henryr
2nd XI player
Posts: 33
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Post by henryr on Mar 1, 2018 19:15:07 GMT
www.bbc.co.uk/sport/cricket/43242650I'd have thought this would have been something for the club to mention on Twitter in between selling T20 tickets... Normally such an achievement would be cause for celebration, but asides from the ECB's lucky dip model of hand outs, not only does this seem a remarkable and in many ways laudable achievement, it also makes the policy on player retention and recruitment a bit a about f as it were.
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Post by Wicked Cricket on Mar 2, 2018 8:04:59 GMT
I agree, rather stunning and an agreeable profit. The cynic might suggest that Rob Andrew is more clever with financial figures
than his predecessor and our previous Chairman, once a year, emphasised 'ground depreciation'; so perhaps take that away from
the equation and you come up with a reasonable profit. County cricket accounts are often about smoke and mirrors.
Even so, well done Sussex.
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Post by Wicked Cricket on Mar 3, 2018 11:42:21 GMT
I've had a closer look at the Press Release concerning the club's pre-tax profit of £343,000 for the year ending October 2017, compared
to a profit of just £1,000 for the year before, and various points stand out.
First, Sussex CCC place their net worth at £10.16m which is 'rather nice' when there is no debt ready to sabotage such value. Presumably,
this figure primarily derides from the ground redevelopment investment. I am sure though, that if the club ever sold their plot of land to a
housing developer, that worth would be higher.
As with previous years, one if memory serves being 2011, the ECB gave out juicy handouts to all counties in various shapes and sizes. I
remember on one occasion our former CEO, Dave Brooks, had the honesty to tell Sussex supporters this. He was one of only two club CEOs
to mention it. All the others basked in their dishonesty of heralding improved trading conditions etc. Certainly, this was a low-point in county
cricket transparency, so praise to Rob Andrew for continuing the Sussex honesty.
A good talking point is Andrew's comment, "During 2018, we will also create a masterplan for the next stage of ground development at Hove." How,
where, what? The temporary stands for the T20 tournament were a great success in 2017, but, surely, the club don't intend these to become
permanent? I will be intrigued to see what ideas emerge, for unless they go down the lines of the Sussex CCC Village concept I came up with back in
2011/12, what else can be developed?
As for the previous ground depreciation that our former Chairman deemed so important to mention each year, our new Chairman Bob Warren
appears the no-nonsense type, where giving the Sussex supporter something to cheer about is more vital than focusing on the glass half-empty.
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Post by flashblade on Mar 3, 2018 12:53:04 GMT
I've had a closer look at the Press Release concerning the club's pre-tax profit of £343,000 for the year ending October 2017, compared to a profit of just £1,000 for the year before, and various points stand out. First, Sussex CCC place their net worth at £10.16m which is 'rather nice' when there is no debt ready to sabotage such value. Presumably, this figure primarily derides from the ground redevelopment investment. I am sure though, that if the club ever sold their plot of land to a housing developer, that worth would be higher. As with previous years, one if memory serves being 2011, the ECB gave out juicy handouts to all counties in various shapes and sizes. I remember on one occasion our former CEO, Dave Brooks, had the honesty to tell Sussex supporters this. He was one of only two club CEOs to mention it. All the others basked in their dishonesty of heralding improved trading conditions etc. Certainly, this was a low-point in county cricket transparency, so praise to Rob Andrew for continuing the Sussex honesty. A good talking point is Andrew's comment, "During 2018, we will also create a masterplan for the next stage of ground development at Hove." How, where, what? The temporary stands for the T20 tournament were a great success in 2017, but, surely, the club don't intend these to become permanent? I will be intrigued to see what ideas emerge, for unless they go down the lines of the Sussex CCC Village concept I came up with back in 2011/12, what else can be developed? As for the previous ground depreciation that our former Chairman deemed so important to mention, year in year out, our new Chairman Bob Warren
appears the no-nonsense type, where giving the Sussex supporter something to cheer about is more vital than focusing on the glass half-empty.It's too easy to pretend the depreciation charge doesn't mean anything, bearing in mind many people don't seem to grasp its significance. Bear in mind that capital expenditure during the year was £94,000.This isn't deducted from the 'operating profit' and explains why this so-called profit didn't result in an increase in the year on year cash balances. Depreciation reserves are meant to ensure that cash is available to meet the replacement, repair and renewal of buildings and equipment. |
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Post by joe on Mar 3, 2018 16:06:50 GMT
Perhaps the redevelopment refers to the pub? I believe the lease is soon to expire on this. Also the 2 houses adjacent to the pub on Eaton road and the ramshackle buildings which used to house Newbury.
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Post by Wicked Cricket on Mar 3, 2018 17:22:19 GMT
Fb, I understand what you mean about ground depreciation (GC) and in many ways it was honest and right that our former Chairman should continue to point this out. The problem being how many other counties do this to the detriment of their accounts? I believe Somerset are one such county where GC rarely, if ever, trouble their annual glowing profits. I am sure there are many others too. PS: Just come across this story about Worcestershire's financial figures. A new CEO appears (surprise, surprise, a former player) and the club are now full of welcoming financial transparency. They state the ECB gave them an additional £500,000 last year to keep their embers warm. Perhaps, this was a similar figure for Sussex? The only way the ECB can offer a hint of county cricket financial health is to keep dishing out the freebies as in the case of Glamorgan. "Here's a million quid Huw. Thanks for not tendering for international matches (??^!>?) Meanwhile, the ECB Tafia Mafia remain right behind you. Just give us the nod when the next creditor comes knocking on your Swalec door." www.bbc.co.uk/sport/cricket/43260637 |
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Post by deepfineleg on Mar 4, 2018 8:45:26 GMT
Does understating profits (relative to other clubs) make payments from ECB more likely?
Conversely, overstating might increase pressure from supporters to spend more on players.
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Post by Wicked Cricket on Mar 4, 2018 9:25:23 GMT
dfl, You make a good point, but when these freebies are doshed out on top of the annual average £1m from the ECB, I am sure there is a certain "fairness" except that TMGs in debt are given more than non-TMGs. While there are some clever accounting manipulations going on, no doubt, the general sums of money generated from non-TMGS, in particular, are fairly small. Due to Spen, Sussex have always been viewed as the "lucky ones", so I would imagine the ECB are less likely to dig deep into their coffers than unfortunate cases like Glamorgan. While, I spend each year often criticising the counties' financial state of horrors, the bottom-line is, we are so lucky as cricket followers, to have the ECB there, making sure that 18 clubs remain and stopping them from going bankrupt. My error is to believe that you can compare their accounts to any other business. You can't. They are a law unto themselves. The ECB are determined to keep 18 counties going, it has become one of their major 'raison d'etres', and for that we are fortunate. Does it matter how it is done and which counties are treated more lavishly than others? Perhaps, next time, Glamorgan will be given an additional £1m for having "a jolly nice ground."  |
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Post by Wicked Cricket on Mar 13, 2018 22:28:26 GMT
It is interesting what you discover by chance during an evening of research for an article. I came across a link for the Sussex Cricket Limited MINUTES of the 1st Annual General Meeting held on Tuesday 28 March 2017 at 7pm. Amongst these minutes I came across this sentence. "Mr Putnam noted that there would be a significant profit in 2016/2017 with the addition of £1m income from the ECB." So, there we have it. Sussex gained as much money as Glamorgan CCC but not for not tendering for Test matches, but for being a jolly friendly cricket ground next to the sea. Presumably, without this additional money, Sussex CCC would have announced a £657,000 loss for 2016/2017? The Minutes are well worth a read. www.sussexcricket.co.uk/sites/default/files/file-downloads/sussex_cricket_limited_agm_3.17_1.pdfThis years AGM will take place on Tuesday 27th March at 7.00pm, in the Spen Cama Pavilion. |
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Post by flashblade on Mar 14, 2018 8:49:39 GMT
It is interesting what you discover by chance during an evening of research for an article. I came across a link for the Sussex Cricket Limited MINUTES of the 1st Annual General Meeting held on Tuesday 28 March 2017 at 7pm. Amongst these minutes I came across this sentence. "Mr Putnam noted that there would be a significant profit in 2016/2017 with the addition of £1m income from the ECB." So, there we have it. Sussex gained as much money as Glamorgan CCC but not for not tendering for Test matches, but for being a jolly friendly cricket ground next to the sea. Presumably, without this additional money, Sussex CCC would have announced a £657,000 loss for 2016/2017. The Minutes are well worth a read. www.sussexcricket.co.uk/sites/default/files/file-downloads/sussex_cricket_limited_agm_3.17_1.pdfThis years AGM will take place on Tuesday 27th March at 7.00pm, in the Spen Cama Pavilion. We should also note Mr Putnam's wise words on the subject of depreciation: "The most important aspect of depreciation is to ensure access to hard cash for future investments." |
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Post by Wicked Cricket on Mar 14, 2018 9:15:47 GMT
Fb,
I completely understand your sentiment. My beef has always been that some counties reflect ground depreciation while others don't which
offers no level playing field to their annual accounts. As Ed also says, "Mr Putnam noted that the Board consider it appropriate to continue
to reflect depreciation in accounts although some county clubs do not as ground assets do wear in time and the accounts the Board preferred
not to have qualified accounts."
Therefore, because of this (eg. Somerset), should one take county cricket accounts with a pinch of salt?
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Post by flashblade on Mar 14, 2018 11:14:16 GMT
Fb, I completely understand your sentiment. My beef has always been that some counties reflect ground depreciation while others don't which offers no level playing field to their annual accounts. As Ed also says, "Mr Putnam noted that the Board consider it appropriate to continue to reflect depreciation in accounts although some county clubs do not as ground assets do wear in time and the accounts the Board preferred not to have qualified accounts." Therefore, because of this (eg. Somerset), should one take county cricket accounts with a pinch of salt?Where accounts are prepared on a different basis from the norm, the only way to make a meaningful comparison is to read the accounts, and then make your own adjustments so you can measure the two counties (or companies) on a comparable basis. Understandably, most folks aren't able to do this, and this is how counties get away with publishing misleading headline numbers. The accounts themselves may be correct, but they know that most people won't be capable of drilling down into the numbers, and therefore won't understand what the published headline figure actually means. It is often not the 'bottom line'! |
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Post by deepfineleg on Jul 7, 2018 9:16:04 GMT
I know some on here think we pay too much to some employees, but a government reported published yesterday included Sussex Cricket among 239 employers found to have underpaid 22,400 UK workers by a total of £1.44m Sussex Cricket Limited failed to pay £1,087.81 to 2 workers. Durham and Derby cricket clubs, football clubs Bristol City, Doncaster Rovers, Dundee, Port Vale and Northampton Town, and Super League rugby club Huddersfield Giants were also listed. www.gov.uk/government/news/nearly-200-employers-named-and-shamed-for-underpaying-thousands-of-minimum-wage-workers |
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Post by flashblade on Jul 7, 2018 9:31:23 GMT
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Post by deepfineleg on Jul 7, 2018 9:41:26 GMT
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