It is pleasing to report that another solid trading profit was achieved for Burleigh Golf Club in the 2023/24 year. The trading profit recorded was $466.6K which compares to $409K for the previous financial year, an increase of 14.1%. The main contributors to this year’s result were:
- Favourable weather conditions through most of the year
- The all-important profit contributions made from the strong trading at the Club’s bar
- Contributions from joining fees made by incoming new members and
- Match and visitor income remaining strong for the year
As emphasised in previous reports, the Club’s net earnings (after depreciation and investment income) are materially influenced by the level of expenditure on course improvements, expenditure on new equipment and of course the performance of investment markets and hence the Land Lease Fund (LLF).
The net profit recorded for the 2023/24 year was $165.9K which compares to $78.4K for the previous year.
Investment income recorded on the Club’s LLF was a profit of $192.2K after fees (last year, $132.1K) and non-cash depreciation expense of $513.1K (last year, $469.3K) reflecting the continued expenditure on course improvements, the cost of which are depreciated over their deemed useful lives.
Overall, a very pleasing result. Further information can be found in the Annual Report, linked below: