The Carlton Club has reported a mix of "successes and challenges" during its latest financial year, grappling with high inflation, surging energy costs, train strikes, and wage hikes.
The prestigious private members' club acknowledged that "unwelcome challenges" had affected its 2023 financial results, yet it still achieved an almost £200,000 increase in its pre-tax surplus, as reported by .
Newly submitted accounts to Companies House reveal that the Carlton Club's revenue climbed from £4.6 million to £5.1 million over the year, while its surplus before tax rose from £79,000 to £273,000.
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Established in 1832 with Arthur Wellesley, the 1st Duke of Wellington, as one of its founding members, the club is also recognised as the original headquarters of the Conservative Party before the establishment of Conservative Central Office.
The Carlton Club faced additional pressures from recruitment issues and rail strikes.
A board-endorsed statement read: "In a year of financial uncertainty, the club experienced both successes and challenges."
"This year, unwelcome challenges included high inflation rates for all costs, coupled with a dramatic rise in energy prices."
"The decline in operating surplus compared to 2022 reflects the impact of rising inflation and energy costs on the business."
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"Energy prices have been steadily increasing since 2021 and the recent global energy crisis following Russia's invasion of Ukraine has accelerated the situation."
The Carlton Club has noted: "Additionally, ongoing rail strikes throughout 2023 disrupted public transport, which has, to some extent, adversely affected accommodation, function income and staff costs such as travel and accommodation expenses."
It also highlighted staffing issues, stating: "Recruitment challenges persisted due to labour shortages in the hospitality sector, leading the committee to approve an additional mid-year pay increase to retain employees."
In the past year, the Carlton Club benefited from £110,000 in business rates relief provided by the government.
The board of directors at the Carlton Club includes notable figures such as Sir Anthony Garrett, Stuart Goldsmith, George Kynoch, David Curtin, and John East.