News

Proposal to extend financial reporting date

During the 2019 AGM held in January 2020 the Honorary Club Treasurer explained that the financial period reporting date of the Club was under review with a view to facilitating a more efficient annual budgeting process. In light of the COVID-19 pandemic the need for such a change has been underlined – not least due to the extension of the 2020 cricket season and to facilitate the financial planning processes of the Club.

The proposal is, therefore to extend the financial reporting date from 30 September to 31 December each year. In the case of 2020 this will create a 15 month accounting period 1 October 2019 – 31 December 2020, with periods thereafter running 1 January – 31 December each year.

Such a change will require amendment to the Club rules as they currently stand which state in paragraph 12.2 that the financial year of the Club shall run from 1 October to 30 September.

Any amendment to the Club rules requires, in accordance with paragraph 18.1 of those rules, a resolution to be passed by a majority of two thirds of the votes cast at a General Meeting. In the circumstances the convening of a general meeting for such a purpose has significant practical challenges and therefore the proposal is that, in accordance with rule 18.2, the General Committee be asked to vote to make a temporary change to rule 12.2 (allowing the change to a 31 December 2020 Financial Year end) with a view to a full member vote at the next AGM on the subject

A change of the financial year end date to 31 December 2020 will mean that the proposed date for the 2020 AGM of 27th January will be revisited and, in accordance with the club rules, a new date will be set within six months of the new financial year end.

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