2024 ANNUAL REPORT

45 FINANCIAL REPORT 1. GENERAL INFORMATION Nottinghamshire County Cricket Club Limited is a club incorporated under the Co-operative and Community Benefit Societies Act 2014 and is registered on the mutuals public register by the FCA.The address of the registered office is given in the company information page of these financial statements. The nature of the club’s operations and principal activites are those of a First-Class county cricket club and responsibility for recreational cricket in Nottinghamshire. 2. ACCOUNTING POLICIES 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102, The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Co-operative and Community Benefit Societies Act 2014. The financial statements are presented in sterling which is the functional currency of the club and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below.These policies have been consistently applied to all years presented unless otherwise stated. 2.2 Going concern In preparing the financial statements on a going concern basis, the General Committee has paid due regard to relevant forecast financial information – including cash flows, funding from key supporties and sensitivities and uncertainties affecting the club. In the General Committee’s opinion, the club is a going concern for a minimum of twelve months from the date of approval of the financial statements. 2.3 Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than freehold land and assets under construction, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life. Depreciation rates are as follows: Freehold property between 20 and 50 years on a straight line basis Fixtures, fittings, plant and equipment and motor vehicles between 3 and 20 years on a straight line basis Office equipment between 1 and 3 years on a straight line basis 2.4 Impairment of fixed assets and goodwill Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired.Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash- generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. 2.5 Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through income and expenditure if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. Investments in joint ventures are measured at cost less impairment. 2.6 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first‑in, first‑out formula. Provision is made for damaged, obsolete and slow‑moving stock where appropriate. NOTES TO THE F INANCIAL STATEMENTS F O R T H E Y E A R E ND E D 3 0 S E P T E M B E R 2 0 2 4