Presidents Report for the year ending 2018
On behalf of the Board of Directors I submit for your consideration the Annual Report and Financial Statements for the year ending 31st December 2018.
I was appointed President on 5th February 2019, and this report reflects the activities during the 2018 Financial Year.
The Financial Statements reveal a substantial loss for the year as a result of writing down capital expenditure costs associated with the feasibility and due diligence undertaken with respect to the Medical Hub project.
Our club, like many others, relies heavily on gaming revenue, and with this income stream declining, the Board and management had been exploring ways to diversify revenue to secure our long term future. The Board released a detailed communication on the Medical Hub project, however, it became apparent from member and community feedback that this communication should ideally have occurred much earlier in the process. The Board at all times acted in good faith and considered that it had a fiduciary responsibility to explore all options to ensure the financial viability of the club into the future.
On the 20th November 2018 the Board resolved, following concerns raised by members and the local community, that the original decision to explore the Medical Hub project should be rescinded and the project not proceed. The decision ultimately resulted in significant cost to the Club, not only as a result of the direct feasibility and due diligence costs, but also as a result of additional costs associated with the resignation of our long serving CEO.
The club is a responsible member of the community and continues to make donations to the various community organisations and junior sporting clubs as part of our Clubs Grant program. Our annual Australia Day Breakfast celebrations continue to be successful with a large number of parents and children attending the club.
We thank the following for their support during the year:
Our staff for their continued high level of service they provide to club patrons.
Our successful association with the Forestville RSL Sub Branch President and committee.
Our social and sporting section committees through their voluntary work in ensuring varied activities for the benefit of members. As always, new members are welcome and details of the sections are on our website for your information.
To Forest Catering for their professional preparation of both food and services to our club through the Bistro and at functions.
We thank the membership for their support and patronage. The club will continue to prosper, only if members take advantage of and support the facilities provided.
To any member who has lost a loved one during the year, the Board and Management extend our sincere condolences to those families.
CEO, Denis Sullivan resigned in November after 18 years in the position. Denis oversaw several club refurbishments and with successive Boards had built the club into a strong financial position. We wish Denis all the best in his future endeavors.
President, Bruce Chisnall resigned in January 2019 after serving 18 years on the Board, the past 11 years as President. Bruce has been a loyal servant to this club and we thank him for his contribution particularly his compassion and caring nature. Bruce is a life member of the club.
Director, Bob Green resigned in January 2019 after serving 16 years as a director. His past experience provided valuable input when the club undertook renovations and building projects. We thank Bob for his contribution to our club. Bob is a life member of the club.
Vice President, Jeff Ortmann resigned in December and we thank him for his contribution to the Board.
Earlier this year (2019) Members would be aware that as a result of Board resignations three new directors were appointed. Nominations were called to fill three casual vacancies. We welcome Bill Hardman OAM, Michelle Joosse and Philip Richardson. In addition, the Board announced the appointment of our new CEO, Ian Thomson who has commenced his duties.
I look forward to working with the new Board and CEO in the establishment of the future directions for your club. Members input will be sought and decisions taken by the Board conveyed promptly.