RUSSIAN CLUB LIMITED
ABN: 13 000 911 419
D I R E C T O R S’ R E P O R T
FOR THE YEAR ENDED 30 JUNE 2018
Meetings of Directors
- During the financial year, fourteen (14) meetings of directors were held and the attendances by each director are as follows:
Mrs N.De Gier
- Principal Activities
The principal activity of the Club during the year was the conducting of a licensed club. There have been no significant changes in the nature of these activities during the year.
- Operating Result
The operating result was a loss of $(38,284.19), (2017 loss of $81,428.20) The Company is liable for income tax attributable to non- member income.
- Net Assets increased to $3,942,459.16
- The Club has $87,838.12 of cash and short term deposits.
The Club’s objective is to deliver a profitable business to the membership that promote and enhance the reputation of Russian culture to Russians, as well as the Australian community for the mutual benefit of all members and the local community in Sydney.
- Strategy for achieving the Objectives
In order to ensure the objectives are being met, the Club will:
- Strive to increase usage of the Club facility by encouraging visitors and Russian community groups.
- Foster and nurture Russian cultural awareness groups for children & adults.
- Ensure a mix of catering, beverage, gaining and entertainment facilities that support the demographic of the Club’s membership base and local community.
- Maintain and continue to enhance the facility and business approach to ensure an effective utilisation of current and future resources.
- Review of Operations
The Directors continue to review the workings of the Club with the objective to improve the overall patronage of the Club.
- After Balance Date Events
No significant activities have occurred since 30 June 2018 that has had an adverse effect.
- Directors’ Benefits
Since the end of the previous financial year, no Director of the Company had received or became entitled to receive a benefit (other than a benefit included in the aggregate amount of emoluments received or due and receivable by Directors shown in the Accounts of the fixed salary of a full-time employee of the Company or a related corporation) by reason of a contract made by the Company or a related corporation with the Director or with a firm of which he is a member, or with a Company in which he has a substantial financial interest.
- Directors’ and Officers’ Indemnity Insurance
During or since the financial year, the Company has paid premiums to insure each of the Directors against liability for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of director of the Company other than conduct involving a wilful breach of duty in relation to the Company.
No gifls were received from contractors or affiliated bodies.Signed in accordance with a Resolution of the Board of Directors.