Dear Members,

As we reach the halfway point of the year, I am pleased to share a brief update on the Club’s financial performance and position.

• Operating Income & Costs: Both remain in line with budget expectations. While certain business areas have performed ahead of forecast due to favourable weather, the overall variance to budget is not material.
• Capital Investment: Our planned programme is progressing well. The staff cottage renovation is now complete and being utilised by team members from Greenkeeping, Golf and F&B, the Clubhouse rotunda windows replaced, and the project around the Garden 1st tee area was delivered within budget. We are also progressing with the replacement of kitchen equipment and the Clubhouse air conditioning unit as planned.
• Flood Contingency: Following the collection of annual dues, a £300k contingency fund has now been established.
• Garden Shortfall Position: As communicated in advance of the 2025 dues, the shortfall from the Garden Course project has now been reduced by 50%, now standing at £600k. This will be fully collected as previously communicated with the 2026 dues.
• Cash Flow: At the end of 2025 we do not anticipate requiring any short-term borrowing in accordance with our cash flow forecast. The Club will be debt free.
• Membership Activity: Demand for membership remains strong, with a waiting list of 30 and 16 share transactions completed year-to-date.
• Joining Fee Reserve: £446k has been collected from joining fees in 2025. Following the final costs of the staff cottages and the Garden Tee 1 project and with no further use of these funds planned for 2025, we anticipate year-end joining fee reserves of approximately £500k, ringfenced for future capital development.

Thank you for your continued trust. We remain committed to responsible stewardship, disciplined financial management, and protecting the Club’s assets.

Richard Goodley
Chief Financial Officer, The Wisley