Derbyshire County Cricket has released its 2020 Annual Report which contains the Financial Results for the year ending 31 December 2020.
The Club are able to announce a pre-tax surplus of £0.668m which backs up the positive 2019 result of £0.4m surplus.
Chairman, Ian Morgan, said: “If I could sum up 2020, I would say that what happened was unexpected, unprecedented and unwelcome. However, despite the adversity I am pleased to record the surplus we have, highlighting the magnificent response to the crisis by everyone at Derbyshire County Cricket Club both on and off the field. Our Club continues to play an important part in the lives of our Members, supporters and the wider Derbyshire community. And on behalf of everyone associated with the Club, I would like to again thank our Members and supporters for their exceptional generosity and support throughout the pandemic.
The Club originally budgeted for a surplus of £0.55m, however the impact of Covid-19 immediately hit a number of major revenue streams, including ticketing and our Conference & Events side of the business, with the budgeted revenue loss totalling over £1.8million across the year, and forcing the Club to take a number of actions to protect its finances.
Ryan Duckett, Chief Executive, added: “When the pandemic started to escalate at the end of March last year, we immediately had to change our business plan to protect the Club in what was and continues to be a very uncertain time. The proactive decisions we took allowed us to minimise the impact of lost revenue as well as the fantastic support we had from our Members and commercial partners.
We were also able to play our part in protecting the international cricket schedule with The Incora County Ground hosting bio-secure training camps and matches for both Men’s and Women’s international teams.”
The Club received £0.46m of Government Job Retention Scheme and received over £0.2m from the ECB for being a bio secure venue.
Cost savings the Club made included not having the expense of delivering matches and events, not having any overseas players in 2020 and significant savings in energy, maintenance and administration from not opening The Incora County Ground.
Head of Finance, Tim Baker, said: “The two years of positive surpluses have improved the Club’s Balance Sheet position and allowed us to show positive net assets, a healthy cash position and a reduced level of debt as we have strived to maintain our strategy of becoming debt free by 2024.
“The Club can be proactive and positive about the year ahead, but in what is still a Covid-hit year we must remain realistic that our core revenue streams will be dependent on the government’s roadmap and the return of spectators to sporting events, as well as a much-needed upturn in the hospitality and events sector.”
Hari Punchihewa, Non-Executive Finance Director, added: “The 2021 budget is cautious but realistic, as there is still significant uncertainty around our forecast revenues but we have healthy reserves to allow us to continue to invest in cricket and ensure our facilities are maintained and improved as spectators return to The Incora County Ground.”
The Club’s AGM will be held via Zoom on Wednesday 31 March 2021 and Members have been emailed with a link to register. If you have not received this link, please email [email protected].
Together, We Are All Derbyshire. Club Membership for the 2021 season is on sale now, priced at just £199. Members to have priority entry and all Memberships backed by our new guarantees.
