Registered number: IP28554R
GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2014 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 JANUARY 2014
I took over as Chairman at the AGM in April 2013. It has been a challenging first year, but much has been achieved.
The first part of our ground development at Bristol has been completed, with the opening of our extended and refurbished Pavilion in August 2013. The second stage started in January with the demolition of the old Mound Stand and the new Stand is due to be completed by early May 2014.
Tom Richardson left the Club at the end of August after 12 years’ dedicated service as our Chief Executive. Tom worked tirelessly on the ground development, to provide us with the facilities to retain international cricket in Bristol and the opportunity to increase our year round income.
Will Brown took over following a detailed executive search process. Will lives in Bath and is a life-long Gloucestershire supporter, having originally visited the County Ground at a young age with his Dad. Will has a commercial background and has “hit the ground running.” He recognises that if we are to be competing for honours on the field, we must maximise our income off it. Much remains to be achieved in significantly increasing both our match day and non-match day revenues. Our ground development gives us the opportunity to make a real step change, and this is what he and the Board are determined to achieve.
We have incurred a deficit of £122k in the financial year ended 31 January 2014. This is extremely disappointing and is clearly not sustainable. The budget for the current year has been based on a very careful review of all our income streams and cost centres.
On the field our Captain, Michael Klinger, led from the front and with Alex Gidman, Chris Dent and Hamish Marshall we had 4 players exceeding 1000 first class runs, the first time that has happened since 1995. Our young team acquitted themselves well in the Championship, rising from last place in 2012 to 6th – five more points would have seen us 4th and Northants were promoted with just 1 more win. In limited overs cricket we again just missed making the 40 over semi-finals, by 2 points, but our t20 campaign was disappointing with a last place finish. Will Gidman and Craig Miles, at just 19 years old, were our main wicket takers with 55 and 43 First Class wickets respectively. Our Academy continues to develop exciting young cricketers with 2 players, Miles Hammond and Tom Shrewsbury, winning England U19 caps in 2013 and Kieran Smith representing England U17s.
We have consolidated and simplified our membership structure by category and introduced weekend memberships for those who generally can’t get to the ground during the week. We have also introduced our new Premier Club for those members who are looking for the best seat in the ground with extra comforts provided. The first tranche of these memberships sold out very quickly and a second tranche is selling fast.
We are very grateful to a former member of the Grace Society who kindly left the Club a legacy of £115k. If you are not already a Grace Society member, please do consider leaving the Club a bequest in your will and joining the Grace Society.
I would like to thank all our sponsors, members, Board members and staff for all their contributions to seeking to produce great results and success for our on-field teams.
There is much to look forward to, in particular the ODI England v India on 25th August 2014. We have 7 home T20s, two of which we will play at Cheltenham and 4 which will be played on Friday evenings in Bristol, giving a regular ‘appointment to view’. 50 over cricket returns to the fixture list and we also look forward to welcoming back our captain, Michael Klinger, after his hugely successful winter in Australia.
I wish you all a warm and dry 2014 season filled with Gloucestershire cricketing success.
Roger Cooke Chairman
Page 1 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
TREASURER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2014
2013 was a year of transition. In 2012 we completed the deal with Linden Homes and also received a one off payment from the ECB of £200k in respect of the work on the pavilion; in 2014 we will see the benefit of the use of the pavilion for a full 12 months. In 2013 we had neither a deal, nor any one off payment from the ECB, nor the full use of the pavilion. From a financial viewpoint therefore 2013 has been a disappointing year for the club with an overall deficit of £122k.
On the income side, gate receipts in 2013 were £26k up on the previous year due to much better weather during the season. However whilst our home T20 game against Somerset, financially our most important match of the season, was a sell-out, the total gate for that match was well down on earlier years due to restrictions caused by the building works at Nevil Road.
Membership continued to decline which was disappointing, but this trend will be reversed in 2014, in particular off the back of the new Premier Club. Sponsorship was boosted by a one year deal with our caterers, Centreplate, who contributed a significant figure which allowed us to sign Michael Klinger for the season.
Historically BS7 has shown continued growth over a number of years. However in 2013 this growth stopped and the BS7 income for 2013 is almost identical to that of 2012. Finally on the income side we received a totally unexpected, but very welcome, £115k legacy just before the year end.
However our expenditure pre-depreciation increased by £271k compared with the prior year, which is why our overall result for the year was a deficit of £122k. Of this additional expenditure, £136k was on the squad (which, as noted above, was partly funded by Centreplate). We incurred costs of £22k on temporary facilities whilst the pavilion was being completed, and energy and cleaning costs were £30k higher. This was also the first full year of our loan from R&SA (which arose from the sale of the land to Linden Homes); interest in the year on this loan was £37k. In addition to this, depreciation rose by £71k as a result of the development of the pavilion
As in previous years our biggest financial issue over the past year has been managing our cash position, particularly as we needed to ensure we had sufficient funds to redevelop the Mound Stand; we needed to do this to meet the ECB requirements in order to remain a Category B ground and hence be able to continue to host international matches.
Additionally, as can be seen from the balance sheet, we still have borrowings of around £2.5m which will need to be paid off in due course; the most significant of these is the £1.4m R&SA overage payment noted above, which will be repaid over a 15-20 year period. Both the repayment of these borrowings and the interest payments, particularly if interest rates rise, will put considerable pressure on our cash flow for some years to come.
Finally I would also like to say thank you to all those who contribute to the finances of the club. This includes sponsors, advertisers, regional committees and volunteers, members (both cricket and BS7) and those who buy tickets and hospitality for our matches, in addition to Bernard Cooke who manages the finances on your behalf. Please continue to support the club as we now build on all the developments which have taken place at the ground over the last couple of years.
Tony Elgood Honorary Treasurer
Page 2 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
STATEMENT OF THE EXECUTIVE BOARD'S RESPONSIBILITIES FOR THE YEAR ENDED 31 JANUARY 2014
The Executive Board is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Law requires the Executive Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Club and the surplus or deficit of the Club for that period. In preparing these financial statements, the Executive Board is required to: select suitable accounting policies and then apply them consistently; make judgments and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Club will continue in business.
The Executive Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Club and enable them to ensure that the financial statements comply with the Industrial and Provident Societies Acts 1965 to 2002. They are also responsible for safeguarding the assets of the Club and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Executive Board is responsible for the maintenance and integrity of the corporate and financial information included on the Club's website.
Page 3 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
We have audited the financial statements of Gloucestershire County Cricket Club Limited for the year ended 31 January 2014, which comprise the Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Club's members, as a body, in accordance with the Industrial and Provident Societies Acts 1965 to 2002. Our audit work has been undertaken so that we might state to the Club's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Club and the Club's members as a body, for our audit work, for this report, or for the opinions we have formed.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS
As explained more fully in the Statement of the Executive Board's Responsibilites, the Club's Executive Board is responsible for the preparation of the financial statements which give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www.frc.org.uk/auditscopeukprivate.
OPINION ON FINANCIAL STATEMENTS
In our opinion the financial statements:
- give a true and fair view of the state of the Club's affairs as at 31 January 2014 and of its income and expenditure for the year then ended; and
- have been prepared in accordance with the requirements of the Industrial and Provident Societies Acts 1965 to 2002.
Page 4 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters where the Industrial and Provident Societies Acts 1965 to 2002 require us to report to you if, in our opinion:
- a satisfactory system of control over transactions has not been maintained; or - the association has not kept proper accounting records; or - the financial statements are not in agreement with the books of account; or - we have not received all the information and explanations we need for our audit.
Nexia Smith & Williamson Statutory Auditor Chartered Accountants
Bristol Date: 24 March 2014
Page 5 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2014
2014 2013 Note £000 £000
Income
Income 2 3,429 3,305
Expenditure
Squad costs 6 1,383 1,247
1st XI match expenses 7 291 279
Academy and 2nd XI expenses 8 165 147
Hospitality costs 94 92
BS7 sports and fitness costs 9 106 107
Marketing costs 10 246 221
Facilities costs 11 471 438
Administration and other expenses 12 657 595
3,413 3,126
Surplus before depreciation and grants 16 179
Depreciation and grant write back 13 (138) (71)
(Deficit)/surplus before exceptional items (122) 108
Exceptional items 14 - 2,803
(Deficit)/surplus before taxation (122) 2,911
Taxation on ordinary activities - -
(Deficit)/surplus after taxation (122) 2,911
There are no recognised gains or losses in the current or previous period other than as stated above.
The results for the current and preceding period derive from the Club's continuing activities.
Page 6 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
BALANCE SHEET FOR THE YEAR ENDED 31 JANUARY 2014
2014 2013 Note £000 £000
Tangible fixed assets
Fixed Assets 15 6,754 2,994
Current Assets
Stocks 16 21 13
Debtors 17 896 4,078
Cash in hand 478 1,923
1,395 6,014
Current Liabilities
Creditors 18 (1,385) (2,015)
Net current assets 10 3,999
Long Term Liabilities
Creditors: due after more than one year 19 (3,327) (3,421)
Deferred Income
Capital grants 22 (556) (569)
2,881 3,003
Represented by:
Share Capital 26 - -
Accumulated Funds
Specific funds and legacies 27 308 308
Income and expenditure account 28 2,573 2,695
2,881 3,003
Approved on behalf of the Executive Board on 24 March 2014.
R M Cooke CHAIRMAN A B Elgood TREASURER W G Brown SECRETARY
Page 7 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JANUARY 2014
2014 2013 £000 £000
NET CASH FLOW FROM OPERATING ACTIVITIES (Deficit) / surplus for the year before taxation (122) 2,911 Depreciation, losses on sale of tangible fixed assets and grant write back (note 13) 138 71 Increase in stocks (8) (8) Decrease / (increase) in debtors 3,182 (3,911) (Decrease) / increase in creditors & deferred income (627) 783 Surplus on disposal of land (note 14) - (2,897)
Net cash inflow/(outflow) from operating activities 2,563 (3,051)
CASH FLOW STATEMENT Net cash inflow / (outflow) from operating activites 2,563 (3,051) Capital expenditure (3,911) 4,412 Financing (97) 981
(Decrease) / increase in cash in the year (1,445) 2,342
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS / (DEBT)
Net funds / (deficit) at 1 February 2013 Cash in hand 1,923 1 Overdraft - (420)
1,923 (419)
Net funds at 31 January 2014 Cash in hand 478 1,923
(Decrease) / increase in cash in the year (1,445) 2,342
Page 8 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JANUARY 2014
ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN CASH FLOW STATEMENT 2014 2013 £000 £000 Financing Other loans 46 223 Bank loan repayments (43) (42) ECB loans (100) 800
(97) 981
Capital expenditure Proceeds from sale of of tangible fixed assets - 5,667 Purchase of tangible fixed assets (3,911) (1,255)
(3,911) 4,412
Page 9 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2014
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards.
1.2 Income
Income represents amounts earned from cricket and other activities during the period.
1.3 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold property - 10 to 50 years straight line basis Assets under the course of - Not depreciated construction Fixtures, fittings & equipment - 5 to 25 years straight line basis
1.4 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
1.5 Operating leases
Rentals under operating leases are charged to the Income and expenditure account on a straight line basis over the lease term.
1.6 Deferred income
Grants related to expenditure on fixed assets are credited to the income and expenditure account over a period equal to the estimated lives of the associated assets. Total grants receivable less the amounts credited to the income and expenditure account at the balance sheet date are included in the balance sheet as deferred income.
1.7 Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation where there is reasonable expectation that the tax will become payable within the foreseeable future.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
Page 10 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2014
1. ACCOUNTING POLICIES (continued)
1.8 Pension costs
The amount charged to the income and expenditure account in respect of the pension schemes, being defined contribution schemes, is the total of all contributions payable in respect of the period. The assets of the schems are held separately from those of the company.
2. INCOME 2014 2013 £000 £000
Sales Share of ECB income 1,649 1,827
Membership income: Cricket members 154 159 BS7 sport & fitness members 416 417
570 576
Sales Gate receipts (note 4) 329 303 Cricket centre 37 48 Hospitality 197 206 Sponsorship 337 203 Advertising 21 18 Catering commission 86 47 Shop 18 20 Lottery 8 8 Fundraising (note 5) 20 19 Donations and legacies 129 2 Other income 28 28
1,210 902
3,429 3,305
Page 11 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2014
3. MEMBERSHIP ANALYSIS 2014 2013 Number Number Life 855 875 Executive 81 98 Single 558 579 Joint 170 161 Country 137 136 Country Joint 50 50 Family 10 8 Mini-family 19 20 Student 46 40
1,926 1,967 BS7 - voting - 1 BS7 - non-voting 1,384 1,201
Total members 3,310 3,169
4. GATE RECEIPTS Liverpool Victoria County Yorkshire Friends Life Tourist Championship Bank 40 t20 match Total £000 £000 £000 £000 £000 2013 season Bristol 14 56 57 19 146 Cheltenham 71 - 112 - 183
85 56 169 19 329
2012 season Bristol 11 14 121 27 173 Cheltenham 46 84 - - 130
57 98 121 27 303
Page 12 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2014
5. FUNDRAISING 2014 2013 £000 £000 Bristol region 8 4 Cheltenham and North Cotswolds region 5 4 Cotswolds and North Wilts region 4 4 Severn region 1 2 Exiles 1 5 Other 1 -
20 19
6. SQUAD COSTS 2014 2013 £000 £000 Payroll costs 1,149 1,086 Physio and medical payroll costs 116 116 Pre-season 5 1 Specialist Coaching 58 - Motor and other travel costs 34 28 Clothing and equipment 20 14 Other costs 1 2
1,383 1,247
7. 1st XI MATCH EXPENSES 2014 2013 £000 £000 Home match expenses - Bristol 89 82 Home match expenses - Cheltenham 137 126 Away match expenses 65 71
291 279
8. ACADEMY AND 2nd XI EXPENSES 2014 2013 £000 £000 Academy costs 127 108 Home match expenses 14 7 Away match expenses 24 32
165 147
Page 13 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2014
9. BS7 SPORTS AND FITNESS COSTS 2014 2013 £000 £000 Payroll costs 102 98 Other costs 4 9
106 107
10. MARKETING COSTS 2014 2013 £000 £000 Payroll costs 161 153 Motor and other travel costs 7 9 Advertising and website 53 40 Brochures and literature 9 9 Other marketing expenses 16 10
246 221
11. FACILITIES COSTS 2014 2013 £000 £000 Payroll costs 158 165 Motor and other travel costs 5 6 Rates and water 59 62 Insurance 9 10 Maintenance 49 54 Heat and light 81 65 Security 31 33 Cleaning 51 37 Other 6 6 Temporary Facilities 22 -
471 438
Page 14 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2014
12. ADMINISTRATION AND OTHER EXPENSES 2014 2013 £000 £000 Payroll costs 352 322 Motor and other travel costs 13 14 General insurance 17 17 Pluvius insurance 18 20 Printing, stationary and postage 23 21 I.T. costs 33 31 Telephone 22 18 Membership expenses 9 8 Executive Board expenses 11 10 Legal and professional fees 20 22 Audit fees 10 9 Recruitment 16 10 Interest and other charges payable 113 93
657 595
13. DEPRECIATION AND GRANT WRITE BACK 2014 2013 £000 £000 Depreciation 151 80 Grant write back (13) (14) Loss on disposal of tangible assets - 5
138 71
Page 15 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2014
14. EXCEPTIONAL ITEMS 2014 2013 £000 £000
Sale of land Proceeds - 5,667
Less: R&SA overage - 1,448 Stamp duty land tax - 70 Land purchases - 309 Jessop stand write off - 410 Professional fees and other write offs - 533
- (2,770) Net surplus on disposal of land - 2,897
Other Assets written off and other costs due to re- development of pavillion - 94
- 2,803
15. TANGIBLE FIXED ASSETS Assets under Freehold the course of Fixtures & property construction fittings Total £000 £000 £000 £000 Cost At 1 February 2013 1,412 1,494 981 3,887 Additions - 3,805 106 3,911 Transfer between classes 4,983 (4,983) - -
At 31 January 2014 6,395 316 1,087 7,798
Depreciation At 1 February 2013 169 - 724 893 Charge for the year 88 - 63 151
At 31 January 2014 257 - 787 1,044
Net book value At 31 January 2014 6,138 316 300 6,754
At 31 January 2013 1,243 1,494 257 2,994
Page 16 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2014
16. STOCKS 2014 2013 £000 £000 Stocks relating to cricket and other activities 21 13
17. DEBTORS 2014 2013 £000 £000 Trade debtors 118 72 Ground development debtor 708 3,946 Other debtors 5 6 Prepayments and accrued income 65 54
896 4,078
18. CREDITORS: Amounts falling due within one year 2014 2013 £000 £000 Debentures 63 - Bank loans 42 42 ECB loan - 100 Other loans 44 26 Trade creditors 160 38 Other taxation and social security (see below) 120 1,188 Accruals and deferred income 956 621
1,385 2,015
Other taxation and social security 2014 2013 £000 £000 PAYE/NIC 41 39 VAT 79 1,149
120 1,188
Page 17 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2014
19. CREDITORS: Amounts falling due after more than one year 2014 2013 £000 £000 Bank loans 261 304 ECB Loan 1,000 1,000 Debentures 68 131 Bonds 382 382 Royal & Sun Alliance 1,495 1,448 Other loans 121 156
3,327 3,421
The bank loans and Royal & Sun Alliance loan are secured over the County Cricket Ground and its associated assets.
The ECB loan is not expected to be repaid as it is anticipated that this will be converted into a grant in 2014.
The bank loans attract interest at 1.5% and 3.2% above base rate and are repayable over 20 and 10 years respectively.
Debentures are unsecured paying interest annually at RPI, which is limited between zero and five percent, plus one percent, or alternative benefits, and are repayable in normal circumstances between September 2014 and June 2016.
Bonds are unsecured paying interest annually of 5.5% and are repayable in normal circumstances between September 2016 and September 2017.
The Royal & Sun Alliance loan attracts interest of 2.0% above base rate and is repayable over a maximum period of 20 years.
20. CAPITAL INSTRUMENTS 2014 2013 £000 £000 Amounts falling due in less than 1 year 149 142 Amounts falling due between 1 and 2 years 164 605 Amounts falling due between 2 and 5 years 1,745 1,150 Amounts falling due after more than 5 years 1,418 1,510
3,476 3,407
21. RELATED PARTY TRANSACTIONS The debentures, bonds and other loans shown in notes 18 and 19 have been advanced to the Club by members, some of whom are members of the Executive Board. The amounts advanced are not considered material to either party.
Page 18 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2014
22. CAPITAL GRANTS 2014 2013 £000 £000 At 31 January 556 569
23. CAPITAL COMMITMENTS 2014 2013 £000 £000 Expenditure contracted but not provided for - 3,186 Expenditure authorised but not contracted 1,036 2,098
1,036 5,284
24. OTHER COMMITMENTS At the year end the club had annual commitments under non-cancellable operating leases as follows:
2014 2013 £000 £000 Expiry date: Between 2 and 5 years 2 2
Total 2 2
25. PENSION ARRANGEMENTS (a) Players
All full time first class county cricketers are eligible to join the ECB Group personal pension plan. This is a fully insured defined contribution scheme with contributions payable as follows:
Employer - 10% of Contract Salary Employee - 5% of Contract Salary
Amount payable for the year was £48,101 (2013: £53,337).
(b) Other staff
The Club operates a Group personal pension plan for all staff over the age of 18 years. This is a fully insured, defined contribution scheme with employer contributions of between 5% and 6.5% of salary. Employee contributions are voluntary.
Amount payable for the period under this scheme was £45,399 (2013: £49,100).
Page 19 GLOUCESTERSHIRE COUNTY CRICKET CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2014
26. SHARE CAPITAL Gloucestershire County Cricket Club Limited is registered as a society under the Industrial and Provident Societies Act 1965. All voting members of the Club are shareholders of the society and subscribe 5p from their initial subscription to pay up their shares. At 31 January 2014, 1,926 shareholdings existed (2013: 1,968) with a value of £96 (2012: £98).
27. SPECIFIC FUNDS AND LEGACIES 2014 2013 £000 £000 At 31 January 308 308
28. INCOME AND EXPENDITURE ACCOUNT 2014 2013 £000 £000 Balance brought forward 2,695 (216) (Deficit) / surplus for the period (122) 2,911
2,573 2,695
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