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President’s Report – Christopher Young

On behalf of the Board of Directors, I have pleasure in presenting the 47^th Statement of Financial Performance for the year ended 31 October 2009.

After payment of finance costs, sporting club grants, community support expenditure and income tax, the net loss was $228,128. This compares to the operating loss of $205,249 (excluding asset sales of $460,555 during the 2008 financial year) in the previous financial year. Given the significant decrease in poker machine gaming revenue during the financial year, the financial results reflect the board and general manager’s work in reducing operating costs.

The slightly inferior result can attributed to numerous factors -  including the burden of gaming taxes, decreased gaming revenue (as mentioned), smoking restrictions, and in more recent times, the lingering effects of the global financial crisis. Other specific factors include the increase in one off staff expenditures during the year and delays in planned infrastructure spending, which occurred due to issues with refinancing of the Clubs banking operations. We believe that this delay has put us behind our planned position in terms of revenue generation.

Your Board of Management have resolved to meet the challenges of 2009 in a professional and positive manner. As you will see within the premises, we have continued to plan and improve the club’s facilities with the objective of securing our long term future. Our focus throughout the year has been on reducing our expenditure where possible and identifying the areas where we can make the club more appealing to current and potential future members, thus increasing the most important area of revenue generation. This will continue to be our focus in 2010 and into the future.

While our approach will continue to be conservative it is important to note that the club has experienced some improved trading results during various periods throughout the year, however overall results remain mixed.

Members will have noticed that the car park at the rear of the premises has been re-surfaced, along with alterations to the auditorium area, outdoor gaming and relocation of the TAB betting facilities. These alterations have been made to combat changes to smoking laws and also to better utilise the club’s infrastructure. These changes focus purely on revenue generation. As mentioned, we are effectively 9- 12 months behind where we had planned to be with the above changes due to unforeseen delays with financing. We expect positive results in the near future from these activities.

The club has continued to support not only rugby (Seniors and Juniors) but other sporting organisations within the community.  Netball, cricket and soccer now form part of The Waratahs Rugby Club sporting associations. We thank all players and officials within these organisations for their efforts and ongoing support.

 The 2009 season of Rugby provided mixed results for all grades with only our C Grade team qualifying for the semi finals. I wish to take this opportunity to thanks all players, coaching and management staff, volunteers and administrators for their effort and commitment through a long and demanding season. Season 2010 will see The Waratahs return bigger and better with a view to once again being a force in the NHRU. We wish them every success.

On reflection, 2009 was always going to be tough year. However we were indeed fortunate to have the benefit of loyal and dedicated staff at all levels to guide our club through these unpredictable and unsettled times. In particular, our General Manager Tim Chidgey, who has worked tirelessly on all fronts to improve our club and make it a viable proposition going forward, should be thanked and commended for his commitment and efforts.

On behalf of all at The Waratahs Rugby Union Club Pty Ltd, we extend our sympathy and condolences to the families and friends of members who passed away during the year, some of who were the driving forces behind our club for such a long period. The board also wishes to record their appreciation to our members for their loyalty, commitment and support of our Club.

There are still many challenges ahead but with the same ongoing commitment, support and goodwill that we currently share, we are sure The Waratahs Rugby Club Pty Ltd will continue to move forward.

Regards

Chris Young

President

 General Managers Report: Mr Tim Chidgey

The Board of Management has the pleasure to present the 47th statement of Financial Performance of our club for the year ending 31 October 2009.

Corporate law permits the club to present our financial statements in abbreviated form that I believe is more readily understood by the vast majority of our members and results in a significant saving of cost to the club by simplifying reporting requirements.

As a result of the new legislation, the club will now post a copy of its concise annual report on the club’s website each year, ensuring members have easy access to all reports and thus reducing the environmental impact by eliminating the need for paper base reporting.

You will be able to access the club’s annual report for the year ending 31 October 2009 on the web site at the following address www.waratahrugby.com.au we must emphasise that members will still continue to be notified in writing of the Annual General Meeting or any special meeting.

Any member may receive, free of charge, the full financial report on request from the administration office at the club.

Thanks also must go to the Board of Directors and the club staff, finally I would like to thank the members for their loyalty throughout the year.

There are always challenges ahead but I believe with your continued support the club will continue to grow and maintain our support for sport in the area as well as our community

• Concise Financial Statements

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