Page 12 - KGFC - Mid Season Update - July 2020
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FINANCIAL UPDATE
SUMMARY FROM COVID 19 RESPONSE PLAN
• Please note, staffing levels have been kept to a minimum. All staff have been working extremely hard to
provide Members with beautifully prepared golf courses and a high level of service in the Clubhouse. We
thank them sincerely for their efforts.
• As is the norm, the majority of our Capital Expenditure was completed during the winter months to
ensure we were ready for the season. However, any remaining Capital Expenditure works were stopped
with immediate effect from 25th March 2020 and no further Capital Expenditure will be incurred for the
remaining months in this financial year.
In 2020, instead of making a significant profit this year as per our projections at the AGM, we are now
preparing to make a significant loss.
• Losses of circa. €212,000 versus a projected profit of €240,000, are expected in 2020.
PLEASE TURN OVER
• A decrease in the projected Club’s Cash Reserves by circa €452,000 is now estimated by the end of this
financial year 30th September 2020.
P.T.O THE COVID 19 EMERGENCY
RESPONSE PLAN WAS PUBLISHED ON 07.07.2020
MANAGEMENT COUNCIL UPDATE | JULY 2020 12
