Page 12 - KGFC | SPECIAL GENERAL MEETING_ INFORMATION PACK

SPECIAL GENERAL MEETING

FINANCIAL UPDATE 2020 - 2022

WHAT DO THE FINANCIALS SAY? - EXPENDITURE

• Costs have been tightly managed in 2020 and will be reduced by circa €581,500 on budget.

• The Government Temporary Wage Subsidy Scheme (TWSS) along with tight staffing controls allowed
us to reduce payroll costs by circa €350,000.

Note: We availed of the Government’s Temporary Wage Subsidy Scheme from 1st April to 31st August 2020.
This covered approximately 70% of our payroll costs for this period. We received a “TWSS Compliance Check”
request from Revenue on 30th July 2020. Formal approval of our eligibility for the TWSS was confirmed by
Revenue on 1st September 2020. Until this confirmation was received, it was not best practice to
communicate the financials.

Important: Although we have registered for the new Employee Wage Subsidy Scheme (EWSS), current criteria
means we are illegible for this support. The criteria for qualification states turnover must be down by over
30% in the months September – December 2020. As this is traditionally our quiet period, we do not project
being down by this margin, therefore ruling us out.

• All staff pension contributions have been paused since 1st April 2020.

• Staffing levels have been kept to a minimum throughout the season despite the golf courses
experiencing unprecedented demand for play. We employed 1 short term staff member in August. This
enabled us to better deal with the high volume of calls (over 1,400 per week) coming into the venue. It
also provided cover for staff members who were out on sick and maternity leave.

• We have communicated regularly with all staff members in relation to the seriousness and the

uncertainty that the impact of Covid 19 brings to the Golf Club.

• Our course maintenance costs have been reduced by circa €55,000. Despite this, and the
unprecedented demand for golf, our team have produced all courses in magnificent condition
throughout the season for the benefit of Members.

• The majority of the Capital Expenditure work was completed during the winter months to ensure it was
ready for the beginning of the season. The cost of these upgrades was circa €134,000.

On page 13, we have presented 9 month actual accounts, projected 12 month accounts for years ending
2020, 2021 and 2022.

SPECIAL GENERAL MEETING INFORMATION PACK | SEPTEMBER 2020 12