assessment (smiley icon) indicates a better or worse result for the business compared to last year
Comments:
The Financial Report states, “No significant changes in the state of affairs occurred during the financial year”. A significant decrease in Profit of $500K or (31.5%) should draw some analysis or comments.
The President’s Report commences, “Our beloved club has gone from strength to strength”. The above results do not reflect this.
The Country Club Balance Sheet is in good order. Debt levels are low and can be covered by cash.
Comments:
Vincentia Department is showing improvements in all areas, except Pokies.
Golf losses were down at both the Basin and Vincentia.
The Golf loss at Vincentia was less than the losses achieved for either Basin Golf or Basin Bowls.
Based on the above assessment of profit and loss across Basin and Vincentia financial departments, how on earth can the CC Board and Management justify the closure of the Vincentia clubhouse and golf course??
Contributed by Wayne Prior
FoVGC Communications Sub-Committee