Global Edition

Annual Review from R&A

12.30am 12th June 2007 - Corporate

The R&A reports a strong financial performance, including increased support for golf development projects, and a new focus on the Asia-Pacific region in its 2006 Annual Review published today.

Operating profit for the year to 31 December 2006 stood firm at £9.1m (£9.1m) after increased grants totalling £2.9m (£2.3m) were awarded to external golf development bodies. The surplus was again taken to reserves to ensure continuity in The R&A’s global governance role at no cost to the sport.

Also, at the year-end, The R&A’s founding club, The Royal and Ancient Golf Club of St Andrews, made the last in a series of asset allocations to The R&A Foundation, taking its net assets to £13.3m (£11.4m). The Foundation made increased awards in the year totalling £1.6m (£1.4m) to golf-related educational programmes.

More work in the Asia-Pacific region is reported where The R&A has its first regional director in post and where initiatives such as an agreed programme with the China Golf Association to train over 100 new Chinese golf referees is underway.

Commenting on the year under review R&A chief executive Peter Dawson said, “The Open at Hoylake was both a great Championship and a strong commercial success. We forecast £50m in golf development funding and other governance benefits for the game, by the end of the decade, when we adopted corporate ownership structures in 2004 and we will deliver on this ahead of time.

“Our golf development funding totalled £4.5m (£3.7m) in 2006 and our governance contribution to the sport is valued at a further £4m (£3.8m) for the year.’’

Highlights of 2006 included:

The R&A 2006 Annual Review can be read or downloaded from www.randa.org and abbreviated accounts will be available later this year on request and from Companies House

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