As promised at the last Annual General Meeting, I am writing on behalf of the Board to keep you informed as to the steps being taken to ensure the School maintains its financial capacity to continue as a viable entity into the next century. It is not so long ago that the School’s financial position was poor, but is now much improved. The Board has the important responsibility of maintaining the organisation’s strong financial position.
To date, the Board has adopted a different investment strategy that will provide a better return on the cash reserves of the School.
Our building, which is the major source of income to provide services to our Members, is now 94 years old and has not had a major refurbishment since 1998. Accordingly, we are investigating the cost of a refurbishment that would bring the building up to present day standards.
In addition, we are seeking expert advice on the future income potential of the building in a changing economic environment.
While unsolicited offers to purchase the building have been received in recent years, these have been rejected as being unrealistic and opportunistic.
Your Board hopes to have completed the gathering of the necessary information in the near future and to be able to determine its preferred position. I will write to you again at that time.
(21 June 2019)