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Durham Accounts Now Filed

Durham Cricket Community Interest Company, filed its accounts for  the 12 months to 30 September 2018.  The accounts were due to be filed at Companies House on the 30th June 2019 but the director's report and auditor's opinion weren't signed until the 27th August.

The company's auditors, Pricewaterhouse Coopers, resigned after signing the accounts and will be replaced by RMT for the 2019 audit.  

Even though most of its financing (from the council and the ECB) is interest free Durham lost £1.1m in the period and had a cash outflow of £0.5m with ECB funding increasing by £0.1m to £1.9m.

After the balance sheet date Durham entered into new loans with Invocap and Atom Bank.  The Invocap loan is guaranteed by Durham chief executive Tim Bostock.  

None of this is great but it remains to be seen whether the additional funding from the ECB of £1m a year is sufficient to put Durham in a secure financial position.

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