2024 ANNUAL REPORT

MINUTES OF THE 2024 ANNUAL GENERAL MEETING 55 at the AGM were there because of their love for the game. He said he was sure members were as keen as he was to see the back of the exceedingly wet winter, and to be back at Trent Bridge as our teams took to the field again. In response to the Chair’s request for any questions, Mr Martin Brebner asked about the Pavilion design, and whether players and members would use the same doors. Further- more, what could the Chair tell members about costs and timelines? Mr Hunt said it would be the most expensive project ever undertaken by Notts. A competitive tender process would begin later on in 2024 and, as such, a public estimate of costs would not be sensible. It was fair to say, however, that across the country costs for construction work had risen significantly. Given that, it was crucial that the interior design was both flexible and future-proofed. Therefore, the use made of the space by both members and players could depend on the format of cricket being played.Whilst during internationals, for example, players and members would not be permitted to use the same doors in order to comply with protocols, he expected there still to be the usual opportunity for friendly interaction between players and our members during County Champion- ship matches. The Chair then introduced the Treasurer and asked him to give his report. 5. TO RECEIVE AND ADOPT THE ANNUAL REPORT AND STATEMENT OF ACCOUNTS FOR 2023 Mr Ellis began by saying that the accounts of the club for the year ended 30th September 2023 were set out on pages 38 to 52 of the Annual Report. His written report on the accounts was on pages 36 and 37 of the Annual Report. On pages 39 and 40 of the accounts was the Independent Auditor’s Report which stated that in their opinion the financial statements: • Gave a true and fair view of the state of the club’s affairs as at 30 September 2023 and of its deficit for the year then ended; • Had been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • Had been prepared in accordance with the requirements of the Co-operative and Community Benefits Act 2014. There were further matters covered in the Independent Auditor’s Report that members might wish to read, but he could confirm there were no matters reported there which gave any concern. As the Treasurer had stated in his written report, the year ended 30th September 2023 was expected to show a significant deficit, just as had been the case in 2016 when we last experienced a normal (non- World Cup) year without Men’s Test cricket. Mr Ellis showed a slide which indicated the turnover for the last ten years and as members could see, the turnover for the year ended 30 September 2023 was £14.3 million which, considering the lack of a Men’s Test, compared well with £15.5 million in 2022 and £14.1m in 2021. On page 37 of the Annual Report, members could see a chart setting out the main sources of income for the year ended 30 September 2023. Mr Ellis said that our financial results for the year ended 30th September 2023 showed a pre-tax deficit position of £991,976, which resulted in a deficit for the year, after tax, of £823,914.This actually represented a positive uplift against our budget. Mr Ellis explained that this slide showed that total income as reflected in the accounts had decreased by 8.5%.Whilst the club continued to diversify and to welcome new visitors toTrent Bridge, our reliance on Men’s Test cricket was amply demonstrated as our cricket income reduced by over £2.5 million from 2022 levels. Our Vitality Blast home fixtures at Trent Bridge in 2023 were again compressed into an extremely tight schedule, with five games in thirteen days during June. Notwithstanding that, domestic match ticket sales increased from 2022 and drove over £650k in total revenue, surpassing budget expectations. Whilst commercial income decreased by 18% overall, catering and hospitality continued to drive meaningful revenue. Again, the diversification of our offer through the introduction of “ticket plus” packages such as the T20Take- out and the Century Club paid dividends.The club’s retail sales were growing every year, Mr Ellis explained, and the shop recorded its highest daily turnover for the Trent Rockets fixture against Manchester Originals on 17 August 2023.There was an increase in ECB distribution, which was due to the additional ringfenced funding for the East Midlands women’s regional team,The Blaze, along with a fallow year payment and a facilities maintenance grant from the ECB Infrastructure Investment Fund, both of which were allocated to us to support the club in a year without a Men’s Test.Whilst these additional sums were welcome, Mr Ellis observed, it was important to note that our core funding from the ECB had remained static at around £2m for the past three years. Like so many businesses, the club was dealing with an exponential rise in its cost base. As anyone in business would be aware or, indeed, all of us were aware when we looked at our personal finances, there were no signs of these relentless rises abating.This would affect us in 2024, just as it did in 2023. Utility costs, insurance and our business rates all increased significantly in 2023. An expense that was split into all the major expenditure headings in the accounts was staff costs.These were shown in total in note 4 to the accounts on page 47 of the Annual Report.This cost had increased by 16%; the main reason behind this large increase was the inclusion of The Blaze players’ wages for the first time.This also explained the increase in the head count by 20 under the Cricket Staff heading in the same note to the accounts.This cost was fully funded by the ECB,