Finance Manager's Report
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Finance Manager’s Report Thusith Perera The ACC's performance for 2004-05 is analyzed in Ad m i n i s t r ation Expenses. The sum spent on the Asia the context of the tremendous success of the 2004 Cup includes USD 11.5 Million given to Members of the Asia Cup. By successfully completing this event we AC C. Staff costs and Administration costs have gained the strength and the encouragement to organ- increased from USD 412,342 in 2003-04 to USD ize this 'giant event' at regular intervals. Furthermore, 459,446 in 2004-05 due to the increase in the activties the successful completion of the 2004 Asia Cup has and the number of staff of the ACC Secretariat in an enabled the ACC to build on its existing strengths to en vironment where the operations are ever increasing. achieve its long stated goal of building a sustainable, Tax charge for the year remained the same as previ o u s integrated Regional Cricketing Power House based yea r . on world class standards and ethics, which provides enduring benefits to all its stakeholders. The surplus for the period amounted to USD 6,597,229, being the highest ever surplus recorded by ACC since its form a t i o n . As a result the Net Assets at year end im p r o ved to a strong position of USD 6,834,444. Th e excess liquidity generated from operations has been placed in interest bearing deposits. ACC Development Fund During the year under review USD 6,500,000 was received from the International Cricket Council, for the development of cricket in the Asian Region. Interest Income of the Development fund increased from USD 1,938 in 2004 to USD 31,693 in 2005 due to ancial Performance the improved liquidity position.The total expenditure in 2004-05 amounted to USD 4,293,188 which remained During the year under review, the ACC recorded a his- almost the same when compared with the amount toric growth in Gross Revenue from USD 608,455 in spent in 2003-04. 2004 to USD 19,576,992 in 2005.This was due to the staggering amount of USD 19,473,426 collected from Out of the total expenditure, an amount of USD the Asia Cup. Interest income for the period also 1,047,652 was spent for ACC tournaments including increased from USD 3,363 in 2004 to USD 103,566 in the 2004 ACC Tr o p hy and the ACC Fast Tra ck 2005 mainly due to the high liquidity position of ACC. Countries Tournament. An amount of USD 161,867 was spent on the Tours. A sum of USD 643,377 was Total operating expenditure for the year 2004-05 given to Member Associations to procure ground amounted to USD 12,974,458, out of which USD equipment, cricket equipment, fitness equipment and 12,515,012 was spent on the 2004 Asia Cup, USD to develop their cricket infrastructure. A further USD 190,134 for Staff Costs and USD 269,312 for 401,758 was given under the Coach Assistance ACC Annual Report & Accounts 2004-2005 ~ 46 ~ Program making the total direct assistance to the financial as well as non financial goals of our Member Associations a sum of USD 1,207,002. organization and also to strengthen the relationship with our stakeholders. At present the ACC Finance Department is closely working with the ICC and our Member Associations to discuss any matters of common interest. We also expect to implement the Finance & Accounting Manual in this year. This will help to r e m ove ambiguities and to consolidate financial strengths and capabilities of the ACC and the Member Associations. This manual will detail the transaction procedures, internal controls, line of authority, docu- mentation and time deadlines. Once implemented, it is expected that ambiguities will be eliminated and the accounting function will be streamlined. In future, the auditors will have to confirm their compliance to this manual, in addition to the normal audit functions they carry out. Corporate Governance We value the core principles of fairness, transparen- cy, accountability and responsibility, which are the key elements of Corporate Governance. Achievements Whilst being ethical, transparent, professional and 2004-05 was a challenging year for the Finance a c c o u n t a ble to our Members and the Exe c u t i ve Department of the ACC as the transferring of opera- Board, measures have already been taken towards tions and the relevant records from the Bangladesh reviewing the existing procedures. office was completed during this year. In the previous year all banking transactions and most of the opera- As the representatives of the Members, the Executive tions were carried out from the Bangladesh Office. Board meets regularly to review the activities of ACC. During the year under review we were able to build up The Finance Committee which comprises seve n a fully fledged Finance Department, which is now at members appointed by the General Body also meets its full operational level. to review, advise or provide recommendations to the Executive Committee on financial performance, finan- In order to produce more timely and accurate financial cial risk management, budgeting, internal controls information, in an environment where proper internal and the operation of bank accounts, etc. controls are in place, we successfully introduced the UBS Accounting System in 2004. As a result, the The Development Committee is there to advise and Finance Department can now produce a comprehen- recommend the Executive Board on the activities sive set of monthly financial statements by the 15th of relating to cricket's development in our member coun- each month. tries and review and approve the annual Development Calendar and Development Budget of the ACC. During the year A.Qasem & Co, an Associate Firm of PricewaterhouseCoopers in Bangladesh was appoint- We attach a high priority to the timely presentation of ed to prepare a Financial and Accounting Manual for monthly and annual financial statements to the ACC. This was done with the intention of eliminating r e s p e c t i ve fo ru m s. Financial statements for each any ambiguities relating to the line of authority, docu- month are prepared by the fifteenth of the next month mentation, and internal control procedures and also to and are sent to the President and the Chief Executive streamline the finance for review. The annual financial statements are pre- function of the ACC with its Member Associations. pared in accordance with the standards laid by the This manual is at its final stage and is expected to be Malaysian Accounting Standards Board, based on the completed soon. established International Accounting Standards. The ACC's financial statements, therefore, comply with the Going Forward International Accounting Standards in all material aspects. The annual audit of financial statements is carried out by PricewaterhouseCoopers. With a team of dedicated Finance Department staff in place, work has already begun to identify and exploit new opportunities in order to make our future steady. Thusith Perera We will continue paying due attention to achieve ACC Annual Report & Accounts 2004-2005 ~ 47 ~ ACC Annual Report & Accounts 2004-2005 ~ 48 ~ 1 ACC Annual Report & Accounts 2004-2005 ~ 49 ~ 2 ACC Annual Report & Accounts 2004-2005 ~ 50 ~ 3 ACC Annual Report & Accounts 2004-2005 ~ 51 ~ 4 ACC Annual Report & Accounts 2004-2005 ~ 52 ~ 5 ACC Annual Report & Accounts 2004-2005 ~ 53 ~ 6 ACC Annual Report & Accounts 2004-2005 ~ 54 ~ 7 ACC Annual Report & Accounts 2004-2005 ~ 55 ~ 8 ACC Annual Report & Accounts 2004-2005 ~ 56 ~ 9 ACC Annual Report & Accounts 2004-2005 ~ 57 ~ 10 ACC Annual Report & Accounts 2004-2005 ~ 58 ~ 11 ACC Annual Report & Accounts 2004-2005 ~ 59 ~ 12 ACC Annual Report & Accounts 2004-2005 ~ 60 ~ 13 ACC Annual Report & Accounts 2004-2005 ~ 61 ~ 14 ACC Annual Report & Accounts 2004-2005 ~ 62 ~ 15 ACC Annual Report & Accounts 2004-2005 ~ 63 ~ 16 ACC Annual Report & Accounts 2004-2005 ~ 64 ~ 17 ACC Annual Report & Accounts 2004-2005 ~ 65 ~ 18 ACC Annual Report & Accounts 2004-2005 ~ 66 ~ 19 ACC Annual Report & Accounts 2004-2005 ~ 67 ~ 20 ACC Annual Report & Accounts 2004-2005 ~ 68 ~ 21 ACC Annual Report & Accounts 2004-2005 ~ 69~ 22 ACC Annual Report & Accounts 2004-2005 ~ 70 ~ 23 ACC Annual Report & Accounts 2004-2005 ~ 71 ~ 24 ACC Annual Report & Accounts 2004-2005 ~ 72 ~ AFGHANISTAN CRICKET FEDERATION CRICKET CONTROL BOARD OF MALDIVES National Cricket Academy Malé Sports Complex Ghazi Stadium 1st Floor Cricket Indoor Hall P.O. 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