Sydney Royal Automobile Club of Australia faces “significant doubt” over future, auditors say

But its auditors warn there is “material uncertainty” over its future.But president Stephen Hathway says he has “absolute” confidence the club will survive.

Walker Wayland, the previous auditors, told the board in March they should seek “safe-harbour” provisions.“Uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern,” said the report of Rothsay director Graham Webb. Cash outflows blew out from $208,000 to $1.39 million over the year to June, yet a new $3 million loan from non-bank lender Guardian Financial to repay “pre-existing Westpac bank facilities and provide the company with ongoing working capital” ensured RACA had cash in the bank at the end of the year.

Mr Hathway said Walker Wayland was rotated out after more than 15 years servicing the club, and that the auditor’s resignation was only a procedural matter. “The club has a design concept for adding eight part floors of hotel rooms that is before the authorities for consideration,” the directors said.“If successful, the proposal would provide the opportunity for additional development of the club building to financially benefit the club.”

Source: Car News Wire (carnewswire.net)

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