ACCOUNTS: Sussex CCC finances report another solid year
14-Feb-2012
Sussex CCC have today posted their financial results, along with the notice of Annual General Meeting, to their membership.
The key numbers from those results are:
Operating Income : up 7% to £5.202m, (2010: £4.863m)
Operating Surplus (after interest, before legacies, depreciation and exceptional items): £0.012m, (2010 : deficit of £0.014m)
Accounting Deficit for the Financial Year: £0.124m (2010: £0.171m)
Speaking today, Dave Brooks, Chief Executive of Sussex CCC said: “The
year to October 2011 has seen steady progress for the Club and also
continued change. With the £8m ground development program coming to a
conclusion, the Club now has an excellent facility available all year
round for both cricket and non-cricket events. The management team look
forward to developing the Club on and off the field to ensure a
sustainable future for cricket in the County at all levels. We are proud
of our achievements over the last 3 seasons and remain determined to be
one of the leading counties in all aspects of our business.”
Sussex CCC Treasurer, Simon Crundwell, continued: “In interpreting the
Club’s financial performance it is important to note that the final
deficit is struck after depreciation of £403k, which has increased
materially from £233k in 2010, as a result of the ground redevelopment.
This reflects a prudent approach by the board to write off the value of
our building over periods up to a maximum 50 years as opposed to some
clubs who write their building assets over periods in excess of 100
years.
“In addition, we have chosen to show the £300k ECB income offered in
recognition of the ground standards delivered by the Club as an
exceptional item given this is a non-recurring sum. This offers our
members a good understanding of the underlying trading position of the
Club and shows the sustainable foundation we have created to build
upon.”
Summing up, Sussex CCC Chairman, Jim May, added : “We are pleased by the
continuing progress on our trading position. This is especially notable
as we received very little interest income compared with three years
ago due to falling interest rates. Our timing in investing the vast bulk
of the Spen Cama legacy in ground improvements has been fortunate.
Whilst 2012 may be challenging economically, we look forward to the
season with optimism at our lovely redeveloped ground as I believe that
under Dave Brooks, Mark Robinson, and Michael Yardy’s leadership, we are
well placed with a settled team on and off the field which has the
capability to deliver continued growth and success for the Club.
“2012 has started positively with continued growth in our sponsorship
base. We will continue to invest in cricket at all levels of the game as
we recognise the importance of a healthy recreational sport in the
county, allied to a strong community presence, in assisting our
professional cricketers to compete on all fronts in a busy domestic
campaign. With excellent execution and a fair wind, there is good reason
to believe we can continue to challenge as leaders in the sport in all
aspects of the business and game of cricket.”
