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REGISTERED NUMBER: 03523634 (England and Wales)

| Financial Statements |

| for the Year Ended 31 December 2025 |

| for |

| Worcestershire County Cricket Trading |

| Ltd |

Worcestershire County Cricket Trading

Ltd (Registered number: 03523634)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 3 |

Worcestershire County Cricket Trading

Ltd

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | D W G Baker

| A F Giles

| E Hallam

| D Manning

| R Wright

| S S Brar

| C J Davies

| D Riley

| SECRETARY: | R J Sugden

| REGISTERED OFFICE: | County Ground

| New Road

| Worcester

| WR2 4QQ

| REGISTERED NUMBER: | 03523634 (England and Wales)

| AUDITORS: | Thorne Widgery Accountancy Ltd

| Chartered Accountants

| Statutory Auditors

| 2 Wyevale Business Park

| Kings Acre

| Hereford

| Herefordshire

| HR4 7BS

Worcestershire County Cricket Trading

Ltd (Registered number: 03523634)

Balance Sheet

31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 535,616 |  | 521,790 |  |

Investments | 5 | 11,000 |  | 15,390 |  |

546,616 |  | 537,180 |  |

CURRENT ASSETS

Stocks | 117,653 |  | 33,782 |  |

Debtors | 6 | 5,380,367 |  | 4,283,145 |  |

Cash at bank and in hand | 384,196 |  | 176,770 |  |

5,882,216 |  | 4,493,697 |  |

CREDITORS

Amounts falling due within one year | 7 | (2,071,456 | ) | (3,802,131 | ) |

NET CURRENT ASSETS | 3,810,760 |  | 691,566 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,357,376 |  | 1,228,746 |  |

CREDITORS

Amounts falling due after more than one year | 8 | - |  | (761,945 | ) |

NET ASSETS | 4,357,376 |  | 466,801 |  |

CAPITAL AND RESERVES

Called up share capital | 2 |  | 2 |  |

Retained earnings | 4,357,374 |  | 466,799 |  |

4,357,376 |  | 466,801 |  |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 March 2026 and were signed on its behalf by:

D W G Baker - Director

Worcestershire County Cricket Trading

Ltd (Registered number: 03523634)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Worcestershire County Cricket Trading Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| The directors have undertaken their assessment of continuing to operate in the foreseeable future within the

| current and anticipated resources available and the ability to realise assets and settle its obligations in the normal course of business. This assessment includes the consideration of material uncertainties.

| Budget forecasts are produced to December 2027 which are considered prudent, realistic and based on past performance. The Club continues to explore additional alternative income sources and expanding non-cricket income streams to secure financial sustainability.

| Minimum levels of funding from the ECB are known until early 2029, based on the County Partnership Agreement of 1 February 2025, signed between the ECB and the Club.

| The Club maintains a detailed cash flow forecast calculated from the budget forecast and is reliant on the overdraft facility extended by Clydesdale Bank. Monitoring cash generation and being sufficiently profitable to generate cash to cover debt repayments is a focus of the directors.

| The Club maintains and regularly reviews a risk register of identified operational and financial risks. Mitigating the impact of flooding is a key element of decision making and a Master Plan to determine a sustainable future is being prepared.

| The directors make their going concern assessment in respect of a period of one year from the date of approval of the financial statements. The directors have considered their funding requirements and their current net liability position for 12 months from the date of approval and have determined the minimum funding requirement. The directors conclude that it is appropriate to prepare the financial statements on the going concern basis.

Worcestershire County Cricket Trading

Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Revenue

| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

| Sale of goods

| Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

| - |  | the Company has transferred the significant risks and rewards of ownership to the buyer; |  |

| - |  | the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |  |

| - |  | the amount of revenue can be measured reliably; |  |

| - |  | it is probable that the Company will receive the consideration due under the transaction; and |  |

| - |  | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |  |

| Rendering of services

| Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following are satisfied:

| - |  | the amount of revenue can be measured reliably |  |

| - |  | it is probable that the Company will receive the consideration due under contract |  |

| - |  | the stage of completion of the contract at the end of the reporting period can be measured reliably; and |  |

| - |  | the costs incurred and the costs to complete the contract can be measured reliably. |  |

| Interest Income

| Interest income is recognised in profit or loss using the effective interest method.

| Tangible fixed assets

| All plant and machinery over £1,000 are capitalised and are held at cost, net of depreciation and any provision for impairment.

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

| Depreciation is provided on the following basis:

| Plant and Machinery - 20%

| Improvements to property - 20%

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Worcestershire County Cricket Trading

Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

| At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss

| Financial instruments

| The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debts and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

| The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Worcestershire County Cricket Trading

Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Debtors

| Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

| Creditors

| Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Investments

| Investments in Wisden books are measured at the historical valuation.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 143 (2024 - 127 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 January 2025 | 1,605,552 |  |

| Additions | 220,415 |  |

| At 31 December 2025 | 1,825,967 |  |

| DEPRECIATION

| At 1 January 2025 | 1,083,762 |  |

| Charge for year | 206,589 |  |

| At 31 December 2025 | 1,290,351 |  |

| NET BOOK VALUE

| At 31 December 2025 | 535,616 |  |

| At 31 December 2024 | 521,790 |  |

5. | FIXED ASSET INVESTMENTS

| Investments (neither listed nor unlisted) were as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Wisden books | 11,000 |  | 15,390 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 42,498 |  | 103,685 |  |

| Amounts owed by group undertakings | 5,044,696 |  | 3,926,501 |  |

| Other debtors | 293,173 |  | 252,959 |  |

5,380,367 |  | 4,283,145 |  |

Worcestershire County Cricket Trading

Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans and overdrafts (see note 9) | - |  | 312,796 |  |

| Other loans (see note 9) | 209,000 |  | 142,500 |  |

| Trade creditors | 251,315 |  | 245,589 |  |

| Social security and other taxes | 134,338 |  | 81,830 |  |

| VAT | 220,861 |  | 445,415 |  |

| Other creditors | 589,145 |  | 182,269 |  |

| Accruals and deferred income | 666,797 |  | 2,391,732 |  |

2,071,456 |  | 3,802,131 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans (see note 9) | - |  | 94,074 |  |

| Other loans (see note 9) | - |  | 666,204 |  |

| Deferred income more than 1 year | - |  | 1,667 |  |

- |  | 761,945 |  |

9. | LOANS

| An analysis of the maturity of loans is given below:

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | - |  | 171,685 |  |

| Bank loans | - |  | 141,111 |  |

| Other loans | 209,000 |  | 142,500 |  |

209,000 |  | 455,296 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | - |  | 94,074 |  |

| Other loans - 1-2 years | - |  | 33,500 |  |

- |  | 127,574 |  |

| Amounts falling due between two and five years:

| Other loans - 2-5 years | - |  | 632,704 |  |

| Bank Loan

| At the year end bank loans total £Nil (2024: £235,185).

| Other loans

| At the year end other loans total £209,000 (2024: £808,704).

| Other loans is made up of loan notes totalling £205,000 (2024: £705,000) and other loans £4,000 (2024: £103,704).

Worcestershire County Cricket Trading

Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

10. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 2,760 |  | 14,091 |  |

| Between one and five years | 4,140 |  | 6,900 |  |

6,900 |  | 20,991 |  |

11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Lisa Weaver FCCA (Senior Statutory Auditor)

| for and on behalf of Thorne Widgery Accountancy Ltd

12. | PENSION COMMITMENTS

| The company contributes toward a defined contribution scheme. The pension cost charge represents contributions payable by the company and amounted to £167,516 (2024: £147,866). At the year end, £Nil (2024: £23,300) was payable to the pension scheme, this amount is included within creditors due within one year.

13. | CONTINGENT ASSETS

| As a result of the sale of the franchises in 'The Hundred', the England and Wales Cricket Board (ECB) holds funds that are earmarked for individual counties. These funds are managed by J.P.Morgan on a county-by-county basis. Worcestershire CCC have determined the level of investment risk based on advice from J.P. Morgan.

| Worcestershire CCC can access these funds upon application to the ECB in relation to certain strictly-agreed purposes - debt repayment, revenue-generating projects and reserves generation. Other purposes include some professional fees but the funds will not cover underlying operational nor playing costs, unless explicitly authorised by the ECB.

| As with other non-host counties, the amount allocated by the ECB to Worcestershire CCC during the year was £18,059,695.

| During the year, Worcestershire CCC received £3,994,438 from the ECB for the purpose of debt repayment.

| 2025 |  |

| £ |  |

| Balance at start of year |  | - |  |

| Allocated to Worcestershire CCC during the year |  | 18,059,695 |  |

| Investment gains, net of fees |  | 39,845 |  |

| Other ECB income received out of allocated funds during the year: |  |

| - Re debt repayment (see note 6) |  | (3,994,438 | ) |

| Balance at end of year |  | 14,105,102 |  |

Worcestershire County Cricket Trading

Ltd (Registered number: 03523634)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

14. | RELATED PARTY DISCLOSURES

|  | 2025 |  |  | 2024 |  |

| £ |  |  | £ |  |

| Purchase transactions with related parties |  | 2,579 |  |  | 10,180 |  |

| Sales transactions with related parties |  | - |  |  | 28,176 |  |

| The amount owed to Directors at the year end amounted to £100,000 (2024: £200,000), the loan notes are interest bearing at market rate and are repayable by 2027.

15. | ULTIMATE CONTROLLING PARTY

| The company is a subsidiary undertaking of Worcestershire County Cricket Club Limited, which is incorporated and registered in England and Wales and with the Cooperative and Community Benefit Society. The accounts are available at the registered office of the entity, County Ground, New Road, Worcester, WR2 4QQ.