2021 ANNUAL REPORT

43 FINANCIAL REPORT 2021 2020 £ £ Profit on ordinary activities before tax 1,911,499 167,025 Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%) 363,185 31,735 Effects of: Disallowable expenses 2,521 546 Depreciation on assets not qualifying for capital allowances 51,496 60,803 Adjustments in respect of prior periods 21,333 (21,558) Movement in unamortised grants (37,698) 11,239 Other timing differences - 1,545 Enhanced capital allowances (3,410) - Rate changes 182,596 - Total tax charge for the year 580,023 84,310 8. TANGIBLE FIXED ASSETS Freehold property Fixtures, Fittings, Plant, Equipment and Motor Vehicles Office equipment Total £ £ £ £ Cost At 1 October 2020 27,659,584 5,433,662 583,716 33,676,962 Additions - 58,638 43,073 101,711 At 30 September 2021 27,659,584 5,492,300 626,789 33,778,673 Depreciation At 1 October 2020 5,791,183 4,606,338 503,595 10,901,116 Charge for the year on owned assets 465,165 227,230 26,206 718,601 Charge for the year on financed assets - 8,078 15,998 24,076 At 30 September 2021 6,256,348 4,841,646 545,799 11,643,793 Net book value At 30 September 2021 21,403,236 650,654 80,990 22,134,880 At 30 September 2020 21,868,401 827,324 80,121 22,775,846 Included within freehold property is land of £4,177,476 which is not depreciated. The value of Trent Bridge Cricket Ground (the freehold property) was valued by Charterfields Chartered Surveyors in July 2018 at £66,000,000 on a replacement cost basis.The asset is carried in the financial statements at historic cost. The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows: 2021 2020 £ £ Office equipment 18,515 34,513 Fixtures, Fittings, Plant, Equipment and Motor Vehicles 11,113 19,192 29,628 53,705 Factors that may affect future tax charges On 1 April 2023 the rate of corporation tax will increase to 25% from the current rate of 19%.