Income at St Andrews Links Trust, the charity that runs the seven courses at the home of golf, topped £20 million for the first time last year.
Strong numbers of visitor golfers wanting to play the Old Course which this year cost up to £170 a round and six other courses was again one of the main reasons for the 5.6% rise in cash, coming in at almost £20.3m.
A total of 232,172 rounds of golf were played on the six 18-hole courses, an increase of 14.7% in five years.
Late season demand to play at St Andrews last year surged with the Ryder Cup at Gleneagles, and there was an early season boost with a special promotion at the Castle Course.
More non-resident yearly tickets were issued, merchandise sales contributed, and catering sales were raised by the opening of the Old Pavilion.
Another source was royalty income from a licensing agreement with White House Holdings who opened a St Andrews Links Golf Academy in China.
The trustees report said: “That agreement has opened up an exciting new income stream for St Andrews Links Ltd whilst also promoting St Andrews as ‘the Home of Golf’ in one of the world’s largest emerging golf markets.”
The vision of the board of trustees is to develop St Andrews Links, a five-star visitor attraction, as the most renowned public golf complex in the world.
The trust is one of the 100 highest income charities in Scotland and, as such, is exempt from income and corporation tax. Trading outwith charitable purposes is carried out by subsidiary companies, and profits remitted to the trust under Gift Aid arrangements.
St Andrews Links Trust meets the charity test of providing public benefit through the advancement of public participation in sport.
It does this through “the provision of recreational facilities, or the organisation of recreational activities, with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended”.
Local residents and members of the Royal and Ancient Golf Club enjoy privileges in the form of lower annual links fees. This year St Andrews residents can play on all courses for just £200.
Spending increased by 5.5% to £19.16m, with the largest component being payroll costs, which were up 12.3% to £9m. Maintaining the golf links and its associated activities needs a workforce of almost 300.
Trustees chairman RD Muckart said this month’s Open championship on the Old Course would be a motivation to staff, who continually demonstrate great commitment.
He added: “A great deal of work will be required to reopen the courses to the public and address the inevitable wear and tear caused by a major championship on the historic links.
“Historically the year after an Open brings increased demand for golf on our courses, and we will continue to review our facilities to ensure that they provide memorable experiences for all our customers.”