The Club is financially sound. Through the prudent running of events, success in attaining grants and with increased membership subscription, we have traded through the current year successfully.
The accounts show Operating Income of $48,341 (including grants of $22.616) for the year to 31 December 2011 and Expenditure of $39,063 leaving Operating Profit of $9,278.
We still hold funds in the Velodrome Project. Given the failure to secure the New Zealand Cycling Centre of Excellence, the Board will need to revisit this sum invested for perhaps some other “special” project.