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

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

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

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.

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

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.

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.

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

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

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

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

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

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

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.

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

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

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.