The annual report also discloses that the trust has appointed global agency CAA to secure new licensing arrangements and expand the international reach of its brands.
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The move comes after a sharp increase in profits at St Andrews Links Limited, which generates income through licensing agreements and royalty payments for the trademarks and brand rights associated with St Andrews Links. The company reported profit of £1.59m for 2025, up from £503,000 the previous year, while making a £504,434 gift-aid payment to its parent charity.
CAA, or Creative Artists Agency, is one of the world’s largest sports and entertainment agencies representing athletes, media businesses, brands and intellectual property owners. The trust said the agency was appointed to secure licensing deals that will deliver commercial benefits while building the presence of the St Andrews, Old Course and Home of Golf brands around the world.
The trust’s annual report highlights licensing as a growing strategic priority. That strategy has since been illustrated by a partnership with American Express announced in August that gives some of the card company’s wealthiest customers access to dedicated draws for the chance to purchase Old Course golf packages.
During 2025 the commercial division reported a 5% increase in revenue during the year, driven by new licensing agreements. The organisation also renewed partnerships in Japan and South Korea while developing a new retail strategy.
The new Home of Golf Hub officially opened in St Andrews earlier this year (Image: St Andrews Links Trust)
More broadly, the trust continued to benefit from strong demand for golf in St Andrews.
Revenue increased from £48.5m to £50.6m in 2025, with golfing income rising 6.8% to £27.7m. Retail and photography income rose to £14.3m, food and beverage revenues increased to £4m, and royalty income reached £3.2m.
Visitor green fees and Old Course premiums generated £20.1m during the year. Annual ticket revenues from resident golfers and a yearly contribution from the R&A together generated £3.1m.
Amid some concerns in recent years about access to tee times for local golfers, the trust said it had moved closer to an even split between visitors and ticket holders. A total of 147,027 ticket-holder rounds were recorded in 2025, compared to 149,701 visitor rounds. The total of 296,728 was up approximately 5% on the previous year.
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The group also expanded its workforce. Average employee numbers increased from 413 to 439, while total staff costs rose from £17.3m to £19.5m. The trust said additional recruitment in compliance, estates management, digital services, information technology and community engagement had contributed to the increase.
Day-to-day management of the trust and its subsidiaries is now conducted through The Home of Golf Limited, following a restructuring that transferred all staff and central services into the company from January 2025.
The group uses separate wholly-owned subsidiaries for commercial activities: St Andrews Links Limited receives income from trademarks and intellectual property, while The Home of Golf Limited operates retail, photography and food-and-beverage services. Taxable profits are generally passed to the parent charity under Gift Aid arrangements.
The accounts have been published as Richard Holland takes over as chief executive of the trust, which is preparing for a major spending cycle.
Mr Holland officially took over at the beginning of this month, succeeding Neil Coulson who left the top job at St Andrews Links Trust earlier this year. Mr Holland was previously chief executive of Cardiff Rugby for 14 years.
Richard Holland took over as chief executive of St Andrews Links Trust on September 1 (Image: St Andrews Links Trust)
The onset of his tenure coincides with the start of a major spending cycle by the trust.
Among the projects identified for investment are the planned Links Clubhouse refurbishment and a multi-year irrigation programme, while options are still being considered for the Golf Academy and Castle Course. The irrigation programme alone is expected to represent around £10.5m of investment over several years.
The trust has also taken control of the former Duke’s course, now renamed Craigtoun, marking the first addition to its portfolio since 2008.
“These results give us the confidence to continue to reinvest in accessibility, sustainability, innovation and people to meet our objectives and obligations,” Mr Holland said. “I look forward to building on the sustainable management of the Links by further enhancing the experience we offer and ensuring the reinvestment in our estate is planned to deliver maximum impact for our golfers and our community.”