ACCOUNTS: Sussex Cricket Reports Financial Progress27-Feb-2013
Sussex CCC has today posted their financial results, along with the notice of their Annual General Meeting to their Membership. The key numbers for the year to 31st October 2012 are:
• Operating Income unchanged at £5.2m (2011: £5.2m)
• Operating Surplus improved on prior year (after interest, before depreciation) at £227,775 (2011: £12,026)
• Accounting deficit for the year £325,375 (2011: £123,718)
Speaking today, Simon Crundwell, Sussex CCC Treasurer, said “Whilst a £227k operating surplus is a credible outcome, it was boosted by the one off receipt of £133k in respect of the settlement of a legal claim. Alongside continuing challenging economic conditions, the unseasonal weather in 2012 contributed in part to our match income being 22% down on prior year. However, alongside the legal claim, income from our home Clydesdale Bank 40 semi-final and home Friends Life t20 quarter final was vital. Encouragingly, our non-match day revenue continues to grow, 28% ahead on the prior year, which is an important cornerstone of our medium term business plan.
“The deficit of £325k recorded is after charging increased depreciation of £553k, reflecting the completion of our ground redevelopment. Importantly however, the Club remains cash positive at an operating level with £95k generated from continuing operations after interest and before non-repeat income and depreciation.”
Jim May, Sussex CCC Chairman said “The county club business model is marginal and without our success in one day competitions, Sussex would have made an operating loss. However, it is pleasing that, whilst the playing side remains strong, we are making progress year on year on the business front.
“Sussex is a stable club with no borrowings and cash reserves of around £1m. Having invested nearly £10m in our wonderful ground at Hove in recent years, a major focus for our new Chief Executive, Zac Toumazi, is to increase attendances both at cricket and other events.”