Small profit recorded by Sussex cricket chiefs
Sussex Cricket Ltd made an operating profit of Â£1k in the year to October 31, 2016.
This was its first year as a new integrated organisation responsible for both professional cricket and the recreational game.
These consolidated figures include the charitable subsidiary, Sussex Cricket Foundation, and are an improvement of the comparative figure of an operating loss of £139k recorded in the previous year.
The combined turnover of £6.5m showed a decline in match income but a strong performance in commercial income.
Since the 1st Central County Ground was redeveloped in 2011, net revenues for catering, events and rental income have increased by some £500k per annum.
After making a full allowance for depreciation, Sussex Cricket recorded a deficit after tax of £488k. The balance sheet remains strong with total equity of £10.3m and there is no external debt.
Jim May, chairman of Sussex Cricket, said: “Balancing our finances remains a constant challenge but these were satisfactory figures for the new organisation. We are forecasting a surplus after depreciation in the current financial year aided by a one-off distribution from the ECB.
“I believe that Sussex is in good shape for the current season. We have made quality signings in the close season to complement our squad and we have an exciting group of youngsters coming through.
”In addition, the work our Foundation is carrying out in partnership with 245 affiliated league clubs coupled with our growing community activities is incredibly important. This means I am very confident about our longer term strategy of ‘Inspiring a lifelong passion for cricket in the heart of every community’.”
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