ACCOUNTS: Sussex CCC finances report another solid year14-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.”