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REGISTERED NUMBER: 00041471 (England and Wales)

RYE GOLF CLUB COMPANY LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

| Page |

Company Information | 1 |

Report of the Directors | 2 |  | to |  | 3

Report of the Independent Auditors | 4 |  | to |  | 6

Income Statement | 7 |

Balance Sheet | 8 |

Statement of Changes in Equity | 9 |

Cash Flow Statement | 10 |

Notes to the Cash Flow Statement | 11 |

Notes to the Financial Statements | 12 |  | to |  | 18

RYE GOLF CLUB COMPANY LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | S T Baer

| R J Bisson

| J R P Carey

| R B Costain

| G N Davies

| Ms V M C Dodds

| B A C Fitzpatrick

| R D W W Harries

| G N Humphry-Baker

| A J Hynard

| Mrs R Jenner

| N G Pearce

| B Richards

| R A Stokes

| R M Taggart

| C G N Waud

| SECRETARY: | J A S Clifford

| REGISTERED OFFICE: | New Lydd Road

| Camber

| Rye

| East Sussex

| TN31 7QS

| REGISTERED NUMBER: | 00041471 (England and Wales)

| AUDITORS: | GMP Audit Limited, Statutory Auditor

| 82 High Street

| Tenterden

| Kent

| TN30 6JG

RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of owning and operating a golf club for its members.

DIRECTORS

The Board of Management who served during the year was as follows:

Mrs J Apperly^^ |  | S T Baer |  | R J Bisson |

J R P Carey |  | R B Costain |  | J G J Cumberland^ |

S A B Daniels * |  | G N Davies* |  | V M C Dodds** |

B A C Fitzpatrick* |  | RD W W Harries* |  | G N Humphry-Baker |

A J Hynard |  | Mrs R Jenner |  | R H Meddings^ |

N G Pearce |  | C V M Phillips^ |  | B Richards~ |

G W Sanderson^ |  | R A Stokes* |  | R M Taggart |

C P Thacker^ |  | C G N Waud |  |

* Elected 27 April 2024 |  | ^ Resigned 27 April 2024 |  | ~ Deceased 29 January 2025 |

** Elected 10 October 2024 |  | ^^ Resigned 10 October 2024 |  |

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, GMP Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

R D W W Harries - Director

15 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

RYE GOLF CLUB COMPANY LIMITED

Opinion

We have audited the financial statements of Rye Golf Club Company Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its surplus for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

RYE GOLF CLUB COMPANY LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit; or

- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- |  | Discussions with management which included consideration of known or suspected instances of non-compliance with laws and regulations and fraud. |

- |  | Reviewing, evaluating and testing systems and controls to assess their effectiveness to prevent and detect irregularities. |

- |  | Identifying, reviewing and testing of journal entries. |

- |  | Challenging assumptions and judgements made by management in respect of significant accounting estimates. |

- |  | Reviewing minutes of Board Meetings for known or suspected instances of non-compliance with laws and regulations and fraud. |

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

RYE GOLF CLUB COMPANY LIMITED

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Appleyard FCA (Senior Statutory Auditor)

for and on behalf of GMP Audit Limited, Statutory Auditor

82 High Street

Tenterden

Kent

TN30 6JG

28 March 2025

RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471)

INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

TURNOVER | 2,497,362 |  | 2,235,472 |  |

Cost of sales | 282,812 |  | 264,041 |  |

GROSS SURPLUS | 2,214,550 |  | 1,971,431 |  |

Bar and catering costs | 289,234 |  | 264,356 |  |

Other operating costs | 1,720,447 |  | 1,858,435 |  |

|  | 2,009,681 |  |  |  | 2,122,791 |  |

204,869 |  | (151,360 | ) |

Gain on revaluation of assets | - |  | 964,749 |  |

OPERATING SURPLUS | 204,869 |  | 813,389 |  |

Income, gains and losses on fixed asset investments | 5 | 24,994 |  | 15,002 |  |

Interest receivable and similar income | 35,111 |  | 22,552 |  |

|  | 60,105 |  |  |  | 37,554 |  |

SURPLUS BEFORE TAXATION | 264,974 |  | 850,943 |  |

Tax on surplus | 6 | 10,458 |  | 142,197 |  |

SURPLUS FOR THE FINANCIAL YEAR | 254,516 |  | 708,746 |  |

RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471)

BALANCE SHEET

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 3,247,125 |  | 3,200,457 |  |

Investments | 9 | 402,150 |  | 383,899 |  |

Investment property | 10 | 2,110,000 |  | 2,110,000 |  |

5,759,275 |  | 5,694,356 |  |

CURRENT ASSETS

Stocks | 11 | 112,684 |  | 133,735 |  |

Debtors | 12 | 27,355 |  | 67,448 |  |

Cash at bank and in hand | 1,029,807 |  | 649,617 |  |

1,169,846 |  | 850,800 |  |

CREDITORS

Amounts falling due within one year | 13 | 629,292 |  | 605,949 |  |

NET CURRENT ASSETS | 540,554 |  | 244,851 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,299,829 |  | 5,939,207 |  |

PROVISIONS FOR LIABILITIES | 15 | 296,767 |  | 292,203 |  |

NET ASSETS | 6,003,062 |  | 5,647,004 |  |

RESERVES

Fair Value reserve | 16 | 1,364,930 |  | 1,364,930 |  |

Darwin Fund | 16 | 33,898 |  | 29,994 |  |

Heritage Fund | 16 | 41,733 |  | 43,469 |  |

Income and expenditure account | 16 | 4,562,501 |  | 4,208,611 |  |

6,003,062 |  | 5,647,004 |  |

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2025 and were signed on its behalf by:

G N Humphry-Baker - Director

RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

| Income |

| and |  | Fair |

| expenditure |  | Value |  | Darwin |  | Heritage |  | Total

| account |  | reserve |  | Fund |  | Fund |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2023 | 4,222,562 |  | 534,151 |  | 25,686 |  | 46,334 |  | 4,828,733 |  |

Changes in equity

Entrance fees | 109,525 |  | - |  | - |  | - |  | 109,525 |  |

Total comprehensive income | (123,476 | ) | 830,779 |  | 4,308 |  | (2,865 | ) | 708,746 |  |

Balance at 31 December 2023 | 4,208,611 |  | 1,364,930 |  | 29,994 |  | 43,469 |  | 5,647,004 |  |

Changes in equity

Entrance fees | 101,542 |  | - |  | - |  | - |  | 101,542 |  |

Total comprehensive income | 252,348 |  | - |  | 3,904 |  | (1,736 | ) | 254,516 |  |

Balance at 31 December 2024 | 4,562,501 |  | 1,364,930 |  | 33,898 |  | 41,733 |  | 6,003,062 |  |

RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 615,272 |  | 237,379 |  |

Tax paid | (5,498 | ) | (1,908 | ) |

Net cash from operating activities | 609,774 |  | 235,471 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (382,679 | ) | (911,544 | ) |

Sale of intangible fixed assets | (264 | ) | - |  |

Sale of tangible fixed assets | 9,963 |  | 9,250 |  |

Movement on cash with investment brokers | - |  | 1,102 |  |

Interest received | 35,111 |  | 22,552 |  |

Dividends received | 6,743 |  | 4,315 |  |

Net cash from investing activities | (331,126 | ) | (874,325 | ) |

Cash flows from financing activities

Entrance fees | 101,542 |  | 109,525 |  |

Net cash from financing activities | 101,542 |  | 109,525 |  |

Increase/(decrease) in cash and cash equivalents | 380,190 |  | (529,329 | ) |

Cash and cash equivalents at beginning of year | 2 | 649,617 |  | 1,178,946 |  |

Cash and cash equivalents at end of year | 2 | 1,029,807 |  | 649,617 |  |

RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | RECONCILIATION OF SURPLUS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| Surplus before taxation | 264,974 |  | 850,943 |  |

| Depreciation charges | 331,086 |  | 295,858 |  |

| (Profit)/loss on disposal of fixed assets | (7,756 | ) | 2,997 |  |

| Gain on revaluation of fixed assets | - |  | (964,749 | ) |

| Tfr assets in course of construction | 2,982 |  | - |  |

| Finance (surplus)/deficit | (60,105 | ) | (37,554 | ) |

531,181 |  | 147,495 |  |

| Decrease/(increase) in stocks | 21,051 |  | (2,753 | ) |

| Decrease/(increase) in trade and other debtors | 40,093 |  | (4,048 | ) |

| Increase in trade and other creditors | 22,947 |  | 96,685 |  |

| Cash generated from operations | 615,272 |  | 237,379 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2024

| 31/12/24 |  | 1/1/24

£ | £ |

| Cash and cash equivalents | 1,029,807 |  | 649,617 |  |

| Year ended 31 December 2023

| 31/12/23 |  | 1/1/23

£ | £ |

| Cash and cash equivalents | 649,617 |  | 1,178,946 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/1/24 | Cash flow | At 31/12/24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 649,617 |  | 380,190 |  | 1,029,807 |  |

649,617 |  | 380,190 |  | 1,029,807 |  |

| Total | 649,617 |  | 380,190 |  | 1,029,807 |  |

RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Rye Golf Club Company Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Turnover

| Turnover comprises annual and temporary members' subscriptions together with amounts derived from the provision of goods and services falling within the company's ordinary activities, after deduction of V.A.T. (where applicable).

| Entrance fees

| Entrance fees payable by members on joining the Club are considered to be a capital contribution and are credited directly to reserves.

| Investment income

| Dividends and interest are credited to the revenue account on the basis of the due date for payment.

| Tangible fixed assets

| Tangible fixed assets are depreciated at rates estimated to write off the cost of the asset over their expected useful lives, based on a straight-line basis. Depreciation has been charged at:

| Buildings |  |

|  | - Clubhouse |  | 3%-5% |  |

|  | - Other property |  | 2%-20% |  |

|  | Plant, fixtures and fittings |  | 10%-33.3% |  |

|  | Irrigation equipment |  | 5% |  |

|  | Computers |  | 33.3% |  |

| No depreciation is provided on freehold land.

| Where residential property is let to a third party or member of the club, at market rent, these properties are considered investment properties and are classified as such

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising

| from changes in fair value is recognised in the Income Statement.

| Stocks

| Stocks are valued at the lower of cost and net realisable value.

| Financial instruments

| Basic financial instruments are recognised at amortised cost, except for investments in non convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss.

RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred taxation

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to Income Statement on a straight line basis over the period of the lease.

| Pensions

| The company operates a defined contributions Group Personal Pension arrangement for all its eligible employees. The company's contributions are charged against profits in the year in which they are made and together with the employees' contributions are invested in an eligible auto enrolment scheme.

| Legacies

| Legacies are regarded as exceptional items in the profit and loss account and accounted for on notification.

| Non-monetary receipts and donations

| It is the policy of the company not to incorporate non-monetary gifts in its financial statements.

3. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 842,784 |  | 788,590 |  |

| Social security costs | 84,581 |  | 77,901 |  |

| Other pension costs | 61,662 |  | 58,455 |  |

989,027 |  | 924,946 |  |

RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| House and administrative staff | 15 |  | 14 |  |

| Green staff | 10 |  | 10 |  |

25 |  | 24 |  |

| The total amount paid to directors in the year was Nil (2022: Nil)

4. | HERITAGE AND DARWIN FUNDS

| Details of the Heritage and Darwin funds can be found in note 16 to these accounts.

5. | INCOME, GAINS AND LOSSES ON FIXED ASSET INVESTMENTS |

| 2024 |  | 2023

£ | £ |

| Investment dividend income | 6,743 |  | 4,315 |  |

| (Losses)/Gains on fixed asset

| investments | 18,251 |  | 10,687 |  |

24,994 |  | 15,002 |  |

| Gains on fixed asset investments are as follows:

|  | 2024 |  |  | 2023 |  |

| £ |  |  | £ |  |

| Realised (losses)/gains on disposals |  | - |  |  | - |  |

| Unrealised (losses)/gains on revaluation at year end |  | 18,251 |  |  | 10,687 |  |

|  | 18,251 |  |  | 10,687 |  |

6. | TAXATION

| The tax on surplus is comprised of: |

|  | 2024 |  |  | 2023 |  |

| £ |  |  | £ |  |

| Current year |  | 5,895 |  |  | 5,656 |  |

| Deferred tax on potential Capital Gain (Note 14) |  | 4,563 |  |  | 136,541 |  |

|  | 10,458 |  |  | 142,197 |  |

RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

7. | PRIOR YEAR ADJUSTMENT

| Entrance fees have previously been recognised within Other Comprehensive Income.

| As per the accounting policy set out in Note 2 to the financial statements, entrance fees are considered to be a capital contribution, and not income.

| As a result, the recognition of entrance fees has been amended accordingly by presenting them as a separate line on the face of the Statement of Changes in Equity, instead of being included within Other Comprehensive Income. The presentation for the prior period has also been amended for the purposes of consistency.

| This amendment has no impact on the Income Statement, Balance Sheet or the opening or closing reserves position.

8. | TANGIBLE FIXED ASSETS

| Freehold |  | Green and |  | Equipment, |  | Heritage |

| land and |  | irrigation |  | fixtures |  | Fund |

| property |  | equipment |  | & fittings |  | assets |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 January 2024 | 3,353,131 |  | 2,210,514 |  | 529,623 |  | 37,939 |  | 6,131,207 |  |

| Additions | 79,594 |  | 257,778 |  | 45,307 |  | - |  | 382,679 |  |

| Disposals | (12,462 | ) | (56,447 | ) | (72,057 | ) | - |  | (140,966 | ) |

| Reclassification | (2,982 | ) | - |  | - |  | - |  | (2,982 | ) |

| At 31 December 2024 | 3,417,281 |  | 2,411,845 |  | 502,873 |  | 37,939 |  | 6,369,938 |  |

| DEPRECIATION

| At 1 January 2024 | 1,087,870 |  | 1,426,872 |  | 416,008 |  | - |  | 2,930,750 |  |

| Charge for year | 120,286 |  | 177,195 |  | 33,605 |  | - |  | 331,086 |  |

| Eliminated on disposal | (12,462 | ) | (55,980 | ) | (70,581 | ) | - |  | (139,023 | ) |

| At 31 December 2024 | 1,195,694 |  | 1,548,087 |  | 379,032 |  | - |  | 3,122,813 |  |

| NET BOOK VALUE

| At 31 December 2024 | 2,221,587 |  | 863,758 |  | 123,841 |  | 37,939 |  | 3,247,125 |  |

| At 31 December 2023 | 2,265,261 |  | 783,642 |  | 113,615 |  | 37,939 |  | 3,200,457 |  |

| Included in cost of land and buildings is freehold land of £ 182,306 (2023 - £ 182,306 ) which is not depreciated.

| Heritage Fund assets see note 16.

RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

9. | FIXED ASSET INVESTMENTS

| Other

| investmen

£ |

| COST OR VALUATION

| At 1 January 2024 | 383,899 |  |

| Movement in fair value | 18,251 |  |

| At 31 December 2024 | 402,150 |  |

| NET BOOK VALUE

| At 31 December 2024 | 402,150 |  |

| At 31 December 2023 | 383,899 |  |

| Other investments are shares in listed companies which have been measured at fair value. Fair value is the market value provided by the company's investment brokers. The underlying cost of investments included at fair value at the year end is £212,222 (2023: £212,222).

| Included in the above are investments of £23,923 (2023 £22,794) relating to the Darwin Fund, see note 16.

10. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2024

| and 31 December 2024 | 2,110,000 |  |

| NET BOOK VALUE

| At 31 December 2024 | 2,110,000 |  |

| At 31 December 2023 | 2,110,000 |  |

| Investment property brought forward on 1 January 2023 was last valued on an open market basis on 1st April 2022. Investment property reclassified during 2023 was valued on an open market basis on 31st December 2023 by Batcheller Monkhouse. It is the director's opinion that the open market values have not significantly changed during 2024.

11. | STOCKS

| Stocks comprise bar and catering stock, members' ties, buttons and books available for sale together with fuel oil in store and green stocks.

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 736 |  | 1,079 |  |

| Prepayments and accrued income | 26,619 |  | 66,369 |  |

27,355 |  | 67,448 |  |

RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade creditors | 56,461 |  | 76,941 |  |

| Corporation tax | 6,000 |  | 5,604 |  |

| Tax and social security | 20,598 |  | 21,200 |  |

| VAT | 16,731 |  | 11,177 |  |

| Accruals and deferred income | 529,502 |  | 491,027 |  |

629,292 |  | 605,949 |  |

| Accruals and deferred income includes £451,226 (2023: £395,531) of subscriptions received in advance.

14. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 | 2023 |

£ | £ |

| Within one year | 854 |  | 540 |  |

| Between one and five years | 3,416 |  | - |  |

4,270 |  | 540 |  |

15. | PROVISIONS FOR LIABILITIES

| Deferred Tax

|  | Total |  |  | Investment Property |  |  | Investments |  |

|  | £ |  |  | £ |  |  | £ |  |

| At 1 January 2024 |  | 292,203 |  |  | 259,620 |  |  | 32,583 |  |

| Charge in the year |  | 4,564 |  |  | - |  |  | 4,564 |  |

| At 31 December 2024 |  | 296,767 |  |  | 259,620 |  |  | 37,147 |  |

RYE GOLF CLUB COMPANY LIMITED (REGISTERED NUMBER: 00041471)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

16. | RESERVES

| Income |

| and |  | Fair |

| expenditure |  | Value |  | Darwin |  | Heritage |

| account |  | reserve |  | Fund |  | Fund |  | Totals

£ | £ | £ | £ | £ |

| At 1 January 2024 | 4,208,611 |  | 1,364,930 |  | 29,994 |  | 43,469 |  | 5,647,004 |  |

| Surplus for the year | 254,516 |  | - |  | - |  | - |  | 254,516 |  |

| Transfers between funds | (2,168 | ) | - |  | 3,904 |  | (1,736 | ) | - |  |

| Entrance fees | 101,542 |  | - |  | - |  | - |  | 101,542 |  |

| At 31 December 2024 | 4,562,501 |  | 1,364,930 |  | 33,898 |  | 41,733 |  | 6,003,062 |  |

| The Bernard Darwin Youth Fund

| The funds shown comprise the initial endowment of £10,000 to set up and run the Bernard Darwin Youth Salver plus the balance of the capital received from the Dormy House Club in 1995 from the sale of the Darwin Memorabilia after taking into account the cost of creating the Bernard Darwin Bar. It is the intention that these should be used for the benefit of young golfers at Rye in addition to contributing towards the cost of staging the Youth Salver. At the balance sheet date the Fund was invested in a separately designated portfolio.

| Included within the Darwin fund is £11,165 (2023: £10,318) of unrealised gains net of deferred tax.

| Heritage Fund

| The Heritage Fund was set up in March 2001 to provide a means through which members and others could make gifts and bequests to the Club in the knowledge that these would be used for the purpose of preserving and enhancing the Club's collection of pictures, artefacts and memorabilia. Although as such its activities differ from those of the main Club, from an accounting viewpoint they must be reflected in the annual accounts.

| Income and expenditure account

| Included with in the income and expenditure account is £141,615 (2023: £128,774) of unrealised gains net of deferred tax.

17. | CAPITAL COMMITMENTS

2024 | 2023 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 70,200 |  | 82,337 |  |

18. | SHARE CAPITAL

| The company is limited by guarantee and has no share capital.