The Carlton Club has described facing both “successes and challenges” in its latest financial year as it battled high inflation, rising energy costs, train strikes and wage increases.
The private members’ club said “unwelcome challenges” impacted its financial performance in 2023 but that it still managed to increase its surplus before tax by almost £200,000.
According to newly-filed accounts with Companies House, the Carlton Club’s income rose from £4.6m to £5.1m in the year while its surplus before tax grew from £79,000 to £273,000.
The club was set up in 1832 and counted Arthur Wellesley, 1st Duke of Wellington, as a founding member.
It was also the original home of the Conservative Party before the creating of Conservative Central Office.
Recruitment struggles and rail strikes hit the Carlton Club
A statement signed off by the board said: “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.
“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 added: “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.
“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.”
During the year, the Carlton Club received £110,000 in business rates relief from the government.
The directors of the Carlton Club include Sir Anthony Garrett, Stuart Goldsmith, George Kynoch, David Curtin and John East.