“Our finances are in a very healthy state with a record €4.7 million cash held by the club,” Mr Gleeson told members. He said the total includes €1.4 million in prepayments.
Mr Gleeson told members that the club council will continue to manage the club’s finances “in a very careful and prudent manner”, adding that “we most certainly do not have a philosophy of ‘we have it so let’s spend it’”. Mr Gleeson said sales at the Launch club golf shop at the end of June were €625,000 which, he said, is ahead of projections. He said annual subscriptions received to date total €1.13 million, with spending of €1.6 million for the first six months of this year also in line with expectations.
Club membership at Lahinch, which staged the Dubai Duty Free Irish Open in 2019, is much sought after. Earlier this year, the club concluded its first membership election in six years, which was limited to spouses/partners of members and permanent local residents. Mr Gleeson said the club council “acknowledges that some excellent candidates were unsuccessful in a very competitive but open and fair election process”. The council will look to hold a further election at the end of 2024, subject to a full analysis of tee time availability on the Old Course, he added.
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