02 October 2014
Tuesday 15 January 2008
GCCC Announce Financial Year Details
Hon Treasurer, Roger Cooke, has advised members that despite the enormous disappointment of the cancellation of the Cheltenham Festival and the constant bad weather, 2007 proved to be very successful financially with a large surplus. Given the Club’s £36k deficit in 2006, this was a significant improvement of £319k over the previous year.
The biggest contributor to this was an increase of £218k in the subvention payment from the England & Wales Cricket Board (ECB). The ECB subvention amounted to 49% of the Club’s turnover, up from the 45% of the previous 2 years. This was an exceptional year, however, and the subvention payment for 2008 is expected to return close to previous levels.
Membership income was reduced due to fewer new life memberships but the ‘BS7’ combined cricket and gym membership continued to show healthy growth.
The Commercial Department had a very good year with substantial increases in income from hospitality, advertising and sponsorship.
Savings in squad costs, arising from player retirements and increased England player compensation receipts, enabled increased investment in 1st XI coaching, the Academy, the 2nd XI, and facilities, including the new scoreboards at Bristol.
The loss of the entire Cheltenham Festival was a heavy blow for all of us who so enjoy this event year after year. However, business interruption insurance was in place to cover losses caused by the loss of utility supplies and this, coupled with insurance covering loss of gate receipts through bad weather, meant that the Club’s loss was limited to around £8k.
Looking forward to the 2008 season, we have an additional Twenty20 home match and an England v New Zealand NatWest Series One-Day International. The Cheltenham Festival kicks off with a local derby against Worcestershire on Wednesday 30 July and we expect it to be bigger and better than ever.
© Gloucestershire CCC
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