Club announces financial results for 2020
Tuesday 2nd March 2021
Kent County Cricket Club Ltd. has announced its financial results for the year ending 31st October 2020.
The Club’s turnover totalled £4.02million and its primary financial performance measurement of EBITDA, (earnings before interest, tax, depreciation and amortisation) for the year shows a surplus of £213,620 (£217,754 in 2019).
After interest, depreciation and the net impact of other items, the deficit for the year after taxation was £217,351 (£201,932 in 2019).
Income for 2020 was helped by an increase of £634,073 in payments from the England and Wales Cricket Board (ECB), mainly due to a combination of the new media deal with Sky TV and enhanced grants in respect of the COVID-19 Pandemic.
However, the Club saw a drop in income of almost £2million from all other areas, including membership subscriptions, ticket sales, catering contracts and the St Lawrence Clinic due to the pandemic.
Direct expenditure fell by £257,361 due to stringent controls being implemented following the beginning of the crisis.
The business initiatives and financial support from Government through the furlough scheme, subsidising the salary costs of employees, grants and business rate holidays were key to the Club getting through the Summer.
A total of £490,164 was received under the furlough scheme.
Kent Cricket’s Honorary Treasurer, Derek Taylor, said: “We are facing a critical year from a financial viewpoint.
“Members and supporters should be comforted by the quality and expertise of our Executives and Staff, who have responded in an outstanding manner to the crisis, to ensure we are still operating a strong and successful business.
“We should all be grateful to them for the commitment and time they have devoted to the Club to get to this position. We shall need the same effort in the coming months.”
KENT COUNTY CRICKET CLUB LIMITED – ANNUAL GENERAL MEETING (2021)
In-line with the COVID-19 provisions within the Corporate Insolvency and Governance Act 2020, the ANNUAL GENERAL MEETING of Members of Kent County Cricket Club Limited, will be held digitally via ‘Zoom’ on Monday 29 March 2021 at 7:00pm.
Members will receive access details, along with the Reports and Accounts, in the coming days via post.
If Members have not received this information by Monday 8 March, please contact members@kentcricket.co.uk.