St Andrews Links Trust, which runs seven golf courses in the town, received more than £20 million in income in 2015.
Overall, the Trust took in a total income of just over £20.6m, which is an increase of 1.5 per cent on the previous year.
Golfing income made up more than half of the total income, with £11.5m generated throughout the year. Over £7.6m of that total was generated by visitor green fees, while £1.4m was generated by the Royal and Ancient.
That figure is down from £8.9m in 2014, a reflection of the period during which the Old Course was closed for the Open Championship.
In terms of outgoing costs, payroll costs remained the largest component of expenditure for the Trust, at £9m, slightly more than in 2014 (£8.9m).
In total, the Trust spent £13.8m on charitable activities, just over £660,000 more than in 2014.
In a joint statement, R D Muckhart, chairman of Trustees, and S G Race, chairman of Links Management Committee, said they reflected on 2015 with ‘pride’ and gratitude’.
“In recent years the commitment to delivering memorable experiences for every golfer at St Andrews has been at the forefront of what we do.
“The Trustees have sought to support the objective of meeting and, where possible, exceeding people’s expectations; an objective that applies
not just to the world’s greatest professional and amateur players but also golfers of all ages and abilities who play on the Links courses.
“This commitment came under real scrutiny in 2015, not least because of the huge amount of planning, preparation and the physical effects on the living landscape – that is St Andrews Links – before, during and after our opportunity to be the host venue of the 144th Open.
“Regardless of the challenge put in front of staff at the Links, their attitude and effort showcased the remarkable combination of talent, passion and commitment to success that we are blessed with across the board at the Home of Golf.”
The Trust also retained its VisitScotland 5-star Visitor Attraction rating, as well as receiving a Highly Commendable award in the Golf Environment Awards for its greenkeeping activities.