President's ReportDear Fellow Members, Since I last reported to you, much has happened in the life of our Club. Firstly our hotel has been upgraded from category 3.5 star to 4 star. This not only refl ects our improving standards but also brings us into a more lucrative market and your Board looks forward to increased income from our hotel business. To keep pace with our new category the Board approved and the Chief Executive Offi cer has carried out in an effi cient, timely and cost effi cient way the upgrading of 40 of our 83 bedrooms (together with the corridors) as Phase 1 of our hotel refurbishment program. The second phase is being prepared and costed for Board approval.In addition, new cabling will be installed to improve television reception in the rooms.