2024 ANNUAL REPORT

NOTTINGHAMSHIRE COUNTY CRICKET CLUB 2024 ANNUAL REPORT & ACCOUNTS 56 and that income was included in the Grants and Donations Income that Mr Ellis had previously mentioned when explaining the increase in that income heading. In addition, the national living wage increased by 9.7% in April 2023, and would rise again by 9.8% in April 2024. Also in April 2024, the age threshold for receiving this wage would reduce from 23 to 21, and this would have a major impact on the club’s cost base due to the average age of our casual matchday catering staff. In total, expenditure increased by just over £0.5m on the year to 30th September 2022, an increase of 3.8%. At first sight this seemed like a small increase. However, in a like-for-like year, total expenditure would normally be much higher as this would have included the costs of hosting a Men’s Test, which are considerable. Overall, the club had experienced a drop in income of £1.3m from year ending 30 September 2022 and, coupled with an increase of expend- iture of £600k, this had resulted in a pre-tax deficit for 2023 of £992k as compared to a pre-tax surplus in 2022 of £870k. The Treasurer then referred to the club’s historical performance – the surpluses and deficits since the year ended 30 September 2009, as well as the cumulative position in a separate graph line, which were being shown on-screen.We now had £5.9m of general reserves, compared to just over £6.7m at 30 September 2022. Mr Ellis then showed a slide reflect- ing the average surpluses since 2008 in four-year cycles.The period 2008 to 2011 showed an average surplus of £179k, increasing to £489k in the last four-year cycle to 2023. The type and frequency of interna- tional matches played atTrent Bridge in any one year had a significant impact on the surpluses generated, Mr Ellis said, but hopefully this impact was smoothed out over a four-year cycle. Looking at our financial performance over these four-year cycles gave members a better understanding of how our finances were progressing. Managing our financial results as part of a multi-year cycle gave us the resilience to maintain our business in our leaner years. Mr Ellis ended his detailed expla- nation of the accounts with a slide showing the quantum of our cash balances at the end of each financial year since 2014. It had fluctuated over the years and at 30 September 2021 it was at a record high of £5.9m. Cash at bank and in hand at 30 September 2023 was £4.5m (an increase of £1.4m on the position at 30 September 2022) reflecting the fact that, although 2023 was a loss-making year, we had strong sales of 2024 interna- tional tickets and memberships in September 2023 (but, of course, this income was deferred until year ending 2024). Mr Ellis concluded with a useful summary for members: • There was a pre-tax deficit for the year of £991,976. • There was a strong cash balance at the year-end of £4.5m • Loans were now reduced to £5.3m, which was £3m below the peak level of borrowing in 2018.These were shown in notes 14 &15 in the Accounts on page 50 of the Annual Report • Next year, with the return of Men’s Test cricket, the club was budgeting a surplus for the year ended 30 September 2024. Mr Nigel Bratton asked a question about the balance sheet.What was the debtors amount (amounts falling due after more than one year) of £5,000 which seemed to be the same every year? Mr Ellis did not know the answer to this but undertook to clarify [note: this was later identified as a loan amount outstanding]. As there were no further questions, Mr Ellis proposed the meeting adopted the accounts of Notting- hamshire County Cricket Club for the year ended 30 September 2023, and this was seconded by Ms Penny Huggard. Members in the room and on Zoom voted unanimously to adopt the accounts.The Chair thanked Mr Ellis for his continued hard work as Treasurer and then invited Mick Newell, Director of Cricket, to present his report. 6. TO RECEIVE THE CRICKET REPORT FOR THE 2023 SEASON Mr Newell began by saying that in 2023, we achieved our number one priority – retaining the Division One status in the County Championship that we had worked hard for in 2021 and 2022. Doing so had provided the club with the platform to progress again next year, with the ultimate aim of pushing for red-ball titles in the years to come. Mr Newell believed that the groundwork being carried out with both the playing squad and coaching staff would aid us in that ambition. In white-ball cricket, he was pleased that the Outlaws made the T20 quarter-final as this was another of our key season aims. Having enjoyed a spell of sustained success over the last decade inT20 cricket, 2023 served as another reminder that the Outlaws were not far off being where they wanted to be, but must also evolve to be at the very top. Mr Newell said that since the end of the 2023 season, the club had already strengthened its squads for all formats with the addition of three players – Dillon Pennington, Jack Haynes and JoshTongue – who all came with great pedigree and an appetite and desire to improve. Notts had also added 18-year-old Freddie McCann to the profes- sional staff from the Academy, and re-signedWillYoung as a multi- format overseas batter for the period from mid-April to the middle of July 2024. Over the course of the Middlesex game in September 2023, Mr Newell continued, we said goodbye