THE Commercial Club in Albury last night announced the most successful trading year in its history with a continuing emphasis on facilities for members.
It had a net profit of $3,656,509 from a record income of more than $38 million with an additional $400,000 being spent on amenities for members.
Club president Barry Edmunds described it as “an absolutely fantastic result”.
He said it was an outstanding effort considering the testing economic climate and the increasing pressure on the club industry over the past couple of years.
Mr Edmunds said the club was debt-free on June 30 and that was the same situation last night after expenditure on a lift, extensions to the snooker room and a new conference room on the ground floor in the past five months.
Members showed faith in their board members with no changes ahead of another two-year term.
Mr Edmunds, the club president since 2004, will continue in the role with Barry Weisel and Graeme Edgar as vice-presidents and Ted Landon as treasurer.
The other board members are Marie Lee, David Shore, Andrew Sobolewski and Carolyne Coster.
But just 1122 members voted, which was down about 400 on the previous year.
The issue was raised by a club member but chief executive Bruce Duck said the club’s articles needed to be changed for postal voting.
The profit is an increase of more than $700,000 on the previous 12 months.
“The net profit for the year of $3,656,509 compared to $2,942,797 is one the directors, members and staff should be proud of as all have contributed to the very successful year we have enjoyed,” Mr Duck said.
Mr Edmunds said more than $3,200,000 was spent on members’ amenities, an increase from the previous year.
“The club has further increased sponsorship of major sporting events in both senior and junior sport, has given further financial assistance to the needy and under privileged, has donated $500,000 to worthwhile charities and local hospitals as well as supporting our 10 sporting bodies,” he said.
Mr Edmunds said the club was vibrant and continued to operate successfully.
“I put it down to service and management,” he said.
A move to introduce an honorarium for directors was approved by members.