St Andrews Links Trust’s operating profit was down to just over £1 million last year, less than half the surplus of the previous year.
One of the richest charities in Scotland that runs the links and associated activities at the home of golf had a gross income for last year of £19.2 million and expenditure of £18.1m.
Takings had risen by almost £1m from the previous year but outgoings had increased by more than £2m, mainly because of a 10% rise in payroll costs with several new posts created during the year.
Increased merchandise and catering turnover resulted in increased cost of sales, with the new Tom Morris range of merchandise generating a lower margin than existing retail sales.
The start-up phase of the Tom Morris International Limited clothing company also contributed to higher operating costs for the trust.
Expenditure last year included the complete replacement of the irrigation pumping system with a more efficient model and the rebuilding of the access road to the western side of the links which was first built before the Eden, Strathtyrum and Balgove courses and more recent developments existed.
The trust is a registered charity whose stated purpose is to advance public participation in sport through providing recreational facilities “with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended.”
Writing in the 2013 report, RD Muckart, chairman of trustees, and SG Race, chairman of the links management committee, said the trustees’ vision remains “to develop St Andrews Links as the most renowned public golf complex in the world”.