ICC Annual Report 2010-11 - Amazon Web Services

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FINANCIAL STATEMENTSSUMMARY CONSOLIDATED financial STATEMENTsprEPAred frOM THE audited consolidated financialSTATEMENTS OF ICC development (interNATIONAL) limitedfor THE YEAR ENDED 31 DECEMBER 2010SUMMARY CONSOLIDATED STATEMENTOF FINANCIAL POSITIONASSETS2010 2009USD’000USD’000Non Current Assets 35,070 36,773Current Assets excluding cash resources 115,100 18,765Net cash resources 36,945 83,540Total Assets 187,115 139,078LIABILITIES AND EQUITYCricket Development Funds (622) 932Advances received in respect of events 149,418 79,405Other Liabilities 6,832 29,327Non current liabilities 2,026 1,554Member’s Funds 29,461 27,860Total Liabilities and Equity 187,115 139,078SUMMARY CONSOLIDATED STATEMENTOF CASH FLOWS2010 2009USD’000USD’000Surplus before tax 76,098 84,298Adjustments for non-cash items (558) (353)Changes in working capital (48,270) (2,205)Payments for employees’ end of service benefits and income tax (455) (462)Net cash generated from operating activities 26,815 81,278Net cash generated from / (used in) investing activities 3,690 (23,133)Net cash used in financing activities (77,100) (79,291)Net decrease in cash and cash equivalents during the year (46,595) (21,146)Cash and cash equivalents at the beginning of the year 83,540 104,686At the end of the year 36,945 83,54022ICC Annual Report 2010-2011
SUMMARY CONSOLIDATED financial STATEMENTsprEPAred frOM THE audited consolidated financialSTATEMENTS OF ICC development (interNATIONAL) limitedfor THE YEAR ENDED 31 DECEMBER 2010SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ FUNDRetainedSurplus Reserves Surplus TotalUSD’000 USD’000 USD’000 USD’000Balance at 1 January 2009 - 16,024 5,332 21,356Surplus for the year 84,267 - - 84,267Other comprehensive Income - 498 - 498Distribution to Members (78,261) - - (78,261)Transfers (6,006) 2,300 3,706 -Balance at 31 December 2009 - 18,822 9,038 27,860Surplus for the year 76,073 - - 76,073Other comprehensive income - 1,074 - 1,074Distribution to Members (75,546) - - (75,546)Transfers (527) - 527 -Balance at 31 December 2010 - 19,896 9,565 29,461NOTES TO SUMMARY CONSOLIDATED FINANCIAL STATEMENTS1. BASIS OF PREPARATIONThe summary consolidated financial statements are prepared from the audited consolidated financial statements of ICC Development(International) Limited (the “Group”) for the year ended 31 December 2010. The aforementioned audited consolidated financialstatements are available at the Headquarters of the ICC in Dubai Sports City. The summary consolidated financial statements arepresented in considerably less detail than annual audited consolidated financial statements for the convenience of readers andrepresent a fair summary of the audited consolidated financial statements.The summary consolidated financial statements have been derived from the audited consolidated financial statements of theGroup which were approved by the Board of ICC Development (International) Limited on 4 April 2011. These summary consolidatedfinancial statements were authorised for issue on 4 April 2011.2. CONTINGENT LIABILITYIn 2007, Essel Sports Pvt Ltd initiated a lawsuit against the Board of Control for Cricket in India (‘BCCI’) in the Delhi High Court,claiming that the BCCI’s decision not to recognise the Indian Cricket League (‘ICL’) and to take certain actions against thoseinvolved with the ICL was unlawful (the ‘Indian Action’). The Indian Action is at an advanced stage.A suit has also been filed in England (against the ICC and England and Wales Cricket Board ‘ECB’) and served upon the ICC andECB (the ‘English Action’). As part of the defence to the English Action, and because of the substantial overlap between the issuesraised in the English and Indian Actions, the BCCI, ICC and ECB have sought an anti-suit injunction from the Delhi High Court,preventing ICL from taking any further steps in the English Action (against all of those three parties) until the Indian Action hasbeen dealt with.External lawyers have been appointed to act collectively for the ICC, ECB and BCCI in defending the English Action (includingpursuit of the anti-suit injunction). The advice received from those lawyers is that the ICC and its Members will be able to mounta robust defence of the English Action and consequently no provision has been made in the consolidated financial statements inthis respect. The court in England has recently granted a stay on hearing this matter until the Indian action is resolved.Related to these actions, the ICC Executive Board has agreed to provide an indemnity to the ECB in relation to all costs, damagesand awards made against it as a result of the English Action.ICC Annual Report 2010-2011 23
Page 5: 123The Prime Ministers of Pakistan
Page 11 and 12: 12 31234Kevin O’Brien celebrates
Page 13 and 14: 4123Shaun Taitcelebrates takinga wi
Page 15 and 16: SANJAY BEHL, Group HEAD - BRAND & M
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Page 19 and 20: The Pepsi ICC Development Programme
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