The SGM has been called by a group of 30 individuals who are calling on the members of KPC to accept a resolution to allow for the negotiation of the sale of the property currently housed by the Lipizzaners.
This is not an initiative from the KPC Executive as a mechanism to raise capital to fund the facility.In the event that a mandate was given to sell the portion of the property to the Lipizzaners, the fact that a zoning proposal would still have to be made means that any cash flow generated from deposits would not be able to be utilised by the club for at least 12 to 18 months.
The Lipizzaner Directors saw fit to circulate a letter that specifically confirms my personal support to this initiative as well as suggests that the current Exco is in support of this venture, please find attached the amended document that I asked Judy Vertue to present.
I am very disappointed in the underhanded approach initiated by the Directors and as a result must state publically that in my personal capacity I do not support this initiative and feel that with the incumbent delays brought about by the rezoning requirements this process will not resolve any short term financial issues that we may have.
We are also using the opportunity to present for adoption the financial statements (audited) for the period ending July 2013, please access the hyperlink to view the financials ahead of the SGM. In addition we will be presenting the interim financials and forecast to end of July 2014 for your comment.
You will see from the income statement that we are able to cover our monthly expenses as a going concern, however we are challenged by the encumbered debt from prior periods.We will briefly present the proposed membership costs for 2014/2015 year as well as a new proposed strategy around show entries, prize money and rosettes. We have had a forensic audit done on the business to better understand the weaknesses in our systems and controls, a copy of this report will be available for those members who request a copy.
Please note that we will have a registration process to validate members ahead of the Lipizzaner ballot.
I look forward to seeing you all at KPC on Thursday evening at 19:00 in the KEP Clubhouse.
KEP EXCO Chairman