ANNUAL REPORT 2018 -19
Enjoy the cricket from the lineys who power it.
Good people in power Proudly supporting Cricket Victoria 2 | CRICKET VICTORIA
Cricket Victoria Patron
Malcolm Gray AM
Cricket Victoria Board (as at 30 June 2019)
Ross Hibbins (dec.)
Paul Barker (Chairman)
Paul Jackson (Deputy Chairman)
Dr David Maddocks
Dr Geoff Hart
ANNUAL REPORT 2018-19 | 3
C H A I R M A N R E P O RT In our first full year at the CitiPower Centre, Victorian cricket’s on-field achievements will rarely be replicated. To lift the JLT One-Day Cup, JLT Sheffield Shield and KFC BBL trophy with the Melbourne Renegades in a single season is a remarkable achievement by our players, our coaches and our staff who, with all our fans, are justifiably proud of their respective contributions to making this season such a success. While our responsibilities to the game are broad and complex, the euphoria of victory remains an ever-present attraction of being involved in sport. My first full year as Chairman of Cricket Victoria has brought with it interesting contrasts and challenges amid our undeniable success.
From the Board’s perspective, there have been several Director changes during the reporting period. The Board welcomed the elections of Mr David Hussey and Mr Phillip Hyde to the Board during the Annual General Meeting and I thank both Mr Russell Thomas and Mr Tim Considine who concluded their time on the Board after nine years (including three as Chair) and six years respectively. Ms Lydia Dowse and Ms Jane Nathan also commenced terms during the reporting period as Mr Hussey stood down from his role after accepting the senior BBL coaching role with the Melbourne Stars. Importantly, in welcoming Ms Dowse and Ms Nathan, our Board has achieved 40% female representation – a policy requirement of the Victorian Government that ensures Cricket Victoria remains eligible for Victorian Government funding. From our high performance program, the development of three new Australian representative players in our women’s squad is a particular highlight in the ongoing development of our women’s cricket program. Bendigo’s Tayla Vlaeminck, Bairnsdale’s Sophie Molineux and Mortlake’s Georgia Wareham were all handed their One-Day International debuts in October and are now regular representatives in the Australian squad. It is no small feat to have three new Australian players in the last year and we should all be very proud of this achievement.
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It was also an impressive year for our Victorian men going on to earn national honours. Aaron Finch was selected for his Test debut in the United Arab Emirates against Pakistan while Marcus Harris was given his Test debut against India in December following superb form in the JLT Sheffield Shield. I congratulate Aaron on now having represented Australia in every format of the game, including captaining the One-Day International and T20 International sides. I would like to congratulate all of our coaches and support staff who continue to work hard to prepare Victorian players to represent Australia and in their role to identify and nurture future talent. As we celebrate the achievements of these players, it is only appropriate that I recognise the significant contributions of two players who concluded their careers with Victoria this season. By any measure, Cameron White had an outstanding career with Victoria. He made his First-Class debut in 2001 as an 18 year-old and went on to be the state’s longest serving and most successful captain. He led the Victorian side into 150 matches between 2003 and 2018. In addition to representing Australia at every level, Cameron lifted the Sheffield Shield six times and won the One-Day Cup for the first time in his final season. We are indebted to Cameron for what he delivered on and off the field. I’d like to pay tribute to Emma Inglis. Emma made her debut for Victoria in the 2005-06 season and won three state T20 titles in the course of 96 WNCL appearances over a decade in navy blue. She should also be very proud of her contribution to Victorian cricket. I would like to sincerely congratulate captain Meg Lanning, Elyse Villani, Sophie Molineux, Georgia Wareham and Tayla Vlaeminck on their victory in the T20 World Cup in the Caribbean late last year. The victory capped an outstanding few months for Victorian women’s cricket and reinforces the importance of our investment and growth in our program now and into the future. Our long-term successful contribution to Australian women’s cricket is, in many respects,
defined by the quality of our pathways and connections to school and club cricket to find and develop players with a bright future. It is also defined by the positive active role models we create for girls and women throughout the Victorian community. In a season of records being broken and history made, Premier Cricket also delivered its share of headlines. Leading those celebrations were Carlton’s victory over Geelong in the Men’s Premier Final and Melbourne’s win over Dandenong in the Women’s One-Day Final. The Blues broke through for their first 1st XI title since the 1980-81 season. In the 1980-81 season, Dean Jones, Keith Stackpole, the late John Scholes and the club’s current President John Douglas were among those to grace the Princes Park turf. Carlton also continued their success on the national stage, winning the inaugural CA National Premier T20 Championships in Adelaide, defeating University of Queensland in a final-ball thriller. Melbourne’s victory came against a courageous Prahran side as Amy Yates led from the front with 58 to help steer the Demons home. I would like to congratulate Amy Yates who was awarded the Una Paisley Medal as the Women’s Premier Cricketer of the Season and Dandenong’s Brett Forsyth who won the Jack Ryder Medal – the first player from the Panthers to do so. Brett’s form saw him put together 1297 runs (including T20s and Finals) at 51.88 for the year. In reviewing our major partnerships, I am pleased to report that our long-term and highly productive relationship with the Victorian Government continues to deliver outstanding opportunities across Victorian cricket. Last year’s State Election delivered a Labor commitment of $13.5 million over four years to the development of new cricket hubs and a continuation of the successful Community Cricket Program. This includes multi-million dollar commitments towards the development of up to six cricket centres across metropolitan Melbourne, with the first to be located at Jubilee Park in Ringwood, as announced by the State Government.
While our responsibilities to the game are broad and complex, the euphoria of victory remains an ever-present attraction of being involved in sport This commitment follows on from the development of five regional cricket centres, with the final two at Hamilton and Bendigo announced in late 2018 to complement those already under construction at Wodonga, Moe and Ballarat. On behalf of the Board and our CEO Andrew Ingleton I would like to record our sincere gratitude to 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 former Minister for Sport, the Hon. John Eren MP for their commitment to cricket. 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. I’d also like to thank the tireless work of all volunteers throughout the Victorian cricket community. Your hard work, passion for the game and commitment allows our sport to thrive. Off-field, the Board’s priority is supporting the excellent work being undertaken in many areas and balancing those programs of work with a range of competing demands and expectations from both a business and financial performance perspective. The organisational redesign undertaken in mid2019 will leave us with enhanced visibility and operational efficiency in key areas of Cricket Victoria in the years ahead. It will also allow us to respond with greater agility to a changing cricket landscape. I commend our CEO Andrew Ingleton on undertaking this complex and challenging plan for change.
John Wylie AM and Mr Jason Dunstall and their respective Boards, all of whom volunteered their skills, time and passion to develop both clubs to a point where Cricket Victoria could now bring the operations in-house with a strong platform for future performance. There was considerable commercial risk when the Stars and Renegades Boards were established, and the fact that both clubs are now well placed as commercial leaders, with the highest membership, and developed on-field to a point where both played off in the BBL Final last season is testament to the leadership, insight and guidance provided by both Boards. Our strategic responsibilities for the coming year can be viewed through a prism of sustainability in our operations, financial performance and venue management and maintaining our successful on-field performances. We now have an excellent opportunity to see our women’s teams achieve success in their domestic competitions as the men’s teams look to defend their titles. The Victorian cricket community has justifiably high expectations of us and it will take prudent management to recognise our challenges and make the most of the many opportunities we have in front of us. In closing I would like thank my fellow Directors for their dedication and support this season, to our CEO Andrew Ingleton for his leadership and to our management and staff, members, clubs, fans and players for their support of Victorian cricket.
On behalf of the Board I would like to express our sincere thanks to Mr Eddie McGuire AM, Mr
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C E O R E P O RT It has been a year of enormous success and off-field transition for Cricket Victoria. As Victorian cricket continues to grow, we are determined to match our on-field success with world-class administration off the field to better serve our members, clubs, associations, players, fans and volunteers. On-field, Victorian cricket delivered a history-making and record-breaking season culminating in an historic treble of the JLT One-Day Cup, KFC BBL title and JLT Sheffield Shield. We are the first state to hold all the men’s domestic titles in one season – an achievement we should all be very proud of.
I would like to pay tribute to the players led by Victorian captain Peter Handscomb and supported by Travis Dean, Renegades captain Aaron Finch, Head Coach Andrew McDonald, General Manager of Cricket Shaun Graf and all the support staff who have played a critical role in the preparation and management of our teams. Winning one title is difficult. Winning titles across all formats of the game is outstanding. I’d like to congratulate the Melbourne Renegades on their maiden BBL title and the Melbourne Stars on delivering us a final that many in Victoria had hoped for since the inception of the BBL. In front of a capacity crowd of more than 40,000 at Marvel Stadium, Aaron Finch’s Renegades and Glenn Maxwell’s Stars went head to head for the first time in a final that proved a fitting celebration of the excitement that Big Bash brings our summer.
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With a new broadcast agreement in place with the Seven Network and Foxtel, both clubs continue to be market leaders in sport and entertainment. The Renegades also came agonisingly close to a first appearance in the WBBL Final but were denied on the final ball by the Sydney Sixers. The Melbourne Stars finished in seventh place and will be looking to bounce back in WBBL|05 as we embark on a standalone season from October to December. In the WNCL, Victoria finished fifth on the table but will be buoyed next season with Ellyse Perry joining our squad for 2019-20. The longer BBL season gave us the opportunity to expand our brand footprint into February but it also presented challenges with attendance as fans adjusted to a broader spectrum of match opportunities to attend. We hope a revised fixture next summer will allow us to better connect with fans and families throughout the school holiday period. From a business perspective, the Stars and the Renegades continue to deliver strong commercial results for the organisation and I would like to particularly thank Mars, Carsales and Nylex for their support of the Renegades and Optus, Oppo and Cabots for their support of the Stars. Their passion for W/BBL and the excitement it brings to the summer is critical to our ongoing growth. In terms of our facilities, our first full year at the CitiPower Centre has delivered us excellent opportunities and further capacity to grow in our match, event and functions management.
I am delighted that we have been able to host such a diverse range of people and organisations at our venue – a key undertaking in our commitment as a cricket and community venue. From an operational perspective, we now also have a better understanding of our venue in terms of capacity and event servicing. Our 2018-19 event calendar included state, WBBL and international women’s cricket last season and we know that schedule will increase in 2019-20 with the addition of the women’s T20 World Cup pool matches being staged at the CitiPower Centre. Away from our venue, the organisation has delivered some excellent results, particularly in participation and infrastructure. Cricket Victoria saw an 11.6% increase in the number of new junior girls’ cricket teams taking the field, and a 15.4% increase in total girls participation. Victoria’s progress in this key area leads cricket nationally and is also due to the success of the Growing Cricket for Girls Funding – Cricket Australia’s partnership with the Commonwealth Bank to directly support clubs, local associations and schools across Australia to develop new teams and competitions for girls. Female participants now make up 27% of our total participants in Victoria and this is testament to the incredible work of volunteers, clubs and associations who continue to work so hard to engage women and girls in cricket and deliver a variety of ways to be involved. Our work to attract, engage and retain participants in cricket will only be successful with a strong focus on delivering the infrastructure to support this and partnering with communities and Local, State and Federal Governments to achieve this.
Prior to the end of the reporting period it was expected that the Australian Cricket Infrastructure Fund (ACIF) would deliver Victoria a total of 88 funded projects which would generate more than $31 million in partnered investment.
substantial to the development of the clubs into the leading brands they are today. I would also like to sincerely thank Clint Cooper and Stuart Coventry for their passion and energy in leading their respective clubs for the best part of a decade.
The projects include new and redeveloped playing ovals, training nets and practice pitches, pavilions, change rooms and amenities among other facilities.
The restructure will also integrate our Community Cricket club development team with the administration team for Premier Cricket and connect our government and infrastructure team with clubs and associations at grassroots level.
A further 92 clubs shared in $200,000 funding from the Community Cricket Grants Program. There is a strong appetite in the community and government sectors to support a healthy and active community and Victorian cricket has an important opportunity to highlight the benefits cricket brings to so many people each summer. During the course of the reporting period we expanded on our original 2018 restructure to a broader organisation redesign to deliver cost efficiencies and improved connections across all areas of our business. The most significant of these changes was Cricket Victoria’s decision to absorb the functions of the BBL Boards and Chief Executives into the business. The respective W/BBL high performance, commercial business and event management and marketing functions will now be integrated with Cricket Victoria’s wider operations. With both clubs now well established, this direct operational management under Cricket Victoria enables improved leveraging of our resources, and delivers operational efficiencies.
From a business perspective, the year delivered some challenging financial results with the final outcome a loss of $1.38m before one-off costs associated with our organisational restructure. I am confident the difficult decisions we have taken will better align our organisational structure to our core priorities and ensure a sustainable financial platform to allow us to continue to invest in these strategic areas. We will continue to challenge ourselves to match our on field performances with world class outcomes off the field as well. I’d like to conclude by thanking our Chairman Paul Barker on his first year leading the Board and express my gratitude to all the Directors I have worked closely with this season in guiding us towards future success. To our Board, management and staff, I thank you for your outstanding contributions to the past season and look forward to working with you to inspire and engage more Victorians through cricket.
I would like to extend my gratitude to Eddie McGuire and Jason Dunstall for their respective leadership of the Melbourne Stars and Melbourne Renegades over many years. Their profile and contribution was
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LI N D SAY E WA RT
J O H N S HAW
DR IAN MCDONALD
16 DECEMBER 1929 – 4 JUNE 2019
18 OCTOBER 1932 – 5 AUGUST 2018
28 JULY 1923 – 4 FEBUARY 2019
Cricket Victoria has received the sad news that Life Member Lindsay Ewart passed away on June 4 aged 89.
Former Victorian player John Shaw passed away on 5 August, aged 85.
Former State player Dr Ian McDonald passed away on February 4, aged 95.
A nephew of the great Lindsay Hassett, John Shaw was a fine right-handed batsman and a brilliant catcher close to the wicket. Like his uncle, John was born in Geelong and played for South Melbourne. He played 156 matches for the Swans between 1949-50 and 1967-68, scoring 5,434 runs at 37.47 with 6 centuries and 36 halfcenturies and a highest score of 133 and also took 81 catches. Shaw was a member of South Melbourne’s premiership teams of 1952-53 and 1967-68. He also topped the VCA batting averages in 1952-53 (538 runs at 59.77) and 1955-56 (458 at 76.33) and was an inaugural member of the CV 200 Club when it was established in 1985.
Dr Ian McDonald played 39 first class matches for Victoria and one for an Australian XI against South Africa in Sydney between 1948-49 and 1952-53, scoring 843 runs at 16.86 and capturing 131 dismissals (78 ct/53 st). His highest score was 54. He also played 127 District matches for Melbourne (64) and University (63) from 1942-43 until 1956-57, scoring 1679 runs at 16.95 with 6 half-centuries and a top score of 80. In all District matches he effected 192 dismissals (103 ct/89 st).
Lindsay Ewart was President of the Ringwood Cricket Club from 1977-78 until his retirement after the 1991-92 season. He was a Cricket Victoria Delegate during the same period and was awarded CV Life Membership at the 1992 CV AGM. Lindsay was a wonderful and popular servant of the game at Ringwood CC and Cricket Victoria. He guided the Rams during the club’s formative years after their admission to VCA ranks in 197475. His late wife Pat provided great support and their sons Rob and Graeme both played cricket at Ringwood. Cricket Victoria extends sincere condolences to the Ewart family and the Ringwood Cricket Club.
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Shaw played 48 first class matches for Victoria from 1953-54 to 1960-61, scoring 2,942 runs at 41.43, with 3 centuries and 23 half-centuries and taking 33 catches. His best season was 1957-58 when he scored 751 runs at 62.58, which included his highest score of 167 against NSW at Sydney. He also toured New Zealand in 1959-60 with an Australian team captained by Ian Craig, scoring 203 runs at 29.00 in the four unofficial “Tests”. Shaw scored 120 in the first tour match against Auckland at Eden Park.
Dr McDonald was a member of Melbourne’s 194849 and 1951-52 premiership teams. He was the older brother of former Australian Test opener Colin McDonald. Dr McDonald was an MCC member for an incredible 79 years. He was awarded the prestigious Hans Ebeling Award in 1986 for his outstanding service to cricket and hockey and MCC Honorary Life Membership in 2000. He was a co-founder of the MCC XXIX Club in 1956, served as XXIX Club President from 1959-1962 and was a Life Member of both the XXIX Club and the MCC Hockey Section. Dr McDonald served on the MCC Committee between 1958 and 1968 and was also an MCC Guide.
E I LE E N U E B E R GAN G
ROSS AN DREW H I BBI NS
C O L I N G U E ST
28 DECEMBER 1935 – 22 JANUARY 2019
29 FEBRUARY 1964 – 27 APRIL 2019
7 OCTOBER 1937 – 8 DECEMBER 2018
Mrs Eileen Uebergang (nee Massey) passed away on January 22 at the age of 83.
Casey-South Melbourne President Ross Hibbins passed away on 27 April aged 55.
Former Victorian and Australian Test fast bowler Colin Guest has passed away aged 81.
Eileen was born in Albany, Western Australia, but moved to Melbourne at a young age. She joined the highly successful Collingwood Women’s club where she played in several premierships. The club won seven premierships between 1948-49 and 1960-61.
Elected President of Casey-SM in 2011, Ross had been battling a very aggressive form of cancer over the past year.
Colin Guest was born in Melbourne on 7 October 1937. Tall (six feet three inches) and broad-shouldered, he was an effective opening bowler with a vigorous run-up and pronounced side-on delivery. Generally bowling a fullish length, he could gain late out-swing when the ball was new and cut the ball from the off when it was old. He was an above-average lower order batsman with a sound defence who could drive powerfully and an excellent outfielder with a powerful arm, as befitted an interstate baseballer.
Eileen played in 4 Tests, one against New Zealand in 1956-57 and three against England the following season. On debut in Adelaide, she scored 32 and took 2/33 against the Kiwis. Eileen was a valued member (no 75) of the Victorian Spirited Journey, which recognised over 200 women who have played in at least one firstclass match since 1930-31.
J E F F HA L L E B O N E 3 AUGUST 1929 – 18 OCTOBER 2018 Former South Melbourne and Victorian player Jeff Hallebone passed away on 18 October, aged 89. Jeff Hallebone was a fine right-handed batsman, playing 18 first class matches for Victoria between 1951-52 and 1955-56. He scored 202 on debut against Tasmania at the MCG in February, 1952. Together with Dick Maddocks (271), the pair added 343 for the fifth wicket - still a Victorian first class record. Hallebone scored two other centuries for the Vics - 108 v Queensland at the MCG in 1953-54 and 143* v Queensland at the Gabba in 1954-55. In 1956 Jeff played league cricket in England, also playing two Testimonial matches for Leicestershire. At the time, he was asked to be on standby for Ian Johnson’s touring team, but did not end up playing any tour matches. In 1959-60 Jeff was transferred in his employment to Sydney where he played for Paddington. At District level, Jeff was recruited from Geelong College and played 151 matches for South Melbourne from 1948-49 to 1965-66. He scored 4853 runs at 32.79. He scored 7 centuries and 31 half-centuries with a top score of 179 against Northcote at the Lake Oval in 1951-52. Jeff was a member of South’s 1952-53 premiership team.
Ross led Casey-South Melbourne through a challenging period, the club having relocated to Casey Fields in Cranbourne East in 2006. Ross was instrumental in the club forging a presence in the region, experiencing three First XI finals appearances over the past decade and further developing a strong relationship with the City of Casey, local clubs and the local community. Through Ross’ efforts, Casey-South Melbourne hosted several Melbourne Stars’ Community Days and practice matches, WNCL matches, WBBL matches and Youth Premier League matches in addition to the Club’s normal Premier competition commitments. Ross served as Casey-South Melbourne Administration Manager (2009-2011), President (2011-2019) and CV Delegate (2011-2019). He was elected as a Casey-SM Life Member in 2018-19.
R EX A LEX A N D E R H A R RY 19 OCTOBER 1936 – 15 APRIL 2019 Former Victorian player Rex Harry passed away on April 15 aged 82. A right-arm leg-spinner, Harry played 122 matches for North Melbourne between 1956-57 and 196566, taking 239 wickets at 19.35. His best figures were 9/66 against Richmond at Punt Road Oval in 1957-58. His best season was 1960-61 when he took 40 wickets at 15.25, a big factor in North’s first finals appearance for more than 20 years. The following season Harry played one first class match for Victoria against Tasmania at Geelong in 1961-62, scoring 4 and taking 0/27 and 1/47. Following his retirement, Harry represented North as a VCA Delegate for three seasons from 1983-84 to 1985-86.
His sole Test appearance was in the Third Test against England at Sydney in 1962-63 when, after Australia had lost the previous Test, he was brought into the team to provide extra pace support for Alan Davidson and Graham McKenzie. He did not take a wicket - in England’s first innings his bowling was somewhat wayward, and in the second innings, when England was dismissed for 104, he bowled only two overs. However he took part in a last wicket partnership of 39 with another debutant, Barry Shepherd, which took Australia to a useful first innings lead. Guest played 27 matches for Victoria between 1958-59 and 1963-64, capturing 95 wickets at 24.38, and scoring 571 runs at 15.86. He took five wickets in an innings five times, with best figures of seven for 95 (10 for 134 in the match) against WA in Melbourne in 1962-63. His highest score for Victoria was a hard-hit 60 against Queensland in 1961-62. He had a meteoric rise to first class cricket in 1958-59, gaining Shield selection in his first season of senior club cricket. He created a fine impression, taking 21 wickets in his first five matches, but a broken leg during the winter saw him lose his place in the Shield team, and he did not regain it until 1961-62. His outstanding season was 196263, when he topped the national bowling averages with 47 wickets at 22.62, assisting Victoria to win the Sheffield Shield for the first time since 1950-51. He lost his place in the Victorian team after a sudden loss of form in 1963-64 (perhaps due to the introduction of the front foot no-ball rule), when he took just three wickets in five games. After moving to Perth for work reasons in 1965, he appeared in seven Shield matches for Western Australia in 1966-67, when, with the Test players away in South Africa, he showed good all round form with 328 runs (including his highest first class score of 74 against Victoria) and 16 wickets. Guest joined the Melbourne Cricket Club in 1958-59, after gaining a big reputation at Sub-District club Kew, and in 63 1st XI appearances up to 1964-65 captured 146 wickets at 19.45, and scored 780 runs at 15.60. His best bowling figures were a remarkable eight for 5 against North Melbourne (who were dismissed for 27) in 1961-62. He won the club’s bowling average twice, in 1960-61 and 1961-62. After moving to Perth he had a successful club career with Nedlands. (Excerpt from “For Club and Country” by Ken Williams)
W I LLIAM H OW I E S O N 5 AUGUST 1928 – 9 MAY 2018 Former VCA Umpire, VCAUSA President and Life Member.
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V I C TO R I A N C R I C K E T T E A M S 2018-19 SEASON
It was a history-making and record-setting season for Victoria as the men’s team lifted the JLT One-Day Cup and JLT Sheffield Shield and our women’s team welcomed Meg Lanning back to the captaincy after recovering from a long-term injury.
The women’s program was boosted by the return of Elyse Villani who re-joined Victoria in the off-season. Victoria finished in fifth place in the Women’s National Cricket League (WNCL) after a season that delivered positives for future potential.
In October, Victoria claimed its first domestic limited overs title since the 2010-11 season, defeating Tasmania by 110 runs at the CitiPower Centre in front of home fans.
With Meg Lanning, Georgia Wareham, Sophie Molineux, Elyse Villani and Tayla Vlaeminck selected to represent Australia in their winning T20 World Cup campaign, Victoria gave WNCL debuts to Chloe Rafferty, Lucy Cripps, Elly Donald, Amy Vine, Rhiann O’Donnell and Courtney Neale.
In a tournament that saw Victorian List A debuts for Nic Maddinson, Tom O’Connell, Wes Agar and Mackenzie Harvey, the Victorians posted 274 in the final before the bowlers had Tasmania dismissed for 164 in the 41st over. Captain Peter Handscomb was awarded Playerof-the-Match and went on to claim the Dean Jones Medal as the best player of the One-Day Cup at Cricket Victoria’s State Awards. The JLT Sheffield Shield campaign was exceptional and culminated in a dream home Shield final at the CitiPower Centre, where Travis Dean captained the side to victory against rival New South Wales. Andrew Fekete, Jackson Coleman and Nic Maddinson made their debuts in four-day cricket for Victoria with Maddinson scoring three consecutive centuries in as many matches. Victorian batsmen Marcus Harris was named Player of the Sheffield Shield Final for his first innings knock of 141. The result was Victoria’s fourth Sheffield Shield triumph in the last five seasons and ensured Andrew McDonald coached victories in JLT One-Day Cup, KFC BBL and JLT Sheffield Shield. It is the first time one state has held all men’s domestic titles in a single season.
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The season also saw Makinley Blows and Annabel Sutherland emerge as players to watch as Victorian veteran Emma Inglis concluded her time in navy blue. Meg Lanning won the Sharon Tredea Award for her WNCL performances at the State Awards.
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DIVERSITY & COMMUNITY Words have a profound impact. The words we use in cricket policies can either perpetuate discrimination and gender inequalities or eliminate it. At Cricket Victoria we wholeheartedly embrace the Harmony in Cricket philosophy and this past season we have invested further to understand the broader social impact cricket has on people’s health, wellbeing and social connectedness. This included researching the health and social impact of participation in cricket for people with intellectual disabilities. The key findings indicated that the best aspect of playing cricket were the social aspects. While we continue to grow our participation numbers, the social connections and the opportunity to develop and maintain friendships were equally important. How we represent ourselves on and off the field plays a significant role in influencing community behaviours and attitudes and it’s through leading by example that the diversity of people playing cricket continues to grow. Cricket Victoria was awarded the Highest Ranking State Sporting Organisation for the second year in row at the Pride in Sport Awards, acknowledging our commitment to LGBTI+ inclusion. The 2018-19 season also saw the establishment of the first Female State Team for women who are deaf or hard of hearing and subsequently competed in the National Cricket Inclusion Championships. Achieving 40% female representation on Cricket Victoria’s Board is another key milestone in diversity in Victorian cricket.
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MELBOURNE RENEGADES REVIEW The 2018-19 season was the most successful campaign in Melbourne Renegades history, culminating in a maiden Rebel WBBL finals appearance and a thrilling win in the KFC BBL Final. A last over semi-final victory against the Sydney Sixers saw the Renegades through to the BBL Final against the Melbourne Stars. After posting 5-145 with the bat, the Renegades captured 7-19 during the middle stages of the Stars’ run chase to help secure a 13-run win. Dan Christian was named Player of the Match after both finals victories. The all-rounder was also named Player of the Season, as voted by the members. Sam Harper was named the competition’s Young Gun of the season. In the fourth instalment of the WBBL, the Renegades reached the finals for the first time. In an exciting climax to the season, the Renegades fell just short of winning through to the decider after falling to the Sixers in a semi-final that came down to a super over. Sophie Molineux was named Player of the Season, while Georgia Wareham was named the competition’s Young Gun of the season and the Betty Wilson Young Cricketer of the Year at the Allan Border and Belinda Clark Medal night.
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The Renegades’ success was recognised at international level with Marcus Harris, Aaron Finch and Molineux making their Test debuts. Finch led Australia’s World Cup campaign, with Kane Richardson also a member of the squad. While Molineux, Wareham and Tayla Vlaeminck were part of the Australia’s successful World T20 campaign in November. For the second straight season, the Renegades recorded the highest membership across the Big Bash. The expanded BBL season saw each club play 14 home and away matches (up from ten in BBL|07) with two new broadcast partners (Channel 7 and Fox Sports) covering the action. The Renegades were the most watched team on Channel 7 and recorded the highest average audience on Fox Cricket. More than 215,000 people attended Renegades matches during the WBBL and BBL season. The Renegades also embarked on a new partnership with Maddie Riewoldt’s Vision. The joint efforts of the Renegades, Stars and Maddie’s Vision saw $42,000 raised during the season. The fourth season of the Melbourne Renegades Champions League saw an Aboriginal and Torres Strait Islander team compete for the first time alongside six other teams representing South Asian nations.
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 Provider), TAC – Towards Zero (WBBL Official Partner), VicHealth (WBBL Official Partner), Suzuki (Official Vehicle and Coaches Partner), Everlast (WBBL and BBL Partner), Gray Nicolls (Official Supplier), The Cullen (Official Accommodation Partner), Ria Money Transfer (Official Partner), Victorian Responsible Gambling Foundation (Official Partner), the City of Greater Geelong and Visit Victoria. The club would like to extend special thanks to CEO Stuart Coventry, Chairman Jason Dunstall and the Board members who served the club throughout the first eight seasons of the Big Bash.
M E L B O U R N E S TA R S REVIEW The Melbourne Stars reached their second BBL Final in 2018-19, turning their form around after finishing BBL07 in last position. The all-Melbourne final at Marvel Stadium saw the Stars’ men’s team suffer a loss to cross-town rivals, the Melbourne Renegades. Under the leadership of new captain Glenn Maxwell, the team saw the introduction of Nepalese spin sensation Sandeep Lamichhane, Dwayne Bravo, Nic Maddinson and Travis Dean, as well as the return of Jackson Bird. At season’s end, Stars Head Coach Stephen Fleming elected to not re-sign with the club while spinner Michael Beer retired. We would like to thank both Stephen and Michael for their contributions to the club. The Stars’ women’s team completed the season in seventh position. The team saw the inclusions of Nicola Hancock, Holly Ferling, Ange Reakes and Elly Donald. The season was headlined by a Lizelle Lee century during The Big Weekend against the Sydney Sixers at CitiPower Centre – the first by any Stars women’s player. Nicola Hancock also took four wickets on debut.
Marcus Stoinis and Alana King were named Players of the Season for the club. Off the field, the Stars had a combined BBL attendance of 152,865 and at total of 9,470 members. We would like to thank our very loyal and passionate fans for their support. The Melbourne Stars is also incredibly grateful for the support of its corporate partners including Optus (Principal and Co-Major Partner WBBL and BBL), Oppo (Co-Major Partner BBL), as well as Official Partners Oak, Cabots, Stihl, Renault, Kookaburra, VicHealth, Victorian Responsible Gambling Foundation, Art Series and YMCA. The club would like extend its sincere thanks to President Eddie McGuire AM, Vice President John Wylie AM, all Board Directors and CEO Clint Cooper who served the club throughout the first eight seasons.
ANNUAL REPORT 2018-19 | 13
PREMIER CRICKET REVIEW Carlton were the kings of Victorian Premier Men’s Cricket after a near-flawless 2018/19 season. The club lost only one Home & Away match to finish 3 points clear of Essendon, before chasing Geelong’s target of 410 in the 3-day end of season Final at the CitiPower Centre, thanks to a matchwinning innings of 148* from skipper Evan Gulbis to counteract the centuries from Geelong skipper Eamonn Vines (141) and Thomas Jackson (122). The Blues also won the Renegades section of the Vic SUPER SLAM, finished Runners-Up in the Vic SUPER SLAM (going down to Dandenong at the MCG) before becoming the first side to win the FoxCricket National Premier T20 Carnival held in Adelaide in March 2019. Essendon were this season’s Club Champions, winning their first title in this award since 1967/68 with their 1sts, 2nds and 4ths all making the Finals. This was recognition for the Bombers for the work of current and past members after many years of being close and missing out on reward. The Jack Ryder Medal found itself a new home, with the award gracing Shepley Oval for the first time in the history of the award. Dandenong opener Brett Forsyth became the Panthers’ first Ryder Medalist after a strong season with the willow,
14 | CRICKET VICTORIA
narrowly edging out Casey-South Melbourne’s overseas Captain/Coach Luke Wells and evergreen Footscray batsman Dean Russ for the award. The Spirit of Cricket Awards were won for the 2018/19 season by Prahran (Men’s) and Essendon Maribyrnong Park (Women’s). The Men’s Lower XI titles were won by Melbourne Uni (Seconds & Thirds) and Carlton (Fourths). With the introduction of the Vic SUPER SLAM T20 competition, this replaced the White Ball series, with the lower XIs only playing to a fixture of 1 and 2-day games. In the Premier Women’s Firsts One Day competition, a new home for the Agnes McDonnell Trophy was found with Melbourne upsetting favourites Prahran at the CitiPower Centre by 3 wickets. Melbourne all-rounder Amy Yates was awarded the Betty Wilson Medal as Player of the Final for her innings of 58 in a match where no other score went above 29. Yates also found herself celebrating a wonderful season for her beloved Demons by taking out the Una Paisley Medal in a landslide 18-vote victory over Jess Duffin (Prahran) and Rebecca Carter (Box Hill). Yates finished the Home & Away season with 481 runs @ 40.08 and took 32 wickets @ 9.03 to canter to the title.
In the Women’s Premier Seconds One Day competition, Melbourne defeated Box Hill by 5 wickets at the Beaumaris Secondary College North Oval with Kampi Nainhabo the Player of the Final with figures 4/35. In the Women’s Premier Firsts T20 Final, Dandenong upset a near-full strength Essendon Maribyrnong Park at the CitiPower Centre by 44 runs after only setting the Bombers 108 to chase. Irish representative Kimberley Garth (5/12) was the Player of the Final with her spell ripping the heart out of the Bombers’ chase for the title. The Women’s Premier Seconds T20 Final saw Box Hill hold off Melbourne by 7 runs at the Harry Trott Oval, with Penelope Cleghorn (65*) winning the Player of the Final award for setting the Mustangs’ target to help hold off the Demons. Notable retirees this season from Premier Cricket ranks include Frankston Peninsula President Dennis Prendergast, long-serving Northcote scorer Shane Herbert, former England, Victoria and Dandenong quick Darren Pattinson, Prahran’s Nathan McNally and Monash Tigers’ Sam Taylor.
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ANNUAL REPORT 2018-19 | 15
COMMUNITY CRICKET & K E Y S TA K E H O L D E R S The measure of participation includes activity across three key areas
T O TA L PA R T I C I PAT I O N
- 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 8,000 cricket teams played cricket ‘week-in,
week-out’, representing 1,065 clubs across 75 cricket associations.
The overall growth in cricket participation 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 27% per cent of total
#1 FOR PARTICIPATION NATIONALLY
participants in Victoria, edging closer to our commitment in leading Australia in inspiring and supporting women and girls to love cricket. SEASON HIGHLIGHTS
#1 INFORAUS INDOOR PARTICIPATION SENIOR SOCIAL PARTICIPATION
CLUB PARTICIPATION INDOOR PARTICIPATION WOOLWORTHS CRICKET BLAST PARTICIPATION
F E M A L E PA R T I C I PAT I O N
• Cricket Victoria performed strongly at the National Indoor Cricket Championships held at the newly developed and worldclass Casey Stadium indoor facility in July. • Significant investment of time and resources provided by clubs, Associations, Affiliates and Cricket Victoria staff to work through the important task of creating safer environments for children to enjoy the game of cricket following on from the introduction of the Safeguarding Children legislation in Victoria. • The release of Australian Cricket’s Policy for Safeguarding Children and Young People, which aims to ensure that cricket creates a safe, fair and inclusive environment for all Children and Young People associated with cricket. • Geelong again hosted a successful National Cricket Inclusion Championships with Victoria winning the All-Abilities (Lord’s Taverners Shield) division in January – with many of the players again backing up their All-Abilities success by winning the Indoor Lord’s Taverners Shield division in July. • The historic Women’s Deaf state cricket match between Victoria and South Australia continued to demonstrate cricket’s campaign to be a true sport for all.
#1 FOR FEMALE PARTICIPATION NATIONALLY
GIRLS IN SCHOOL PARTICIPATION JUNIOR GIRLS PARTICIPATION
16 | CRICKET VICTORIA
4,737 +44.9% 4,943 +15.4%
#1 state in Australia for overall cricket participation
#1 state in Australia for club cricket participation
• Ongoing growth of the successful Harmony in Cricket competition which provides a unique opportunity for players of diverse cultural backgrounds and the expansion of the pathway for talented players of multicultural backgrounds to represent the Melbourne Stars and Melbourne Renegades through the Melbourne Renegades Champions League and the Melbourne Stars League. • Victoria celebrated two recipients at the national A Sport For All Awards with the Irrewarra Cricket Club taking out the Community Facility Project of the Year and coach Jeremey Byrne who coaches with the Ballarat Women’s Cricket Club, Buninyong Cricket Club and Ballarat Cricket Association who received the Community Cricket Coach of the Year Award. • The Victorian Women’s team won the Australian National Country Cricket Championships which were hosted in Shepparton. • Cricket Victoria successfully hosted a Community Cricket Forum that had over 50 attendees and provided an opportunity for association and club volunteers to discuss a range of topics to assist them in their planning and delivery of the 2018/19 season.
Our network of Regional Hub venues is also starting to take shape, with each facility in different stages of planning and delivery. Regional Hub venues are being developed in the following country regions: • Ballarat (Central Highlands) • Bendigo (Northern Rivers) • Hamilton (Western Country) • Mildura (Mallee Murray) • Moe (Gippsland) • Wodonga (North East Metro) While we have enjoyed some terrific results in the 2018-19 season, a wide range of challenges still exist. We operate in an incredibly competitive marketplace and work with an increasingly time-poor community. It is crucial that work towards delivering a level of flexibility and accessibility in our cricket offering to give people the best chance of participating, volunteering or administrating. We are under no illusions about the ongoing work required to support
INFRASTRUCTURE The reporting period proved a fantastic year for cricket infrastructure development in Victoria. This year saw the inception of the Australian
our clubs and associations in both attracting new players and retaining existing players.
Cricket Infrastructure Fund (ACIF) which is a partnered fund with
Cricket remains the fabric of the Victorian summer but it is up to all
Cricket Victoria, Cricket Australia and the Australian Cricketers’
of us to ensure that the community can continue engage, enjoy and
Association investing in Community Cricket infrastructure across
connect with cricket in ways that fit in with busy lives.
the State. In 2018/19 the ACIF invested $1.3m in Community Cricket infrastructure, which generated $31 million worth of partnered investment across Victoria. Among the 88 successful ACIF applicants in Victoria were: • 46 ground and pitch developments • 6 female friendly changeroom upgrades • 32 training net developments and upgrades
#1 state for Woolworths Cricket Blast participation
#1 state in Australia for indoor participation
Junior Club Teams
Senior Club Teams
4,357 ANNUAL REPORT 2018-19 | 17
S TAT E , M E D I A & P R E M I E R AWAR D W I N N E RS 2018-19 STATE AWARDS WINNERS
Bill Lawry Medal Marcus Harris
John Scholes Award Marcus Harris
Dean Jones Medal Peter Handscomb
Commonwealth Bank Future Stars Awards Male: Mackenzie Harvey Female: Nicole Faltum
Sharon Tredrea Award Meg Lanning
Melbourne Renegades Players of the Season BBL: Dan Christian WBBL: Sophie Molineux Melbourne Stars Players of the Season BBL: Marcus Stoinis WBBL: Alana King
2018-19 MEDIA AWARDS WINNERS
Cricket Victoria Award Daniel Cherny (The Age)
Premier Cricket Award Nick Creely (Star News Group)
Suburban Award Simon McEvoy (Leader Newspapers)
Victorian Team Award Matt Balmer (Fox Sports)
Country Award Tyler Maher (Shepparton News)
Photography Award Darrian Traynor (Getty Images)
BBL and WBBL Award Sam Landsberger (Herald Sun)
2018-19 PREMIER CRICKET AWARDS WINNERS
Jack Ryder Medal Brett Forsyth (Dandenong)
Women’s Team of the Season
Women’s Premier Firsts T20 Player of the Season
Jess Duffin (Prahran)
Ellie Mason (Carlton-Brunswick)
Anna Lanning (Box Hill)
Amy Yates (Melbourne)
Aaron Finch Medal
Annabel Sutherland (Prahran)
(Vic Super Slam Player of the Season)
Rebecca Carter (Box Hill)
Sam Harbinson (Northcote Dragons)
Emma Inglis (Prahran)
(Best First Year Women’s Premier Firsts Player)
Men’s Team of the Season
Zoe Griffiths (Box Hill)
Tahlia Simpson (Carlton-Brunswick)
Alana King (Prahran)
Chelsea Moscript (Dandenong)
Spirit of Cricket Award
Meagan Ciavarella (Plenty Valley)
Tegan Orwin (Melbourne)
Una Paisley Medal Amy Yates (Melbourne)
Brett Forsyth (Dandenong)
Aaron Ayre (Essendon)
Luke Wells (Casey-South Melbourne)
James Seymour (Essendon)
Dean Russ (Footscray)
Men’s Players of the Season
Ian Holland (Ringwood)
2nd XI – Daniel Meddings (St Kilda)
Brayden Stepien (Carlton)
3rd XI – Thomas Vanderslik (Camberwell Magpies)
James Nanopoulos (Dandenong)
4th XI – Shane Giese (Melbourne)
Sunam Gautam (Greenvale Kangaroos)
Matt Doric (Essendon)
Will Walker (Camberwell Magpies)
Steven Reid (Melbourne University)
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Sue Woolcock Award (Women’s Premier Seconds One Day Player of the Season)
Alissa Sharp (Plenty Valley)
Sophie Day (Plenty Valley) Women’s Premier Seconds T20 Player of the Season Alissa Sharp (Plenty Valley) June Cole Award
Men’s: Prahran Women’s: Essendon Maribyrnong Park Club Championship Men’s: Essendon Women’s: Melbourne Umpire Recognition Award Colin Hall
O U R PA RT N E R S
ANNUAL REPORT 2018-19 | 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
GENERAL PURPOSE REDUCED DISCLOSURE FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2019 19
Auditor’s Independence Declaration
Independent Auditor’s Report
Directors’ Declaration Consolidated Financial Statements
20 | CRICKET VICTORIA
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
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 2019. 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:
Non Executive Director
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
Deputy Chair Cricket Victoria Board, Chair High Performance Committee, Finance & Investment Committee, Director of Melbourne Renegades, Director of Melbourne Stars
Finance & Investment Committee, High Performance Committee, Director of Melbourne Renegades, Director of Melbourne Stars, CoChair of the Women’s Premier Cricket Panel
Audit & Risk Committee, People & Culture Committee
Non Executive Director
Chair Finance & Investment Committee, Audit & Risk Committee, Community Cricket Committee, Director of Melbourne Renegades, Director of Melbourne Stars
Chair Community Cricket Committee, People & Culture Committee
Phillip Hyde (appointed 27 Aug 2018)
Chair Audit & Risk Committee, Finance & Investment Committee, High Performance Committee
Lydia Dowse (appointed 01 Jan 2019)
Head of Integrity & Risk
Audit & Risk Committee, People & Culture Committee
Jane Nathan (appointed 26 Jun 2019)
David Hussey (appointed 27 Aug 2018 ceased 05 Jun 2019)
National Sponsorship Manager
High Performance Committee, Community Cricket Committee
Russell Thomas (ceased 27 Aug 2018)
Tim Considine (ceased 27 Aug 2018)
ANNUAL REPORT 2018-19 | 21
D I R E C TO R S ’ R E P O RT PRINCIPAL ACTIVITIES The principal activities of the Group during the financial year were the ongoing promotion, management and control of cricket in the State of Victoria, through the provision of a range of activities including game development programs, coaching, talent identification and development, staging of State and Big Bash matches, along with other activities to continue to provide 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, representing grassroots cricket throughout Victoria, enhanced by the delivery of the best high performance system for elite men’s and women’s cricket and to grow our fan base through the Big Bash. There were no significant changes in the nature of the Group’s activities during the year. REVIEW OF OPERATIONS Highlights The operations of the Group during the financial year continued to engage in its principal activities, the results of which are disclosed in the financial statements. Revenue In 2019, the Group’s revenue was $47,669,639, representing a decrease of $11,886,086 versus the prior year. The movement in revenue can be attributed to several one-off benefits in 2018 including, the revaluation of investment properties valued at an additional $4,340,000, the realisation of the Junction Oval Stands gifted from Parks Victoria at a value of $2,443,800 and the gain on the sale of Jolimont Street. 2019 was
22 | CRICKET VICTORIA
a challenging year for the business with strong sponsorship revenue growth of 38% partially offset by declines in BBL revenues (tickets, memberships, merchandise) of $(1,056,689) despite the expansion to a full home and away BBL season. Profit Activities during the 2019 financial year returned a (loss) for the Group of ($2,054,864) (2018 Profit $14,619,536). Activities during the 2019 financial year returned a (loss) for the company of ($3,372,466) (2018 Profit $13,594,391). After adjusting for restructuring expenses of $669,664 relating to the organisational redesign of the Group, the (loss) for the Group was $(1,385,200) and the (loss) for the company $(2,702,802). SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS Significant changes in the state of affairs of the Group during the financial year were as follows. EVENTS SINCE THE END OF THE FINANCIAL YEAR 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.
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. DIVIDENDS In respect of the financial year ended 30 June 2019, no dividends were declared or paid (2018: $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 a maximum of 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 re-election following expiry of their term. The elected directors may appoint a maximum of three Appointed Directors for a term not exceeding three years. The appointed directors shall be on a rotational basis with no more than one Appointed Director appointed each year for a term of three years. Appointed Directors are eligible for further appointment following expiry of their term.
FUTURE DEVELOPMENTS Disclosure of information regarding likely developments in the operations of the Group in future financial years and the expected results of those operations is likely to result in unreasonable prejudice to the Group. Accordingly, this information has not been disclosed in this report.
MEETINGS OF DIRECTORS The following table 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). During the financial year, 10 board meetings were held.
Audit & Risk
Finance & Investment
People & Culture
COMMITTEES Five key standing committees have been established to assist the Board in fulfilling its responsibilities: i) Audit & Risk Committee - oversees financial reporting, risk management and internal controls, internal and external audit, insurance and capital management. ii) Finance & Investment Committee - oversees investment strategy, strategic planning, capital expenditure, annual budgets and monthly financial performance. 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.
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.
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.
RECOGNISING AND MANAGING RISK
INSURANCE OF OFFICERS AND INDEMNITIES
The Board is responsible for ensuring the adequacy of the Victorian Cricket Associationâ&#x20AC;&#x2122;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 Companyâ&#x20AC;&#x2122;s reputation and manage key business, strategic and financial risks.
Clause 99 of the Articles 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.
ANNUAL REPORT 2018-19 | 23
D I R E C TO R S ’ R E P O RT Each director of the Victorian Cricket Association has entered into 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 2019 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. PROCEEDINGS ON BEHALF OF THE COMPANY 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.
MEMBERS GUARANTEE The Parent is a public company limited by guarantee. If the Parent is wound up, the Articles of Association state that each member is required to contribute a maximum of $100 towards meeting any outstanding obligations of the company. At 30 June 2019 the number of voting members was 22 (2018: 22). 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.
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 6.
24 | CRICKET VICTORIA
Paul Barker Director 29 July 2019
ANNUAL REPORT 2018-19 | 25
26 | CRICKET VICTORIA
ANNUAL REPORT 2018-19 | 27
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 10 to 27 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 2019 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, Victorian Cricket Association Melbourne, 29 July 2019
28 | CRICKET VICTORIA
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 2019
State cricket match expenses
Travel, catering and corporate hospitality expense
Employee benefits expense
Repairs, hire and equipment expense
Awards, promotion and advertising expense
IT and communication expense
Motor vehicle expenses Other expenses Profit before tax and grants to associated bodies
Grants to associated bodies
Profit for the period
Income tax expense
Other Comprehensive Income Total comprehensive income for the period
* Restructuring expenses incurred as a result of the business improvement plan.
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
ANNUAL REPORT 2018-19 | 29
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 2019
Current assets Cash and cash equivalents
Trade and other receivables
Other financial assets
Other assets Total current assets
Non-current assets Premier cricket club loans
Property, plant and equipment
Total non-current assets
Current liabilities Trade and other payables
Other current liabilities
Total current liabilities
Non-current liabilities Provisions Total non-current liabilities
EQUITY Share capital
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. 30 | CRICKET VICTORIA
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 2019
Share capital $
Retained earnings $
Profit for the period
Total comprehensive income for the period
Share capital $
Retained earnings $
Balance at 1 July 2017
Balance at 30 June 2018
Balance at 1 July 2018
Loss for the period
Total comprehensive income for the period
Balance at 30 June 2019
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
ANNUAL REPORT 2018-19 | 31
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 2019
Cash flows from operating activities Receipts from customers Payments to suppliers and employees Receipts of grants for VCCC
Withdrawals from investments
Payments for property, plant and equipment
Interest received Net cash (outflow) inflow from operating activities
Cash flows from investing activities Payments for investments
Proceeds from disposal of property, plant and equipment Net cash (outflow) from investing activities
Net cash inflow (outflow) from financing activities
Net (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
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
32 | CRICKET VICTORIA
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. 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 2018: • AASB 9 Financial Instruments AASB 9 replaces the provisions of AASB 139 that relate to the recognition, classification and measurement of financial assets and financial liabilities, derecognition of financial instruments, impairment of financial assets and hedge accounting. The adoption of these amendments did not have any material impact on the current period or any prior period and is not likely to affect future periods. In accordance with the transitional provisions in AASB 9(7.2.15), comparative figures have not been restated or re-classified.
(iv) New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2019 reporting periods and have not been early adopted by the Group. The Group’s assessment of the impact of these new standards and interpretations is set out below.
Title of standard
AASB 15 Revenue from Contracts with Customers
Nature of change
The AASB has issued a new standard for the recognition of revenue. This will replace AASB 118 which covers revenue arising from the sale of goods and the rendering of services and AASB 111 which covers construction contracts. The new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer. The standard permits either a full retrospective or a modified retrospective approach for the adoption.
The Group has performed a review of the new standard and has elected to apply the new standard using the modified retrospective approach. Under this approach entities will recognise transitional adjustments in retained earnings on the date of initial application (e.g. 1 July 2019), without restating the comparative period. They will only need to apply the new rules to contracts that are not completed as of the date of initial application. It has been identified that there will not be a material change to the recognition of the Group’s revenue.
Date of adoption by Group
Mandatory for financial years commencing on or after 1 January 2019.
Title of standard
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.
The Group has performed a review of the new guidance and based on current period transactions no material change is expected on application.
Mandatory application date / Date of adoption by Group
Mandatory for financial years commencing on or after 1 January 2019.
The Group will adopt AASB 15 from 1 July 2019.
The Group will adopt AASB 1058 from 1 July 2019
ANNUAL REPORT 2018-19 | 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 Title of standard
AASB 16 Leases
Nature of change
AASB 16 will result 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. The only exceptions are short-term and low-value leases.
The Group has performed an assessment of the new standard and considers there will be a material impact on the Group’s financials. As at the reporting date, the Group had non-cancellable leases of $17.7 million of which $17.05m relates to Junction Oval. The expected impact on adoption is recognition of a lease liability of $3.9m and a corresponding right-of-use asset of $3.9m. The Group does not currently intend to bring short term leases (12 months or less) or low value leases on to the balance sheet. The costs related to these items will continue to be expensed directly to the statement of profit or loss. The standard must be implemented using either a full retrospective approach or a modified retrospective approach. Under the modified retrospective approach entities will recognise transitional adjustments in retained earnings on the date of initial application (e.g. 1 July 2019), without restating the comparative period. The Group currently expects to use the modified retrospective approach for adoption.
Mandatory application date / Date of adoption by Group
Mandatory for financial years commencing on or after 1 January 2019. The Group will adopt AASB 16 from 1 July 2019
(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.
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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. 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. (a) Significant estimates and judgements Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances.
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 2019 $
Revenue from cricket matches
3. REVENUE AND OTHER INCOME Revenue from Cricket Australia
Interest income Rent Registrations
Unrealised gain on investments
Profit on sale of assets Other revenue
In 2018, Grants include gifted assets of $2,443,800 for Junction Oval stands. Unrealised gains on investments included $4,340,000 relating to the revaluation of investment properties.
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. All revenue from Cricket Australia received throughout the year is recognised in the period in which it specifically relates. 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. All revenue from cricket matches received throughout the year is recognised in the period for which it specifically relates. Interest revenue Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that assetâ&#x20AC;&#x2122;s net carrying amount. Grant revenue Grants and other contributions are recognised when the Group obtains control of the contribution or right to receive the contribution and it is probable that the economic benefits comprising the contributions will flow to the Group. Sponsorship revenue Sponsorship revenue is recognised when the right to receive the revenue has been established. Other revenue Revenue is recognised when the right to receive the revenue has been established.
ANNUAL REPORT 2018-19 | 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 2019 $
4. TRADE AND OTHER RECEIVABLES Current Trade receivables*
Provision for impairment
Accrued income Premier cricket club loans
Non-current Premier cricket club loans Current & Non Current Loans outstanding to Premier Cricket Clubs as at 30 June 2019 is $50,000 (2018: $84,500). There were no new loans made to Clubs in 2019.
*Trade receivable balance as at 30 June 2019 includes $2,354,224 outstanding from Cricket Australia. 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 Company 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 Groupâ&#x20AC;&#x2122;s monitoring of credit risk.
Accrued income Revenue is recognised on an accrual basis in accordance with the substance of the relevant agreements.
5. OTHER FINANCIAL ASSETS Managed 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 timeframe 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 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 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.
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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 Financial assets at fair value through profit or loss are stated at fair value, with any resultant gain or loss recognised in profit or loss. The net gain or loss recognised in 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.
6. INVESTMENT PROPERTY Investment properties
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 it assessment of the fair value of each property, taking into account the most recent independent valuations. The Group determines a propertyâ&#x20AC;&#x2122;s value within a range of reasonable fair value estimates. 7. PROPERTY, PLANT AND EQUIPMENT Buildings at cost $
Plant and equipment at cost $
Motor vehicles $
Accumulated depreciation of assets disposed
At 30 June 2018 Gross carrying amount Accumulated depreciation Net book amount
Year ended 30 June 2019 Carrying amount at the beginning of the year
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.
ANNUAL REPORT 2018-19 | 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 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 • Plant and equipment • Motor Vehicles
5 - 50 years 2 - 30 years 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.
Sundry creditors and accruals
8. TRADE AND OTHER PAYABLES
ACCOUNTING POLICIES Trade payables and other accounts payable are recognised when the Group becomes obliged to make future payments resulting from the purchase of goods and services. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
2019 Current $
9. PROVISION Premier Cricket Infrastructure Fund Employee benefits Payroll Tax Grouping Liability
In 2019, $190,000 was paid to Premier Cricket Clubs (Dandenong, Prahran, Geelong & Frankston) from the Premier Cricket Infrastructure Fund for various infrastructure projects. 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.
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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 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 as 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.
10. 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 sponsorship revenue from Optus.
11. 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 $250,000 as part of the Victorian Cricket and Community Centre development at Junction Oval. These may be called upon on in the event that Cricket Victoria breach itâ&#x20AC;&#x2122;s contractual obligations.
12. RESERVES The asset revaluation reserve arises on the revaluation of the land and buildings. Where revalued land or buildings is sold, that portion of the asset revaluation reserve which relates to that asset, is realised, and is transferred directly to retained earnings.
13. COMMITMENTS FOR OPERATING EXPENDITURE Non-cancellable operating lease payments Within one year Later than one year but not later than five years Later than five years
Operating lease payments are payments for the lease of Junction Oval, motor vehicles and office leases. ACCOUNTING POLICIES Leases are classified as finance leases when the terms of the lease transfer substantially all the risks and rewards incidental to ownership of the leased asset to the lessee. All other leases are classified as operating leases.
Company as lessee Assets held under finance leases are initially recognised at their fair value or, if lower, at amounts equal to the present value of the minimum lease payments, eachÂ determined at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.
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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 Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Groupâ&#x20AC;&#x2122;s general policy on borrowing costs. Contingent rentals are recognised as expenses in the periods in which they are incurred. Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Cash on hand
Cash at bank
14. CASH AND CASH EQUIVALENTS
ACCOUNTING POLICIES For the purposes of the statement of cash flows, cash and cash equivalents includes cash on hand and in banks and investments in money market instruments, 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.
(a) Reconciliation of profit after income tax to net cash inflow from operating activities
Notes (Loss)/profit for the period
Adjustments for 1,343,970
Unrealised (gain)/loss on revaluation of investment properties
Gifted Assets (Junction Oval)
Depreciation and amortisation
Bad and doubtful debt expense/(recovered) Unrealised (gain)/loss on managed funds 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 in advance Net cash inflow (outflow) from operating activities
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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 2019 $
15. PARENT ENTITY FINANCIAL INFORMATION Parent Entity
Profit or (loss) for the period
Total comprehensive income
2019 Ownership %
2018 Ownership %
Melbourne Stars Ltd
Melbourne Renegades Pty Ltd
Investment in subsidiaries Name
16. RELATED PARTY TRANSACTIONS (a) Key management personnel compensation The key management personnel include executives with the authority for the strategic direction and management of the company. Key management personnel remuneration for the year ended 30 June 2019 is set out below:
Salaries & Wages 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 2019 was $Nil (2018: $6,000) ANNUAL REPORT 2018-19 | 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 17. 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 new 4 year (2020-2023) funding agreement with Cricket Victoria. Cricket Victoria does not anticipate that the future funding model will have an adverse impact on the Group.
18. FINANCIAL RISK MANAGEMENT Financial Risk Management framework The Groups 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:
Not past due Past due 0-30 days Past due 31-120 days
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 72 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% except for a provision made in relation to Champion Beverages for which a $32,000 loss has been applied.
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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 19. 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.
20. REMUNERATION OF AUDITORS External Auditor Audit of the financial report Other non audit services
The external auditor for the Victorian Cricket Association is PricewaterhouseCoopers (2018: PricewaterhouseCoopers)
Internal Auditor Internal audit services
The internal auditor for the Victorian Cricket Association is BDO
ANNUAL REPORT 2018-19 | 43
CitiPower Centre - Junction Oval Lakeside Drive, St Kilda VIC 3182 T: 03 9085 4000 | F: 03 9085 4001 W: cricketvictoria.com.au | E: firstname.lastname@example.org