Page 5 - KGFC - Covid 19 Emergency Response
P. 5
FINANCIAL UPDATE
COVID 19 | IMPACT SUMMARY
• 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 losses.
• Losses of circa. €212,000 versus a projected profit of €240,000, are expected in 2020.
• 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.
COVID 19 | EMERGENCY RESPONSE PLAN | JULY 2020 5
