Dear Members,

As we reach the halfway point of 2026, I am pleased to report that the Club continues to perform well both financially and operationally.

Overall trading for the first six months is in line with forecast. While late winter flooding and the recent dry weather have increased operating costs, these have been managed effectively whilst maintaining the standards of our golf courses.

Some key highlights from the first half of the year include:

• Trading Performance – Total revenue is ahead of budget, supported by golf activity.
• Capital Investment – The Terrace refurbishment has been completed on budget, including new furniture, creating a more spacious and welcoming environment. The remainder of the sustaining capital programme also remains on track and within budget. The bore hole has also been completed and is awaiting EA approval.
• Financial Strength – The Club is now debt free with growing cash reserves in line with the funding strategy in the 5–7-year plan. This includes the £300,000 operating contingency reserve. The debt for the Garden Project shortfall is now retired.
• Membership – Demand for membership remains strong. The wait list has grown to 45 prospective Members, and 12 shares have been transferred during the first six months of the year.
• Capital Reserve Funds – Income from joining fees, together with the Members’ Capital Contribution collected through annual dues is in excess of £1.45m at the half year in line with the funding plan. These funds will support the delivery of the long-term capital investment programme approved by Members including the borehole and maintenance facility.

The Board remains confident that the Club is well positioned for the remainder of the year.

Thank you for your continued support.

Richard Goodley
Chief Financial Officer, The Wisley