2002-03 Annual R eport 2002-03 Annual R eport - Australian Sports ...

CRICKET AUSTRALIA (FORMERLY AUSTRALIAN CRICKET BOARD)
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2003
62
2003 2002
$ $
14 AUSTRALIAN YOUTH CRICKET FOUNDATION FUND
Movements:
Balance 1 July 8,936,968 8,936,968
Transfer from/(to) accumulated funds - -
Balance 30 June 8,936,968 8,936,968
15 GENERAL RESERVES
Movements:
Balance 1 July 904,590 904,590
Transfer from/(to) accumulated funds - -
Balance 30 June 904,590 904,590
16 ACCUMULATED FUNDS
Movements:
Balance 1 July 6,481,116 7,957,529
Net surplus/(loss) for the financial year 11,597,236 2,735,587
Distributions paid - (4,212,000)
Balance 30 June 18,078,352 6,481,116
17 CONTINGENT LIABILITIES
Cricket Australia has entered into an arrangement with the Australian Cricketers’
Association which entitles professional cricketers to a certain share of Australian
Cricket Revenue (ACR) over a four-year period to 30 June 2005.
To the extent that ACR exceeds an agreed estimate, Cricket Australia is required to
pay an adjustment to players. Cricket Australia periodically reassesses the expected
ACR over the four-year period and current forecasts indicate that this estimate will
not be exceeded. Consequently, the prior year accrual has been reversed and no
accrual has been recognised at balance date. In the event that current forecasts
differ from actual ACR, additional payments may be required.
18 COMMITMENTS FOR EXPENDITURE
Lease Commitments
Commitments relating to leases contracted at reporting date but
not recognised as liabilities payable:
Within one year 125,448 138,017
Later than one year but not later than five years 60,630 172,515
186,078 310,532