2025 Annual-report

NOTTINGHAMSHIRE COUNTY CRICKET CLUB 2025 ANNUAL REPORT & ACCOUNTS 52 Paul Ellis, Kate Davies CBE and Peter Hacker were all stepping down from the committee at this AGM after a combined 45 years’ service – with Paul Ellis spending the last eight asTreasurer. They had each brought expertise and wisdom from their respective fields, along with a passion for helping our club and ground thrive in the modern age. Their replacements would be confirmed a little later that evening, and if the new members were able to have half the impact that Paul, Kate and Peter had had, then we would be very lucky indeed. The Chair asked if there were any questions. Mr Bill Russell asked if the redeveloped Pavilion would house a new museum.The Chair said that the work done by the club’s Heritage team in terms of the Pavilion redevelopment had been outstanding.The Chief Executive agreed, observing that a lot of memorabilia had been embedded in the design with the intention of showcasing our heritage. Ms Peasey suggested that some of the club’s memorabilia should be moved over to Radcliffe Road in order to reflect the club’s great heritage there. Mr Hunt concluded by saying that he was sure that all present would join him in wishing the departing Committee members all the best, and he introduced Mr Ellis to deliver his final Treasurer’s report. 5. TO RECEIVE AND ADOPT THE ANNUAL REPORT AND STATEMENT OF ACCOUNTS FOR 2024 Mr Ellis informed the members that the accounts of the club for the year ended 30 September 2024 were set out on pages 38 to 52 of the Annual Report.The Treasurer’s written report on the accounts was on pages 35 to 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 2024 and of its surplus 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 theTreasurer could confirm there were no matters reported there which gave any concern. Turnover Trends – As the Treasurer had stated in his written report on the accounts in the Annual Report, the year ended 30 September 2024 was expected to show a modest surplus.The turnover for the year ended 30 September 2024 was £18.1 million which compared well with £14.3m in 2023 and £15.5m in 2022. In fact, it was the highest turnover the club had ever achieved. On page 36 of the Annual Report members could see a chart setting out selected sources of income for the year ended 30 September 2024. Income Movements – The financial results for the year ended 30 September 2024 showed a pre-tax surplus position of £643,703, which resulted in a surplus for the year, after tax, of £488,725.This actually represented a positive uplift against our budget.Total income as shown in the accounts had increased by 27%.Whilst we continued to diver- sify and to welcome new visitors to Trent Bridge, our reliance on men’s Test cricket was amply demonstrated as our cricket income increased by nearly £3 million from 2023 levels (when we last hosted a Men's Test), a 60% increase.This was achieved against some real challenges in the domestic schedule, as described in the Treasurer’s written report. The Treasurer told the meeting that commercial income increased by 34% overall, with catering and hospitality continuing to drive meaningful revenue. Again, the diversification of our matchday offer through the introduction of “ticket plus” packages, and our wider diversification of non-match- day activity including family entertainment such as fireworks and food festivals, had paid dividends. It was important to vary and widen our sources of income in this way, making best use of our magnificent outdoor space, given that ECB Core Distribution had not moved materially in the last four years. Grants, donations and other sources of income showed a reduction of £661k, a 14% drop on the previous year. As 2023 was a year without a Men's Test Match, we were in receipt of a grant from the ECB, termed a fallow year payment, of £550k.The Treasurer explained that this was not paid in 2024 as the club had staged a Men’s Test Match against theWest Indies. Expense Movements –TheTreasurer then moved on to discuss costs. Like so many businesses, the club was dealing with an exponential rise in its cost base.This would affect us in 2025, just as it had in 2024. Utility costs, insurance and our business rates all increased signifi- cantly in 2024. An expense that is 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 8%, which was just under £600k. The main reason behind this increase was that the national living wage increased by 9.8% in April 2024 and would rise again in April 2025. Otherwise, members would see that permanent staffing remained lean and efficient with 153 as the average monthly number of employees. In total, expenditure increased by just over £2.2m on the year to 30 September 2023 from £15m to £17.2m, an increase of 15%. The biggest percentage increase in expenditure was ground, facilities and match expenditure.This 30% increase equated to an increased