Cricket Victoria Annual Report 2019-20

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ANNUAL REPORT 2019 – 20


Enjoy better club canteens by the lineys who power it. Since 2018 we’ve contributed $104,700 across 26 local cricket clubs as part of the CitiPower and Cricket Victoria Canteen Grant. Applications for our next round of grants will open in November 2020.

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OFFICE BEARERS

Cricket Victoria Patron

Delegates 2019-20

Malcolm Gray AM

Club

Delegate

Alternate Delegate

Camberwell Magpies

Barry Russ

Brett Watkins

Carlton

Neville Box

Mark Morris

Cricket Victoria Board (as at 30 June 2020)

Casey-South Melbourne

Ross Moore

Shaun Petrie

Paul Barker (Chair)

Dandenong

Brendan McArdle

Gary Davidson

Theresa Best

Essendon

Simon Tobin

Shane Eaton

Lydia Dowse

Fitzroy Doncaster

Graeme Cook

Leigh Watts

Claudia Fatone

Footscray

Geoff Collinson

Craig Mundy

Phillip Hyde

Frankston Peninsula

Cliff Wright

Glenn Davey

Paul Jackson

Geelong

Paul Blain

Adam DiGiacomo

Dr David Maddocks

Greenvale Kangaroos

Bruce Kent

Ken Hutchinson

Jane Nathan

Kingston-Hawthorn

Brett Sebire

John Hand

Peter Williams

Melbourne

Peter King

Andrew Kent

Melbourne University

Derek Bennett

Peter Anderson

Monash Tigers

Danni Dodgson

Darren Perry

Northcote

Mark Sundberg

Grant Gardiner

Prahran

John Raglus

Nigel Parsons

Ringwood

Mark Freeman

Tamara Mason

St Kilda

Paul Meddings

Paul Ryan

WPCP

Penelope Cleghorn

-

VCCL

Keith Thompson

Kelvin White

VMCU

Mark Keating

Rod Patterson

VSDCA

James Sheehan

Dr Geoff Hart

VSDCA

Phil O’Meara

Geoff Richardson

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C H A I R M A N R E P O RT The reporting year has delivered a mix of success stories and some extraordinary challenges to both Cricket Victoria and the global community. Firstly, I would like to thank everyone across the Victorian cricket community for the way they have come together in response to these challenges. Our cricket community is a strong and resilient one and this season has illustrated how important a role cricket plays in uniting and galvanizing communities in the face of hardship and uncertainty. Never was this more evident than during the devastating bushfires that gripped parts of Victoria for much of summer and had lifechanging impacts on communities across the state’s east.

PAUL BARKER

We should continually remind ourselves that while we know cricket is such an important part of the fabric of our communities, it is also a symbol of continuity and resilience for many in times of crisis. To that end, I’d like to commend everyone involved in the response to support the work of volunteers, firefighters and fire-affected communities. Cricket Victoria was proud to contribute through both hosting the televised Bushfire Cricket Bash in front of a sell-out crowd at the CitiPower Centre and through donations of nearly $30,000 from auctioned playing jerseys from the Melbourne Stars and Melbourne Renegades players. No one would have imagined that, after watching Meg Lanning and our Victorian players lead Australia to victory in the ICC Women’s T20 World Cup final at the MCG in March, that the Coronavirus pandemic would take hold of our way of life as it has. The Coronavirus pandemic has already had a substantial impact on Victorian cricket on a broad scale and is likely to continue to deliver levels of uncertainty and disruption. In April, the Board determined that, with the increasing likelihood of future financial and operational challenges driven by this pandemic, difficult decisions would need to be taken to protect the organisation’s overall health and ability to rebound after the crisis.

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It is our responsibility, not only to ourselves, but to everyone in our community that we guide Cricket Victoria through these challenges and deliver the organisation to a position of further stability. I would like to thank everyone who has offered their collaboration, support and advice through this change process and how we will best serve all our responsibilities into the future. On field, while title success eluded our teams this season, I would like to congratulate the Melbourne Stars on reaching another KFC BBL Final, the Melbourne Renegades on reaching the WBBL semi-finals again and the Victorian men’s team for a resurgent second half of the Marsh Sheffield Shield season which saw them finish just outside the final before the season was abandoned. In our high performance program, among our key successes was having captain Meg Lanning, Sophie Molineux, Tayla Vlaeminck, Annabel Sutherland, Georgia Wareham, Molly Strano and the newly arrived Ellyse Perry all play critical roles in the ICC Women’s T20 World Cup success. I would like to congratulate all seven players on their achievement, and I know that the night of March 8 will live long in their memories and remain a lifetime career highlight. Victorian cricket will continue to support the success of Australian women’s cricket, whether that be through the quality of our pathways and connections to school and club cricket or our talent identification processes. Our contribution is also defined by the wonderful role models we help create for boys and girls throughout the Victorian community. In men’s cricket, Victoria was represented in the 2019 Ashes Series by Marcus Harris, James Pattinson and Peter Siddle. I’d like to congratulate each of them on their contribution to an extraordinary series. It was also pleasing to see James make his return on Australian soil at the Boxing Day Test against New Zealand. I also congratulate all our coaches and support staff who continue to work hard to prepare Victorian players to represent Australia and in identifying and working to nurture future talent.


Our cricket community is a strong and resilient one and this season has illustrated how important a role cricket plays in uniting and galvanizing communities in the face of hardship and uncertainty. As we celebrate the achievements of our players, it is only appropriate that I recognise the significant contributions of players who concluded their careers with Victoria this season. Kristen Beams had an outstanding career with Victoria. Kristen represented Australia’s Test, One-Day International and T20 sides, Victoria in the Women’s National Cricket League and the Melbourne Stars in the Rebel Women’s Big Bash League. Over 14 years representing Victoria, Kristen captained Victoria and the Melbourne Stars, maintained a close connection to Essendon Maribyrnong Park and has been an exceptional leader throughout Victorian cricket and an inspiration for young men and women across the game. The conclusion of the Victorian Premier Cricket season, like many other competitions across Australia, saw an untimely early finish on 17 March with the decision taken to cancel the remainder of the season in the interests of public health and prevention of transmission of Coronavirus. I congratulate Melbourne Cricket Club who were declared First XI Premiers. For the first time in Victorian Premier Cricket history, there was a tie for both the Una Paisley Medal and Jack Ryder Medal - our highest individual honours. All-rounders Kimberley Garth (Dandenong Cricket Club) and Bhavisha Devchand (Ringwood Cricket Club) tied for the Una Paisley Medal and allrounders David King (Ringwood Cricket Club) and James Seymour (Essendon Cricket Club) shared the Jack Ryder Medal. This was the first tie for the Paisley Medal, while the Ryder Medal has now had joint winners on four occasions (2000-01, 2003-04, 2005-06 and 2019-20).

I congratulate Kimberley, Bhavisha, David and James for their outstanding individual performances. In reviewing our major partnerships, there is no question that our long-term and highly productive relationship with the Victorian Government continues to deliver benefits throughout the state and our cricket community. During the reporting year we were delighted to support the opening of new Regional Cricket and Community Centres in Moe and Ballarat.. The Australian Cricket Infrastructure Fund – a partnership with Cricket Australia – also invested $275,000 in the first stage of a new training and community facility in Mildura.

Looking ahead, as the pandemic challenges us, our strategic responsibilities will continue to focus on participation and retention, building successful high performance teams, enhancing our commercial business portfolio and delivering further sustainability and stability in our operations, financial performance and venue management. I would like to take this opportunity to thank all of Cricket Victoria’s members and affiliates, including the Victorian Metropolitan Cricket Union (VMCU), Victorian Country Cricket League (VCCL) and the Victorian Sub District Cricket Association (VSDCA) for their cooperation and commitment to seeing Victorian cricket thrive.

We remain firmly committed to the idea that no matter where you live in Victoria, you should have the same opportunities to participate in and enjoy the benefits that cricket provides. From Mildura to Melbourne to Lakes Entrance, we will ensure that equality of opportunity continues to be at the forefront of our planning.

I thank my fellow Cricket Victoria Directors for their advice, dedication and support this season, to our Chief Executive Andrew Ingleton for his leadership and to our management and staff, players, members, clubs, and fans for their support of and passion for Victorian cricket.

On behalf of the Board and our Chief Executive Andrew Ingleton I would like to record our sincere gratitude to the Premier, the Hon. Daniel Andrews MP; Minister for Major Events and Sport, the Hon. Martin Pakula MP; Minister for Mental Health, Diversity and Creative Industries, the Hon. Martin Foley MP and the Minister for Community Sport, the Hon. Ros Spence MP for their commitment to cricket.

Paul Barker CHAIR, CRICKET VICTORIA

This critical partnership directly impacts our ability to deliver the programs and infrastructure development that Victorian cricket will benefit from for many generations to come and I look forward to continuing this productive relationship which delivers excellent outcomes for the community.

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C E O R E P O RT It has been a year of both memorable achievements and some significant changes and challenges for Cricket Victoria.

I’d like to congratulate Melbourne Stars captain Elyse Villani and Melbourne Renegades captain Jess Cameron on the leadership of both sides.

At the time of writing, Victoria is working through responses to manage a second outbreak of coronavirus which has caused enormous disruption and concern throughout our broader community.

In November our Victorian men’s squad and Melbourne Renegades Head Coach Andrew McDonald resigned to take up a new senior coaching role supporting Justin Langer with the Australian men’s team. I’d like to recognise and thank Andrew for his contribution to Victoria’s period of success and the achievements of the 2018-19 season.

The organisation began the reporting period executing a range of key activities to support Victorian cricket including taking the game to 11,000 students in a 20-day blitz in schools. At a local level, the Victorian cricket community received more than $1.3 million in funding for 88 projects through the Australian Cricket Infrastructure Fund. This generated more than $31 million in partnered investment from Federal, State and Local Government.

ANDREW INGLETON

Victorian cricket continues to attract strong support for our infrastructure and facilities development program, and I’d like to thank our government partners at all levels for their commitment to community health and wellbeing through the provision of high-quality recreation facilities. Our major partner CitiPower was also oversubscribed with applications for their Canteen Grants program to improve electrical safety at cricket clubs – an important option for clubs looking to renew their equipment. Victoria recorded the strongest participation of any state and territory for the second consecutive year which is a fantastic outcome. Given the significance of changes to our organisation in May, it is incumbent on the organisation to find new and innovative methods to continue that good work into the future. I am grateful for the advice and feedback from across the state about how we can best deliver on that in metropolitan and regional areas. On field, the Rebel WBBL season was another outstanding edition of the world’s premier women’s domestic T20 competition. I’d like to congratulate the Melbourne Renegades who qualified for the semi-finals for the second consecutive year while the Melbourne Stars struggled to generate consistent results throughout the season but unearthed some promising young talent.

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The Victorian men’s team welcomed the debuts of six players across First Class and List A cricket. At 17 years old, Jake Fraser-McGurk became the youngest player since Cameron White in 2001 to pull on the navy blue cap. The Victorian women’s squad saw exciting debuts for Ellyse Perry following her arrival from New South Wales and all-rounder Tess Flintoff. In KFC BBL, the Melbourne Stars again enjoyed a dominant regular season and reached the Final again before losing to the Sydney Sixers. I’d like to congratulate Head Coach David Hussey and captain Glenn Maxwell on their performance, and I know they will taste ultimate success soon. Michael Klinger was appointed Melbourne Renegades Head Coach in November and while the Renegades endured a very difficult season, it was encouraging to see the team respond with three late victories to conclude their campaign. At the conclusion of the season Melbourne Stars Principal Partner Optus and Melbourne Renegades Principal Partner Mars notified the organisation that they would be concluding their respective sponsorships of both clubs. I would like to thank the management and representatives of Optus and Mars for their enormous contribution to the Stars and Renegades over recent seasons. Both were fantastic partnerships for players, members and fans alike. The first quarter of 2020 was an exceptionally busy period for Cricket Victoria with the CitiPower Centre hosting the Commonwealth Bank T20 International Tri-Series between Australia, India and England before preparation and hosting for the ICC Women’s T20 World Cup pool matches.


We will all remember the incredible women’s final on March 8 for many years to come. Our venue continues to be recognised as Australia’s best boutique cricket ground and I would like to thank our staff, Cricket Australia, the ICC and the Local Organising Committee for the enormous volume of work put in to make this tournament such a success. I am delighted that we have been able to host guests from across Australia and around the world at our venue – a key undertaking in our commitment as a cricket and community venue. Sadly, in January Victoria also found itself in the grip of extreme bushfires with impacts felt across the state. We have committed to finding ways to continue supporting the bushfire-affected communities and earlier this year announced that all Australian cricket staff would be granted paid leave days to volunteer in the recovery and rebuilding process. We will continue to look for ways cricket can promote business, tourism and recreation through these regions. In March, the global coronavirus pandemic began to impact our way of life and has had considerable impacts on Cricket Victoria including the premature end to the international, domestic and Premier Cricket seasons and the cancellation of a range of events. In April, Cricket Victoria made a number of critical decisions to proceed with a substantial restructure of the organisation in response to the economic uncertainty generated by the pandemic. These changes included a significant number of redundancies – particularly in Community Cricket – and further identified savings and reductions in specific programs of activity. Our staff are the heart and soul of what we do which has made these changes particularly challenging. While difficult decisions to take, the level of ongoing uncertainty and potential disruption around the forthcoming season together with potential impacts to our key revenue streams meant a prudent decision was required.

These outcomes will mean some fundamental changes to the way we operate. It highlights the need to capitalise on the use of technology and virtual engagement and collaboration tools that have become a feature of our locked down existence and ways of working that were already occurring. Our strategic focus this season will be on core activities – allowing us to invest our time and resources in areas that are critical to Victorian cricket’s ongoing health, development and operational management. Cricket Victoria’s FY20 financial result was not immune to the impact of Coronavirus despite much of the cricket season being complete when government restrictions came into effect in March. The underlying operating result of the Group was $1.15 million (excluding restructuring costs and grants for the Kevin Murray Stand). There were three key impacts on the financial performance of the Group through the second half of the FY20 year. The first impact arose from government restrictions imposed from March which saw many events and programs cancelled over the balance of the year, the CitiPower Centre was closed to staff and staff moved to working from home. These changes resulted in a temporary reduction of expenditure across the entire organisation through to 30 June 2020. The lower expenditure was in part offset by a reduction in revenue streams associated with indoor centre usage, the loss of events and catering from the CitiPower Centre and lower rental income from tenants impacted by Coronavirus. The impacts of Coronavirus were felt across Australian Cricket and with material reductions in future revenue streams forecasted by Cricket Australia, Cricket Victoria took steps to act quickly and decisively to preserve our existing financial base and to set the business up for future success. This resulted in a restructure of our business model, including a 35% reduction in headcount and material operating cost reductions implemented. The outcomes of the organisational restructure began to flow through our financial position from May.

Thirdly, Cricket Victoria was able to access several Government assistance initiatives that provided additional cash flow support to the Group. The combination of reduced operating expenditure, restructuring savings and Government support underpinned the final underlying operating profit but more importantly positions the organisation to better withstand the economic impact of the ongoing Coronavirus crisis. We expect that coronavirus will continue to deliver significant challenges for all areas of our economy and community including our local community and domestic cricket seasons. It is our responsibility to ensure our State squads and W/BBL teams are as well prepared and supported as possible to enable them to safely play and perform to the best of their ability. In addition it is a priority to support all our clubs and associations through this pandemic and ensure they can return to play as soon as a season start looks likely. In closing, I’d like to thank our Chair Paul Barker and express my gratitude to all the Directors I have worked closely with this season in navigating the opportunities and challenges to deliver future success. To our management and staff, this has been a year like no other. I thank you sincerely for your ongoing commitment to ensuring Cricket Victoria is the best version of itself and for continuing to inspire and engage the Victorian community through cricket. Andrew Ingleton CEO, CRICKET VICTORIA

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IN MEMORIAM

MIKE ROSE

G R AE M E C H A R L E S PAT E R S O N

JOH N PH I LLI PS S M ITH

D 21 APRIL 2020

16 NOVEMBER 1940 – 31 JANUARY 2020

6 MARCH 1936 – 10 FEB 2020

Cricket Victoria has received the sad news that Mike Rose passed away on April 21.

Cricket Victoria has received the news that Graeme Paterson, a Richmond pace bowling legend, passed away in Queensland on January 31 aged 79.

Cricket Victoria has been advised that John Smith, former Victorian and Hawthorn-East Melbourne fast bowler, passed away on February 10 aged 83.

Mr Rose was a popular current member of the CV Umpires’ Panel, officiating in 161 matches (66 x 3rds, 67 x 4ths, 2 x WP1, 26 x WP2) since joining the panel in 2008-09. He made his Premier 1sts debut in the Melbourne v EMP one-dayer in November 2019. Cricket Victoria extends sincere condolences to the Rose family and to all Mr Rose’s friends and colleagues in the cricketing fraternity.

Mr Paterson was an honest fast-medium bowler for the Tigers, unlucky to have been overlooked for higher honours. Paterson’s 505 wickets in 190 matches stood as a Tigers’ record until Allan Wise surpassed him, but his 73 wickets at 11.69 in 1965-66 remains a club record, with only Fred Freer (88 in 1943-33), Lisle Nagel (86 in 1939-40) and Bert Ironmonger (79 in 1919-20) having taken more wickets in a season. Mr Paterson’s tally of 73 included his career-best figures of 9/33 against Hawthorn-East Melbourne in the opening match of the season - he caught the other batsman off Wilson’s bowling. Paterson was Club Champion six times and was a member of the Tigers’ 1976-77 premiership team. Cricket Victoria extends sincere condolences to the Paterson family and the Richmond Cricket Club.

Mr Smith played one first class match for Victoria, selected to play against the South Africans at the MCG in January 1964. He took a creditable 4/76 in the tourists’ first innings and scored 7 in his only innings. For Hawthorn-East Melbourne, Smith played 113 matches, scoring 970 runs at 15.15 with a highest score of 62, and took 271 wickets at 16.19, 14 times taking five or more wickets in an innings and once taking 10/59 in a match - against the Bulldogs at Glenferrie Oval in 1958-59. Those match figures included his best innings analysis of 9/32. Smith captained the Hawks to their 1962-63 premiership win over the Swans and was skipper for four seasons. He twice won the club bowling averages and twice won the Harry Boyle Club Champion award for the club. Smith was awarded life membership of the HEMCC in 1976 and was named in the Hawthorn Team of the Century in 2000. John later served on the Hawks’ Committee for a time. His work shortened his playing career. Cricket Victoria extends sincere condolences to the Smith family and to the Kingston-Hawthorn East Melbourne Cricket Club.

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ALAN D O B L E

G R A E M E D O N A L D WAT S O N

W W B ( B RU C E ) MU R R AY

27 DECEMBER 1942 – 15 DECEMBER 2019

8 MARCH 1945 – 24 APRIL 2020

4 SEPTEMBER 1929 – 16 APRIL 2020

Cricket Victoria regrets to advise that former Victorian representative Alan Doble passed away on December 15 aged 76.

Cricket Victoria regrets to advise that Graeme Watson has passed away on April 24, after a battle with cancer, aged 75.

Cricket Victoria has received the sad news that former player Bruce Murray passed away in Queensland on April 16 aged 90.

Mr Doble was a fine left-arm fast bowler from Ormond and joined North Melbourne for the 196263 season, aged 19. He had five seasons at Arden Street and was picked five times for Victoria in 1964-65 and 1965-66. Doble took 10 wickets at 51 for the Vics, with best figures of 4/108 off 35 overs against South Australia at the MCG in his second game. Alan was Victorian cap no 624.

The right-handed all-rounder played five Tests and two ODIs for Australia between 1966 and 1972. He made his Test debut in Cape Town on the 1966-67 tour of Rhodesia and South Africa, scoring a fine 50 in his first innings. Watson was selected for that tour as a replacement for the conscripted Doug Walters. Injuries played a big part in Watson’s career, the most serious of these was when he was struck on the nose by a Tony Greig beamer in an Australia v Rest of the World match at the MCG in 1971-72. Although doctors advised him to retire, he returned six weeks later and earned a spot on the 1972 tour of England, where he played his last two Tests.

Mr Murray was a fine all-rounder, batting lefthanded and bowling right-arm medium-pace. Born and bred in Mildura, he moved to Melbourne to complete an electrical engineering degree at Swinburne. He started his District career with Footscray in 1948-49 before moving into Prahran’s zone. He played 21 seasons and 241 matches for Prahran, scoring 5126 runs at 23.95 and taking 426 wickets at 19.49 before retiring after the 1973-74 season to captain-coach Waverley for four further seasons. His career wickets tally at Prahran remained a club record until Bryce McGain surpassed it in 2015-16.

Mr Watson was a very promising footballer, playing 18 games for Melbourne in 1964 and 1965 before concentrating on cricket, becoming the first cricketer to play for three States - Victoria, Western Australia and New South Wales. He was a member of Victoria’s Shield-winning team in 1969-70 before moving to Western Australia in 1971-72, playing a key role in their Sheffield Shield triumphs in 1971-72, 1972-73 and 1974-75.

Murray scored four centuries for Prahran, including 140* against Footscray in 1956-57. He added an unbroken 222-run stand in just 143 minutes with Don Mathieson (115*) on that occasion, still a Prahran sixth wicket partnership record. His highest score was 152 against North Melbourne at Arden Street in 1963-64. In the same game he also took a hat-trick, dismissing John Harmer, Dick Maddocks and John Miles in his first over. Murray’s best bowling figures were 8/39 against Footscray at Toorak Park in 1957-58. He won Prahran’s batting averages five times and bowling averages six times. He was a member of Prahran’s 1954-55 premiership team.

Doble returned to Ormond in 1967-68, where he played in five premierships, won the 1st XI bowling averages nine times, taking more than 600 wickets, including 75 wickets in a premiership year 1974-75. He won the RM Hatch Medal in 1970-71 and was accorded Legend status when inducted to the Ormond Hall of Fame in 2017. Also an accomplished footballer, Doble was refused a permit when he returned to the Amateurs after his first class cricket career because he had allegedly accepted a laundry allowance whilst playing for Victoria. Cricket Victoria extends sincere condolences to the Doble family and the Ormond and Greenvale Kangaroos Cricket Clubs.

In all first class cricket Watson scored 4674 runs at 32.68 with 7 centuries and 25 half-centuries. His highest score was 176 against Hampshire at Southampton in 1972, putting on an opening stand of 301 with Keith Stackpole (119*). He took 186 wickets at 25.31 with best figures of 6/61 against South Australia at the MCG in 1965-66 and held 73 catches. Apart from touring South Africa (1966-67) and England (1972), he also toured New Zealand with an Australia “B” team in 1969-70. Watson’s highest score for Victoria was 150 against WA at the MCG in November 1969, sharing a 263run fifth wicket stand with Peter Bedford (134*). In District Cricket, Watson played 77 matches for Melbourne, scoring 2820 runs at 35.25 with 7 centuries and a highest of 160 against Hawthorn-East Melbourne at Glenferrie Oval in 1970-71. He also took 77 wickets at 22.87 with best figures of 6/94.

Murray played four first class matches for Victoria in 1957-58, scoring 53 runs at 13.25 and taking 9 wickets at 36.88. Murray was a Life Member, Hall of Fame inductee and Club Legend at Prahran CC and an inaugural member of the CV 200 Club. He was also a fine footballer, playing 44 games for South Melbourne between 1951 and 1954 and captaining Moorabbin’s first VFA premiership in 1957. Cricket Victoria extends sincere condolences to the Murray family and the Prahran Cricket Club.

Cricket Victoria extends sincere condolences to the Watson family.

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V I C TO R I A N C R I C K E T T E A M S 2019-20 SEASON

The Victorian Men’s and Women’s teams produced mixed results throughout a season that saw young players emerge and a host of players feature in Australia’s successful ICC T20 Women’s World Cup. The Victorian Men’s team won three of its seven matches in the One Day competition, while the Sheffield Shield campaign finished strongly before the season came to an abrupt end due to Coronavirus. Lachlan Stevens took over from Andrew McDonald as Head Coach mid-way through the season after McDonald accepted a senior assistant coaching role with the national team. The Victorian Women’s team recorded wins over eventual finalists NSW and WA throughout the season and ended the campaign in fourth spot on the ladder. Nic Maddinson and Annabel Sutherland took out the top Victorian Cricket Awards for the 2019-20 season. Maddinson was crowned joint Marsh Sheffield Shield Player of the Year and won the Bill Lawry Medal for his outstanding Sheffield Shield season where the 28-year-old made 780 runs at an average of 86.67. Maddinson also won the John Scholes Award, voted on by the Victorian male players and given to the player judged to best exhibit Victorian values. Sutherland won the Sharon Tredrea Award, announcing herself as one of the brightest young prospects in the country. The 18-year-old was a standout contributor to Victoria’s WNCL. She also made her Australian T20I debut in February and was part of Australia’s successful ICC World Cup squad. Aaron Finch’s impressive Marsh One-Day Cup campaign saw him named One-Day Player of the Year. The Australian limited overs captain compiled more than 400 runs for the tournament including an unbeaten 188* against Queensland and another century against South Australia. Jake Fraser-McGurk and Tess Flintoff won the Commonwealth Bank Future Star awards. FraserMcGurk became one of Victoria’s youngest ever first-class debutants when he played against Queensland at the MCG in November, while Flintoff made her WNCL debut in Adelaide in September before captaining Victoria Metro at the Under 18 National Championships.

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Wil Parker, Jonathan Merlo, Xavier Crone, Mitch Perry and Ellyse Perry also made their Victorian First-Class debuts during the season. Congratulations are extended to retirees Kristen Beams and Andrew Fekete and best wishes to Peter Siddle and Chris Tremain who will continue their careers elsewhere next season after making fine contributions to Victorian cricket. Australia’s win in the ICC Women’s T20 World Cup in front of 86,174 fans was a significant highlight to end the season. The title winning squad featured seven Victorian players: Meg Lanning, Sophie Molineux, Ellyse Perry, Annabel Sutherland, Tayla Vlaeminck, Georgia Wareham and Molly Strano.

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DIVERSITY & COMMUNITY We continue to build our pathways for social inclusion and connecting cricket communities. The Melbourne All Abilities Cricket Association continues to grow with Brunswick and Williamstown Cricket Club forming teams in the regular summer competition. The Melbourne Deaf Cricket Association’s female team – The Willows – also made their first grand final in the NWMCA Women’s T20 Competition which is an outstanding achievement. With support from the Victorian State Government and the ICC Women’s T20 World Cup Legacy program we were also able to enhance and grow the Year 7 & 8 Girls Leadership program which had more than 1,100 students participate in online learning and face to face workshops. Our leadership and outreach initiatives to support the LGBTI+ community and their engagement with cricket is growing. We hosted thirteen Proud Cricket community events with Holy Trinity and Kew Cricket Clubs leading the way for LGBTI+ inclusion. In addition, the VCCL endorsed and named the first round of Country Week Cricket as ‘Proud Cricket’. Indigenous participation rates continue to grow and to further their development four Premier Cricket scholarships were awarded. Recipients included Molly Ward (Prahran CC), Tahlia Meier (Box Hill CC), Shaun McAndrews (Footscray CC) and Jess Jewiss (Frankston CC). Cricket Victoria would like to thank the Victorian State Government and the Commonwealth Bank for their support of these scholarships.

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MELBOURNE RENEGADES REVIEW It was always going to be a challenge to match the heady heights of BBL|08/WBBL|05, the most successful year in the club’s nine year history. After losing our semi-final in dramatic circumstances in WBBL|05, the women returned with the goal of going one step further this season. Led by captain Jess Duffin (544 runs @ 68), there were some bright performances with the likes of English import Danni Wyatt (468 runs @ 39) and Molly Strano (league leading wicket taker with 34 wickets @ 16.91) delivering wins at key times. A run of six wins out of the last eight games saw the Renegades sail into the semi-final, only to go down by four wickets against eventual winners the Brisbane Heat. The future is bright, with exciting young talents such as Josie Dooley and Georgia Wareham providing a strong foundation for another competitive WBBL campaign. WBBL|05 was the final season for head coach Tim Coyle, who led the club for three seasons including two finals appearances. The club would like to acknowledge Tim’s tremendous contribution to the Renegades program and wish him all the best for the future. Lachlan Stevens was appointed the club’s new WBBL head coach in May and we hope he will continue the fine work that Tim started. The Renegades’ BBL|09 campaign was challenged before a ball was bowled, losing title-winning head coach Andrew McDonald to the Australian Men’s Team and Pakistani imports Usman Shinwari and Faheem Ashraf to national team duties.

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Adding injuries and international selection to key domestic players, new Head Coach Michael Klinger faced obstacles that would challenge the most seasoned of coaches, let alone one in his first year as a coach in the BBL. The result was an unfulfilled season, the Renegades finishing last with only three wins. The silver lining was the growth of Beau Webster (425 runs @ 42.50), who cemented himself in the team playing a key role in the middle order. Despite the disappointing season, there is much to look forward to. The continued growth of youngsters Jake Fraser-McGurk, Mackenzie Harvey, Will Sutherland and Zak Evans means the Renegades boast some of the most exciting young talent in the league. Add seasoned veterans such as Aaron Finch, Kane Richardson and Shaun Marsh and BBL|10 will be a good time to #GETONRED. Congratulations to Beau Webster and Jess Duffin for their recognition as Renegades’ BBL and WBBL Players of the season. Off the field, the Renegades continued to be a leader in the community. The club set a new membership record of 11,241 members, which sees the Renegades maintain its crown as the club with the most members in the BBL. We hosted our family day at Coburg City Oval in partnership with the City of Moreland. With the full men’s squad in attendance, more than 2,000 fans descended on the picturesque ground to get a closer look at their heroes.

The Renegades continued to lead the BBL in recognising the indigenous community’s contribution to cricket. The team wore the stunning indigenous-themed design of 17-year-old Ky-ya Nicholson-Ward, a member of the Wurundjeri mob, in their matches against the Sixers and the Hurricanes. The front of the shirt represented the act of gathering together and standing side by side, while the back included a pattern from Ky-ya’s fourth great uncle, the legendary William Barak, the tribe’s last traditional leader and one of the first civil rights activists for the Wurundjeri people. Finally, the Renegades 2019 Champions League, a multicultural tournament that culminated in a T20 final at the CitiPower Centre, enjoyed another successful edition with the Hyderabad XI CC defeating the Kerala Strikers CC in the grand final. The Melbourne Renegades would like to thank Mars (Principal Partner WBBL and BBL), Carsales (Major Partner WBBL and BBL), Nylex (Co-Major Partner WBBL and BBL), RMIT University (Official Community Partner and Official Education Partners) and Suzuki (Official Vehicle and Coaches Partner) as well as official WBBL partners Vic Health and Liberty. The Melbourne Renegades would also like to recognise the contribution of long-serving Renegades staff member Chris Gergely, who finished at the Renegades at the end of the season. Much of what you see on match day, and in the community, is due to the dedication of Chris over a long period of time. We wish him great success in his future endeavours.


M E L B O U R N E S TA R S REVIEW After the stinging disappointment of the Stars’ BBL Grand Final loss to the Renegades in BBL|08, this season’s focus was about righting the record. In the WBBL camp, the Stars continued their quest to reach their first finals campaign. Unfortunately, it was a quest that proved beyond the squad’s reach, the team losing their first two games against the Hurricanes and then chasing the season thereafter. The emergence of teenage sensation Tess Flintoff with bat and ball, Lizelle Lee’s 103 not out against the Scorchers and evergreen Erin Osborne’s contribution of 200 runs and 11 wickets, all provided bright sparks in a fairly dim season. However, it was not to be, with the club finishing last with two wins. The season would prove to be Head Coach David Hemp’s last. After five seasons at the helm, the club’s inaugural WBBL coach did not have his contract renewed. We wish David all the best in the future and recognise the tireless work he put in to establishing the club’s WBBL program. New WBBL Head Coach, Trent Woodhill, was appointed in June with the priority of getting the Stars moving up the ladder. With a long history with the club as the BBL List Manager, Trent has wasted no time in building a competitive WBBL squad. Stars fans have a lot to look forward to in WBBL|06. While the WBBL season was a challenging one for the club, the BBL was filled with highlights. The emergence of Pakistan pace bowler Haris Rauf was capped by his stunning hat-trick at the MCG against the Sydney Thunder.

Marcus Stoinis’ brutal record 147 not out against the Sixers, Glenn Maxwell’s 83 off 45 in the Derby, and the arrival of pace legend Dale Steyn in the Stars famous green added to the highlights. Under new coach David Hussey, the squad delivered a potent cocktail of performances that saw the team finish on top of the ladder with 10 wins, a home and away record for the club. The new finals format saw the Stars fall to the Sixers at the MCG before booking a grand final berth against the Sixers at the SCG with a win against the Thunder in front of their home crowd. Competing with poor weather and a home ground advantage that favoured the Sixers as the highest ranked team, it proved a bridge too far with the Sixers finishing as deserved BBL|09 Champions. A disappointing end to a stellar season, which sees the Melbourne Stars as Australia’s most watched team (an average of 900,000 viewers per match) in Australia’s most watched league. Congratulations to Marcus Stoinis and Lizelle Lee for their recognition as the club’s BBL and WBBL Players of the Tournament. In the community, the Melbourne Stars continue to grow their Family Day – now in its seventh year. Over 4,500 fans joined the squad at Casey Fields in the lead up to BBL09 to celebrate the start of the new season. The Family Day is by far and away the largest in the BBL, enhancing the Stars’ reputation as a power club in the league.

In addition, we hosted two Super Clinics at the MCG in January, giving 726 children a chance to train like a Star. The opportunity to bat and bowl on the hallowed turf with their heroes is a memory the kids are sure to cherish, and hopefully make them fans for life. The Stars completed its three year partnership with the Latrobe Valley Authority, playing a BBL game against the Hobart Hurricanes, after matches in Moe and Traralgon in the previous two seasons. Thousands of Gippsland cricket fans descended on Ted Summerton Reserve to see Stoinis blast 81 off 54 balls and Rauf do the rest, taking 5/27 to dismiss the Tasmanian team for 111. The game was the crowning achievement of three years of BBL activity in the region, and lays a foundation for what we hope will be a long association between the Stars and Gippsland. The Melbourne Stars would like to recognise the support of our incredible sponsors: Optus (Principal and Co-Major Partner, WBBL and BBL), Oppo (Co-Major Partner BBL), Holden (Official Vehicle Partner), Zooper Dooper (Official Hydration Partner), Vic Health (WBBL Major Partner), Dimplex (Official Co-Coaches Partners) and the City of Casey. The Melbourne Stars would also like to thank outgoing Media Manager Sarah Carpinteri who finished at the Stars at the end of the summer. Sarah has been involved at the club for several years and is a driven and committed media professional who loved, and is loved, by her Stars family. She will be missed.

AN N UAL R E P O RT 2018-19 | 13


PREMIER CRICKET REVIEW The 2019/20 Victorian Premier Cricket season, like many other competitions across Australia, saw an untimely early finish on the 17 March 2020 with the decision made to cancel the remainder of the season as prevention for the Coronavirus outbreak that was sweeping the rest of the world. This decision was not taken lightly and was taken with the well-being of the cricketing community at the front of mind. The Men’s First XI title was awarded to Melbourne Cricket Club as a result of this early finish to the season, when all other results were considered at the time of cancellation. Carlton (Renegades conference) and the Monash Tigers (Stars conference) were the respective winners in this season’s Vic SUPER SLAM, with both sides earning a trip to Adelaide for the National Premier T20 Tournament. The Blues went back as both defending NPT20 champions and current Vic SUPER SLAM Champions and would likely have defended their national title if not for losing their first game of the campaign against Hawkesbury (NSW). With other results going their way in following matches, the Blues were left to pay for this error with Sydney and Adelaide University going through to the Final (both unbeaten), with Sydney winning the final in a heart-stopper. The Monash Tigers won one match as a result of a Super Over, while also using this trip as a learning experience for those involved.

14 | C R I C K ET VI CTO R IA

Melbourne University were this season’s Club Champions, winning their first title in this award since 2007/08 with their 1sts, 2nds and 3rds all making the Finals. This was recognition for the Students for their work in developing their group of up-and-coming players over recent seasons. The Jack Ryder Medal saw a close finish, with all-rounders David King (Ringwood) and James Seymour (Essendon) tied on 28 votes to share the award. The joint winners finished just one vote ahead of veterans Dean Russ (Footscray) and James Nanopoulos (Dandenong) in one of the tightest counts for some time. The Spirit of Cricket Awards were won for the 2019/20 season by the Camberwell Magpies in the Men’s competition, while a tie occurred between Melbourne and Prahran for the Women’s award. The Men’s Lower XI titles were won by Prahran (Seconds), Ringwood (Thirds) and Dandenong (Fourths). In the Premier Women’s Firsts One Day competition, Essendon Maribyrnong Park were awarded the title over Prahran due to finishing the season in top position. The Una Paisley Medal saw a first this season, with a tie occurring between Dandenong’s Irish import Kim Garth and Ringwood captain Bhavisha Devchand on 34 votes. Box Hill captain Rebecca Carter finished in outright 3rd on 31 votes.

In the Women’s Premier Seconds One Day competition, Box Hill were awarded the title over Melbourne due to qualifying for the Final as the higher ranked team. In the Women’s Premier Firsts T20 Final, Essendon Maribyrnong Park dominated against Prahran at the CitiPower Centre, winning the Final by 10 wickets with Elyse Villani winning the Player of the Final award for her innings of 59* off 46 balls. The Women’s Premier Seconds T20 Final saw Box Hill hold off Essendon Maribyrnong Park at the Harry Trott Oval by 6 runs, with the Mustangs’ Leah Charalambous awarded the Player of the Match for her spell of 4/27 off 4 overs. Notable retirees this season from Premier Cricket ranks include former Fitzroy Doncaster skipper Peter Dickson, St Kilda and Australian representative Michael Beer, Melbourne left arm spinner Sean Sturrock, EMP, Victorian and Australian representative Kristen Beams, 200game Box Hill player Penelope Cleghorn and long-serving umpire Eric Kelly. Cricket Victoria would like to thank all Premier Clubs, players, coaches and officials for their dedication this season.


Men’s Premier Team of the Year

Women’s Premier Team of the Year

Brayden Stepien (Carlton – WK)

Makinley Blows (Ess Mar Park – Captain)

David King (Ringwood)

Rebecca Carter (Box Hill)

Luke Wells (Casey-South Melbourne - Captain)

Bhavisha Devchand (Ringwood)

James Seymour (Essendon)

Amy Vine (Melbourne)

Blake Thomson (Melbourne)

Una Raymond-Hoey (Ringwood)

Alex Gregory (Melbourne University)

Zoe Griffiths (Box Hill)

Hayden Butterworth (Geelong)

Kim Garth (Dandenong)

James Nanopoulos (Dandenong)

Alana King (Prahran)

Marcus Berryman (Monash Tigers)

Sophie Reid (Plenty Valley - WK)

Kieran Elliott (Melbourne)

Elly Donald (Melbourne)

Suraj Randiv (Dandenong)

Briana Binch (Ess Mar Park)

Sean McNicholl (Greenvale Kangaroos)

Sterre Kalis (Prahran)

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AN N UAL R E P O RT 2019-20 | 15


COMMUNITY CRICKET & K E Y S TA K E H O L D E R S With the challenges and impact of bushfires in many parts of country Victoria and the early end of the season due to Coronavirus, our volunteers and broader cricket community have been truly tested. They have again demonstrated their resilience, commitment and passion to their clubs and players. They are the backbone of our sport and Cricket Victoria thanks them for their ongoing efforts in helping cricket remain healthy, vibrant and inclusive. It was pleasing to see healthy player retention and some growth in both metropolitan and country areas. In metropolitan areas we saw player growth in junior boys of 5.6% and 19.3% in junior girls. In senior cricket, men’s participation grew by 5.9% and women’s participation by 30.6%. In junior cricket in country areas, we saw a small drop of 4% but strong girls participation growth of 14.5%. In senior country cricket participation, men’s players grew by 3.2% and women’s by 120.8%. Competition to attract and retain players has never been stronger with boys and girls now offered a myriad of sport, recreation and online activities. It is pleasing that the growth in Woolworths Cricket Blast, junior and senior cricket shows that our collective efforts are being rewarded and our sport is responding to changing societal trends. This is also reflected in the

16 | C R I C K ET VI CTO R IA

formats we are offering: the more inclusive environments clubs are creating and the range of cricket initiatives being delivered in schools, clubs and indoor centres. The 2019-20 cricket season saw Victoria retain its position as:

#1 STATE IN AUSTRALIA FOR REGISTERED PARTICIPATION

235,084

#1 STATE IN AUSTRALIA FOR CLUB CRICKET PARTICIPATION

130,199

#1 STATE IN AUSTRALIA FOR INDOOR PARTICIPATION

66,090

#2 STATE FOR WOOLWORTHS CRICKET BLAST PARTICIPATION

15,500

The measure of participation includes activity across three key areas of Victorian Cricket - club, school and indoor cricket. A participant is defined as someone who has participated in the sport a minimum of four times. At club level, over 8,500 community cricket teams played cricket ‘week-in, week-out’, representing 1,094 clubs across 75 cricket associations. The growth in registered cricket participation overall is pleasing given the focus on increasing opportunities for women and girls to play cricket in addition to the inclusion of aligned junior cricket formats. Females participating in cricket now makes up 29.66% of total participants in Victoria, edging closer to our commitment in leading Australia in inspiring and supporting women and girls to love cricket. The euphoria of the ICC Women’s T20 World Cup has also provided wonderful exposure and excitement to thousands of Victorian girls and women. During the matches conducted at the CitiPower Centre it was fantastic to see a large and diverse fans. This included young boys and girls in their junior club shirts watching their heroes from the newly-refurbished Kevin Murray Stand.


C LU B AN D C O M MU N IT Y C R I C K ET H I G H LI G HTS • Thanks to Mark Keating (VMCU), Kelvin White (VCCL) and Phil O’Meara (VSDCA) for their support and collaboration in what has been a very challenging year. We value our relationship with these peak bodies and will continue to work in partnership with them to grow the game. • Significant attention provided by Clubs, Associations, Affiliates and CV staff to work through the important task of creating safer environments for children to enjoy cricket following the introduction of the Safeguarding Children legislation in Victoria. Many associations and clubs were also assisted with adopting helmet guidelines. • Greater utilisation of technology and digital platforms has allowed us to increase our support for volunteers, teachers and coaches. These activities included online leadership programs for secondary aged girls and teachers, coaching forums, large uptake in the use of MyCricket scoring app and all junior participants registering to play online. • The Geelong Cricket Association continue to host and support the National Cricket Inclusion Championships with Victoria again competing with success across competitions. These championships are now a regular on the cricket calendar and we appreciate the efforts of Cricket Australia, supporting families, City of Greater Geelong and the Victorian Government in making it such a wonderful and inclusive event. • Ongoing growth of the successful Harmony in Cricket competition which provides a unique solution for players of diverse cultural backgrounds and the expansion of the pathway for talented players from multicultural backgrounds.

• The award winning new Casey Stadium hosted the National Indoor Cricket Championships in July last year with Victoria winning 4 of the 5 junior titles and the Lord’s Taverners Shield.

different stages of planning, delivery and operation. We were excited to launch the following regional Cricket and Community Centres during the 2019-20 season:

• The Victorian Men’s team defeated WA to win the Australian National Country Cricket Championships in Toowoomba. Our Women’s team were again very competitive winning three matches.

• Eastern Oval, Ballarat (Central Highlands) – a partnered project between City of Ballarat, Victorian Government and Australian Cricket.

• Victoria had three recipients at the National Community Cricket Awards: » Jaccob Rodda from the Irrewarra Cricket Club won the Community Coach of the Year. » Barwon Women’s Cricket Competition were finalists in the Women and Girls Initiative of the Year category. » Edinburgh Cricket Club were finalists in Community Cricket Club of the of Year category.

• Ted Summerton Reserve, Moe (Gippsland) – a partnered project between Latrobe City Council, Latrobe Valley Authority, Victorian Government and Australian Cricket. We would like to thank our project partners and the wider cricket community for their drive and assistance in bringing these facilities to fruition. Each venue will provide opportunities within their broader region to grow participation, enhance regional performance pathway development and provide a regional home for community cricket education, training and events. Our work continues with regional Cricket and Community Centres being planned and delivered in the following country regions:

I N F R AST RU C T U R E

• Bendigo (Northern Rivers)

It was another strong year for cricket infrastructure development in Victoria. This year saw the second rollout of the Australian Cricket Infrastructure Fund (ACIF) which is a partnered fund with Cricket Victoria, Cricket Australia and the Australian Cricketers’ Association investing in grassroots cricket infrastructure across the State.

• Frankston (South East Country)

In 2019/20 the ACIF received in excess of 100 applications for funding through Victorian clubs, schools and local government with a total project value of $65 million being submitted for funding. Due to Coronavirus we have experienced delays in the assessment of ACIF projects, however successful applicants will be announced early in the 2020-21 season to the benefit of our Victorian cricket community and enhancing our localised facility offering. Our network of regional Cricket and Community Centres has progressed with each venue in

• Hamilton (Western Country) • Mildura (Mallee Murray) • Wodonga (North East Country) Our partnered work with the Victorian Government and Local Governments across the state continues to provide opportunities for community cricket infrastructure development throughout Victoria. Community cricket infrastructure funding opportunities are available to Victorian Local Government through the Community Cricket Program. The focus of the Community Cricket Program is to provide partnered infrastructure funding opportunities for cricket specific projects throughout the State as well as the future development of a network of metropolitan Cricket and Community Centre venues to service Greater Melbourne.

AN N UAL R E P O RT 2019-20 | 17


V I C TO R I A N C R I C K E T & P R E M I E R AWAR D W I N N E RS

2019-20 VICTORIAN CRICKET AWARDS WINNERS

Bill Lawry Medal Nic Maddinson

John Scholes Award Nic Maddinson

Sharon Tredrea Award Annabel Sutherland

Commonwealth Bank Future Stars Awards Male: Jake Fraser-McGurk Female: Tess Flintoff

One Day Player of the Year Aaron Finch

Melbourne Renegades Players of the Season BBL: Beau Webster WBBL: Jess Duffin Melbourne Stars Players of the Season BBL: Marcus Stoinis WBBL: Lizelle Lee

2019-20 PREMIER CRICKET AWARDS WINNERS

Jack Ryder Medal David King (Ringwood) James Seymour (Essendon) Una Paisley Medal Kim Garth (Dandenong) Bhavisha Devchand (Ringwood) Aaron Finch Medal (Vic Super Slam Player of the Season)

Evan Gulbis (Carlton Blues) Men’s Team of the Season 1. Brayden Stepien (Carlton - WK) 2. David King (Ringwood) 3. Luke Wells (Casey-South Melbourne, C) 4. James Seymour (Essendon) 5. Blake Thomson (Melbourne) 6. Alex Gregory (Melbourne University) 7. Hayden Butterworth (Geelong) 8. James Nanopoulos (Dandenong) 9. Marcus Berryman (Monash Tigers) 10. Kieran Elliott (Melbourne) 11. Suraj Randiv (Dandenong) 12. Sean McNicholl (Greenvale Kangaroos)

18 | C R I C K ET VI CTO R IA

Women’s Team of the Season 1. Makinley Blows (Essendon Maribyrnong Park - C) 2. Rebecca Carter (Box Hill) 3. Bhavisha Devchand (Ringwood) 4. Amy Vine (Melbourne) 5. Una Raymond-Hoey (Ringwood) 6. Zoe Griffiths (Box Hill) 7. Kim Garth (Dandenong) 8. Alana King (Prahran) 9. Sophie Reid (Plenty Valley - WK) 10. Elly Donald (Melbourne) 11. Briana Binch (Essendon Maribyrnong Park) 12. Sterre Kalis (Prahran) Men’s Players of the Season 2nd XI – Samuel Jones (Fitzroy Doncaster) & Lachlan McKenna (Carlton) 3rd XI – William Ryan (Melbourne) 4th XI – Adrian Vidajic (Camberwell Magpies) Sue Woolcock Award (Women’s Premier Seconds One Day Player of the Season)

Kelly Applebee (Dandenong)

Women’s Premier Firsts T20 Player of the Season Makinley Blows (Essendon Maribyrnong Park) Women’s Premier Seconds T20 Player of the Season Bridie Chesterfield (Melbourne) June Cole Award (Best First Year Women’s Premier Firsts Player) Olivia Downes (Melbourne) Spirit of Cricket Award Men’s – Camberwell Magpies Women’s – Melbourne & Prahran Club Championship Men’s – Melbourne University Women’s – Essendon Maribyrnong Park Umpire Recognition Award Malcolm Gunn


O U R PA RT N E R S

AN N UAL R E P O RT 2019-20 | 19


V I C TO R I A N CRICKET A S S O C I AT I O N A.B.N. 28 004 128 812

F I NAN C IAL R E P O RT F O R TH E YEAR E N D E D 30 J U N E 2020 21

Corporate Directory

22

Directors’ Report

26

Auditor’s Independence Declaration

27

Directors’ Declaration

28

Independent Auditor’s Report to the Members Financial Statements

20 | C R I C K ET VI CTO R IA

30

Consolidated Statement of Comprehensive Income

31

Consolidated Statement of Financial Position

32

Consolidated Statement of Changes in Equity

33

Consolidated Statement of Cash Flows

34

Notes to the Financial Statements


C O R P O R AT E D I R E C TO RY DIRECTORS

LEGAL ADVISORS

Paul Barker Paul Jackson Claudia Fatone David Maddocks Theresa Best Peter Williams Lydia Dowse Phillip Hyde Jane Nathan

Lander & Rogers 12/600 Bourke Street Melbourne VIC 3000

Chief Executive Officer Andrew Ingleton

SECRETARY Michael Bullock

PRINCIPAL REGISTERED OFFICE CitiPower Centre Lakeside Drive St Kilda VIC 3182

BANKERS Commonwealth Bank 7-9 The Mall Lower Templestowe VIC 3107

INVESTMENT ADVISORS JB Were Level 42, Governor Phillip Tower 1 Farrer Place Sydney NSW 2000

WEBSITE www.cricketvictoria.com.au

EXTERNAL AUDITOR PricewaterhouseCoopers 2 Riverside Quay Southbank VIC 3006

INTERNAL AUDITOR BDO Tower Four Level 18 727 Collins Street Melbourne 3008

AN N UAL R E P O RT 2019-20 | 21


D I R E C TO R S ’ R E P O RT The directors of the Victorian Cricket Association and controlled entities (“the Group”) submit herewith the general purpose reduced disclosure financial report of the Group for the financial year ended 30 June 2020. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:

DIRECTORS AND COMPANY SECRETARY The names and particulars of the directors of the company during or since the end of the financial year are:

Name

Occupation

Board Tenure

Special Responsibilities

Paul Barker

Non Executive Director

5 years

Chair Cricket Victoria Board, Chair People & Culture Committee, Audit & Risk Committee, Finance & Investment Committee, High Performance Committee, Community Cricket Committee, Director of Melbourne Renegades, Director of Melbourne Stars

Paul Jackson

Bank Executive

13 years

Chair High Performance Committee, Finance & Investment Committee, Director of Melbourne Renegades, Director of Melbourne Stars

Claudia Fatone

Executive Officer

9 years

Finance & Investment Committee, High Performance Committee, Director of Melbourne Renegades, Director of Melbourne Stars

David Maddocks

Lawyer

6 years

Audit & Risk Committee, People & Culture Committee

Peter Williams

Non Executive Director

3 years

Chair Finance & Investment Committee, Audit & Risk Committee, Community Cricket Committee, Director of Melbourne Renegades, Director of Melbourne Stars

Theresa Best

Marketing Director

2 years

Chair Community Cricket Committee, People & Culture Committee

Phillip Hyde

Senior Executive

2 years

Chair Audit & Risk Committee, Finance & Investment Committee, High Performance Committee

Lydia Dowse

Head of Integrity & Risk

1 year

Audit & Risk Committee, People & Culture Committee

Jane Nathan

Director

1 year

Community Cricket Committee

22 | C R I C K ET VI CTO R IA


PRINCIPAL ACTIVITIES The principal activities of the Group (Cricket Victoria and controlled entities) during the financial year were the ongoing promotion, management and control of cricket in the State of Victoria. Cricket Victoria delivers a range of activities including community cricket programs, coaching, talent identification and development, staging of State and Big Bash matches, and provides valuable resources for the ongoing growth and promotion of the game of cricket throughout Victoria. The objective of the Group is to be Australia’s leading cricket state, supporting and growing grassroots cricket throughout Victoria, delivering the finest cricket performance program for elite men’s and women’s cricket and growing our fan base through the Big Bash. There were no significant changes in the nature of the Group’s activities during the year. STATUTORY INFORMATION The Group’s consolidated financial statements and accompanying notes have been presented for the financial year ended 30 June 2020 and appear on pages 30-47. FINANCIAL HEADLINES The Group’s revenue and other income was $48,879,185, representing an increase of $1,209,547 versus the prior year. The movement in revenue can be attributed to a $1,500,000 government grant received for the redevelopment of the Kevin Murray Stand at the CitiPower Centre, increased funding from Cricket Australia but offset by lower sponsorship income and lost revenue due to the closure of the CitiPower Centre from March.

Activities during the financial year returned a surplus for the Group (Cricket Victoria and controlled entities) of $1,880,740 (2019 deficit $2,054,865). Activities during the financial year returned a (deficit) for the company (Cricket Victoria) of ($706,131) (2019 deficit $3,372,466).

austerity measures such as the cancellation of events, hiring freeze and travel bans contributed to the preservation of cash. The Group was also able to access government stimulus assistance packages. These measures contributed to the overall improved cash position of the Group.

After adjusting for restructuring expenses of $769,488 relating to the organisational redesign of the Group, and the $1,500,000 funding received for the redevelopment of the Kevin Murray Stand, the underlying surplus for the Group was $1,150,228 and a (deficit) for the company of ($1,436,643).

A one-off redundancy cost of $769,488 was incurred as a result of the organisational review which was predominately driven by reductions in the Community Cricket Field Force team.

Net cash from operating activities was $3,797,240, delivered in part by a strong focus on the collection of trade receivables given the current economic environment. The Group balance sheet continues to remain in a strong position despite the challenges encountered through the latter half of 2020. CORONAVIRUS (COVID-19) IMPACT COVID-19 was declared by the World Health Organisation as a global pandemic in March 2020. COVID-19 has had a significant impact on global economies. The Group has considered the impact of COVID-19 and other market volatility in preparing these financial statements. Having considered the implications of COVID-19 on the Group, management initiated a number of actions to address potential impacts to operating performance. A cost reduction program was implemented by management to preserve cash as the spread of COVID-19 increased. This included a review of the organisational structure and as a result of this review, a 35% reduction in roles was announced in May. Further to this, government restrictions that were imposed in response to COVID-19 and coupled with a number of management actions that were put in place including a variety of

The Group’s closing cash position increased by $786,460 compared to the prior year and at 30 June, the Group finished the year with a cash balance of $3,270,380. Management are confident that the changes undertaken within 2020 have provided stability and greater certainty for the Group to meet the challenges that may arise in 2020/21. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS In the opinion of the directors, other than as set out in this report, there were no significant changes in the state of affairs of the Group that occurred during the financial year under review. EVENTS SINCE THE END OF THE FINANCIAL YEAR The unknown length or depth of the COVID-19 health and economic crisis, the impact on social restrictions and the Victorian economy, as well as the uncertainty of crowds attending or BBL matches being played in Melbourne has the potential to disrupt our ability to generate revenue from these matches. ENVIRONMENTAL REGULATION The Group’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a State or Territory.

AN N UAL R E P O RT 2019-20 | 23


D I R E C TO R S ’ R E P O RT Board Meetings Director

Meetings of Committees

Audit & Risk

Finance & Investment

High Performance

Community Cricket

People & Culture

Held

Attended

Held

Attended

Held

Attended

Held

Attended

Held

Attended

Held

Attended

Paul Barker

11

11

4

2

13

13

3

3

3

3

2

2

Paul Jackson

11

11

13

12

3

3

Claudia Fatone

11

11

13

11

3

3

David Maddocks

11

11

2

2

Theresa Best

11

9

2

2

Peter Williams

11

Lydia Dowse

2

1

Phillip Hyde Jane Nathan

4

3

11

4

4

11

11

4

2

11

11

4

4

11

9

DIVIDENDS In respect of the financial year ended 30 June 2020, no dividends were declared or paid (2019: $Nil). The company is a public company limited by guarantee, is a not for profit and is therefore precluded from paying dividends. BOARD STRUCTURE The directors of the Victorian Cricket Association consist of six elected directors and three appointed directors. The term of the elected directors is up to three years with two elected directors elected at each Annual General Meeting. The term of each elected director will expire at the conclusion of the third Annual General Meeting following their election. Elected directors are eligible for reelection following expiry of their term. No elected director who has served for a total of 3 consecutive terms shall be eligible for re-election (except in extenuating circumstances) until the third Annual General Meeting following the date of conclusion as a director.

24 | C R I C K ET VI CTO R IA

13

12

13

10

3

3

3

3

3

3 3

The elected directors may appoint a maximum of three appointed directors for a term of up to three years. Appointed directors are eligible for further appointment following expiry of their term. No appointed director who has served for a total of 3 consecutive terms shall be eligible for re-election for at least 3 years following the date of conclusion as a director.

2

i) Audit & Risk Committee - oversees financial reporting, risk management and internal controls, internal and external audit and insurance. Independent committee member - KPMG audit partner.

MEETINGS OF DIRECTORS

ii) Finance & Investment Committee - oversees investment strategy, strategic planning, capital expenditure, annual budgets and monthly financial performance.

The table above sets out the number of directors’ meetings held during the financial year and the number of meetings attended by each director (while they were a director).

iii) High Performance Committee - oversees the national and state high-performance pathway for both male and female, from entry level to elite competition incorporating Premier Cricket.

COMMITTEES Five key standing committees have been established to assist the Board in fulfilling its responsibilities:

iv) Community Cricket Committee - to support the development (and monitoring) of the Cricket Victoria participation and community cricket strategy. v) People and Culture Committee - oversees training, development and succession planning, performance and remuneration and company diversity.


RECOGNISING AND MANAGING RISK

PROCEEDINGS ON BEHALF OF THE COMPANY

The Board is responsible for ensuring the adequacy of the Victorian Cricket Association’s risk management and is assisted in doing this by the Audit and Risk Committee. This includes ensuring the establishment, implementation and annual review of the Victorian Cricket Association risk management systems, ensuring that they are designed to protect the company’s reputation and manage key business, strategic and financial risks.

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the company, or to intervene in any proceedings to which the company is a party, for the purpose of taking responsibility on behalf of the company for all or part of those proceedings.

The Audit and Risk Committee reviews the risk management framework on a regular basis and satisfies itself that management has appropriate systems in place for managing risk and maintaining internal controls. The CEO and senior management team are responsible for identifying, evaluating and monitoring risk in accordance with the risk management framework. INSURANCE OF OFFICERS AND INDEMNITIES Clause 31 of the Constitution provides that the company will to the extent permitted by law, indemnify officers of Group companies in respect of any liability incurred by the officer in or arising out of the proper performance of any duty of the business of the Association or of such wholly owned subsidiaries. Directors of the Victorian Cricket Association are provided with a Deed of Indemnity, Access & Insurance with the company. No director of the company has received a benefit under an indemnity from the company during the year ended 30 June 2020 or to the date of this report. The company has paid an insurance premium in respect of an insurance contract that covers directors and officers of the Group of Companies against any liability arising in or out of the conduct of the business of the Group and the proper performance of any duty of that director or officer. Due to the confidential undertakings of the policy, no further details in respect of the premium or policy can be disclosed.

AUDITOR’S INDEPENDENCE DECLARATION A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 7 to page 26. MEMBERS GUARANTEE The Parent is a public company limited by guarantee. If the Parent is wound up, the Constitution states that each voting member is required to contribute an amount not exceeding $100 towards CV’s property while they are a member or within one year after their membership ceases. ROUNDING OF AMOUNTS The company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to the ‘rounding off’ of amounts in the directors’ report. Amounts in the directors’ report have been rounded off in accordance with the instrument to the nearest thousand dollars, or in certain cases, to the nearest dollar. This report is made in accordance with a resolution of directors.

Paul Barker Director Melbourne, 27 July 2020

AN N UAL R E P O RT 2019-20 | 25


Auditor’s Independence Declaration As lead auditor for the audit of Victorian Cricket Association for the year ended 30 June 2020, I declare that to the best of my knowledge and belief, there have been: (a)

no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

(b)

no contraventions of any applicable code of professional conduct in relation to the audit.

This declaration is in respect of Victorian Cricket Association and the entities it controlled during the period.

Andrew Cronin Partner PricewaterhouseCoopers

PricewaterhouseCoopers, ABN 52 780 433 757 2 Riverside Quay, SOUTHBANK VIC 3006, GPO Box 1331, MELBOURNE VIC 3001 T: 61 3 8603 1000, F: 61 3 8603 1999, www.pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation.

26 | C R I C K ET VI CTO R IA

Melbourne 27 July 2020


D I R E C TO R S ’ D E C L A R AT I O N As stated in note 1(b) of the consolidated financial statements, the Group is not a reporting entity because in the opinion of the directors there are unlikely to exist users of the financial report who are unable to command the preparation of reports tailored so as to satisfy specifically all of their information needs. Accordingly, this ‘general purpose financial report’ has been prepared to satisfy the directors’ reporting requirements under the Corporations Act 2001. The directors declare that: (a) the financial statements and notes set out on pages 30 to 47 are in accordance with the Corporations Act 2001, including: (i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements, and (ii) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2020 and of its performance for the financial year ended on that date, and (b) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable, and (c) The directors have been given the declarations by the Chief Executive Officer and Chief Operating Officer in line with section 295A of the Corporations Act. This declaration is made in accordance with a resolution of directors.

Paul Barker Director

Phillip Hyde Director

Melbourne, 27 July 2020

AN N UAL R E P O RT 2019-20 | 27


Independent auditor’s report To the members of Victorian Cricket Association

Our opinion In our opinion: The accompanying financial report of Victorian Cricket Association (the Company) and its controlled entities (together the Group) is in accordance with the Corporations Act 2001, including: (a)

giving a true and fair view of the Group's financial position as at 30 June 2020 and of its financial performance for the year then ended

(b)

complying with Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Regulations 2001.

What we have audited The Group financial report comprises: •

the consolidated statement of financial position as at 30 June 2020

the consolidated statement of changes in equity for the year then ended

the consolidated statement of cash flows for the year then ended

the consolidated statement of profit or loss and other comprehensive income for the year then ended

the notes to the consolidated financial statements, which include a summary of significant accounting policies

the directors’ declaration.

Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

Other information The directors are responsible for the other information. The other information comprises the information included in the financial report for the year ended 30 June 2020, but does not include the financial report and our auditor’s report thereon.

PricewaterhouseCoopers, ABN 52 780 433 757 2 Riverside Quay, SOUTHBANK VIC 3006, GPO Box 1331, MELBOURNE VIC 3001 T: 61 3 8603 1000, F: 61 3 8603 1999, www.pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation.

28 | C R I C K ET VI CTO R IA


Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the directors for the financial report The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards - Reduced Disclosure Requirements and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar3.pdf. This description forms part of our auditor's report.

PricewaterhouseCoopers

Andrew Cronin Partner

Melbourne 27 July 2020

AN N UAL R E P O RT 2019-20 | 29


C O N S O L I D AT E D S TAT E M E N T O F P RO F IT O R LO S S AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2020

Notes Revenue from contracts with customers

4

Interest income Gain/(loss) attributable to movements in fair value

2020 $

2019 $

48,558,246

46,273,757

22,196

94,626

298,743

1,301,255

(24,126,356)

(26,108,882)

Restructuring expenses*

(769,488)

(669,664)

Consultants expenses

(402,373)

(435,653)

Depreciation and amortisation expenses

(1,759,430)

(1,343,970)

State cricket match expenses

(6,807,055)

(7,468,175)

Travel, catering and corporate hospitality expenses

(3,065,709)

(3,913,649)

Employee benefits expenses

(651,639)

(680,390)

Repairs, hire and equipment expenses

(1,683,342)

(1,460,018)

Awards, promotion and advertising expenses

(1,414,152)

(1,806,397)

(545,450)

(697,097)

(3,083,892)

(3,092,048)

4,570,299

(6,304)

-

-

(2,689,559)

(2,048,561)

1,880,740

(2,054,865)

-

-

1,880,740

(2,054,865)

IT and communication expenses

Motor vehicle expenses Other expenses Profit before tax and grants to associated bodies Income tax expense Grants to associated bodies Profit for the period

1(d)

Other Comprehensive Income Total comprehensive income for the period

* Restructuring expenses incurred as a result of the organisational redesign.

The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

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C O N S O L I D AT E D S TAT E M E N T OF FINANCIAL POSITION AS AT 30 JUNE 2020

Notes

2020 $

2019 $

Current assets Cash and cash equivalents

15

3,270,380

2,483,920

Trade and other receivables

5

605,549

5,032,514

Other financial assets

6

18,645,897

17,954,835

-

13,097

22,521,826

25,484,366

Other assets Total current assets

Non-current assets Premier Cricket club loans

5

-

25,000

Property, plant and equipment

8

43,281,627

42,419,116

Right-of-use assets

10

3,388,657

-

Investment properties

7

10,625,000

10,625,000

36,244

146,541

Total non-current assets

57,331,528

53,215,657

Total assets

79,853,354

78,700,023

Other assets

Current liabilities Trade and other payables

9

1,653,084

4,111,211

Lease liabilities

10

109,505

-

Provisions

11

1,666,829

1,837,996

Other current liabilities

12

699,253

2,101,945

4,128,671

8,051,152

Total current liabilities

Non-current liabilities Lease liabilities

10

3,338,981

-

Provisions

11

583,647

577,556

Total non-current liabilities

3,922,628

577,556

Total liabilities

8,051,299

8,628,708

71,802,055

70,071,315

10

10

Retained earnings

71,802,045

70,071,305

Total equity

71,802,055

70,071,315

Net assets

EQUITY Share capital

The above consolidated statement of financial position should be read in conjunction with the accompanying notes. AN N UAL R E P O RT 2019-20 | 31


C O N S O L I D AT E D S TAT E M E N T OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2020

Balance at 1 July 2018 Loss for the period Total comprehensive income for the period

Share capital $

Retained earnings $

Total $

10

72,126,170

72,126,180

-

(2,054,865)

(2,054,865)

-

(2,054,865)

(2,054,865)

10

70,071,305

70,071,315

Share capital $

Retained earnings $

Total $

10

70,071,305

70,071,315

Adjustment on adoption of AASB 15

-

(150,000)

(150,000)

Restated total equity at 1 July 2019

10

69,921,305

69,921,315

Profit for the period

-

1,880,740

1,880,740

Total comprehensive income for the period

-

1,880,740

1,880,740

10

71,802,045

71,802,055

Balance at 30 June 2019

Balance at 30 June 2019

Balance at 30 June 2020

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

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C O N S O L I D AT E D S TAT E M E N T O F CAS H F LOWS AS AT 30 JUNE 2020

2020 $

2019 $

49,695,411

41,109,392

(48,946,532)

(46,961,143)

3,170,834

1,573,695

22,196

94,626

(144,669)

-

3,797,240

(4,183,430)

(500,000)

(15,000,000)

-

1,700,000

(2,336,734)

(790,859)

8,396

344,818

(2,828,338)

(13,746,041)

Principal elements of finance lease payments

(182,442)

-

Net cash (outflow) from financing activities

(182,442)

-

786,460

(17,929,471)

2,483,920

20,413,391

3,270,380

2,483,920

Notes Cash flows from operating activities Receipts from customers Payments to suppliers and employees Receipts of grants Interest received Interest paid - leases Net cash inflow (outflow) from operating activities

15(a)

Cash flows from investing activities Payments for investments Withdrawals from investments Payments for property, plant and equipment Proceeds from disposal of property, plant and equipment Net cash (outflow) from investing activities

Cash flows from financing activities

Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Cash and cash equivalents at end of year

15

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

AN N UAL R E P O RT 2019-20 | 33


N OT E S TO T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board and the Corporations Act 2001. The Victorian Cricket Association is a not-for-profit entity for the purpose of preparing the financial statements. Where necessary, comparative amounts have been represented or reclassified to ensure compatibility with the current year.

(i) Compliance with Australian Accounting Standards - Reduced Disclosure Requirements The consolidated financial statements of the Victorian Cricket Association Group comply with Australian Accounting Standards - Reduced Disclosure Requirements as issued by the Australian Accounting Standards Board (AASB).

(ii) Historical cost convention The financial report has been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars.

(iii) New and amended standards adopted by the Group The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 July 2019:

AASB 15 Revenue from Contracts with Customers Nature of change

The AASB issued a new standard for the recognition of revenue. This replaces AASB 118 which covers revenue arising from the sale of goods and the rendering of services and AASB 111 which covers construction contracts. AASB 15 Revenue from Contracts with Customers introduces a new five step model to determine when to recognise revenue, and at what amount. The model is based on the concept of recognising revenue for performance obligations when they are satisfied, for an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard permits either a full retrospective or a modified retrospective approach for the adoption.

Impact

The Group performed a review of the new standard and applied the new standard using the modified retrospective approach. Under this approach entities recognise transitional adjustments in retained earnings on the date of initial application (i.e. 1 July 2019), without restating the comparative period. They only need to apply the new rules to contracts that are not completed as of the date of initial application. The application of the modified retrospective approach resulted in an adjustment to the opening balance of retained earnings at 1 July 2019 of $150,000.

Date of adoption by the Group

Mandatory for financial years commencing on or after 1 January 2019. The Group adopted AASB 15 from 1 July 2019.

AASB 1058 Income of Not-For-Profit Entities Nature of change

This Standard clarifies and simplifies the income recognition requirements that apply to not-for-profit (NFP) entities, in conjunction with AASB 15 Revenue from Contracts with Customers.

Impact

The Group performed a review of the standard and there has been no material change to the recognition of the Group’s revenue.

Date of adoption by the Group

Mandatory for financial years commencing on or after 1 January 2019. The Group adopted AASB 15 from 1 July 2019.

AASB 16 Leases Nature of change

34 | C R I C K ET VI CTO R IA

AASB 16 results in almost all leases being recognised on the consolidated statement of financial position by lessees, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognised. Common exceptions are short-term and low-value leases.


N OT E S TO T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S (a) Basis of preparation (continued)

(iii) New and amended standards adopted by the Group (continued)

AASB 16 Leases (continued) Impact

The Group has adopted AASB 16 Leases from 1 July 2019 but has not restated comparatives for the 2019 reporting period, as permitted under the specific transition provisions in the standard. The reclassifications and the adjustments arising from the new leasing rules are therefore recognised in the opening balance sheet on 1 July 2019. On adoption of AASB 16, the Group recognised lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of AASB 117 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted at the entity’s incremental borrowing rate. The incremental borrowing rate applied to the lease liabilities on 1 July 2019 was determined to be 3.75%. This rate was determined by assessing the rate used by similar entities to the Victorian Cricket Association. The Group recognised a lease liability of $4.1m and a corresponding right-of-use asset of $4.1m at 1 July 2019. Payments associated with short-term office leases and leases of low value are recognised on a straight-line basis as an expense in the profit or loss. Short-term leases are leases with a lease term of 12 months or less.

Practical expedients applied

In applying AASB 16 for the first time, the Group has used the following practical expedients permitted by the standard: • relying on previous assessments on whether leases are onerous as an alternative to performing an impairment review there were no onerous contracts as at 1 July 2019 and • excluding initial direct costs for the measurement of the right-of-use asset at the date of initial application. The Group has also elected not to reassess whether a contract is or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date, the Group relied on its assessment made applying AASB 117 and Interpretation 4 Determining whether an Arrangement contains a Lease.

Measurement of lease liabilities

$ Operating lease commitments previously disclosed (Note 14)

17,704,328

Less estimated inflation adjustments

(9,909,328)

Nominal operating lease commitments as at 30 June 2019 Discounted using the lessee’s incremental borrowing rate as at 1 July 2019 Lease liability disclosed as at 1 July 2019

7,795,000 (3,690,297) 4,104,703

Comprising: Current lease liability Non-current lease liability Date of adoption by the Group

268,042 3,836,660

Mandatory for financial years commencing on or after 1 January 2019. The Group adopted AASB 16 from 1 July 2019.

AN N UAL R E P O RT 2019-20 | 35


N OT E S TO T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S (b) Financial reporting framework The Group is not a reporting entity because in the opinion of the directors there are unlikely to exist users of the financial report who are unable to command the preparation of reports tailored so as to satisfy specifically all of their information needs. Accordingly, the ‘general purpose reduced disclosure financial report’ has been prepared to satisfy the directors’ reporting requirements under the Corporations Act 2001. (c) Principles of consolidation and equity accounting The consolidated financial statements incorporate the financial statements of the company and entities controlled by the company (its subsidiaries) (referred to as ‘the Group’ in these financial statements). Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All inter-company balances and transactions between entities in the consolidated entity, including any unrealised profits or losses, have been eliminated on consolidation. Where consolidated entities have entered or left the consolidated entity during the year, their operating results have been included from the date control was obtained or until the date control ceased. (d) Income tax No provision for income tax has been raised as the Group is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997. (e) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the consolidated statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows.

2. SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD The financial position and performance of the Group was particularly affected by the COVID-19 pandemic and the following transactions during the reporting period: • Management actions undertaken to preserve cash resulted in redundancy costs of $769,488 being incurred as a result of the restructuring of the Group. • Overall headcount was reduced by 35% following this restructure. • Accessing of government cash flow assistance packages. • Cancellation of several events and programs resulting in one off savings. • Government restrictions imposed due to COVID-19 also contributed to short term savings that impacted the performance of the Group within the current reporting period.

3. CRITICAL ESTIMATES, JUDGEMENTS AND ERRORS In the application of the Group’s accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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N OT E S TO T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S 2020 $

2019 $

4. REVENUE FROM CONTRACTS WITH CUSTOMERS 30,815,732

28,910,203

Grant revenue

3,170,834

1,573,695

Revenue from cricket matches

5,406,571

5,410,448

Sponsorship

6,811,614

7,862,970

Registrations

766,828

752,462

Rental revenue

321,856

498,131

Revenue from Cricket Australia

Profit on sale of assets Other revenue

-

24,947

1,264,811

1,240,901

48,558,246

46,273,757

In 2020, Grant revenue includes $1,500,000 for the redevelopment of the Kevin Murray Stand.

ACCOUNTING POLICIES Revenue is measured at the fair value of the consideration received or receivable.

Revenue from Cricket Australia Revenue from Cricket Australia is generated via contributions from Cricket Australia to support the management of operations of the business, state teams & BBL teams. As per AASB 15, revenue from Cricket Australia is recognised when the specified performance obligations have been satisfied. Grant revenue Where contracts contain specified performance obligations, as per AASB 15, revenue from grants and other contributions is recognised when the specified performance obligations have been satisfied. Where contracts do not contain specified performance obligations, as per AASB 1058, revenue from grants and other contributions is recognised immediately in the profit or loss. Revenue from cricket matches Revenue from cricket matches is generated via proceeds from ticket sales, memberships, merchandise and hospitality to T20 Big Bash League matches and domestic state team matches. As per AASB 15, revenue from cricket matches is recognised when the specified performance obligations have been satisfied. Sponsorship revenue As per AASB 15, Sponsorship revenue is recognised when the specified performance obligations have been satisfied. Other revenue Revenue is recognised when the specified performance obligations have been satisfied.

AN N UAL R E P O RT 2019-20 | 37


N OT E S TO T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S 2020 $

2019 $

349,147

3,998,727

-

(32,000)

349,147

3,966,727

184,083

959,242

Premier Cricket club loans

10,000

25,000

Other receivables

62,319

81,545

605,549

5,032,514

-

25,000

5. TRADE AND OTHER RECEIVABLES Current Trade receivables Provision for impairment

Accrued income

Non-current Premier Cricket club loans

Current and non-current loans outstanding to Premier Cricket Clubs as at 30 June 2020 is $10,000 (2019: $50,000). There were no new loans made to Premier Clubs in 2020.

ACCOUNTING POLICIES Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off. A provision for impairment of trade receivables is raised based on the expected credit loss model under AASB 9. The Group recognises a provision based on historical default rates, debtor analysis and the Group’s monitoring of credit risk.

Accrued income Revenue is recognised on an accrual basis in accordance with the substance of the relevant agreements.

2020 $

2019 $

16,620,863

17,603,411

2,025,034

351,424

18,645,897

17,954,835

6. OTHER FINANCIAL ASSETS Managed funds at fair value Managed cash funds at fair value

ACCOUNTING POLICIES Investments are recognised and derecognised on trade date where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within the time frame established by the market concerned, and are initially measured at fair value, net of transaction costs except for those financial assets classified as at fair value through the profit or loss which are initially measured at fair value.

Financial assets at fair value through profit or loss Financial assets are classified as financial assets at fair value through the profit or loss where the financial asset: (i) has been acquired principally for the purpose of selling in the near future; (ii) is a part of an identified portfolio of financial instruments that the company manages together and has a recent actual pattern of short-term profit-taking; or (iii) is a derivative that is not designated and effective as a hedging instrument.

38 | C R I C K ET VI CTO R IA


N OT E S TO T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S Financial assets at fair value through the profit or loss are stated at fair value, with any resultant gain or loss recognised in the profit or loss. The net gain or loss recognised in the profit or loss incorporates any dividend or interest earned on the financial asset. Fair value is determined in the manner described below. The fair values of financial assets measured at fair value are determined as follows: i) the fair value of financial assets with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices; ii) the fair value of other financial assets (excluding derivative instruments) are determined in accordance with generally accepted pricing models based on discounted cash flow analysis. 2020 $

2019 $

10,625,000

10,625,000

7. INVESTMENT PROPERTY Investment properties - Directors valuation

ACCOUNTING POLICIES Investment property, which is property held to earn rentals and/or for capital appreciation, is measured initially at its cost, including transaction costs. Subsequent to initial recognition, investment property is measured at fair value. Gains or losses arising from changes in the fair value of investment property are included in profit or loss in the period in which they arise. The Group obtains independent valuations for its investment properties each year. At the end of each reporting period, the Group updates its assessment of the fair value of each property, taking into account the most recent independent valuations. The Group determines a property’s value within a range of reasonable fair value estimates.

8. PROPERTY, PLANT AND EQUIPMENT Buildings at cost $

Plant and equipment at cost $

Motor vehicles $

Total $

37,427,629

6,140,646

197,656

43,765,931

(914,155)

(356,241)

(76,419)

(1,346,815)

36,513,474

5,784,405

121,237

42,419,116

36,513,474

5,784,405

121,237

42,419,116

Reclassifications

3,558,828

(3,558,828)

-

-

Additions

2,002,729

297,761

-

2,300,490

Disposals

(2,877)

(73,583)

(8,396)

(84,856)

(926,562)

(361,521)

(65,040)

(1,353,123)

41,145,592

2,088,234

47,801

43,281,627

At 30 June 2019 Gross carrying amount Accumulated depreciation Net book amount

Year ended 30 June 2020 Opening net book amount

Depreciation expense Closing net book amount

ACCOUNTING POLICIES Property, plant and equipment, is initially recorded at cost and then reduced by accumulated depreciation and any impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the item. In the event that settlement of all or part of the purchase consideration is deferred, cost is determined by discounting the amounts payable in the future to their present value as at the date of acquisition. Plant and equipment is depreciated so that the assets are written down to their residual value over their useful lives, using a straight line method. Assets that relate to leases are written off over the period of the lease or useful life, whichever is shorter. Residual values, useful lives and amortisation methods are reviewed annually and adjusted when required. No changes to depreciation rates were made during the year.

AN N UAL R E P O RT 2019-20 | 39


N OT E S TO T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S If applicable, leasehold improvements are depreciated over the period of the lease or estimated useful life, whichever is the shorter, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period, with the effect of any changes recognised on a prospective basis. Depreciation expense is recorded in the statement of profit or loss and other comprehensive income. •

Buildings

5 - 50 years

Plant and equipment

2 - 30 years

Motor Vehicles

4 - 5 years

Derecognition and disposal When an asset is sold, scrapped or no longer of use to the business it is derecognised. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net proceeds and the carrying amount of the asset) is recorded in the period the asset is derecognised in the statement of profit or loss and other comprehensive income.

2020

2019

$

$

299,279

1,914,615

1,353,805

2,196,596

1,653,084

4,111,211

9. TRADE AND OTHER PAYABLES Trade payables Sundry creditors and accruals

ACCOUNTING POLICIES Trade payables and other payables are recognised when the Group becomes obliged to make future payments resulting from the purchase of goods and services. Trade and other payables are carried at amortised cost.

10. LEASES (i) Amounts recognised in the consolidated statement of financial position 2020

1 July 2019

$

$

3,242,106

3,325,303

138,614

766,574

7,937

12,825

3,388,657

4,104,702

Right-of-use assets Property Motor vehicles Equipment

Lease liabilities Current Non-current

40 | C R I C K ET VI CTO R IA

109,505

268,042

3,338,981

3,836,660

3,448,486

4,104,702


N OT E S TO T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S (ii) Amounts recognised in the consolidated statement of profit or loss 2020 $ Depreciation charge of right-of-use assets Property

83,197

Motor vehicles

318,222

Equipment

4,887

Interest expense Expenses relating to short-term leases

144,669 34,664

THE GROUP’S LEASING ACTIVITIES AND HOW THESE ARE ACCOUNTED FOR The Group leases an office and grounds at Junction Oval, two surrounding ovals in the nearby Albert Park precinct, gym equipment and motor vehicles. Rental contracts are typically made for fixed periods of one year to four years, but may have extension options as described below. The property lease for the Junction Oval is a 50-year lease. Contracts may contain both lease and non-lease components. For all leases where both lease and non-lease components exist, predominantly motor vehicle contracts, the Group has elected not to split the payments into lease and non-lease components. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease arrangements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Until the 2019 financial year, leases of property, plant and equipment and motor vehicles were classified as either finance leases or operating leases. From 1 July 2019, leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: •

fixed payments (including in-substance fixed payments), less any lease incentives receivable

variable lease payment that are based on the Victorian Cricket Association’s incremental borrowing rate (based on the published interest rate used by similar entities to the Victorian Cricket Association). Initially measured using the incremental borrowing rate as at commencement date of 1 July 2019

amounts expected to be payable by the Group under residual value guarantees

the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and

payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

Lease payments to be made under reasonably certain extension options are also included in the measurement of a liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the Victorian Cricket Association’s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate, the Group: •

uses the lease impact assessment report provided by BDO, whereby the incremental borrowing rate was based on the published interest rate used by similar entities to the Victorian Cricket Association.

The Group is exposed to potential future increase in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance costs. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

AN N UAL R E P O RT 2019-20 | 41


N OT E S TO T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S Right-of-use assets are measured at cost comprising the following: •

the amount of the initial measurement of lease liability

any lease payments made at or before the commencement date less any lease incentives received

any initial direct costs, and

restoration costs

Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Payments associated with short-term leases of property, equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in the profit or loss. Short term leases are leases with a lease term of 12 months or less. Low-value assets comprise of office leases in locations in metropolitan Melbourne and regional Victoria. Extension and termination options Extension and termination options are included in a number of properties, equipment and motor vehicle leases across the Group. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.

2020

2019

Current $

Non-current $

Total $

Current $

Non-current $

Total $

120,000

-

120,000

120,000

-

120,000

1,546,829

583,647

2,130,476

1,562,415

577,556

2,139,971

-

-

-

155,581

-

155,581

1,666,829

583,647

2,250,476

1,837,996

577,556

2,415,552

11. PROVISIONS Infrastructure provision Employee benefits Payroll tax grouping liability

ACCOUNTING POLICIES Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Employee Benefits A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and long service leave when it is probable that settlement will be required, and they are capable of being measured reliably. Liabilities recognised in respect of employee benefits expected to be settled within 12 months are measured at their nominal values using the remuneration rate expected to apply at the time of settlement. Liabilities recognised in respect of employee benefits which are not expected to be settled within 12 months are measured at the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to the reporting date.

42 | C R I C K ET VI CTO R IA


N OT E S TO T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S 2020 $

2019 $

699,253

2,101,945

12. OTHER LIABILITIES Income received in advance

The main contributors of income received in advance relate to Cricket Australia funding for the Australian Cricket Infrastructure Fund and deferred grant revenue due to performance obligations not being met as a result of the COVID-19 pandemic.

13. FINANCING FACILITIES The parent entity has an overdraft facility of $200,000 of which the unused portion at reporting date is $200,000. The company has provided bank guarantees to the value of $260,000 as part of the development of the Kevin Murray Stand at Junction Oval. These may be called upon in the event that Cricket Victoria breaches its contractual obligations.

2020 $

2019 $

Within one year

-

399,963

Later than one year but not later than five years

-

1,043,915

Later than five years

-

16,260,450

-

17,704,328

14. COMMITMENTS FOR OPERATING EXPENDITURE Non-cancellable operating leases

Operating lease payments are payments for the lease of Junction Oval, motor vehicles and equipment leases. From 1 July 2019, the Victorian Cricket Association adopted AASB 16 Leases and the Group has recognised right-of-use assets and lease liabilities for previous non-cancellable operating leases.

2020 $

2019 $

3,270,380

2,483,920

15. CASH AND CASH EQUIVALENTS Cash at bank

ACCOUNTING POLICIES For the purposes of the statement of cash flows, cash and cash equivalents includes cash on hand and in banks, net of outstanding bank overdrafts. Cash and cash equivalents at the end of the financial year as shown in the cash flow statement is reconciled to the related items in the statement of financial position.

AN N UAL R E P O RT 2019-20 | 43


N OT E S TO T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S (a) Reconciliation of profit after income tax to net cash inflow from operating activities

Notes Profit/(loss) for the period

2020 $

2019 $

1,880,740

(2,054,865)

1,759,430

1,343,970

Adjustments for Depreciation and amortisation

-

545

Unrealised (gain)/loss on managed funds

(191,063)

(1,301,255)

Retained earnings as per transition to AASB15

(150,000)

-

-

(24,947)

4,451,965

(3,574,178)

Bad and doubtful debt expense/(recovered)

Net (gain)/loss on sale of non-current assets Movement in working capital Trade and other receivables Other assets Trade and other payables Provisions Income received in advance Net cash inflow (outflow) from operating activities

44 | C R I C K ET VI CTO R IA

13,097

42,348

(2,399,161)

(763,995)

(165,076)

244,502

(1,402,692)

1,904,445

3,797,240

(4,183,430)


N OT E S TO T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S 2020 $

2019 $

Current assets

21,539,523

22,399,554

Non-current assets

48,783,561

47,248,167

Total assets

70,323,084

69,647,721

Current liabilities

(3,845,984)

(5,789,570)

Non-current liabilities

(3,922,626)

(597,547)

Total liabilities

(7,768,610)

(6,387,117)

Profit or (loss) for the period

(706,131)

(3,372,466)

Total comprehensive income

(706,131)

(3,372,466)

2020 Ownership %

2019 Ownership %

Melbourne Stars Ltd

100%

100%

Melbourne Renegades Pty Ltd

100%

100%

16. PARENT ENTITY FINANCIAL INFORMATION Parent Entity

Investment in subsidiaries Name

17. RELATED PARTY TRANSACTIONS (a) Key management personnel compensation Key management personnel include executives with the authority for the strategic direction and management of the Group. Key management personnel remuneration for the year ended 30 June 2020 is set out below:

Salaries & Wages

2020 $

2019 $

1,131,727

1,642,850

-

561,697

1,131,727

2,204,547

Termination benefits

ACCOUNTING POLICIES Short-term benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Termination benefits Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the end of the reporting period, then they are discounted. (b) Transactions with other related parties The amount paid in respect to related party transactions for the year ended 30 June 2020 was $Nil (2019: $Nil).

AN N UAL R E P O RT 2019-20 | 45


N OT E S TO T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S 18. ECONOMIC DEPENDENCY A significant amount of the Victorian Cricket Association’s revenue is received through contributions from Cricket Australia. Cricket Australia has contractually committed to a 4 year (2020-2023) funding agreement with Cricket Victoria. Cricket Victoria anticipates that the future funding model will have an impact on the Group in FY21 as a result of the impact of the COVID-19 pandemic.

19. FINANCIAL RISK MANAGEMENT Financial Risk Management framework The Group’s financial risk management policies cover risk tolerance, internal controls (including segregation of duties), investments and delegated authority limits in addition to the reporting of any exposures through board committees and ultimately to the board. These policies are reviewed at least annually and approved by the board of directors. (a) Market risk Market risk is the risk that changes in market prices, such as interest rates and equity prices - will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

(i) Interest rate risk Interest rate risk refers to the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market interest rates. Interest rate risk arises from interest-bearing financial assets that the Group utilises. Interest-bearing financial assets are generally short-term liquid assets. (ii) Price risk Equity price risk arises from financial assets designated at fair value through profit or loss held by the Group in the form of investments in listed equities. The portfolio of investments is managed by external portfolio managers, who buy and sell equities based on their analysis of returns. The asset position and returns are reported to the Finance and Investment Committee on a regular basis. (b) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by cash. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. The Group ensures at all times an appropriate level of liquidity comprising primarily of cash resources. To facilitate this, the Group monitors forecasted and actual cash flows and undertakes analysis to ensure adequate liquidity is available for the Group. The Group aims to have sufficient cash or cash equivalents on demand and investments that can be liquidated at short notice to meet operational expenses for a period of up to 60 days. (c) Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The carrying amount of financial assets represents the maximum credit exposure. When measuring the expected credit losses, balances have been grouped based on the days past due. The ageing of the Group’s current trade receivables is disclosed below:

2020 $

2019 $

Not past due

177,224

2,867,950

Past due 0-30 days

121,000

9,010

50,923

1,121,767

349,147

3,998,727

Past due 31-120 days

46 | C R I C K ET VI CTO R IA


N OT E S TO T H E C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S Based on historical default rates, debtor analysis and the Group’s monitoring of credit risk, no impairment allowance is considered necessary in respect of trade receivables not past due. Not past due and past due 0-30 days balances represent 85 per cent of the total balance. The remaining balance relates to customers that have a good credit history with the Group or are considered low risk based on their association with the Victorian Cricket Association. The current expected loss rate across the Group is 0%.

20. EVENTS OCCURING AFTER THE REPORTING PERIOD There has not been any matter or circumstance occurring subsequent to the end of the financial year that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the company in future financial years.

2020 $

2019 $

50,500

50,500

21. REMUNERATION OF AUDITORS External Auditor Audit of the financial report Other audit services Other non audit services

5,100

-

46,030

1,701

101,630

52,201

The external auditor for the Victorian Cricket Association is PricewaterhouseCoopers (2019: PricewaterhouseCoopers)

2020 $

2019 $

28,400

36,172

Internal Auditor Internal audit services

The internal auditor for the Victorian Cricket Association is BDO (2019: BDO)

AN N UAL R E P O RT 2019-20 | 47


CitiPower Centre – Junction Oval Lakeside Drive, St Kilda VIC 3182 T: 03 9085 4000 F: 03 9085 4001 W: cricketvictoria.com.au E: vca@cricketvictoria.com.au