Dear Members,

From the feedback we have received, it is clear that 2025 has been a very successful year for The Wisley. Our members (& guests) are playing more than ever; the golf course has been exceptionally well managed and presented, even with the challenges of the weather. The food continues to delight, and the vibrant atmosphere around the Club reflects the wonderful community of members we are privileged to serve.

Over the years, The Wisley has experienced both success and challenge. The new Board and the management have reviewed the future plans and are supportive of continual improvement of the The Wisley’s golf course and facilities. In addition to this, there is a recognition that we need to strengthen the Club’s cash reserves over the coming years to secure our future objectives. Historically, limited reserves have meant that key development projects were delayed, scaled back, or funded through borrowing or unpopular one-off capital calls – measures that placed undue pressure on members and risked the Club’s long-term financial stability.

Investments over the past five years have included the Garden Course, Putting Green, Marlin Room, and Driveway projects which, supported by the introduction of joining fees, have significantly strengthened the Club’s appeal. These enhancements have elevated both the member experience and shareholder value, reflected in a share price increase of £20,000 over the same period and a record waiting list (c. 50 as per November 2025).

 

Our 5–7 Year Vision

The Board is committed to delivering a programme of improvements to enhance the Club’s facilities and overall member experience. Over the next 5-7 years, a range of projects are being planned including:

• Construction of the new Maintenance Facility (subject to member approval – expected to be sought in 2nd half of 2026).
• Enhancements to the Church and Mill Courses, Chipping Green, Terrace, and Changing Rooms.
• Redevelopment of the Pro Shop, Bag Store, and Welcome Area.

More details of each individual project will be shared once we have them.

 

The Funding Plan

Our funding strategy ensures the Club can continue developing in a structured and sustainable way with the objective of eliminating the need for large one-off capital calls. Cash reserves will be built through a combination of joining fees and annual “Capital contributions – Long term projects” included within members’ annual dues.

As in 2025, annual dues will be presented in a clear and itemised format:

• Net Operating Costs – The day-to-day cost of running the Club, expected to increase modestly with inflation.
• Sustaining Capex – Based on our rolling 10-year plan to maintain and preserve our facilities.
• Capital Contribution: Long-Term Projects – Funds dedicated to major improvement projects.

 

Key Elements of the Funding Plan

• No Long-Term Debt: Short-term financing may be used to manage timing differences and smooth costs, but no long-term borrowing will be undertaken.
• Joining and Share Commission Fees: Forecast to generate over £4 million between 2026 and 2030, in addition to the current c. £850,000 reserve.
• Capital Contribution for Long-Term Projects:
  • In 2026, the contribution will be £350, recognising that the final payment for the Garden Project of £857 also falls due this year.
  • From 2027, whilst capital reserves are built, it is anticipated that the annual contribution will be similar to 2026, ie £1,200.
  • This approach is designed to try to avoid any single, large capital call on members and provide some guidance to members about future annual dues over the coming years.
• Cash Reserves: All joining fees, share commissions, and capital contributions will be ring-fenced exclusively for approved capital projects, with member approval sought where appropriate.
• Joining Fee Adjustment: From 15 November, the joining fee will be £35,000, inclusive of the previous 6% administration fee. The share price will be reviewed in April 2026 and every 6 months thereafter. We anticipate the share price will appreciate with future adjustments dependent on financial stability, investment, demand, and project progress.
• Annual Dues: Share commission fees will no longer subsidise annual dues, resulting in an adjustment of £343 per member per year, which will now be directed to the capital reserve fund.

This strategy represents our shared commitment to safeguarding The Wisley’s long-term success while continuing to elevate the member experience and golf facilities we offer all members in the future. It offers a clear, measured, and financially responsible path forward one that will allow the Club to grow stronger without unexpected financial demands on members. The annual dues letter with all of the detail will be sent to all members by the end of November.

Thank you for your continued trust and support.

 

Yours sincerely,

Ian West, Chair & on behalf of the Board
David Shepherd, Chief Executive Officer