As at the date of the EGM the club was forecasting a cash shortfall of £22,000 which was net of the £13,000 due from HMRC for the VAT refund on Green Fees.
Based on the current levy monies received and savings on expenditure the club will be in sound financial position to continue trading and have a strong 2016.
As an added bonus HMRC lost the tribunal on 15 December and the refund is now 90% and not 50% as originally forecast and our refund is now £24,000 the timing of which is down to the HMRC.
Furthermore the club has been awarded CASC, whilst this no impact on cash this year the savings on next year will amount to circa £14,00
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Please book through the Professionals shop for your tee time and food options on 01773 834935 Option 2 for the golf shop.