Our Golf Club, like many other organisations, is under an increasing amount of financial pressure, and, like many others, is facing the prospect of cutting back costs in order to sustain its long-term future.
As most members will be aware, the Golf Club receives no funding from Stoke by Nayland Resort. Our individual membership fees are paid to the Resort and used to help fund the maintenance of the golf courses, the Golf Club itself does not receive any of that income and is totally self-reliant.
Our only sources of income are our competition entry fees and any profit we make on any of our social events. That income is spent on supporting our Men’s, Ladies and Seniors teams in County Competitions, as well as individuals representing SbN, covering the three Captains’ expenses during their year in office, and a variety of other things including trophies, engraving and, most recently, subsiding team clothing.
Currently, we are spending more each year than we take in, and that cannot continue.
When the Resort changed the legal status of the Golf Club in January 2023, cash balances from each of the Sections were transferred into a new Club bank account and we started out with a cash reserve of approximately £39,000. However, that reserve is now well below £30,000 as each year we spend more than we generate.
Reluctantly therefore, the Management Board has decided to implement some temporary measures, starting from January 1, to reduce costs and increase income.
• Competition prize payouts will reduce from 70% of entry fees, back to 60% as it was previously. This will have the effect of increasing our income by 10%.
• Our biggest single expense item each year is refreshments for players and caddies taking part in County Team competitions. From next season, these refreshments will no longer be provided – unless in exceptional circumstances where a team reaches the final stages of a competition.
• There are certain competitions each year where players receive a small gift when taking part. For example, Captain’s Day where at £10 each, and with 120 players, the total can reach £1,200. That is a cost we can no longer afford, and these gifts will no longer be provided.
These three measures will, we believe, have the effect of reducing our annual deficit to manageable levels.
In addition, the Board is looking at ways we can generate more income. For instance, after the success of this year’s Ladies Open, we are looking at the possibility of a Seniors Open and a Mixed Open being added in 2026.
We are also looking to introduce some kind of Golf Club lottery, possibly along the lines of a “100 Club” where members can sign up for a small sum each month and be in with a chance of winning a cash prize.