NOTICES

SUBSCRIPTIONS Members are reminded that subscriptions become payable on 1 January each year. Members’ passes will be issued ahead of the start of the season, only after payment, unless the Member has subscribed to the multiple Direct Debit option.

Members who have not already paid their subscriptions, are asked to do so, either via the website or the Application Form within the 2021 Membership brochure.

Please consider paying the subscription by Direct Debit – it saves time and trouble for you and the Club.

Please do not hesitate to contact [email protected] with any queries.

KENT CLUB ANNUAL Subject to government guidelines at the time, Annuals may be collected from the Club Shop, either at The Spitfire Ground, St Lawrence, or at home grounds when the men’s first XI is playing. Annuals will be posted to Members who are unable to collect them upon request (£3 postage, plus the applicable Annual charge).

ANNUAL GENERAL MEETING – MEMBERS’ QUESTIONS In order that full and complete answers to questions at the Annual General Meeting can be provided, Members are requested to submit these in writing to the Chief Executive or alternatively email [email protected] by close of business on 22 March 2021. This request does not preclude the Membership from asking spontaneous questions at the meeting.

© Kent Cricket: The front and back cover of our 2021 Annual Report features the names of our Members in 2020 who opted in to the Invicta Package 2021. We would like to thank all of our Members for their continued support.

2 Limited Reports and Accounts 2020 KENT COUNTY CRICKET CLUB LIMITED

THE SPITFIRE GROUND, ST LAWRENCE, OLD ROAD, , KENT CT1 3NZ

Dear Sir/Madam, The ANNUAL GENERAL MEETING (2021) of Members of Kent County Cricket Club Limited will be held digitally via ‘Zoom’ on Monday 29 March 2021 at 7.00pm, in accordance with the COVID-19 provisions within the Corporate Insolvency and Governance Act 2020.

Yours faithfully Simon Storey Chief Executive Officer

AGENDA

1. To confirm the Minutes of the Annual General Meeting (2020) of Members of Kent County Cricket Club Limited held digitally via ‘Zoom’ on Monday 7 September 2020.

2. To announce the result of the election of Members to the General Committee.

3. To receive the General Committee Report for the Year ending 31 October 2020.

4. To receive the Accounts for the Year ending 31 October 2020.

5. To re-appoint Auditors for the Year ending 31 October 2021.

6. To introduce the President for 2021.

7. Any Other Business.

The Minutes of the 2020 Annual General Meeting will be available for inspection to Members as a pdf document upon request by email [email protected] until Friday 26 March 2021.

A copy of the Club Constitution and Rules is available under ‘The Club’ tab on the Club website (www.kentcricket.co.uk). Alternatively, these can be sent to Members via email, upon request.

Kent County Cricket Club Limited Reports and Accounts 2020 3 KENT COUNTY CRICKET CLUB LIMITED

2020/21 CLUB INFORMATION

PATRON HRH THE DUKE OF KENT, KG PRESIDENT VICE ADMIRAL SIR TIM LAURENCE KCVO CB ADC(P) REGISTERED NUMBER 28955R REGISTERED OFFICE THE SPITFIRE GROUND, ST LAWRENCE, OLD DOVER ROAD, CANTERBURY, KENT CT1 3NZ PAST PRESIDENTS R BEVAN, MBE P MORGAN R E C COLLINS C F OPENSHAW A A DUNNING, DL J N H RICE P H EDGLEY C J C ROWE G W JOHNSON C SWADKIN D S KEMP J N SHEPHERD G M KENNEDY, CBE D G UFTON LADY KINGSDOWN, OBE D L UNDERWOOD, MBE

VICE PRESIDENTS HRH THE DUKE OF EDINBURGH, KG LADY KINGSDOWN, OBE HRH THE DUKE OF KENT, KG A P E KNOTT, MBE J A S CLIFFORD C F OPENSHAW R E C COLLINS D J ROBERTSON A A DUNNING, DL J N SHEPHERD P H EDGLEY D H W TURNER G W JOHNSON D G UFTON D S KEMP D L UNDERWOOD, MBE G M KENNEDY, CBE

CHAIRMAN: S R C PHILIP VICE CHAIRMAN: J C COWDREY HONORARY TREASURER: D R TAYLOR CHIEF EXECUTIVE OFFICER: S G B STOREY : S W BILLINGS HONORARY MEDICAL ADVISER: DR J B THOMPSON HONORARY CURATOR: CJ ELLIS INDEPENDENT AUDITORS: KRESTON REEVES LLP SOLICITORS: GIRLINGS LLP BANKERS: NATIONAL WESTMINSTER BANK PLC

GENERAL COMMITTEE

FROM 2018 (FOR THREE YEARS) FROM 2020 (FOR THREE YEARS) R E C COLLINS J L CLARK J C COWDREY S R C PHILIP C J C ROWE D R TAYLOR

FROM 2019 (FOR THREE YEARS) D E BARNARD B W HAVILL B R K MOORHEAD, DL

4 Kent County Cricket Club Limited Reports and Accounts 2020 GENERAL COMMITTEE NOMINATIONS

Mr R J Butler, Mr J C Cowdrey and Mr C J C Rowe all stood for election and there being no other candidates, a ballot was not required.

FOR THE INFORMATION OF MEMBERS:

R J BUTLER Proposer: Mr S R C Philip Seconder: Mr J C Cowdrey Date of Birth: 17 August 1965 Paddy Butler is a Life Member of the Club, who was born and raised in Kent having played for Bickley Park, Bromley Town and Hayes from his youth and into adulthood until the late 1980’s when he moved to North , where he played league cricket for North Middlesex. Throughout his club career Paddy has played wandering cricket in Kent, most notably for the Bluemantle’s and the Yellowhammers. He is also an Associate Member of the MCC. Paddy is a Barrister of the Middle Temple in London and of the King’s Inns in Dublin as well as a Mediator. He practices from his own firm, Leverets, in Sevenoaks, as well as 3 Hare Court in the Temple, London. He specialises in company and commercial law, with particular emphasis on insolvency and sport. Paddy is also a Kent Ambassador.

J C COWDREY Proposer: Mr C S Cowdrey Seconder: MR B R K Moorhead, DL Date of Birth: 29 March 1960 A former stockbroker with James Capel and then Cazenove & Co., Jeremy spent his childhood on Kent grounds and is a Life Member. When at James Capel he facilitated them sponsoring Kent County Cricket Club. After his first career he produced the feature film Summer in February starring Dan Stevens and Dominic Cooper. Currently an ambassador for BackUp, a charity, which transforms lives after spinal cord injury. A reasonable club cricketer in his day, though well off the pace of his brothers Chris and Graham and, of course, his father Colin. He is passionate about Kent and young people. Jeremy organised the service at Canterbury Cathedral to celebrate the Club’s 150th Anniversary.

C J C ROWE Proposer: Mr J N Shepherd Seconder: Mr P Morgan Date of Birth: 27 November 1951 Charles was born in Hong Kong where he was based for the first 20 years of his life although educated at The King’s School, Canterbury. After representing England Under 19’s at school, he played cricket for Kent from 1974-81 (capped in 1977) and Glamorgan (1982-4). He then worked in the City for Rowe & Pitman (Warburg), NatWest Securities and Deutsche Bank amongst others for the next 26 years. He retired in 2010 and was President of Kent CCC in 2017 and has been an Honorary Member of the Club since his playing days. Charles has served on the General Committee and Finance Committee for the last three years.

Kent County Cricket Club Limited Reports and Accounts 2020 5 RECORD OF MEETINGS HELD IN 2019/2020 AND ATTENDANCE FIGURES

General Committee Member No. of Meetings Held: 6

D Barnard 6

J L Clark 6

R E C Collins 6

J C Cowdrey 6

B Havill 6

T J H Laurence 1

B R K Moorhead, DL 5

S R C Philip 6

C J C Rowe 6

D R Taylor 6

6 Kent County Cricket Club Limited Reports and Accounts 2020 PRESIDENT’S WELCOME

Year ending 31 October 2020 When many of us gathered in Canterbury Cathedral on 4 March 2020 to mark the start of our 150th Anniversary Year, the storm clouds of COVID-19 were already impossible to miss. The service was magnificent, embellished with history and humour in equal measure. But after that nothing went according to plan. Looking back from the gloom of Lockdown 3, the amazing thing is that so much cricket was in fact played, with some truly outstanding matches at both international and county level. It is normally the players who quite rightly get all the plaudits in end of year reports, but this year I am sure they will not mind if I first pay tribute to the Kent ‘off field’ team and coaches who have had such a torrid time, reacting to constantly changing circumstances and enabling play to go on while keeping the Club afloat financially. Our loyal Members deserve much credit too for sticking with us, despite not being able to see cricket live. My warmest thanks go to all of them. On the field, whilst not winning any trophies, both the men’s and women’s teams have shown that they can compete with and beat the best. There have been outstanding performances and great victories. Our international players have prospered and the rest of the squads have filled in most ably when they were away. They have all given us much optimism for 2021. Looking ahead, at a time of financial pressure, it is fitting that my successor as President should be the Club’s Honorary Treasurer, Derek Taylor. Derek has been involved in sport and sporting charities for many decades and has been a Life Member of the Club for 30 years. Having been my Deputy and understudy during 2020, he has very kindly agreed to allow me to take back the Presidential baton temporarily if and when we are able to hold some of the 150th Anniversary events postponed from last year. We both much look forward to an exciting and successful season ahead.

Sir Tim Laurence President 2020

Kent County Cricket Club Limited Reports and Accounts 2020 7 CHAIRMAN’S REPORT

Year ending 31 October 2020 The last twelve months have thrown down huge challenges for the whole of society and Kent Cricket has been no different. The main objective of us all - Committee, Executive and Staff - has been to navigate the Club to the other side of the pandemic as intact as possible. There is a safe passage that can be steered through this perilous situation, but there is not much margin for error. Whilst these accounts for 2020 do not look particularly bad, the lack of income will continue to accumulate and 2021 is going to be an equally, if not more, challenging year. There are several pinch points in the coming year’s cash flow, about which we are very vigilant. In summary, the game is being sustained by a combination of the money from the media rights deal with Sky TV and government schemes, such as furlough, grants, special loans and the business rates holiday. As the Honorary Treasurer points out below, the survival of the whole game is predicated upon the completion of the summer’s international cricket programme and the consequent of the broadcast content. I would like to pay tribute to the England & Wales Cricket Board (ECB) and our good friends at Hampshire and Lancashire (and also Derbyshire and Worcestershire in their supporting roles) for their incredible endeavours on behalf of the whole game to get international cricket played in 2020. ‘Bio-secure cricket’ trips off the tongue, but the incredible complexity of delivering it successfully is mind blowing and I was staggered at what they achieved and their efforts on behalf of the whole game. I hope that is not forgotten, as we are in their debt. A huge amount of work has gone into facing down the unprecedented challenges that the Club has had to deal with. I pay tribute on behalf of all Members to our Committee, Executive and Staff. To single out anyone in particular would be invidious, but I could provide countless examples of our team going ‘above and beyond’. To give you an idea of the attention that has been given to the Club’s affairs, an Emergency Group of Committee and Executives has met online twice a week from the beginning of the pandemic (reducing to once a week just recently) to consider the constantly changing situation and the consequences. I am incredibly grateful to all involved for their time, input, wisdom and work. Hopefully, we are through the worst of the challenges, but at the time they were numerous, complex and wide ranging. Much has been said already about the critical decision that we had to take regarding Members’ subscriptions. The Committee is always mindful that its role is to represent the interests of all Members and that our Membership is a broad church. We have to balance diverse perspectives and inevitably there have been views expressed on the Membership decision ranging from total support to vehement and forcefully expressed opposition. We recognise the right for those views to be held, however the Committee’s fundamental responsibility is to ensure the Club survives in a healthy state for another 150 years and we will not shirk that. Nothing that has happened subsequently has persuaded us that the decision was incorrect or not in line with the obligations of the Club’s Constitution. Rolling over or rebating over £300,000 of Members’ subscriptions would have left the Club stricken. At present, additional spontaneous donations made by Members and supporters total over £40,000. All at the Club are staggered by the generosity of these donors and it has provided us with added determination to get through the challenges to repay the faith shown. It is humbling to be able to work in or contribute to an organisation that means so much to so many people. We have tried to write to every donor large and small to express our gratitude. If you donated and in the chaos of the pandemic, we have not responded please give us a nudge so that we can be in touch.

8 Kent County Cricket Club Limited Reports and Accounts 2020 CHAIRMAN’S REPORT (continued)

Whilst so much of 2020 was focussed on financial survival and COVID-19 protocols, we should be hugely proud of what our playing squad and coaching staff have achieved over the past two years. That we go into 2021 seeded third for the LV= Insurance is testimony to our improvement. We have talent throughout the squad, the best overall coaching team and a culture that is enviable. It is no surprise to see that Canterbury is now a credible destination for cricketers who want to develop their careers. Silverware is the benchmark by which we will all be judged, but the LV= Insurance County Championship crown is now a realistic target, as opposed to a pipe dream. We also never forget that playing success depends on many people at the Club who never cross the line and we acknowledge and thank them too. Kent was one of the first county networks to merge the County Cricket Board with the First-Class County Club in 2014. By bringing recreational and elite cricket under one umbrella organisation, we have provided a more consistent and consolidated approach to developing cricket talent and creating the next generation of cricket lovers. As one legal entity, we have been acutely aware of our responsibility for securing the future of cricket at all levels across the county and I applaud the efforts of our Community Team in continuing to support schools, clubs and leagues in these trying circumstances. One thing of which Members should be aware is the ECB’s requirement that all County Clubs comply with the Sport England Code for Governance. This will necessitate considerable change in the way the Club is structured, with the need for a Management Board to be established, with a broader range of skills and far more diversity, so that it is aligned with the reality of how our county’s population is made up. It has been many years since there were sufficient candidates to necessitate contested elections for the Committee, which has led to a decision-making forum consisting entirely of white males over the age of 58. That is no longer tenable in the current era and has I’m sure led to a lack of certain perspectives in decision making. All of the County Clubs will be grappling with this and we will be consulting and communicating as our thinking develops, as the approval of any changes will be in the gift of our Members. It is highly probable that the changes will necessitate a comprehensive overhaul of the existing Constitution and we will target bringing these to the AGM in 2022. We should see this as an exciting opportunity to widen the reach of the Club, rather than being fearful of the status quo altering. The Kent Cricket family has not convened since September 2019. It is my earnest hope that we are able to get together during the coming summer in more than nominal numbers. The inability to participate in the camaraderie of cricket has left a hole in many of our lives. Hopefully, that enforced absence is nearly over.

Simon Philip Chairman For and on behalf of the General Committee

Kent County Cricket Club Limited Reports and Accounts 2020 9 CHIEF EXECUTIVE OFFICER’S STRATEGIC REPORT

Year ending 31 October 2020 OVERVIEW I am pleased to report that in the face of the COVID-19 pandemic, and despite continued uncertainty, the difficult decisions we took to manage the collapse in income, reduce our cost base and mitigate the attendant risks have ensured that the Club can report a credible set of results which reflect an extraordinarily challenging year. 2020 was the year we were due to celebrate the 150th Anniversary of Kent Cricket but instead, we have been facing one of the most difficult periods in our history. Our first priority throughout this period has been, and continues to be, the health and safety of all our staff and stakeholders across the game in Kent. From community clubs and schools to the elite squads, our team have provided exceptional leadership and guidance to ensure that the appropriate COVID-19 protocols were in place to “get the game on” and allow children and adults across the county make the most of a curtailed summer season as safely as possible. Our second priority has been to ensure the short-term financial security of the Club. As with the other First-Class Counties and like many other businesses operating in the sport and leisure sector, we have been, and continue to be, greatly impacted with almost £2m wiped off our top-line revenues. As soon as the severity of the crisis became apparent, we responded by implementing wide-ranging measures to manage the revenue shortfall and reduce our costs. As well as taking extensive advantage of the Government’s furlough scheme, we had to take the painful decision to restructure the Club. This was mirrored by our catering partners who went through a similar resizing to reflect a collapse in the Conference and Events business. We are particularly grateful to our partners at Canterbury City Council, our Members, our commercial partners and our staff who have shown immense loyalty and support in these difficult times. Our third priority has been to remain resolutely focused on our strategic ambitions and our commitment to raising standards. With the focus of the Club on safety and short-term financial survival, it would have been easy to have placed our ambitions on hold. Despite the enormous challenges, I am pleased to report that we have continued to make progress in our six strategic areas of focus:

ELITE CRICKET Under the guidance of Director of Cricket, , and with a reinforced team of coaches and support staff, the reinvigoration of our cricket standing continued. We narrowly missed out on a final appearance in the Bob Willis Trophy and are seeded third in 2021 LV= Insurance County Championship, whilst a Quarter Final appearance against at the Kia Oval was reward for some exciting T20 cricket in the Vitality Blast. Our England players; , and , together with and Fran Wilson for England Women, continued to play an important role in raising our profile whilst individual performances from several of our younger players captured the attention of the national media. As importantly, has been leading a quiet revolution of our Academy and Elite Pathway as we seek develop talented players who will play for Kent and be able to go on to represent for England.

10 Kent County Cricket Club Limited Reports and Accounts 2020 CHIEF EXECUTIVE OFFICER’S STRATEGIC REPORT (continued) COMMUNITY CRICKET Our community team helped support leagues, clubs and schools’ network across the county. It was crucial for our game and for the well-being of everyone across the county that we didn’t miss a summer of cricket. In the face of continually evolving guidance, the team navigated a very complex set of circumstances. Across the county, community clubs and leagues worked together to create a pragmatic fixture list whilst over £1.4 million of grants was secured to provide clubs with financial lifelines. Our Women’s team competed successfully in the London Challenge with a number of Kent players going on to feature for the South East Stars, a combined Kent and Surrey team competing in the ECB’s new regional competition.

FACILITIES AND GROUND DEVELOPMENT The focus for our Venue Operations team in 2020 inevitably shifted to ensure COVID-19 compliance for our venues. Whilst behind closed doors cricket was hugely disappointing for Members, it also created huge demands on our match day operations team. The fact that we avoided any incidents of COVID-19 through our elite season is testament to the excellent leadership of our medical and venue operations team. Looking forward, we continue to work with the ECB to ensure that additional funding promised as part of the new County Partnership Agreement will focus on improving core facilities at the ground; indoor school, match day medical hub, improved toilets, better signage, improved accessibility.

LONG TERM FINANCIAL SUSTAINABILITY At the same time as creating huge challenges, the pandemic has opened up new opportunities. We invested in new digital streaming technology - with in-sync commentary and ball-tracking cameras - that allowed Members and fans to follow Kent Cricket in action despite the season being played behind closed doors. As this online audience builds, our investment will open up new sources of revenue. Over 26,000 fans watched the on-line stream of Bob Willis Trophy match against whilst over 20,000 fans watched our T20 Vitality Blast match against Middlesex. In total, our coverage generated over half a million live stream views with red ball match day viewers up by more than 600% year on year. More widely across the Club, we have also invested in technology to support new ways of working. The team at the St Lawrence Clinic have continued to operate throughout the pandemic – turning to digital consultations and classes to deliver their critical health care services and securing a platform for future growth whilst The Spitfire Sessions, a concept developed in partnership with Shepherd Neame, ensured that Members and fans could stay in touch with the Club and enjoy updates from players and coaches, past and present.

BEYOND THE BOUNDARY Kent Cricket is responsible for cricket at all levels across the county; from our work in the community – schools, clubs and pathway - right the way up to the elite professional game. This provides us with a unique opportunity to contribute to the social & economic health of our increasingly diverse community across the county and help address health inequalities through the power of cricket. As we have navigated a path through this crisis, it has become clear that our recovery can be best achieved by taking a more holistic view of our partnerships. With this broader remit in mind, The Rainbow Run brought Kent Cricket staff, community clubs and local businesses together across the county and raised over £15,000 for Kent based hospitals’ COVID-19 appeals, whilst the new Director of Partnership role has been created to bring our partnerships to life across the county and harness these new opportunities.

Kent County Cricket Club Limited Reports and Accounts 2020 11 CHIEF EXECUTIVE OFFICER’S STRATEGIC REPORT (continued) OUR PEOPLE We want Kent Cricket to be a great place to work; where every one of our employees, volunteers and guests feel they belong and create an environment where people are empowered to grow, develop and work together to achieve success. Across the Club, on and off-the-field, our committed group of staff and volunteers have demonstrated a huge level of resilience and commitment to deliver cricket in the face of massive uncertainty across the game, the Club, their communities and their personal circumstances. The importance of mental and physical well-being is significant and the Club’s support framework and employee communications has been noticeably reinforced.

OUTLOOK AND KEY RISKS The impact of the COVID-19 pandemic will continue to be felt into the 2021 season and beyond. Our ECB income is heavily reliant on the game’s media rights deal. A huge amount of work has gone into playing international cricket behind closed doors in 2020, but every tour carries risk and it is unlikely to be different in 2021. Consequently, the ECB funding schedule remains uncertain and much rests on ECB being able to meet its commitments to Sky. Whilst we have agreed a credible recovery plan for the joint venture with our catering partners the forecasts for a short-term recovery in this sector are pessimistic with social distancing measures likely to be in place for some time to come. In the meantime, we must pay huge tribute to our staff who are supporting the NHS Vaccination Hub at The Spitfire Ground, Canterbury as part of the roll out of the national vaccination programme. The forecasts for the wider economy are also troubling. Undoubtedly, many of our Members and supporters will have less disposable income and our sponsors and commercial partners will have less money to spend, not least as their priority will be to save jobs and ensure their own survival. It is likely that our Members and supporters will only be able to return in limited numbers which will have a further significant impact on revenues. The prudent management of financial risk will continue to underpin our decision-making as we move forward.

SUMMARY Whilst COVID-19 has impacted revenues across the game and broadcast income at ECB in particular, we must remain committed to our strategic ambitions and raising standards. We must rise to the challenge handed to us by the new ECB Chairman, Ian Watmore. “Same Ambition. Less Money”. We will continue to work tirelessly to ensure the Club emerges from the crisis in good shape, ready to fulfil our ambitions on and off the field, to consolidate our position as a top tier County Cricket Club and to play a leading role in the County of Kent’s recovery from the pandemic.

Simon Storey Chief Executive Officer

12 Kent County Cricket Club Limited Reports and Accounts 2020 HONORARY TREASURER’S REPORT (continued) Year ending 31 October 2020 INTRODUCTION Last year’s report finished with positive news about the new and additional funds being provided by the ECB in 2020 under the County Partnership Agreement with Kent Cricket for the period 2020 – 2024 and our plans to ensure these were utilised for the long term benefit and stability of the Club. Everything progressed in accordance with our budgets and business plan until March 2020 when the COVID-19 pandemic resulted in Lockdown and a virtual collapse in business activity across the whole of the for the rest of our financial year. That we have been able to survive both operationally and financially is down particularly to the following factors:- 1. The success of the ECB in developing bio-secure facilities at Test Match grounds in Southampton and Manchester where on site hotels enabled Test Matches to take place and the media obligations to be satisfied. This ensured a continuation of payments to the counties under the Agreement and a financial lifeline to the game. We will be forever grateful to ECB, the host venues and the West Indies, Pakistan and Australian touring parties for ensuring the completion of the game’s obligations to our media partners. 2. The business initiatives and financial support of the Government through the furlough scheme for subsidising the salary costs of our employees, grants and business rate holidays. A total of £490,164 was received under the furlough scheme, included in Other Income in the accounts and the rate deferment saved £43,498, of which £25,374 is reflected in these accounts and £18,124 in the 2021 accounts. The cash flow also benefitted from the deferment of the April VAT payment of £235,000 for three months and the payment then being made in instalments over an eight month period. 3. The implementation of a variety of measures to secure the future of the Club including:- a. A freeze in non-essential projects and committing to essential costs only. b. The offer by the Directors to take a 20% reduction in salaries for the period from April to June 2020. c. The benefit from a reduction in the salaries for players following an agreement negotiated by the ECB with the players’ union, the PCA. 4. In the light of the enormous challenges facing the Club and in line with many other organisations we had to implement a review of our staffing levels. This resulted in a reduction of five off-field roles, a recruitment freeze on five vacancies and a head count reduction of three in the playing staff for the 2021 season. 5. A renegotiation of our loan with Canterbury City Council. The revised terms resulted in us not having to make a significant lump sum payment in 2020 off the balance owing. The usual monthly repayments continued throughout the year and we will still repay the loan some years in advance of the original repayment schedule.

RESULTS Our results show a deficit of £217,351 (2019 a deficit of £201,932). Substantial reductions in operating income were offset by reductions in expenditure and furlough income from the Government and additional money from the ECB from the new Media Rights Agreement which was effective from 1 February 2020.

Kent County Cricket Club Limited Reports and Accounts 2020 13 HONORARY TREASURER’S REPORT (continued)

INCOME Our Membership income is down by £129,000 compared to 2019. A sum of £101,750 received in the year for Car Parking, Season Ticket Packages and Junior Memberships has been carried forward to 2021. Also, the usual renewal at the start of the season did not take place and the result is a reduction in the number of Members in the year. A very restricted programme of cricket did not commence until August and comprised only a limited number of four-day Bob Willis Trophy games and Vitality Blast matches all played behind closed doors. There was therefore no income from Gate Receipts and the associated income from match day revenue. The St Lawrence Clinic had to be closed for on-site appointments from late March until the middle of June and since reopening capacity has been reduced because of the need to comply with COVID-19 regulations and extra cleaning and sanitation requirements. It has also not been possible to run the many weekly face-to-face classes. Although the financial results show a loss of £28,533 a sum of £33,560 was received in furlough payments and is included in Other Income. We have been unable to host School Tours and the Sports Centre has been closed for most of the year for external use and the costs include a redundancy payment made at the year end. The Retail Shop was closed for most of the season but online sales were promoted and although turnover was down 30% on budget a small profit was produced. Our catering supplier sought to terminate the contract in the year due to the pandemic and the substantial reduction in business. They were not prepared to pay up the contract so a renegotiation of the contract has taken place to create a financially viable model which will see us both through the pandemic. The result of this means the contract will now continue until October 2023 but at a reduced level of guaranteed payments, a credit also having been given for the period May to August 2020. Our Sponsorship and Commercial Income has experienced a difficult year with no supporter attendance at matches, our business partners experiencing a difficult market in which to operate and we had to cancel the concerts which had been booked. However negotiations with all our business partners for a continuation of our relationship in to 2021 have gone well. A sum of £130,354 received in the year has been carried forward to 2021 in respect of income received in 2020 for which value was not provided by the Club. These negotiations allowed for the fact that the streaming of games to Members and supporters free of charge did provide significant and quantifiable exposure to our sponsors. We are particularly grateful to Shepherd Neame for their continued support of the Club and their support of the regular Spitfire Sessions transmitted online to our supporters throughout the year. Note 4 in the detailed Accounts shows that we suffered a reduction in our Gross Income of £1,184,336 which together with loss of Match Receipts expected of £750,000, made a total reduction of almost £2 million in our gross trading income for the year.

EXPENDITURE The reduction in the programme for cricket in 2020 meant a considerable reduction in costs which helped to compensate for the substantial reduction in trading income highlighted above. Cricket expenses for match costs were £175,000 below budget with money saved on hotel costs, travel and subsistence payments. Ground Expenses were similarly under budget by £150,000. There were reductions in the cost of stewarding, first aid staff, temporary toilets and equipment hire. Utility costs were also reduced by the reduction in the number of match days. There was a saving of £240,000 on the budget for players’ salaries. This was due to reductions in salary levels agreed with the players’ union and no recruitment of overseas players during the reduced cricket season.

14 Kent County Cricket Club Limited Reports and Accounts 2020 HONORARY TREASURER’S REPORT (continued)

We have incurred some exceptional expenditure since the year end. The Indoor School has required expenditure of £85,000 on a new ventilation system to ensure compliance with the new COVID-19 regulations. In addition improvements to the indoor nets had to be undertaken but the cost of this was met by a donation from Members of the Century Club for which we are most grateful.

BALANCE SHEET As mentioned above our loan with Canterbury City Council was subject to renegotiation in the year but monthly repayments were made on a regular basis through the year. The outstanding balance at the end of the year amounted to £2,803,537, down from £2,917,789 at the end of the previous year. The substantial increase in Creditors falling due within one year are detailed in Note 18. The main factors are the income received in the year but carried forward to 2021 for Membership, sponsorship and ECB funding received in advance and the costs incurred in the Indoor School and the redundancy programme undertaken in the business review referred to above.

FUTURE PROSPECTS AND KEY RISKS The budget fixed for the year to 31 October 2021 has been produced on the basis that no paying spectators will attend our matches in the year. If a limited attendance becomes possible it is likely this will be restricted to Members only. The assumption that we will play a full season has been encouraged by the ECB and fixtures have been planned on this basis. We will be reliant, as before, on the income received from the ECB in respect of our share of the game’s media rights and which is estimated at £3,498,000 for 2021. In order to receive this, it is essential that a full programme of England tours (for reciprocity purposes) and home international cricket is played in 2021 to guarantee full payments under the media rights contracts. Our cash flow will be under considerable pressure. Membership and sponsorship income will be reduced following the 2020 income being carried forward. We are also due to repay the first instalment of the Loan Notes raised in 2018 in April 2021. Everything will depend on the timing and scale of the easing of restrictions by the Government following the pandemic and our ability to respond promptly to the changes. We will benefit from the decision to extend the furlough scheme into 2021 although a return to full training for the players is planned for March. We have also offered our venues at Canterbury and to the NHS for use as vaccination centres. As well as supporting our local community in this national programme, this will provide revenues not anticipated when the budget was produced.

CONCLUSION We are facing a critical year from a financial viewpoint. The Committee and Members 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.

Derek Taylor Honorary Treasurer

Kent County Cricket Club Limited Reports and Accounts 2020 15 DIRECTOR OF CRICKET REPORT

Year ending 31 October 2020 The optimism and anticipation of our pre-season trip to Potchefstroom, South Africa, in March 2020 seems a long time ago. We were looking forward to the season with a strong squad boosted by the arrival of Tim Groenewald from Somerset, from Yorkshire and Hamid Qadri from Derbyshire, as well as signing former Academy player Marcus O’Riordan onto the staff. We had also secured the services of for the opening half of the Championship and to boost our Vitality Blast campaign. What happened next is hard to comprehend. The players and coaches came back early from South Africa, only to go into Lockdown and there followed a gradual realisation of what COVID-19 meant for us all. No practising, no matches, nothing but an hour’s exercise a day and a series of Zoom calls to keep in touch. Despite all this, the group found ways of staying engaged and staying fit. Sam Billings put together a leadership group with a specific task to analyse and prepare for our T20 campaign, should it get off the ground. When we did get the green light to start practicing everyone was delighted to get outside again. However, it soon became clear how different playing cricket would be in 2020. Players were still isolated and confined to 1 on 1 training with a coach, adhering to social distancing requirements. There was no physical contact, no changing room facilities and no banter, not so much fun in other words. The Spitfire Ground had to be made COVID-19 compliant. The ground was divided into Zones and everyone’s movements from players, coaches, support staff, groundstaff, catering and all office staff were strictly limited. The whole of the Stand became the away team’s dressing room and eating area and anyone entering the ground had to be registered and temperature checked. It was a remarkable feat of organisation led by Venue Operations Director, Anna Spencer and Director of Sports Science and Clinical Services, Nimmo Reid. Without the enormous amount of work they put in, there would have been no cricket at all and both deserve a huge vote of thanks. It was a great testament to them and to the compliance of the players, coaches and support staff, particularly our physio Dan George, that we got through the whole summer without a positive COVID case. When cricket finally did get started with the Test matches in July and August, who could forget Zak Crawley’s 267 at the Ageas Bowl, or his two hundreds for Kent when he came back to us? His award of an England Central Contract is well deserved, as is his recognition as the 2020 Vitality PCA Young Player of the Year and the Cricket Writers’ Young Player of the Year. Joe Denly continued to bat at number 3 for England at the start of the summer and was also selected for the England White Ball squad. He unfortunately lost his England Central Contract at the end of the season but we can now welcome him back to Kent knowing that he has many more good years of cricket to come and that he is very ambitious about playing for England again. Sam Billings established himself in England’s White Ball squads and scored an ODI hundred against Australia. At one stage, we had three Kent Men’s players performing with credit for England - we haven’t seen that since the great sides of the 1970s, which has been wonderful to watch. I’m sure that it has given our Members and supporters as much of a sense of pride as it has the whole Club. The domestic season finally started on 1 August. As the season was too short to stage the County Championship, a new competition, the Bob Willis Trophy, was commissioned whereby the 18 counties

16 Kent County Cricket Club Limited Reports and Accounts 2020 DIRECTOR OF CRICKET REPORT (continued) were split into three regions of six teams. Each team played five first-class matches within the group, with the top sides in each group, plus the highest placed second team, becoming eligible for the Final at Lord’s based on the highest number of points accumulated. The South Group of Kent, Essex, Hampshire, Middlesex, Surrey and Sussex was particularly strong. In summary, we finished second to Essex in our group in the Bob Willis Trophy and fourth on points overall. Frustratingly, we know that we got ourselves into a winning position against Essex at Chelmsford, our one loss in the Trophy. We beat Surrey, Sussex and Hampshire and drew with Middlesex in our other matches. Our strong performances in first-class cricket over the last two seasons have been recognised by our position of being seeded third in this year’s Championship, at the top of our group in a newly styled LV= Insurance County Championship for 2021. This season there is no promotion or relegation. The 18 counties have again been split into three groups of six teams but on a seeded basis, not regional. We will play each other home and away and will need to finish in the top two of the group, comprising of ourselves, Yorkshire, Lancashire, Northants, Sussex and Glamorgan, to get into the Super Group of six and to then have a tilt at the LV= Insurance County Championship title in September. One of the benefits of the Bob Willis Trophy was to be able to give opportunities to young players. With more than the usual number of players being selected for England squads because of COVID-19 bubbles and far fewer overseas players, all counties had a chance to see their younger players get first-class experience. We saw the emergence of as a player with huge promise - scoring a first-class double hundred at the age of 19 was an outstanding achievement. With Jack Leaning, who also scored a double hundred, the pair put on a record-breaking stand of 423 against Sussex, the highest in the Club’s history and a fitting landmark as the Club celebrated its 150th year. Less spectacular but equally exciting was the consistent improvement of Marcus O’Riordan as an off- spinning all-rounder, which saw him named as the first winner of the Club’s Emerging Player of the Year award. We also gave debuts to Hamid Qadri, aged 19, and Nathan Gilchrist, a 20-year-old fast bowler who joined us from Somerset in July. Both Jordan and Marcus are Academy products, and when you think we have seen Zak Crawley and Ollie Robinson also emerge over the last three years - adding to the previous cohort of Sam Billings, Daniel Bell-Drummond, and before that Joe Denly, we have consistently shown we can produce excellent cricketers in the county. The importance of developing our own cricketers has never been more crucial to the sustainability of the Club. With Min Patel now Head of Talent Pathway working with Mark Dekker and some able coaches such as Mike Barber, , Adam Ball and to name but a few, our commitment to identifying and developing the next generation of Kent cricketers has never been greater. One area we have not historically been strong in the men’s game has been producing our own seam bowlers. We have needed to recruit bowlers over the years and once again showed what a strong force he still is in Championship cricket. In Harry Podmore, Matt Milnes and Grant Stewart we have found bowlers who we hope can carry our attack for many years to come and Fred Klaassen continued to improve, bowling the tough overs in T20. Our two recruits from Somerset, Tim Groenewald and Nathan Gilchrist, are at the opposite ends of the experience spectrum but both have settled in well and both have enhanced our squad.

Kent County Cricket Club Limited Reports and Accounts 2020 17 DIRECTOR OF CRICKET REPORT

In the Vitality Blast, played in the same regional groups as the BWT, we qualified for the Quarter Finals. Daniel Bell-Drummond had an outstanding year as the leading run-scorer in the competition and his partnership with Zak Crawley at the top of the order was the most prolific in the country. It was also good to see Jack Leaning emerge as an effective ‘finisher’ in the middle order. This was a year in which we decided not to rely on overseas bowlers and the experience gained by Matt Milnes, Fred Klaassen and Grant Stewart will pay dividends in the future. Given this lack of experience in our bowling attack, our achievement of qualifying for the QF’s was a good result and something to build on in future years.

WOMEN’S CRICKET The ECB restructured Women’s professional cricket and established eight Regional Centres of Excellence to be the stepping stones for Performance Cricket in the Women’s games. Kent and Surrey have combined to form the South East Stars based at The County Ground, Beckenham. Alice Davidson-Richards and are part of the new structure and have moved into the professional ranks of women cricketers. Congratulations to Tash on her recent re-call into the England squad. The Kent Women’s team will continue to play fixtures and have a full and exciting fixture list of T20 and 50 over cricket to play in 2021. Dave Hathrill, the Kent Women’s coach, is a rising star in the coaching world and the growth in women’s and girls’ cricket participation, an area very well run by Helen Fagg, is really exciting to witness. It was a great pity for so many reasons that all our cricket was played behind closed doors in 2020 but one of the real highlights would have been our 2020 President Sir Timothy Laurence presenting our Kent Women cricketers, both past and present, with their numbered County Caps going all the way back to 1935. Hopefully this is something we will be able to rectify in 2021. Before finishing, I would like to pay tribute to Adrian Llong and his groundstaff for the way in which, at very short notice, they prepared the practice at Canterbury for our England players in June, then for the men’s squad in July before preparing some excellent pitches for both four-day cricket and our T20 campaign, all of which received the highest possible marks from the Match Referee. Adrian alongside Riley, Steve and Josh deserve a huge vote of thanks for all their hard work. As we look forward to the coming season, I believe we can be quietly confident of competing well on all fronts with a particular focus on the LV= Insurance County Championship and the Vitality Blast. Sam Billings is becoming an increasingly experienced captain and will lead from the front with his drive and competitiveness. Our squad is smaller this year but has a good blend of experience and young talent. Our Head Coach Matt Walker is highly regarded and was recognised by England when he joined the Test squad for the series against West Indies. He now leads an excellent coaching team with Simon Cook as bowling coach and as the lead coach. Who knows what the pandemic has in store for us but I very much hope that the gates will be open and we can welcome back Members to watch us in action this summer for what I hope will be an exciting year for Kent Cricket.

Paul Downton Director of Cricket

18 Kent County Cricket Club Limited Reports and Accounts 2020 KENT COUNTY CRICKET CLUB LIMITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

Kent County Cricket Club Limited Reports and Accounts 2020 19 GENERAL COMMITTEE’S RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2020

The General Committee are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Co-operative and Community Benefit Society law requires the General Committee to prepare financial statements for each financial year. Under that law the General Committee have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. The financial statements are required by law to give a true and fair view of the state of affairs of the Club and of its income and expenditure for that period. In preparing these financial statements, the Members of the General Committee are required to: • select suitable accounting policies and then apply them consistently; • make judgements 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 Members of the General Committee are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Club and to enable them to ensure that the financial statements comply with the Co-operative and Community Benefit Societies Act 2014. 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 Members of the General Committee are responsible for the maintenance and integrity of the corporate and financial information included on the Club’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

20 Kent County Cricket Club Limited Reports and Accounts 2020 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF KENT COUNTY CRICKET CLUB LIMITED

OPINION We have audited the financial statements of Kent County Cricket Club Limited (the ‘Club’) for the year ended 31 October 2020, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: • give a true and fair view of the state of the Club’s affairs as at 31 October 2020 and of its income and expenditure for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Co-operative and Community Benefit Societies Act 2014.

BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Club in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: • the General Committee’s use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or • the General Committee has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Club’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

OTHER INFORMATION The General Committee is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Auditors’ report

Kent County Cricket Club Limited Reports and Accounts 2020 21 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF KENT COUNTY CRICKET CLUB LIMITED (continued) thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters in relation to which the Co-operative and Community Benefit Societies Act 2014 requires us to report to you if, in our opinion: • the Club has not kept proper books of account, and not maintained a satisfactory system of control over its transactions, in accordance with the requirements of the legislation; or • the revenue account, any other accounts to which our report relates, and the balance sheet are not in agreement with the Club’s books of account; or • we have not received all the information and explanations we require for our audit.

RESPONSIBILITIES OF THE GENERAL COMMITTEE As explained more fully in the General Committee’s responsibilities statement on page 20, the General Committee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the General Committee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the General Committee is responsible for assessing the Club’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the General Committee either intends to liquidate the Club or to cease operations, or have no realistic alternative but to do so.

AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

22 Kent County Cricket Club Limited Reports and Accounts 2020 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF KENT COUNTY CRICKET CLUB LIMITED (continued)

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Club’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the General Committee. • Conclude on the appropriateness of the General Committee’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Club’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors’ report. However, future events or conditions may cause the Club to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

USE OF OUR REPORT This report is made solely to the Club’s Members, as a body, in accordance with Section 87 of the Co-operative and Community Benefit Societies Act 2014. 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.

Kreston Reeves LLP Chartered Accountants Statutory Auditor Canterbury 11 February 2021

Kent County Cricket Club Limited Reports and Accounts 2020 23 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2020 Note 2020 2019 £ £ Income and expenditure account Income 4 4,028,757 4,770,647 Direct expenditure 6 (3,872,880) (4,130,239) Administration expenses (479,877) (448,650) Other operating income 5 537,620 25,996

Earnings before interest, tax, depreciation and amortisation (EBITDA) 213,620 217,754 Depreciation less amortisation of capital grant (282,296) (266,227) Bank interest receivable 1,094 848 Long term loan interest payable 10 (149,769) (154,579) Deficit before taxation for the year (217,351) (202,204)

Taxation 11 - 272 Deficit after taxation for the year (217,351) (201,932)

Other comprehensive income

Unrealised surplus on revaluation of property, plant and equipment - 271,384 Taxation 22 11,951 (36,811) Total comprehensive income for the year (205,400) 31,372

The notes on pages 29 to 44 form part of these financial statements

24 Kent County Cricket Club Limited Reports and Accounts 2020 BALANCE SHEET AS AT 31 OCTOBER 2020

2020 2019 Note £ £ Fixed assets Tangible assets 12 9,983,323 10,206,970 Investment property 13 1,100,000 1,100,000 11,083,323 11,306,970 Current assets Stocks 15 97,436 81,636 Debtors: amounts falling due within one year 16 567,214 682,800 Cash at bank and in hand 17 1,016,644 335,751 1,681,294 1,100,187 Creditors: amounts falling due within one year 18 (2,228,251) (1,306,798) Net current liabilities (546,957) (206,611) Total assets less current liabilities 10,536,366 11,100,359 Creditors: amounts falling due after more than one year 19 (2,972,797) (3,319,413)

Deferred tax 22 (398,066) (410,017) Net assets 7,165,503 7,370,929 Capital and reserves Called up share capital 23 85 111 Revaluation reserve 24 626,590 635,779 Other reserves 24 288,617 283,308 Income and expenditure account 24 6,250,211 6,451,731 7,165,503 7,370,929

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 January 2021.

S R C Philip D R Taylor Chairman Honorary Treasurer

S G B Storey Chief Executive Officer The notes on pages 29 to 44 form part of these financial statements

Kent County Cricket Club Limited Reports and Accounts 2020 25 STATEMENT OF CHANGES IN EQUITY For the Year Ended 31 October 2020

Colin Page Called Up J & K Cricket Woolley Cowling Income and Share Revaluation Huntley Scholarship Appeal Legacy Community Expenditure Total Capital Reserve Bursary Fund Fund Fund Cricket Reserve Equity

£ £ £ £ £ £ £ £ £ At 1 November 2019 111 635,779 49,711 2,334 15,101 165,802 50,360 6,451,731 7,370,929 Surplus/(deficit) for the year ------5,309 (222,660) (217,351) Shares issued during the year 4 ------4 Shares cancelled during the year (30) ------(30) Deferred tax movement on revaluation of freehold property - 11,951 ------11,951 Transfer between revaluation reserve and general reserve - (21,140) - - - - - 21,140 -

At 31 October 2020 85 626,590 49,711 2,334 15,101 165,802 55,669 6,250,211 7,165,503

The notes on pages 29 to 44 form part of these financial statements

26 Kent County Cricket Club Limited Reports and Accounts 2020 STATEMENT OF CHANGES IN EQUITY For the year ended 31 October 2019

Colin Page Called J & K Cricket Woolley Cowling Income and Up Share Revaluation Huntley Sponsorship Appeal Legacy Community Expenditure Total Capital Reserve Bursary Fund Fund Fund Cricket Reserve Equity

£ £ £ £ £ £ £ £ £ At 1 November 2018 111 416,224 49,711 2,634 15,101 188,915 64,210 6,601,682 7,338,588 Surplus/(deficit) for the year ------(13,850) (188,082) (201,932) Bursary paid - - - (300) - - - - (300) Revaluation of freehold property - 271,384 ------271,384 Shares issued during the year 9 ------9 Shares cancelled during the year (9) ------(9) Deferred tax movement on revaluation of freehold property - (36,811) ------(36,811) Transfer between revaluation reserve and general reserve - (15,018) - - - - - 15,018 - Transfer between general reserve and Cowling Legacy Fund - - - - - (23,113) - 23,113 -

At 31 October 2019 111 635,779 49,711 2,334 15,101 165,802 50,360 6,451,731 7,370,929

ANALYSIS OF NET DEBT For the year ended 31 October 2020 At At 1 November New finance 31 October 2019 Cash flows leases 2020 £ £ £ £

Cash at bank and in hand 335,751 680,893 - 1,016,644 Other loans (5,981) 747 - (5,234) Canterbury City Council loan (2,917,789) 114,252 - (2,803,537) Loan notes (400,000) - - (400,000) Finance leases (75,886) 35,507 (20,428) (60,807) (3,063,905) 831,399 (20,428) (2,252,934)

Kent County Cricket Club Limited Reports and Accounts 2020 27 STATEMENT OF CASH FLOWS For the Year Ended 31 October 2020

2020 2019 £ £ Cash flows from operating activities Surplus for the financial year (217,351) (201,932) Adjustments for: Depreciation of tangible assets 287,046 270,978 Interest payable 149,769 154,579 Interest receivable (1,094) (848) (Increase)/Decrease in stocks (15,800) (204) Decrease in debtors 115,586 50,947 Increase in creditors 704,889 118,778 Corporation tax paid - (272) Net cash from operating activities 1,023,045 392,026

Cash flows from investing activities Purchase of tangible fixed assets (63,399) (139,205) Interest received 1,094 848 HP interest paid (4,024) (5,721) Net cash from investing activities (66,329) (144,078)

Cash flows from financing activities Repayment of other loans (114,999) (113,608) Repayment of finance leases (15,079) (21,210) Loan interest paid (145,745) (132,858) Net cash used in financing activities (275,823) (267,676)

Net increase in cash and cash equivalents 680,893 (19,728) Cash and cash equivalents at beginning of year 335,751 355,479 Cash and cash equivalents at the end of year 1,016,644 335,751 Cash and cash equivalents at the end of year comprise: Cash at bank and in hand 1,016,644 335,751 1,016,644 335,751

28 Kent County Cricket Club Limited Reports and Accounts 2020 NOTES TO THE FINANCIAL STATEMENTS

For the Year Ended 31 October 2020 1. GENERAL INFORMATION Kent County Cricket Club Limited is a society registered under the Co-operative and Community Benefit Societies Act 2014. The address of its registered office is , Old Dover Road, Canterbury, Kent, CT1 3NZ. The principal activities and objects of the Club are to: a) promote and further the game of cricket at all levels within and beyond the County of Kent; b) to carry on the activity of County Cricket and to undertake such cricket fixtures and other activities as the General Committee may decide; c) to be a Member of the First-Class Cricket Forum of the England and Wales Cricket Board (ECB) and to take part in the activities of the ECB and the First-Class Cricket Forum or any successor; d) to strengthen the bonds between the Club and local communities in Kent and surrounding areas; e) to maintain and develop the County Ground at the St Lawrence Ground, Canterbury and/or such other location or locations as the General Committee may from time to time determine as the headquarters of the Club and/or as a venue for playing cricket and so as to provide the best possible facilities for Members and those visiting the Ground or Grounds; and f) to apply the profits of the Club in furthering the objects of the Club

2. ACCOUNTING POLICIES 2.1 Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland. The functional and presentational currency is Pounds Sterling. The financial statements are presented to the nearest Pound. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Club’s accounting policies (see note 3). The following principal accounting policies have been applied:

2.2 Going concern The Club has prepared cash flow forecasts that demonstrate that it will be able to continue to meet its obligations as they fall due for payment for the foreseeable future, including the repayment of its loan commitments. After making enquiries and taking into account the factors described above, the Club’s management have a reasonable expectation that the Club has adequate resources to continue trading for the foreseeable future. Therefore they continue to adopt the going concern basis of accounting in preparing the annual report and financial statements. While the impact of the Covid-19 virus has been assessed by the General Committee, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the Club’s activities, its customers and suppliers. However, taking into consideration the UK Government’s response and the Club’s planning, the General Committee have a reasonable expectation that the Club will continue in operational existence for the foreseeable future.

2.3 Revenue All income is accounted for on an accruals basis except for donations which are accounted for in the year of receipt.

Kent County Cricket Club Limited Reports and Accounts 2020 29 Income represents amounts receivable from the Club’s principal activities and is analysed between the Club’s income streams in note 4.

Subscriptions Subscription income comprises amounts receivable from Members in respect of the current season. Subscriptions received in respect of future seasons is treated as deferred income. Life Membership subscriptions received during the year are placed to a deferred income account and amounts are transferred as income to the income and expenditure account over a period of ten years.

Match receipts Relate to amounts received from gate charges, ticket sales and guarantees directly attributable to staging domestic cricket matches in Kent.

England and Wales Cricket Board (ECB) ECB income relates to fees receivable, including performance related elements, in the current season distributed from central funds in accordance with the First-Class Memorandum of Understanding. ECB fees received in respect of future seasons are treated as deferred income. ECB distributions receivable to fund capital projects are treated as deferred income and are released to the Income and Expenditure Account by equal instalments over the expected useful lives of the relevant assets in accordance with accounting policy 2.4 Tangible fixed assets, as set out below.

Other income Other income relates to amounts received, net of related expenditure, from marketing, catering guarantees, facility hire, physiotherapy, rentals, concerts and community cricket. Income received in respect of future seasons is treated as deferred income.

Donations and legacies Donations and legacies are accounted for on a receivable basis where the amount can be ascertained.

2.4 Tangible fixed assets Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Freehold land and buildings are under the revaluation model and recognised in accordance with accounting policy 2.5 Revalution of tangible fixed assets. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: Freehold Land - nil Freehold Buildings - 50 - 75 years Floodlit Area and Academy Fixtures - 25 years Leasehold Improvements - 3 to 25 years Motor vehicles - 3 years Ground and Office equipment - 3 to 10 years

The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income and expenditure account.

30 Kent County Cricket Club Limited Reports and Accounts 2020 2.5 Revaluation of tangible fixed assets Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the income and expenditure account.

2.6 Investment property Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the income and expenditure account.

2.7 Valuation of investments Investments in unlisted Club shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.8 Stocks Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the income and expenditure account.

2.9 Debtors Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10 Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Club’s cash management.

2.11 Creditors Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12 Finance costs Finance costs are charged to the income and expenditure account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Kent County Cricket Club Limited Reports and Accounts 2020 31 2.13 Operating leases: the Club as lessee Rentals paid under operating leases are charged to the income and expenditure account on a straight line basis over the lease term.

2.14 Leased assets: the Club as lessee Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Club. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income and expenditure account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.15 Government grants Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the income and expenditure account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the income and expenditure account in the same period as the related expenditure.

2.16 Pensions Defined contribution pension plan The Club operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Club pays fixed contributions into a separate entity. Once the contributions have been paid the Club has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Club in independently administered funds.

2.17 Current and deferred taxation The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Club operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that: • The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and • Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

32 Kent County Cricket Club Limited Reports and Accounts 2020 2.18 Capital & revenue grants Grants relating to tangible fixed assets are treated as deferred income and released to the income and expenditure account over the expected useful lives of the assets concerned. Grants received to date relate primarily to the freehold buildings and will be credited to the income and expenditure account over a period of fifty years. Grants relating to revenue costs are credited to the income and expenditure account in line with the relevant costs.

3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of the financial statements requires management to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates. The following judgements have had the most significant impact on amounts recognised in the financial statements:

Investment properties The Club holds investment property with fair value of £1,100,000 at the year end (see note 13). In order to determine the fair value of investment property the Club regularly engages independent valuation specialists with experience in the location and nature of the property being valued. Their work would involve the use of valuation techniques based on comparable market data. The determined fair value of the investment property is most sensitive to fluctuations in the property market. The last valuation obtained in respect of investment properties was in 2019. Based upon advice received there has been no material movement in the fair value of investment property since that time.

Tangible fixed assets The Club has recognised tangible fixed assets with a carrying value of £9,983,323 at the reporting date (see note 12). The Club has adopted the revaluation model for the measurement of land and buildings, other assets are stated at their cost less provision for depreciation and impairment. In order to determine the fair value of land and buildings the Club regularly engages independent valuation specialists with experience in the location and nature of the property being valued. Their work would involve the use of valuation techniques based on comparable market data. Valuations are obtained with sufficient regularity to ensure that the carrying value of revalued assets reflects current market conditions. The determined fair value of the investment property is most sensitive to fluctuations in the property market. The Club’s accounting policy sets out the approach to calculating depreciation for immaterial assets acquired. For material assets such as land and buildings the Club determines at acquisition or the date of revaluation reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates management consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used. Where there are indicators that the carrying value of tangible assets may be impaired the Club undertakes tests to determine the recoverable amount of assets. These tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the Club’s forecasts for the foreseeable future which do not include any restructuring activities that the Club is not yet committed to or significant future investments that will enhance the asset’s performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well expected future cash flows and the growth rate used for extrapolation purposes.

Kent County Cricket Club Limited Reports and Accounts 2020 33 Taxation Provision has been made in the financial statements for deferred tax amounting to £398,066 at the reporting date (see note 22). This provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies.

4. INCOME

2020 2019 £ £ Subscriptions 235,983 365,229 Match Receipts - 735,375 England and Wales Cricket Board 3,095,206 2,461,133 Sports Centre* (27,044) 33,278 St Lawrence Clinic* (28,533) 85,106 Catering Income 58,667 114,669 Marketing* 244,878 651,033 Rental and Sport Hire Income 253,876 262,607 Concert Income* - 76,067 Community Cricket* 5,309 (13,850) County Talent Pathway 190,415 -

4,028,757 4,770,647

*Sports centre, St Lawrence Clinic, marketing, concert and community cricket income is stated net of directly related expenditure and excludes government grants received which are recognised in other operating income. The gross income for these activities is detailed in the table opposite:

GROSS INCOME

2020 2019 £ £ Sports Centre 33,880 78,743 St Lawrence Clinic 607,444 840,021 Marketing 507,487 1,040,175 Concert income - 128,163 Community Cricket 521,993 768,038

1,670,804 2,855,140

34 Kent County Cricket Club Limited Reports and Accounts 2020 5. OTHER OPERATING INCOME

2020 2019 £ £ Donations 47,456 25,996 Government grants receivable 490,164 -

537,620 25,996

Government grants receivable represents Coronavirus Job Retention Scheme grants received during the year.

6. DIRECT EXPENDITURE

2020 2019 £ £ Salaries and related costs 2,667,904 2,807,853 Match expenses - ground 94,632 246,067 Match expenses - cricket 191,394 386,132 Ground operating costs 677,116 637,406 Cricket Development and Academy 241,834 52,783

3,872,880 4,130,241

7. OPERATING PROFIT

The operating profit is stated after charging: 2020 2019 £ £ Depreciation of tangible fixed assets 287,046 270,978 Other operating lease rentals 47,878 52,081 Defined contribution pension cost 223,551 220,884 Capital grants released (4,750) (4,750)

During the year, no Member of the General Committee received any emoluments (2019: £NIL).

8. AUDITORS’ REMUNERATION

2020 2019 £ £ Fees payable to the Club’s auditor and its associates for the audit of the Club’s annual financial statements 14,600 14,200

Kent County Cricket Club Limited Reports and Accounts 2020 35 9. EMPLOYEES

Staff costs were as follows: 2020 2019 £ £ Wages and salaries 3,360,278 3,472,089 Social security costs 321,364 337,215 Other staff costs 197,803 207,122 Cost of defined contribution scheme 223,551 220,884

4,102,996 4,237,310

Key management personnel Total remuneration in respect of key management personnel, including related social security contributions, was £575,139 (2019: £554,286). The average monthly number of employees during the year was as follows:

2020 2019 No. No. Cricket 21 20 Cricket - Coaches, scorers and administration 7 8 Ground/Operations 14 13 Marketing and sales 6 6 Sports Centre 1 1 St Lawrence Clinic 10 9 Administration 4 4 Community cricket 16 16

79 77

10. INTEREST PAYABLE AND SIMILAR CHARGES

2020 2019 £ £

Loan interest payable 129,745 132,858 Loan note interest payable 16,000 16,000 Finance leases and hire purchase contracts 4,024 5,721

149,769 154,579

36 Kent County Cricket Club Limited Reports and Accounts 2020 11. TAXATION

2020 2019 £ £ Corporation tax

Adjustments in respect of previous periods - (272)

Total current tax - (272)

Deferred tax -

Total deferred tax - -

Taxation on profit/(loss) on ordinary activities (272) (272)

In addition to the above a taxation charge of £11,951 has been recognised in other comprehensive income (2019: £36,811) representing solely deferred taxation.

Factors affecting tax charge for the year The tax assessed for the year is lower than (2019 - lower than) the standard rate of corporation tax in the UK of 19% (2019 - 19%). The differences are explained below: 2020 2019 £ £ Loss on ordinary activities before tax (217,352) (202,203) Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2019 - 19%) (41,297) (38,419)

Effects of: Expenses not deductible for tax purposes, other than goodwill amortisation and impairment 35,787 25,075 Capital allowances for year in excess of depreciation (10,064) (34,164) Adjustments to tax charge in respect of prior periods - (272) Non-taxable income (14,442) (15,731) Unrelieved tax losses carried forward 30,016 63,239

Total tax charge for the year - (272)

Factors that may affect future tax charges There were no changes that may affect future tax charges. The Club has unrelieved tax losses carried forward of approximately £800,000 on which a deferred tax asset has not been provided on a prudent basis.

Kent County Cricket Club Limited Reports and Accounts 2020 37 12. TANGIBLE FIXED ASSETS

Freehold Plant & Motor Fixtures & property machinery vehicles fittings Total £ £ £ £ £ Cost or valuation At 1 November 2019 8,400,000 3,742,754 21,331 80,569 12,244,654 Additions - 63,399 - - 63,399 At 31 October 2020 8,400,000 3,806,153 21,331 80,569 12,308,053

Depreciation At 1 November 2019 - 1,936,839 20,276 80,569 2,037,684 Charge for the year on owned assets 70,300 190,991 1,055 - 262,346 Charge for the year on financed assets - 24,700 - - 24,700

At 31 October 2020 70,300 2,152,530 21,331 80,569 2,324,730

Net book value

At 31 October 2020 8,329,700 1,653,623 - - 9,983,323

At 31 October 2019 8,400,000 1,805,915 1,055 - 10,206,970

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows: 2020 2019 £ £

Equipment 112,013 111,212

112,013 111,212

38 Kent County Cricket Club Limited Reports and Accounts 2020 12. TANGIBLE FIXED ASSETS (CONTINUED)

Included in land and buildings is freehold land at a valuation of £700,000 (2019: £700,000), cost £6,621 (2019: £6,621) which is not depreciated. At 31 October 2020 the total net book value of land and buildings related to freehold land and buildings. Cost or valuation at 31 October 2020 is as follows: Land and buildings £ At cost 5,690,467 At valuation: Strutt & Parker Valuation 31 October 2019 2,709,533

8,400,000 If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows: 2020 2019 £ £ Cost 5,690,467 5,690,467 Accumulated depreciation (2,860,164) (2,811,004)

Net book value 2,830,303 2,879,463

13. INVESTMENT PROPERTY

Freehold investment property £ Valuation At 1 November 2019 1,100,000

At 31 October 2020 1,100,000

At 31 October 2020 this valuation is considered appropriate by management and the property is recognised at fair value.

Kent County Cricket Club Limited Reports and Accounts 2020 39 14. INVESTMENTS

The Club has an investment of 30,000 ordinary £1 shares in Reigndei Limited, an unquoted company registered in Guernsey, established in order to provide insurance cover for rain affected matches. In common with other First-Class Counties who have like investments, these shares are being held by England and Wales Cricket Board as Trustees for the Club. The fair value of this investment is deemed to be £Nil. The Club also owns other assets, for example paintings and other memorabilia, where the value is not recognised in the financial statements.

15. STOCKS

2020 2019 £ £ Finished goods and goods for resale 97,436 81,636

97,436 81,636

16. DEBTORS

2020 2019 £ £ Trade debtors 425,886 361,475 Other debtors 39,018 217,134 Prepayments and accrued income 102,310 104,191

567,214 682,800

17. CASH AND CASH EQUIVALENTS

2020 2019 £ £ Cash at bank and in hand 1,016,644 335,751

1,016,644 335,751

40 Kent County Cricket Club Limited Reports and Accounts 2020 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020 2019 £ £ Other loans 2,236 2,236 Trade creditors 368,122 323,275 Loan notes 200,000 - Taxation and social security 307,355 444,127 Obligations under finance lease and hire purchase contracts 38,157 35,507 Other creditors 29,119 26,034 Accruals and deferred income 1,159,073 359,961 Deferred capital grants 4,750 4,750 Canterbury City Council loan 119,439 110,908

2,228,251 1,306,798

Canterbury City Council have a first charge over parts of the Club’s ground at Canterbury. Interest is charged at the Public Works Loan Board 30 year fixed rate for annuity loans as applicable to the Matched Funding.

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020 2019 £ £ Net obligations under finance leases and hire purchase contracts 22,650 40,379 Other loans 2,998 3,745 Accruals and deferred income 18,609 19,215 Deferred capital grants 44,442 49,193 Canterbury City Council loan 2,684,098 2,806,881 Loan notes 200,000 400,000

2,972,797 3,319,413

The unsecured loan notes were issued on 9 April 2018 and are due for repayment in two instalments in April 2021 and April 2022. Interest is charged at 4% fixed rate payable in arrears.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2020 2019 £ £ Repayable by instalments 2,149,594 2,363,248

2,149,594 2,363,248

Kent County Cricket Club Limited Reports and Accounts 2020 41 20. HIRE PURCHASE AND FINANCE LEASES

Minimum lease payments under hire purchase fall due as follows: 2020 2019 £ £ Within one year 38,157 35,507 Between 2-5 years 22,650 40,379

60,807 75,886

21. FINANCIAL INSTRUMENTS

The Club has exposure to two main areas of risk – liquidity risk and customer credit exposure. The Club has established a risk and financial management framework whose primary objectives are to protect the Club from events that hinder the achievement of its performance objectives. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and to monitor the management of risk.

Exposure to price, credit, liquidity and cash flow risk

The Club’s principal financial instruments comprise bank balances, trade creditors, trade debtors, loans to the Club, and lease arrangements. The main purpose of these instruments is to finance the Club’s operations.

Due to the nature of the financial instruments used by the Club there is no exposure to price risk, for example in respect of fluctuations in commodity or equity prices. The Club’s approach to managing other risks applicable to the financial instruments concerned is as follows.

Liquidity risk is the risk that the Club will encounter difficulty in meeting its financial obligations as they fall due. The Club’s objective in managing liquidity risk is to ensure that this does not arise. Having assessed future cash flow requirements the Club expects to be able to meet its financial obligations through the cash flows from its operating activities and loans provided to the Club. The interest rate risk arising from these loans is considered to be minimal, and the Club has not entered into any derivative instruments designed to mitigate exposure to such risk. With these loans in place the Club is in a position to meets its commitments and obligations as they fall due.

42 Kent County Cricket Club Limited Reports and Accounts 2020 22. DEFERRED TAXATION

2020 2019 £ £ At beginning of year (410,017) (373,206) Charged to other comprehensive income 11,951 (36,811)

At end of year (398,066) (410,017)

The provision for deferred taxation is made up as follows: 2020 2019 £ £ On revaluation of freehold land and buildings (211,066) (223,017) On revaluation of investment property (187,000) (187,000)

(398,066) (410,017)

23. SHARE CAPITAL

2020 2019 £ £ Allotted, called up and fully paid 1,707 (2019 - 2,227) Ordinary shares of £0.05 each 85 111

Fully paid share holding Members in the period totalled 1,707 (2019: 2,227). For a full breakdown of Membership numbers see page 45.

24. RESERVES

Revaluation reserve The Club has adopted the revaluation model for the measurement of its land and buildings. This reserve is used to record increases in the fair value of land and buildings, less any related provision for deferred tax. The amount of depreciation provided on book value which represents valuation surpluses is transferred each year by way of a reserve movement to the income and expenditure account.

Other reserves Other reserves include: - J & K Huntley Bursary for the benefit of providing an educational grant in conjunction with the University of Kent to students with proven cricketing ability. - Colin Page Cricket Scholarship for the benefit of youth cricket. - Woolley Appeal Fund. - Community cricket fund for the development of recreational cricket. - Cowling Legacy Fund.

Kent County Cricket Club Limited Reports and Accounts 2020 43 24. RESERVES (CONTINUED)

Income and expenditure account This reserve comprises all current and prior period retained surplus and deficits.

25. PENSION COMMITMENTS

Included in staff costs for the period is £223,551 (2019: £220,884) in respect of the Club’s contributions to staff and players group personal pension schemes. Amounts outstanding at the balance sheet date amounted to £26,745 (2019: £22,724).

26. COMMITMENTS UNDER OPERATING LEASES

At 31 October 2020 the Club had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2020 2019 £ £ Not later than 1 year 24,601 32,586 Later than 1 year and not later than 5 years 27,068 4,882 51,669 37,468

27. POST BALANCE SHEET EVENTS

During the current financial year, substantive information about the COVID-19 disease came to light, with the World Health Organisation declaring a pandemic on 11 March 2020.

The General Committee continues to monitor carefully the impact of the pandemic and have concluded that as at the approval date of these financial statements, there are no material matters which are not already reflected within the financial statements.

The Club endeavours to maintain as strong a net asset position as is possible and the directors will continue to monitor the Club’s operational activity closely.

44 Kent County Cricket Club Limited Reports and Accounts 2020 MEMBERSHIP NUMBERS

Transferred, As at As at 1/11/19 Deceased & New 31/10/20 Cancelled

Life 930 (146) - 784

Annual Honorary 75 4 1 80

FULL

All Rounder & Friend 177 (10) 25 192

All Rounder 504 (87) 43 460

Junior Associate* 242 (150) 80 172

Student 21 (13) 3 11

Family 9 (4) 5 10

Championship Plus - Single* 141 (17) 3 127

Championship Plus - Double* 40 (6) - 34

Spitfire - Single 63 (63) - -

Spitfire - Double 67 (67) - -

The Century Club 18 1 1 20

COUNTRY

Member & Friend 41 (11) 1 31

Member 141 (25) 3 119

TICKETING PACKAGES

Six Pack* 509 (59) 198 648

13th Man* 40 (6) 9 43

3,018 (659) 372 2,731

* Non-shareholders The above has not been subject to audit.

Kent County Cricket Club Limited Reports and Accounts 2020 45 NOTES

46 Kent County Cricket Club Limited Reports and Accounts 2020