Clubhouse profits down 7.5% as staffing and entertainment cost riseThe UCD Sports Clubhouse Club has posted a profit of €97,300 for the year ending 30 June 2018, members at its annual general meeting heard this week. The Club's accumulated fund, where its profits are directed, reached €405,590 by the end of its financial year.Attendees at the AGM heard that the planned opening of the controversial University Club presented a challenge to the operation of Belfield's only bar. Future work to develop and extend the Clubhouse, as well as the low number of large scale events booked in the new year were also mentioned as operational difficulties.The Clubhouse announced earlier this semester that it has committed over €135,000 to societies, clubs and councils in UCD since 2017. At its AGM, UCDSU President Barry Murphy, who sits on the board of the Clubhouse, thanked the Club for its commitment to the student community.The diversion of funds towards student activities is the result of a change to the Club's constitution in 2017.Almost half of all expenses related to the cost of staffing, which rose by over €28,000 to €270,348. This represents the largest absolute increase on the list of expenses, whereas depreciation, which includes the cost of the new floors in the Clubhouse, was the second highest increase, rising by over €16,000 to €23,175.The accounts, audited by consultancy firm Mazars and approved by the committee of management on 31st October 2018, show that total income for the Club rose above €1million this year following an increase of over €80,000 in bar sales. The financial statements are signed on the Committee's behalf by Dominic O'Keefe, Head of Student Services and chairperson of the Club.
Total expenses incurred by the Clubhouse rose by 11% to €589,313. The cost of entertainment rose significantly from €2,000 in 2017 to €13,520 while advertising and marketing costs doubled, rising to €4,631. Stationary and printing costs fell by 80% to €891 while maintenance and repair expenses fell by €6,000, dipping below €10,000.