Dear Members,
Following a review of the financial position of the club and the plans for improvements and developments on the course and in the clubhouse, the committee wanted to notify members of changes to subscriptions ahead of the annual renewals of membership by 1 March 2022.
Current Position
The Honorary Treasurer will provide more detail at the AGM in March, but the committee can report that we are, with an increased membership, in a stable financial position. Currently money in the bank, circa £50k provides for an operating contingency which would ensure the club could continue unhindered if there were to be any significant expenditure or unanticipated drop in income. This contingency has not increased in the past two years and costs are now beginning to outstrip income, as COVID grants fall away. The committee has agreed to protect this contingency so that wages, materials and equipment could be covered for a 3-6 month period allowing for other measures to be taken. Last year saw significant expenditure on the nets along the 9 th to protect our neighbours and their property; and ourselves from increased insurance claims.
2022/23 Membership subscriptions
With an established contingency fund, the committee has approved a staged increase in 5 and 7 day membership subscriptions for 22/23, 23/24 and 24/25. This will see an increase of 10% on these subscriptions, this year and next, dropping to 7% (4% plus expected Consumer Price Index of 3%) in 24/25 and then, in line with CPI, assuming the economy remains as anticipated. In 22/23 this will mean an increase in membership fees of just under £60 a year or just over £1 a week.
Other memberships, country, social and junior, will rise this year and will then be kept under review. In the case of junior membership, the previous annual subscription did not cover the necessary affiliations and insurances the club has to pay for juniors. Green fees will rise to £20. Lockers will remain at £20.
2022/23 Annual Subscriptions
7-day membership: £630
5-day membership: £500
Student membership: £200
Junior membership: £100
Country & overseas membership: £100
Social membership: £75
What you can expect from this increase
Based on current membership levels this will ensure members will benefit from the improvements and developments that are planned. In 2022/23 this will enable the club to recruit another permanent member of staff to the greens team and upgrade key pieces of equipment. There is a dwindling volunteer team working on the course and recruitment and upgrades will enable us to be more efficient, and improve presentation and standards even further.
Over the next 12-24 months some of the work we aim to undertake, or at least commence, include: finalise work on the back 16th tee to ensure year-round use; improve bunkers; introduce automatic irrigation systems for the top greens; improve drainage in key parts of the course; and introduce pathways to ease access and protect the course. In the clubhouse we need to ensure the back of the bar area is secure and prevent vermin access to the bar, update and install new Honours Boards as necessary, improve the kitchen area and plan for extensive work on the toilets and locker rooms. Some of this work is longer term and will require agreement from Thames Water as part of the ongoing discussions on the lease.
Other opportunities for revenue
Aquarius Golf Club still has a healthy waiting list, which we are working through to increase membership numbers. As the membership increases this will hopefully mean we can progress some of the works outlined at a faster pace. Of course, if we see a reduction of membership and income then we will need to review and prioritise works.
Alongside the changes to membership subscriptions, the committee is exploring the potential for increasing revenue from existing areas of business as well as potential new sources of income.
The committee recognises that any increases are never welcome but after a number of years without a significant increase in subscriptions, we hope members will recognise the ambitions we have for the club and the need to fund these. Even with the increase the membership subscriptions, Aquarius remains competitive in comparison to other clubs (based on subscriptions publicly available on their websites in 2020), as set out below.
Above: Comparison of 7 day and 5 day membership fees based on information available on club websites in 2020
Further, the committee acknowledges that, as we emerge from the pandemic, some members may face financial difficulties. If this is the case, please contact secretary@aquariusgolfclub.co.uk to discuss individual circumstances.
On behalf of the Committee
Al Reid OBE.
Honorary Chairman of Aquarius Golf Club