| Annual Report 2012-13 - Cricket Australia

| Annual Report 2012-13

Cricket Australia Annual Report 2012-13 2

To be Australia’s Favourite Sport

STRATEGY & VISION

Increase participation substantially and inspire

the next generations of players and fans

Produce the best teams, players and officials

in the worldPut fans first

Provide world-class leadership and

management and unify Australian Cricket

Grow investment in the game

JJ Most watched sport on TV (and online) by total viewer hours and reach

JJ Passion highest of any sport

JJ Diverse fan base that reflects the Australian population

JJ Attendances average > 1.6m p.a.

JJ 30% share of all sports media coverage by 2015

JJ World Cup that ignites fans’ passion for cricket

JJ Men’s and women’s national teams

JJ Number one in all formats

JJ Inspire the Australian public

JJ The favourite national teams in Australian sport

JJ 1.2m participants including 200,000 females

JJ 250,000 MILO inCricket participants by 2015, including 1/3 girls

JJ Number one organised participation sport in Australia

JJ Implement 2011 CA governance review

JJ Implement 2011 financial model review

JJ Foster excellent relationships with key stakeholders

JJ Generate 40% growth in total cricket operating revenue over the touring cycle

JJ Deliver operating surpluses across Australian Cricket over the touring cycle

JJ Build reserves at CA of $60m by 2015-16 and $70m by 2016-17

JJ Invest at least 75% of revenue in pillars 1, 2 and 3

1. 2. 3. 4. 5.


Continue unification of Australian cricket

Increased staff engagement and alignment

Successful sponsorship renewals

Successful domestic media rights renewal

Successful implementation of new financial model for Australian Cricket

Significantly grow engagement with female and community participants

Successful international summer

Continued growth in BBL

Continue to grow share of media coverage

Improved team performance and perfect preparation for Ashes

Attract and retain junior participants via modified formats

PRIORITIES 2012-13


CHAIRMAN’S MESSAGE

It’s a year since major cricket governance reforms were approved at the 2012 annual general meeting and I am pleased to report the new board, including our first independent directors, is focussed on the needs of Australian cricket.

To most fans, there should be one simple focus – on field success, particularly Test success – by the Australian men’s team.

As a former player, I understand this. I share the public and player disappointment in the 3-0 Ashes result which followed the 4-0 loss in India.

I was encouraged, however, by the team’s increasing competitiveness as the Ashes progressed and strong resolve as we go into Australia’s summer. The Australian Team Performance Review was a four-year plan and we are half way through that period. I am sure we will give fans more to cheer in the coming months.

Important as it is, on-field success by our men – and by our women with back-to-back ICC World T20 and ODI championships – is not our only measure of success.

Governance change has been consolidated with a new, simplified cricket financial model which sees CA now receive all gate and signage revenue

from international matches in return for guaranteed revenue to states.

This protects them from volatile movements in gate revenue due to issues such as timing and duration of games and weather.

There is a significant emphasis on better aligning CA and State and Territory Associations as one efficient Australian cricket organisation which works harder to deliver to fans, clubs, professional and community players, schools, children and commercial partners.

This has included improved communication between CA and the State and Territory Cricket Associations at board and management levels at both ends.

Our 2011-15 strategic plan, which the board has asked management to review as we start thinking beyond that horizon, commits Australian cricket to work collectively on making cricket Australia’s favourite sport by ensuring it is genuinely a sport for all Australians.

Continued J

Wally Edwards CHAIRMAN

Wally Edwards became Cricket Australia’s 37th Chairman in October 2011. A CA Board member since 1996, Wally was Australia’s 271st Test player, playing three matches in 1974-75.


CHAIRMAN’S MESSAGE

Putting fans first; developing the best teams, players and officials in the world; increasing participation; unifying Australian cricket and growing investment in the game are what we call our five strategic pillars.

The Ashes result was disappointing but we continue to make good progress across cricket’s wide range of off-field activities, all of which contribute to ensuring cricket is genuinely a sport for all Australians and maintains its important place in the Australian way of life.

Globally, CA is an active member of the International Cricket Council, with strong engagement on the delivery of a successful 2015 ICC Cricket World Cup in Australia and New Zealand. Elsewhere, we state our views in the knowledge that

complex international cricket issues are important to a wide range of culturally diverse nations which all have their own outlooks and priorities.

In concluding, I thank my fellow directors, and also finance, accounting and risk management specialist John Davies, for his role as independent chair of our Audit and Risk Committee, and I thank the States and Territories for their response to the move towards more collective Australian cricket thinking.

To CA’s dedicated management and staff led by James Sutherland, congratulations on another strong year, with a range of successes such as the KFC T20 Big Bash League attracting new fans to the game; progress with the Centre of Excellence development; a significantly

important outcome from our media rights discussions; important commercial renewals; and strong increases in the number of Australians, including females, playing cricket among the highlights.

I pay tribute to departing directors Harry Harinath and David Dilley, and also to the late Graham Dixon from Queensland Cricket.

I also congratulate great cricketers in Ricky Ponting, Michael Hussey and Lisa Sthalekar who have retired from the international game and, along with all in Australian cricket, mourn the death of former England captain and friend of Australian cricket, Tony Greig.

Finally, bring on this summer’s Commonwealth Bank Ashes Series, another great season of Australian community, state and international cricket and, now very close, the 2015 ICC Cricket World Cup which so many in Australia and New Zealand are working on to ensure it is not just a great cricket event down under, but one of the world’s great sporting events.


CEO’S REPORT

Australian cricket, which is increasingly working as one integrated national sport with a vision of cricket being Australia’s favourite sport, has moved into the new financial year with clear goals.

These include winning back the Ashes and gearing up for a strong on and off-field ICC Cricket World Cup 2015 performance.

But they also include a range of other targets which are collectively designed, along with on-field success, to ensure cricket is a sport for all Australians of all backgrounds.

Australia’s make up continues to change and our challenge is to ensure that all Australians see themselves reflected in our national sport, whether playing at school or a local club, attending matches, or watching on TV.

The past year has seen increased diversity in our participation and fan bases, increases in attendance and TV viewers, cricket achieving the highest TV reach of any sport, strong public popularity of our men’s and women’s international teams and the strongest measures for fan passion of any sport.

Some measures standing out include an almost 19% increase in female participation, overall cricket attendance

has increased over the last decade and continuing to trend up with the success of the new KFC T20 Big Bash League competition, and strong performance by that competition in bringing new fans to the game.

Some 13% of BBL attendees last season were new fans and 50% were family groups.

Cumulatively, cricket had 19.3 million viewers across metropolitan and regional TV, ahead of any other sport by a clear margin, according to independent figures.

Cricket’s popular place in the public consciousness helped us negotiate excellent new broadcast contracts with the Nine and Ten networks, with an outcome that will see BBL increase its audience, and through that, its proven ability to bring new fans to the game, by moving to free-to-air TV.

The critical importance of the new TV broadcast contracts cannot be over-stated.

Continued J

James Sutherland CHIEF EXECUTIVE OFFICER

James Sutherland has been Cricket Australia Chief Executive Officer since 2001 and is a former first-class cricketer


CEO’S REPORT

They add up to more than $840 million over the next five years, a figure that does not include our TV revenue from ICC events such as World Cups or from Champions League Twenty20. The significant investment cricket needs to make in everything ranging from encouraging young children to take up the game through community participation to finding and developing elite talent and all that is involved in keeping our international players on the field of play is under-pinned by our ability to sell high-value media rights and attract other commercial partners.

Cricket’s public popularity helped us secure significant contract renewals or deals with the Commonwealth Bank, Carlton & United Breweries, Toyota and

KFC. Cricket has the strongest commercial partner program of any national sporting body in Australia. The long-standing Vodafone partnership came to an end during the year and we sincerely thank them for their outstanding support.

Strong commercial performance is imperative if cricket is to have the capacity to invest in the development of the game which in turn flows through to elite performance by national teams. We can’t take it for granted that people will automatically play or follow cricket, or any other sport for that matter, as they might have done early in Australia’s history.

Financially, the figures detailed in the following accounts reflect the well-documented annual fluctuations in revenue related to the varying TV-rights

revenue drawing power of different international touring teams which visit each year. The fact that our revenue varies sharply from year to year leads to Australian cricket’s well-established revenue-smoothing policy over four-year cycles which avoids erratic annual fluctuations in expenditure in areas such as state distributions and international and state player payments. Revenue for the year just ended was down from almost $265 million to slightly over $168 million, resulting in moving from a surplus before state distributions of $45.6 million to a deficit of $34.6 million.

Despite this, long-term revenue smoothing allowed, among other things, a significant increase in distributions to State Cricket Associations, from $56.7 million to $65.2 million.

Changes in our governance and related reform and simplification of cricket’s financial model in the last year have helped de-risk state-level financial performance.

This, along with other changes such as new formats to encourage more local-level participation and greater national recognition of clubs’ roles is expected to help local-level delivery to clubs and cricket’s base.

As with other cricketing nations, balancing three formats continues to be a priority.

Changes in 2013-14 include delinking the state 50-over Ryobi Cup from Bupa Sheffield Shield cricket to give it a place and space of its own, and to better prepare future international players for the tournament style approach they will encounter in One-day International cricket.

Continued J


CEO’S REPORT

The Australian Team Performance Review (ATPR) is now half way through its four-year program, and a significant number of the recommended changes that were designed to encourage a genuinely federal, performance-based structure from Under-19 cricket up are in place. It was pleasing we were able to move our female international cricketers onto a more professional basis this year.

Our men’s team, poised what seems such a short time ago for a crack at number one Test status, has had a disappointing year. But there has been a steeling of team culture, and signs of re-emerging resolve even in the midst of the disappointing Ashes series in England, with new coach Darren Lehmann settling into his challenging role very quickly.

The ATPR was not designed as a quick fix and I look forward to our performance

improving over the coming summer and forward to the 2015 ICC Cricket World Cup.

I support the acknowledgements our Chairman has made in this report and add my thanks to him and his fellow Directors for their dedication and strong strategic focus on Australian cricket’s future. I also reinforce his thanks to the hard-working people throughout Australian cricket.

I also sincerely thank the 52,000 Australians who volunteer their time to support cricket, contributing almost seven million hours of invaluable time to the sport they love.

Above all, I thank the fans, including all the new fans who have never previously thought of watching or attending cricket, as well as the tried-and-true purists who have been with the game for decades. I look forward to the coming summer offering you plenty of competitive entertainment.


LESS RELATIVE RELIANCE ON INTERNATIONAL MEDIA RIGHTS

Domestic

International90%

100%

80%

70%

60%

50%

40%

30%

20%

10%

0%Previous Four

Year Cycle (08/09-11/12)

Current Four Year Cycle

(12/13-15/16)

47%

65%

35%

53%


Outdoor participation has grown at 5% per year in the last decadeFY10-FY13 includes indoor cricket participants. Definition of participant: requires minimum program of four weeks/games duration. Source: Street Ryan.

PARTICIPATION 2012-13

0

2012-13

2011-12

2010-11

2009-10

2008-09

200k 400k 600k 800k 1m

952k

880k

850k

804k

605k


BROADCAST AND COMMERCIAL PARTNERS

Platinum Partners Gold Partners Silver Partners

Broadcast Partners

2012/13 Summer


GOVERNANCE

The Strategy for Australian Cricket has as one of its central pillars to provide world-class leadership and management and unify Australian Cricket.

In August 2012, State Associations voted to replace CA’s state-based Board of 14 Directors with a new, nine-person Board with three independent Directors and one each appointed by the six State Associations.

The six current State Association-appointed Directors are: Wally Edwards (WACA), John Bannon (SACA), Earl Eddings (Cricket Victoria), Mark Taylor (Cricket New South Wales), Michael Kasprowicz (Queensland Cricket) and Tony Harrison (Cricket Tasmania).

They are joined by independent Directors Jacqueline Hey, David Peever and Kevin Roberts on the nine-member Board. The Board will move progressively to become fully independent by 2017.

Board Structure

Member Board

State Association-appointed Directors

Independent Directors appointed by CA Nominations Committee

9

3

6

Absent: Tony Harrison


Hon Dr John Bannon AOCA DIRECTOR SINCE 2008

JJ National Indigenous Cricket Advisory Committee (Co-Chairman)

Wally EdwardsCHAIRMAN FROM 28 OCTOBER 2011

JJ CA Director since 1996

JJ Test Player Cap No. 271

JJ Remuneration Committee (Chairman)

JJ Nominations Committee

JJ Media Rights Sub-Committee

Earl EddingsCA DIRECTOR SINCE 2008

JJ Audit and Risk Committee

JJ Remuneration Committee

Tony HarrisonCA DIRECTOR SINCE 2002


Jacqueline HeyCA DIRECTOR SINCE 2012



Michael KasprowiczCA DIRECTOR SINCE 2011


JJ ODI Player Cap No. 125

JJ National Indigenous Cricket Advisory Committee

David PeeverCA DIRECTOR SINCE 2012



Kevin RobertsCA DIRECTOR SINCE 2012


Mark Taylor AOCA DIRECTOR 2004-2012, 2013

JJ Test Captain from 1994-1999


JJ ODI Player Cap No. 107

Cricket Australia Board of Directors (at 30 June 2013)

GOVERNANCE


GOVERNANCE

Cricket Australia Board of DirectorsThe following persons also held office as Directors of Cricket Australia during the year until the time of their retirement:

Michael Silver OAM 25 September 2012

Mark Taylor AO 25 September 2012

Kevin Griffiths 25 October 2012

Ian McLachlan AO 25 October 2012

Trevor O’Hoy 25 October 2012

Bryan Phelan 25 October 2012

Marshall Rosen 25 October 2012

Geoff Tamblyn 25 October 2012

David Williams 25 October 2012

Dr Harry Harinath 9 February 2013

David Dilley 14 June 2013

Cricket Australia Administration

CRICKET AUSTRALIA CHIEF EXECUTIVE OFFICER

The Chief Executive Officer reports to the Cricket Australia Board and is responsible for the overall management of Cricket Australia’s administration, implementation of Board policies and delivery of the CA Strategy.

EXECUTIVE TEAM (AT 30 JUNE 2013)

Chief Executive Officer James Sutherland

Executive General Manager Operations

Mike McKenna

Executive General Manager Business and Advisory Services

Kate Banozic

Executive General Manager Game and Market Development

Andrew Ingleton

Executive General Manager Media, Communications and Marketing

Ben Amarfio

Executive General Manager People and Culture

Marianne Roux

Executive General Manager Team Performance

Pat Howard

Cricket Australia CommitteesDirectors are also appointed to committees to help monitor and/or establish Cricket Australia policy.

THE FOLLOWING COMMITTEES MET IN 2012-13:


JJ National Indigenous Cricket Advisory Committee

JJ Nominations Committee



NOTES

JJ The Company Secretary is Dean Kino, General Manager, Legal and Business Affairs

JJ John Davies is Chair of the Audit & Risk Committee and is an independent consultant and non-director

JJ Don Argus is Chair and Tony Hodgson is a member of the Nominations Committee. They are independent consultants and non-directors


FINANCIAL REPORT

Income Statement

FOR THE YEAR ENDED 30 JUNE 2013 NOTES 2013 ($) 2012 ($)

Revenue from continuing operations 164,303,311 260,803,059

Other income 4,089,455 3,828,075

Total Revenue 168,392,766 264,631,134

Expenditure from operating activities 1 137,871,711 162,341,470

Surplus from continuing operations 30,521,055 102,289,664

Distributions to State Associations 65,163,410 56,685,285

Surplus / (deficit) for the year (34,642,355) 45,604,379

Balance Sheet

AS AT 30 JUNE 2013 NOTES 2013 ($) 2012 ($)

CURRENT ASSETS

Cash and cash equivalents 2 67,654,475 64,706,353

Trade and other receivables 3 15,574,370 63,837,517

Inventories 4 1,194,851 2,033,027

Investments 5 - 840,896

Forward foreign exchange contracts 6 - 3,315,083

Other 7 8,930,768 444,070

Total current assets 93,354,464 135,176,946

NON-CURRENT ASSETS

Forward foreign exchange contracts - 10,816,024

Investment property 8 1,525,000 1,525,000

Property, plant and equipment 9 24,537,718 16,689,981

Total non-current assets 26,062,718 29,031,005

Total assets 119,417,182 164,207,951


FINANCIAL REPORT

Balance Sheet

AS AT 30 JUNE 2013 NOTES 2013 ($) 2012 ($)

CURRENT LIABILITIES

Forward foreign exchange contracts 6 2,634,521 -

Trade and other payables 10 20,905,518 20,911,798

Provisions 11 26,349,684 20,219,375

Revenue received in advance 12 10,668,096 20,555,210

Total current liabilities 60,557,819 61,686,383

NON-CURRENT LIABILITIES

Forward foreign exchange contracts 6 2,724,272 -

Provisions 13 8,651,567 8,313,105

Revenue received in advance 14 39,336,304 27,605,578

Total non-current liabilities 50,712,143 35,918,683

Total liabilities 111,269,962 97,605,066

Net assets 8,147,220 66,602,885

MEMBERS’ FUNDS

Hedging reserves 15 (2,796,097) 21,017,213

General reserves 16 - -

Accumulated funds 17 10,943,317 45,585,672

Total members’ funds 8,147,220 66,602,885


FINANCIAL REPORT

Statement of Changes in Equity

FOR THE YEAR ENDED 30 JUNE 2012 NOTES HEDGING RESERVE ($)

GENERAL RESERVE ($)

ACCUMULATED FUNDS ($)

TOTAL EQUITY ($)

Balance at 1 July 2011 18,820,080 - 2,981,293 21,801,373

Changes in the fair value of cash flow hedges 2,197,133 - - 2,197,133

Net income recognised directly into equity 2,197,133 - - 2,197,133

Transfer from General Reserves - - - -

Surplus/(Deficit) for year - - 45,604,379 45,604,379

Total recognised income and expense for the year 2,197,133 - 45,604,379 47,801,512

Distributions to State Associations from reserves - - (3,000,000) (3,000,000)

Total distributions from reserves - - (3,000,000) (3,000,000)

Balance at 30 June 2012 15,16 & 17 21,017,213 - 45,585,672 66,602,885

FOR THE YEAR ENDED 30 JUNE 2013 NOTES HEDGING RESERVE ($)

GENERAL RESERVE ($)

ACCUMULATED FUNDS ($)

TOTAL EQUITY ($)

Balance at 1 July 2012 21,017,213 - 45,585,672 66,602,885

Changes in the fair value of cash flow hedges (23,813,310) - - (23,813,310)

Net income recognised directly into equity (23,813,310) - - (23,813,310)

Transfer from General Reserves - - - -

Surplus/(Deficit) for year - - (34,642,355) (34,642,355)

Total recognised income and expense for the year (23,813,310) - (34,642,355) (58,455,665)

Distributions to State Associations from reserves - - - -

Total distributions from reserves - - - -

Balance at 30 June 2013 15,16 & 17 (2,796,097) - 10,943,317 8,147,220

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


FINANCIAL REPORT

Cash Flow Statement

FOR THE YEAR ENDED 30 JUNE 2013 NOTES 2013 ($) 2012 ($)

CASH FLOWS FROM OPERATING ACTIVITIES

Receipts from spectators, media, sponsors and customers 211,657,522 212,302,956

Payments to suppliers, players and employees (139,384,035) (118,655,154)

Payments to members (65,163,410) (56,685,285)

Interest received 3,524,079 990,008

Net cash inflow / (outflow) from operating activities 10,634,156 37,952,525

CASH FLOWS FROM INVESTING ACTIVITIES

Payments for plant and equipment (7,686,034) (2,407,662)

Payment for ACRA restricted investments - -

Net cash (outflow) from investing activities (7,686,034) (2,407,662)

CASH FLOWS FROM FINANCING ACTIVITIES

Payments to members from accumulated funds - (3,000,000)

Net cash (outflow) from financing activities - (3,000,000)

Net increase / (decrease) in cash held 2,948,122 32,544,863

Cash at the beginning of the financial year 64,706,353 32,161,490

Cash at the end of the financial year 67,654,475 64,706,353


FINANCIAL REPORT

Notes To The Financial Statements

FOR THE YEAR ENDED 30 JUNE 2013 2013 ($) 2012 ($)

1. NET RESULT – The net result includes the following specific items:

Expenses

Depreciation

Buildings 87,540 89,785

Freehold improvements 341,856 424,652

Office equipment 685,723 733,242

Leasehold improvements 96 309,369

Total depreciation and amortisation expense 1,115,215 1,557,048

Minimum lease payments 110,776 135,406

Employee benefits expense 50,211,015 70,098,892

Unrealised (gain)/loss on derivative financial instruments (4,323,411) 19,098,956

2. CURRENT ASSETS – CASH AND CASH EQUIVALENTS

Cash at bank and on hand 2,678,721 2,902,766

Restricted Cash – ACRA, ICC & DOHA – Department of Health and Ageing 20,106,596 23,575,323

Interest bearing deposits 44,869,158 38,228,264

67,654,475 64,706,353

3. CURRENT ASSETS – TRADE AND OTHER RECEIVABLES

Debtors 12,733,408 63,837,517

Receivable from related party 1,075,723 -

Other Receivables – other 1,765,239 -

15,574,370 63,837,517


FINANCIAL REPORT



4. CURRENT ASSETS – INVENTORIES

Inventory – cost 1,356,121 2,033,027

Inventory – provision for obsolescence (161,270) -

1,194,851 2,033,027

5. CURRENT ASSETS – INVESTMENTS

Investments at fair value through profit or loss

Restricted managed funds – ACRA – market value - 840,896

- 840,896

6. DERIVATIVE FINANCIAL INSTRUMENTS

Current Assets/(Liabilities)

Forward foreign exchange contracts and purchased foreign exchange options (2,634,521) 3,315,083

Non-current assets/(Liabilities)

Forward foreign exchange contracts and purchased foreign exchange options (2,724,272) 10,816,024

7. CURRENT ASSETS – OTHER

Accrued Income 4,758,820 142,876

Prepayments 4,171,948 301,194

8,930,768 444,070

8. NON-CURRENT ASSETS – INVESTMENT PROPERTY

At cost 1,852,388 1,852,388

Less accumulated depreciation 327,388 327,388

1,525,000 1,525,000


FINANCIAL REPORT



9. NON-CURRENT ASSETS – PROPERTY

Plant and Equipment

Land and Buildings

Land – cost 7,205,339 7,205,339

Building – cost 4,711,772 4,711,772

Building – WIP 10,224,113 2,211,154

Less accumulated depreciation 1,297,756 1,210,216

13,638,129 5,712,710

Total Land and Buildings 20,843,468 12,918,049

Plant and Equipment

Office equipment – cost 5,760,099 4,983,054


2,153,982 2,062,660

Leasehold improvements 753,024 580,076

Less accumulated depreciation 580,172 580,076

172,852 -

Freehold improvements 4,305,960 4,305,960


1,367,416 1,709,272

Total Plant and Equipment 3,694,250 3,771,932

24,537,718 16,689,981

10. CURRENT LIABILITIES – TRADE AND OTHER PAYABLES

Trade payables 20,905,518 20,911,798


FINANCIAL REPORT



11. CURRENT LIABILITIES – PROVISIONS

Annual leave 1,482,285 1,362,638

Long service leave 681,763 492,457

Provision for player payments 22,975,633 17,316,235

ACRA entitlements 1,087,152 959,850

Players’ and Umpires’ Retirement Benefits Scheme (P&URBS) 122,851 88,195

26,349,684 20,219,375

12. CURRENT LIABILITIES – REVENUE RECEIVED IN ADVANCE

Revenue received in advance – COE Development 429,416 -

Revenue received in advance – Media Rights/Sponsorship 10,238,680 20,555,210

10,668,096 20,555,210

13. NON CURRENT LIABILITIES – PROVISIONS

Players’ and Umpires’ Retirement Benefits Scheme (P&URBS) 186,167 177,636

ACRA Entitlements 8,294,509 7,787,427

Long service leave 170,891 348,042

8,651,567 8,313,105

14. NON CURRENT LIABILITIES – OTHER

Revenue received in advance – COE Development 23,549,046 19,833,037

Revenue received in advance – Media Rights 15,787,258 7,772,541

39,336,304 27,605,578


FINANCIAL REPORT



15. HEDGING RESERVE

Movements:

Balance 1 July 21,017,213 18,820,080

Transfer to net surplus (4,323,411) 15,972,200

Revaluation (19,489,899) (13,775,067)

Balance 30 June (2,796,097) 21,017,213

16. GENERAL RESERVES

Movements:

Balance 1 July - -

Transfer to Accumulated Funds - -

Balance 30 June - -

17. ACCUMULATED FUNDS

Movements:

Balance 1 July 45,585,672 2,981,293

Net surplus/(deficit) for the financial year (34,642,355) 45,604,379

Transfer from General Reserves - -

Special Distributions - (3,000,000)

Balance 30 June 10,943,317 45,585,672

18. COMMITMENTS FOR EXPENDITURE

Lease Commitments – Commitments relating to leases contracted at reporting date but not recognised as liabilities payable:

Within one year 110,776 138,953

Later than one year but not later than five years - 110,776

110,776 390,612

Documents

| Annual Report 2012-13 - Cricket Australia