Acting Honorary Treasurer’s Report
Gloucestershire County Cricket Club have released their financial report on the year ending 30 September 2006. Acting Honorary Treasurer, Roger Cooke gave the following report:
2006 was somewhat disappointing after 2 years in surplus, with the Club incurring a deficit of £36k, after depreciation, against a budgeted surplus of £10k. In 2005, the surplus on ordinary activities was £l6k.
On a turnover of around £3m and with many unknown variables when the budget is set in the autumn, it is a fine line between surplus & deficit. The requirements of investing in a strong team, on and off the field, and the ground and facilities, have to be set against the need for financial prudence.
The ECB subvention payment continues to be by far the largest part of the Club’s income. As with 2005, this constituted around 45% of turnover, down from the 49% of 2004. An objective of the Executive Board is to reduce the reliance on this source of income, over which the Club has little influence, by boosting other sources of income. In particular, we must maximise the income from our major asset, the County Ground at Bristol. Significant progress has been made in relation to hospitality, sponsorship and advertising but we must continue to look at fund raising opportunities throughout the year.
As we look at the potential development of the ground to safeguard the retention of International Cricket at Bristol, a high priority is to increase significantly revenues from conference and banqueting opportunities as well as facilities for corporate entertainment. In addition, fund raising events need to be maximised and additional events are already being planned. Achieving the budget for 2007 will be a testing challenge but we all look forward with high expectations to a successful year, on and off the pitch, in 2007.
Acting Honorary Treasurer