PRINCIPAL ACTIVITIES
Activities during the financial year returned
SIGNIFICANT CHANGES IN THE STATE OF
The principal activities of the Group (Cricket
a surplus for the Group of $4,866,065 (2020
AFFAIRS
Victoria and controlled entities) during the
surplus $1,880,740). Activities during the
In the opinion of the Directors, other than as
financial year were the ongoing promotion,
financial year returned a profit for the company of
set out in this report, there were no significant
management and control of cricket in the State
$6,058,644 (2020 deficit $706,131).
changes in the state of affairs of the Group that occurred during the financial year under review.
of Victoria. Cricket Victoria delivers a range of activities including community cricket programs,
After adjusting for restructuring expenses of
coaching, talent identification and development,
$347,494 relating to the management changes
EVENTS SINCE THE END OF THE FINANCIAL
staging of State and Big Bash matches, and
within the Group, one off government COVID-19
YEAR
provides valuable resources for the ongoing
assistance funding and the revaluation of
The directors are aware that funding from Cricket
growth and promotion of the game of cricket
investment properties, the underlying surplus for
Australia may not return to 100% in FY22. There
throughout Victoria.
the Group was $1,710,559 and for the company
remains a risk that revenues for the 2021/22
The objective of the Group is to be Australia’s
$2,903,138.
season may be impacted by the ongoing COVID-19 pandemic and as such may impact the financial
leading cricket state, supporting and growing
performance of Cricket Victoria.
grassroots cricket throughout Victoria, delivering
Net cash from operating activities was
the finest cricket performance program for elite
$4,519,888. The Group balance sheet continues to
men’s and women’s cricket and growing our fan
remain in a strong position despite the challenges
ENVIRONMENTAL REGULATION
base through the Big Bash.
encountered throughout 2021.
The Group’s operations are not regulated by any significant environmental regulation under a law
There were no significant changes in the nature of the Group’s activities during the year.
CORONAVIRUS (COVID-19) IMPACT
of the Commonwealth or of a State or Territory.
COVID-19 was declared by the World Health STATUTORY INFORMATION
Organisation as a global pandemic in March 2020.
DIVIDENDS
The Group’s consolidated financial statements
COVID-19 has continued to have a significant
In respect of the financial year ended 30 June
and accompanying notes have been presented for
impact on global economies throughout FY21.
2021, no dividends were declared or paid (2020:
the financial year ended 30 June 2021 and appear
The Group has considered the ongoing impact of
$Nil). The company is a public company limited
on pages 38 to 53.
COVID-19 and other market volatility in preparing
by guarantee, is a not for profit and is therefore
these financial statements.
precluded from paying dividends.
The Group’s revenue and other income was
The impact of COVID-19 continued to be felt
BOARD STRUCTURE
$43,117,513, representing a decrease of
through FY21. BBL and WBBL matches were
The directors of the Victorian Cricket Association
$5,761,672 versus the prior year. The movement
played in hubs, often with reduced crowds and
consist of six elected directors and three
in revenue can be attributed to lower funding
the number of games of state cricket were
appointed directors. The term of the elected
received from Cricket Australia, lower
reduced. Government restrictions that were
directors is up to three years with two elected
sponsorship revenue and lower BBL ticketing
imposed in response to COVID-19 including stay
directors elected at each Annual General
revenue associated with the impacts of COVID-19.
at home orders, lockdowns, and restrictions on
Meeting. The term of each elected director will
This decrease was partially offset by government
gatherings and crowds combined with ongoing
expire at the conclusion of the third Annual
funding assistance received in relation to
management actions throughout FY21 including
General Meeting following their election. Elected
COVID-19, an increase in unrealised revenue
a variety of austerity measures contributed to
directors are eligible for re-election following
associated with the revaluation of the investment
the preservation of cash. The company was also
expiry of their term. No elected director who has
properties held by Cricket Victoria, and a strong
able to access Government stimulus assistance
served for a total of 3 consecutive terms shall
performance of the Cricket Victoria portfolio of
packages. These measures contributed to the
be eligible for re-election (except in extenuating
managed funds.
overall improved cash position of the Group.
circumstances) until the third Annual General
The disruption to the BBL season due to
The Group’s closing cash position increased by
the COVID-19 pandemic resulted in several
$4,245,278 compared to the prior year and at
Melbourne Stars and Melbourne Renegades
30 June, the Group finished the year with a cash
The elected directors may appoint a maximum
matches being moved to interstate venues and
balance of $7,515,658.
of three appointed directors for a term of up to
FINANCIAL HEADLINES
Meeting following the date of conclusion as a director.
three years. Appointed directors are eligible for
when matches were played in Melbourne, crowds were capped due to government restrictions.
Management remain committed to the changes
further appointment following expiry of their
A national approach between the eight BBL
undertaken within 2021 which have provided
term. No appointed director who has served for a
teams and Cricket Australia was implemented
stability and greater certainty for the Group to
total of 3 consecutive terms shall be eligible for
for BBL10 whereby the net match returns for the
meet the challenges that may arise from the
re-election for at least 3 years following the date
entire BBL season including finals was shared
impacts of COVID-19 moving forward.
of conclusion as a director.
equally amongst the BBL teams and the impact is disclosed in the financial statements accordingly.
ANNUAL REPORT 2020—21
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