Every figure here comes from the Club's own reports to members. None of it is my opinion. Each one raises a question every member is entitled to ask.
| Year to 30 June | Loss |
|---|---|
| 2019 | $349,824 |
| 2020 | $682,328 |
| 2021 | $205,541 |
| 2022 | $541,787 |
| 2023 | $770,671 |
| 2024 | $1,744,012 |
| 2025 | $1,747,214 |
The last two years were each more than double the loss in 2023. The loss for 2025 is the largest in seven years of accounts.
Why has the Club not had a single profitable year in seven?
In the year to June 2025 the Club took in $6,819,790, its highest revenue in seven years. In the same year it lost $1,747,214.
Cash going out of day to day operations was $1,157,486, the most in seven years and 51% more than the year before ($767,939).
Why, when more money is coming in, is more money going out?
Employee costs rose from $2,961,001 to $3,976,313, an increase of 34%, in a year the Club lost $1.75 million. It is the largest rise in employee costs in seven years of accounts.
Why, and what did members get for it?
The 2025 accounts show a loan accruing interest at 10.40% a year, with $4,794,285 outstanding at 30 June 2025, secured over the Club's land and buildings. Interest paid rose from $304,211 to $406,036.
Most of that loan was repaid from the car park sale. Then, between December 2025 and March 2026, long-term debt rose again, from $1,257,890 to $1,694,286.
Why did the Club borrow against the clubhouse at 10.40% (and now 9.95%) and why is the debt growing again?
The independent auditor's report on the 2025 accounts includes a section headed Material Uncertainty Related to Going Concern. It notes the $1,747,214 loss and that current liabilities exceeded current assets by $6,087,983, and says:
"a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern"
The auditor did not modify its opinion, and the car park sale has since reduced the Club's debts. But that sale cannot be repeated.
What is the plan to make sure an auditor never has to write that sentence about our Club again?
The Club's nine-month report to March 2026 shows a net profit of $2,687,697. That is not trading. It comes from $3,874,413 of one-off income, mainly the sale of the car park. The Treasurer's own report says so:
"Members reviewing the nine-month figures will see a net profit of $2,687,697. We want to be clear that this does not reflect trading performance."
Without the one-offs, the Club lost $959,051 at the operating level in nine months. In May 2025 the Club told members the car spaces were its last saleable asset.
When there is nothing left to sell, how does the Club cover the losses?
| Cash held by the Club | Amount |
|---|---|
| 30 September 2025, after the car park sale | $2,968,386 |
| 31 December 2025 | $180,707 |
| 31 March 2026 | $50,442 |
Some of that money repaid debt, and the Treasurer's report puts the March figure down to the seasonal pattern of the quarter. Even so, six months after the largest one-off payment in the Club's recent history, it held $50,442, less than half the $99,456 it held a year earlier.
How much cash should a club of our size keep in reserve, and how much does it hold today?
| December quarter | Operating result | Expenses |
|---|---|---|
| 2024 | $25,407 profit | $400,605 |
| 2025 | $303,173 loss | $769,085 |
In one year, expenses for the quarter rose 92%.
What changed?
| Quarter | Revenue growth | Year before | This year |
|---|---|---|---|
| December | up 12% | $25,407 profit | $303,173 loss |
| March | up 24% | $203,630 loss | $238,599 loss |
Revenue grew in both quarters. The operating result was worse in both.
Why is the Club losing more as it earns more?
The AGM is on Thursday 19 November 2026. You can also write to the Board now. These are fair questions, and members deserve plain answers.
Sources: RACA signed financial statements for 2020, 2021, 2022, 2023 and 2025, including the independent auditor's report for 2025. RACA Quarterly Performance Reports, Q2 FY26 and Q3 FY26. President's Note 4, 16 May 2025. The current 9.95% interest rate is a recent change, due to be reported in the Q4 FY26 report.