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New Zealand Cricket (Inc.) Annual Report

New Zealand Cricket (Inc.) Annual Report

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New Zealand Cricket (Inc.)BUSINESS of cricket38g. Property, Plant and EquipmentProperty, Plant and Equipment are stated at cost less aggregatedepreciation. Depreciation is provided for on a straight line basis on alltangible property, plant and equipment, at depreciation rates calculated toallocate the assets’ costs over their estimated useful lives.Depreciation has been calculated on the basis of the following depreciationperiods:Motor Vehicles 5 yearsOffice Furniture/Equipment 2 – 10 yearsComputer Equipment 2 – 4 yearsCricket Equipment4 – 12 yearsFurniture & Fittings5 – 20 yearsGrounds20 yearsGrounds Plant & Equipment 5 – 20 yearsBuildings5 – 20 yearsTrade Marks are ammortised over a 10 year period.Changes in Accounting PoliciesThere have been no changes in accounting policies. All policies have beenapplied on bases consistent with those used in previous years.2. Operating Revenue 2005 2004$ $Revenue 20,144,895 21,966,160Interest Revenue 516,354 633,213Foreign Exchange Gains 22,738 3,115$20,683,987 $22,602,4883. Operating Surplus 2005 2004$ $After Charging:Depreciation:- Motor Vehicles 22,052 15,993- Furniture & Fittings 19,871 23,697- Office Furniture 14,552 12,302Notes to and forming part of the Financial Statements for the year ended 31 May 2005 continued- Computer Equipment 72,823 27,625- Cricket Equipment 13,317 10,945- Grounds 31,188 31,240- Grounds Equipment 74,660 67,210- Buildings 73,596 73,949- Trade Marks 2,016 2,019Loss on sale Fixed Asset 3,741 10,770Interest Expense & Bank Fees 6,131 5,578Loan Forgiven Basin Reserve Trust 90,000 -Rental and Operating Lease costs 279,058 261,588Auditing Fees 13,500 13,500Other Fees paid to Auditors 800 7,1504. Inventories 2005 2004$ $Cricket Balls 23,449 36,935Clothing, Gear Bags & Suitcases 57,546 86,743Marketing Resources 8,384 3,449Development Resources 125,613 155,543$214,992 $282,6705. Property, Plant and Equipment2005 At Cost Accum Depn Net Book Value$ $ $Motor Vehicles 152,173 84,463 67,710Office Furniture & Equipment 191,090 137,727 53,363Computer Equipment 458,529 255,902 202,627Cricket Equipment 148,051 121,649 26,402Furniture & Fittings 267,994 204,651 63,343Buildings 1,723,582 544,799 1,178,783Grounds 482,322 139,461 342,861Grounds Plant & Equipment 691,464 332,994 358,470Trade Marks 19,391 11,064 8,327Fixed Assets Work in Progress 28,624 - 28,624$4,163,220 $1,832,710 $2,330,510

New Zealand Cricket (Inc.)BUSINESS of cricketNotes to and forming part of the Financial Statements for the year ended 31 May 2005 continued2004 At Cost Accum Depn Net Book Value$ $ $Motor Vehicles 119,301 81,239 38,062Office Furniture & Equipment 168,125 123,176 44,949Computer Equipment 340,081 183,297 156,784Cricket Equipment 135,490 108,333 27,157Furniture & Fittings 266,399 184,781 81,618Buildings 1,722,102 471,203 1,250,899Grounds 468,372 108,273 360,099Grounds Plant & Equipment 677,465 258,334 419,131Trade Marks 19,391 9,048 10,343$3,916,726 $1,527,684 $2,389,0426. Trade Creditors and Accruals2005 2004$ $Trade Creditors 898,696 888,717Other Accruals 181,977 229,143Grants to Associations 3,200 2,900$1,083,873 $1,120,7607. Equity2005 2004$ $Opening Accumulated Operating Funds 14,090,114 17,711,378Net Surplus (Deficit) for the year (6,105,152) (3,621,264)Total Equity 31 May 2005 $7,984,962 $14,090,1149. Lease CommitmentsFuture Lease Commitments for New Zealand Cricket (Inc.) are:2005 2004$ $Not later than 1 year 255,198 250,875Between 1-2 years 225,532 217,975Between 2-5 years 316,968 378,780Over 5 years 350,770 393,80510. Reconciliation of Net Operating deficit with Net Cash outflow from operations2005 2004$ $Net Deficit (6,105,152) (3,621,264)Add non-cash items :Depreciation 324,074 264,981Loss on Disposal Fixed Assets 3,741 10,770Loan Forgiven Basin Reserve Trust 90,000 -417,815 275,751Movements in Working Capital(Increase) Decrease in Accounts Receivable (297,175) 1,442,615(Increase) Decrease in Sundry Loans - (100,000)(Increase) Decrease in Prepayments 1,183,536 1,480,950Increase (Decrease) in Accounts Payable 866,500 (1,412,932)(Increase) Decrease in Stock 67,678 (59,020)(Increase) Decrease in Tour WIP 906 5,3381,821,445 1,356,951Effect of exchange rate change on foreign balance 2,077 46398. Employee Entitlements2005 2004$ $Balance at beginning of the year 206,145 176,958Net cash outflow from operating activities $(3,863,815) $(1,988,516)Additional provision 189,434 168,618Amount utilised (212,187) (139,431)Balance at end of the year $183,392 $206,145

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