The Portland RSL Sport, Recreation Club once again recorded a successful financial year for 2017.
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The overall financial performance resulted in an operating profit after tax of $170,634.00 for the year.
The profit is up on the previous year, which is an excellent result considering the ongoing pressures faced by clubs.
President Denis Kelly commenting on the year’s activities stated that the excellent result and overall performance of the club can be attributed to the members, of course, for their continued patronage, along with the dedication of staff and the Board of Directors, who have placed a high priority on reviewing the club’s financial procedures and consolidating the finances of the club as much as possible.
There has always been and will continue to be challenges for the club, but the Board has worked well as a team and ensured the successful result.
The club continues to support local sporting and cultural bodies in the community, with contributions totaling over $30,000, and there have also been initiatives taken in the club to provide further activities for members.
The improvements that the management and the board have made to the club’s financial management have had very good results.
As the Annual Report shows, in 2017, compared to 2016, a revenue increase of approximately $80,000 has been achieved at a cost which has decreased by approximately $20,000, leading to an increase of approximately $100,000 in Gross Profit, and an after tax increase of approximately $70,000 in Net Profit for the year.
During 2017 the club was able to spend approximately $50,000 on improvements and renovations.
These included plumbing and tiling and improvements to the upstairs toilets, additional air-conditioning of club premises, and a Fire System upgrade. During the current year the club has improved the poker machine facilities by replacing and upgrading machines. The club continues to provide entertainment for members and guests on a regular basis.
The Annual General Meeting of the club will be held on club premises on Sunday, June 3, 2018 at 11am, when all positions on the board will be confirmed, and there will be an opportunity for the members to review the year’s activities.