While the financial and economic environment remains challenging, Scottish Golf was able to end the 2015/16 financial year in line with budget and achieve a small surplus, prior to Special Projects.
One of our financial objectives for 2016 was to achieve a breakeven position, and the year-end surplus after interest and tax was £7,000. This result was achieved against a backdrop of falling revenue which resulted in a number of internal initiatives being undertaken to improve efficiency and reduce costs. An improvement of internal systems, controls and procedures was also a focus throughout 2016.
However, the use of reserves was sanctioned for two Special Projects in the 2016 financial year – firstly, £72,000 of amalgamation costs approved in the previous financial year but incurred in 2016, and secondly, the payment of Ladies’ Golf Union fees of £57,000 in the current year to ensure equality of treatment between male and female members. Overall, the balance sheet of Scottish Golf Limited remains strong. Cash balances remain robust at just under £1.4 million and underpins company reserves.
As a longer term strategy for Scottish Golf Limited is developed, the Board will look at a reserves policy that compliments the strategy, whilst ensuring that a prudent level of reserves are maintained as we look to grow the game through the club network and supporting golf in Scotland. A summary of our Income and Expenditure can be found below, with full financial details contained within our Annual Reports for the past two years via the links at the bottom of the page.
- Club Subscriptions: 46%
- Grants (incorporating Government funding): 39%
- Marketing & Commercial: 7%
- Other Income: 6%
- Events: 2%
- Development: 32%
- Performance: 25%
- Administration: 23%
- Marketing: 11%
- Events: 9%