On behalf of the Directors, I am pleased to provide the annual report for the year ended 31 December 2023, briefly summarising the Club's activities.
Accounts
The accounts for 2023 show a significant loss of £124,446.
It has been another interesting and extremely challenging year. We have had an unprecedented amount of rain which has had serious repercussions, not only on access to the course, but also on footfall through the Clubhouse, resulting in a reduction in bar takings, buggy usage, visitor revenue etc. The result of this has been a drop in budgeted turnover of circa £50,000 in the last four months of 2023. A report circulated to members in January 2024 showed the impact the weather has had on golf generally across the country. Overheads continue to rise across all departments and capital expenditure has been limited accordingly.
The drop in income late in the year has meant that the usual winter squeeze on our cashflow has been more severe than usual this year.
The Board have been working hard to put in place measures to generate additional income and reduce costs were possible. Diversification and the identification of new non-golf revenue streams are paramount, as we cannot survive long term as a golf club on member subscriptions alone.
The management of the finances of the Club over the last four years has been a significant challenge, but the introduction of new processes and procedures has resulted in greater control of both income and expenditure.
Golf Club membership
Golf club membership fell in 2023 following on from the post covid upsurge, As a consequence the Board launched an 18-for-12 months membership initiative on 25/09/2023, followed by an announcement on 08/11/2023 that membership fees for 2024 would be frozen at the current levels This has had limited effect on the 2023 Accounts, but as at the date of this report, we are able to report a valuable increase in overall membership.
Club Management
I am please to be able to report that we appointed Andy Hill as General Manager in September 2023. Andy brings plenty of experience, ideas, an abundance of positivity and is making a significant contribution to the day to day management of the club.
Course
Course closures due to the unusually poor weather since September 2023 has provided significant challenges for the Greens Team.
The team have continued to make improvements to the course throughout 2023 despite the limitation on the availability of funds. Further improvements to the course are planned for 2024.
Thanks to all our Greens staff and also to the band of volunteers who assist in making sure our course and facilities are presented at their best for both members and visitors.
Bar & Catering
The bar and catering operations continue to provide a major challenge both in terms of staffing and financial control, but we are determined to provide the best level of service for our members.
Thanks to all the members who use the facilities on a regular basis and support specific functions which are critical to the success of the Clubhouse
Outlook
Beamish Park Golf Club continues to thrive despite all that nature and the volatile economic climate has thrown at it during the last four years and I would like to thank all of our members for their continued support without which we would have no Club.
However, it is inevitable that we will continue to face major challenges over the coming years as the sport of golf continues to evolve and that significant decisions will need to be made in order to ensure the financial viability of the Club.
In order the run the Club as a successful business, we particularly need to utilise the experience and expertise that undoubtedly exists within our membership and I would request that any member who feels they can contribute to the running of the Club to come forward.
Conclusion
On behalf of the Board of Directors, I would like to thank all of the Captains for their time and effort throughout the year in ensuring the successful running of the various sections and competitions.
Men's Captain Keith Robinson
Seniors Captain Alan Scott
Juniors Captain Tom Errington
Ladies Captain Gabrielle Dickinson
I would also like to thank our hard-working staff who have had to endure some difficult working conditions but have borne these with enthusiasm and dedication.
Special thanks as always to our Professional, Chris Cole, who has continued to work through personal adversity and is still an ever present at the Club.
Finally, I would like to thank the Board for all their time, commitment, support and effort during the year. Our mission continues to be to endeavour to do what is best for the members and the Club as a whole.
It has been an honour and a privilege to serve as your Captain during 2023 and I would like to thank you all for your support throughout the year.
It was a difficult year because of the weather with seven named storms and a regular pattern of rainfall all year. We did however manage to complete all the board competitions although some had to be rearranged.
The club championship over 36 holes in one day was fiercely contested be Sam Robinson and Tom Skelton with Sam winning on the final hole.
The team did well this year gaining promotion to Division 2 with a game in hand and should be commended for their efforts, with juniors now filtering into the team the future looks promising.
We held three prestigious events this year:
- The Durham schools championship.
- The North Durham team championship, where Beamish came a creditable 3rd and Adam Mottershead won best gross with a 66 and best net 68.
- The U14 North of England junior championship three-day event which we took on to help out South Moor which was a huge success.
The greens team have done a great job keeping the golf going in extreme weather conditions when most other clubs were shut, The in-house drainage work on the 14th green is welcome improvement to the course and the ongoing wok on drainage will enhance the course in future.
This year has seen the club employ a manager for the first time, he has been a great help to me and I'm sure Andy Hill will be an asset to the future running of the club.
The generosity of the Beamish members and guests should be commended for raising £1,248 for my choice of charity Children's Cancer North.
I am honoured to have been Captain of this fantastic club where I've attempted to play golf for 36 years, and I would like to thank the staff, the bar, the kitchen and the greens and Chris Cole for all their service and help.
I would also like to thank the board of directors for all their support, and Les Souter who has managed the men's team and worked with me all year as Vice-Captain.
I wish Les the best of luck for 2024 and I know the people mentioned above will support him as they have supported me.
Keith Robinson
Captain, Beamish Park Golf Club, 2023
Beamish Park Golf Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Beamish Park, Stanley, County Durham, DH9 0RH.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The average monthly number of persons (including directors) employed by the company during the year was:
The total bank loans and overdrafts consists of £66,428 (2022: £73,539) which is secure by fixed charges over the club's freehold land and buildings and a bounce bank loan of £37,656 (2022: £42,005) which is unsecured.
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up. The amounts of guarantee applicable to each class of membership is as follows:
Ordinary Members £5
Lady Members £4
Any Other Member 5p