Kent reveal financial loss of more than £800,000 in last 12 months
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By Andrew Gidley
Kent County Cricket Club have announced huge
losses of £802,452 for year ending October 31 2009, an increase of
more than £110,000 on the previous year.
The figures include losses of £190,000 on the
two summer pop concerts and £150,000 paid out in redundancy and
staff settlements, and “a number of items amounting to
£140,000 relating to earlier years, which we have to accept are now
payable or irrecoverable which include bad debts and certain VAT
payments.”
New treasurer Simon Philip, presenting his
first report since succeeding Alister Dunning, blames the losses on
the “continued delay of the club’s redevelopment scheme and the
most difficult trading conditions for generations which wreaked
havoc on our finances.”
Overall revenues were up 11 per cent to almost
£500,000, figures including concert receipts. Match income went up
to nearly £150,000, up 27.5 per cent which included the home
Twenty20 quarter-final, the England Lions game against Australia,
better weather and concerted efforts by the marketing team to boost
attendances. Revenues from the ECB went up by just over 20 per
cent.
Mr Philip added: “Lessons clearly need to be
learned from the sorry tale of the past few years…..and to this end
a five-year financial plan, which accepts that it may be some time
before healthy economic conditions return, is now being
constructed to make sure we get the balance right. Managing
this balance will not be straightforward.”
Members will get their chance to air their
views on another set of poor figures at the annual meeting on
Monday March 29 at the St Lawrence Ground, which is being held two
weeks later than usual.
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Monday, March 08 2010
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