2022 ANNUAL REPORT

MINUTES OF THE 2022 ANNUAL GENERAL MEETING 53 donations had seen a year-on-year decline as a result of the incremental withdrawal of the government furlough scheme. Furthermore, in 2021, the club had not seen a repeat of the pandemic-struck 2020 when it had been fortunate enough to receive £351k from members who donated their annual membership fees to the club. Income overall had increased year-on-year by 54%. Mr Ellis stated that total expend- iture had seen an annual increase of 37%, with the most significant contributing rise being in relation to ground facilities and matches. Furthermore, business rates relief had not been available in 2021 as it had been in 2020.The cost of utilities had, meanwhile, significantly increased, as it had done across the county and, indeed, globally. Mr Ellis compared the 2021 result with that of 2018, stating that this was the most recent truly comparable year whenTrent Bridge had last hosted a Test Match. He noted that the furlough scheme (£447,068), the cost savings associated with periods of business shutdown (£300k) and the profit of £723k generated by the inaugural year of The Hundred had been key drivers of the significantly enhanced financial performance. Turning to historical performance since 2009, Mr Ellis demonstrated how 12 profitable years out of 13 – with 2011, 2013, 2015, 2018 and 2021 being the most productive – had contributed to a cumulative profit in excess of £5m since 2009. For additional context, Mr Ellis then presented a slide that demonstrated the club’s average annual return in four- year cycles since 2006.The 2006-2009 cycle had shown a mean annual profit of £70,000 and that the corresponding figures for 2010- 2013, 2014-2017 and 2018-2021 were £310k, £250k and £725k respectively. Mr Ellis believed that presenting the figures in this way constituted a useful exercise, as it demonstrated how the positive impact of hosting significant fixtures balances out the fallow years without Test Match cricket over the course of a four- year cycle. Mr Ellis noted that the club’s cash balance stood at a record high of £5.9m at the conclusion of the financial year and explained that one contributing factor had been a government backed Coronavirus Business Interruption Loan (CBIL) that the club had taken out during a time of great uncertainty at the beginning of the global pandemic. This had been a prudent course of action at the time; however, the club had been able to repay it in full without incurring any interest charges.The repayment had been made in December 2021, after the end of the financial year, with the result being that it was still showing on the balance sheet for 30 September 2021. Mr Nigel Crockford said that it was a great pleasure to hear about such excellent results. He asked about Notes 7 and 18 to the Accounts which concerned taxation matters. He and Mr Ellis had corresponded about this issue but he felt that it should have been brought to members’ attention.The Chairman thanked Mr Crockford for his question, and wished to assure members that everything to do with the accounts was open and trans- parent. Mr Crockford’s question, whilst welcome, was on quite an esoteric point and was about an issue on which it was entirely feasible for professional accountants to have slightly different opinions. Mr Crockford then went on to ask why the CBILs loan had been repaid when such loans were offered on very favourable terms. Mr Ellis explained that the decision had been made carefully by the club, follow- ing all due process.The issue had been considered in depth by the Finance, Audit and Risk Committee and a recommendation had been made to the General Committee. All of the pros and cons had been diligently assessed but, on balance, and as there was no immediate use to which the loan could be put, the General Committee had voted to repay it and to therefore avoid paying interest charges of £60,000 over the upcoming year.The Chair- man added to the Treasurer’s reply noting that whilst it is one of the club’s objectives to develop the ground, there was more work to be done around feasibility and invest- ment appraisal and to retain the loan would have burdened the club with unnecessary debt. TheTreasurer’s Annual Report and Statement of Accounts was proposed by Mr Ellis, seconded by Ms Kate Davies CBE and was adopted. 6. TO RECEIVE THE CRICKET REPORT FOR THE 2021 SEASON The Chairman then invited the Director of Cricket, Mick Newell, to speak. Mr Newell began by inviting Luke Fletcher to say a few words. Mr Fletcher thanked the club for the award of a testimonial year in 2023, and extended particular thanks to Peter Moores, Mick Newell, Lisa Pursehouse and the members for their unstinting support. Mr Newell began by saying that 2021 would be defined as a year in which marked progress was made on the field and yet one that, at times, painfully demonstrated the fine margins between success and near-misses. The most pleasing aspect of the season was the resurgence in County Championship performances, with seven wins paving the way for a third place finish in the table. Victory against Derbyshire at the beginning of May lit the touch paper, with Luke Fletcher’s first innings five-wicket haul setting the foundation for his best season in a Nottinghamshire shirt. Fletcher’s 66 First-Class wickets won him a host of richly deserved awards, from both within the club and outside, and Mr Newell said that it was enjoyable to see some- one who had been such a popular figure, for such a long time, enjoy the accolades as he did. Mr Newell believed that Dane