Overall, the Club delivered a very strong financial performance in 2025, with operating results broadly in line with expectations and the capital programme delivered as planned.
While the reported result has been positively influenced by joining fee income, the Club’s underlying financial model remains sound, with member dues and trading activity funding the day-to-day operation of the Club, sustaining capital investment and new projects.
The audited statutory accounts for the year ended 31 December 2025 are available for review by clicking here and a resolution for their approval will be presented at the 2026 AGM.
Profit & Loss
Total turnover for the year was £11.4m (2024: £9.8m). Turnover comprises all annual dues received, including contributions to the Garden Project collection and contingency, as well as joining fees recognised during the year.
Profit before tax, excluding joining fees was £699k (2024: £374k) which is a result of the Members second and final contribution to fund the Garden project (£600k).
Profit including joining fees was £1.75m (2024: £910k). This level of joining fee income has had a positive impact on both profitability and cash generation during the year.
The Club continues to operate with the aim that Food & Beverage revenue, including unused levy, covers all food, beverage and related employment costs. Pricing adjustments during the year have supported this objective achieving a consistent margin.
Balance Sheet
The Club finished the year in a strong financial position, with no external borrowings.
Following the renovation of the staff cottages, the properties have been revalued on the balance sheet.
Cash reserves remain healthy and include annual dues received in advance for 2026 and all joining fees received.
Capital Investment
During the year £1.4m was invested in capital improvements to maintain and enhance the Club’s facilities.
This comprised:
- £1.2m of sustaining capital expenditure, funded from the annual dues, and
- £156k of projects to complete the Putting Green and Garden 1 drainage channel as well as the final costs relating to the upgrade of the staff cottages.
Key sustaining investments included:
- Course machinery and equipment
- Kitchen equipment
- Clubhouse air-conditioning upgrade
- Restaurant chairs and balcony carpet
- Rotunda window replacement
- Garden Course riverbank profiling (Hole 4)
- Electric golf trolleys
- Huxley range mats and range equipment
- Locker Room laundry equipment
Joining Fees
Joining fees continue to play an important role in supporting the Club’s long-term capital investment programme.
Joining fees are recognised in the accounts when an applicant acquires their playing rights.
At the end of the year there were 41 applicants on the wait list. These applicants had paid £580k on account of the joining fees, which will be recognised when they receive their playing rights.
Joining fees are held to fund capital projects approved by the Board (and Members where required) and are not used to fund day-to-day operations. At year end there was £900k of recognised joining fees held to fund the 5-7 year plan.
Summary
2025 has been a very strong financial year. The Club’s underlying financial model remains sound, with member dues fully funding operational costs and sustaining capital expenditure and going forward contributing to capital projects.
The Club’s current cash position provides confidence as we move into the next phase of the 5–7-year strategic plan, and places us in a stronger position to minimise borrowing as the Maintenance Facility Project beginning in 2027, subject to member approval.