PCB Financial Statements
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I I I I I I I I I rakista,1I Cricket Board I FlBaadal StatemeDts I 'or tll.eYear ElIded I JUDe 38, 20.1' I I I I _I I I PAKISTAN CRICKET BOARD STATEMENT OF FINANCIAL POSITION AS AT JUNE 30,2019 2019 2018 ASSETS Note Rupees Rupees Non current assets Property and equipment Operating fixed assets 5 763,908,679 790,599,632 Capital work in progress 6 1,336,209,457 803,572,009 Intangible assets 7 5,209,130 5,602,671 Long term loans 8 1,753,161 2,290,163 Long term investment 9 37,500 37,500 Long term security deposits 9,047,158 8,209,058 2,116,165,085 1,610,311,033 Current assets Stores and spares 37,066,786 47,631,312 Due from sponsors, franchisees, boards and associations 10 1,464,443,661 173,042,319 Loans and advances II 159,570,931 115,403,517 Short term prepayments 12 62,026,019 9,878,739 Other receivables 13 163,251,108 65,119,236 Taxation-net 287,960,473 275,071,434 Short term investments 14 9,954,233,886 7,187,788,800 Cash and bank balances 15 503,883,831 215,840,145 12,632,436,695 8,089,775,502 TOTAL ASSETS 14,748,601,780 9,700,086,535 FUND AND LIABILITIES General fund 13,263,657,218 8,283,173,629 Non current liabilities Long term liabilities 16 288,627,671 189,637,925 Deferred revenue 17 49,986,137 57,575,140 Long term security deposits 599,215 599,215 339,213,023 247,812,280 Current liabilities Creditors and other payables 18 808,939,230 1,004,600,500 Current portion of long term liabilities and deferred revenue 19 336,792,309 164,500,126 1,145,731,539 1,169,100,626 TOTAL FUND AND LIABILITIES 14,748,601,780 9,700,086,535 CONTINGENCIES AND COMMITMENTS 20 The annexed notes from 1to 38 forms an integral part of these financial statements. ]I#~ CHIEF FINANCIAL OFFICER CHAIRMAN PAKISTAN CRICKET BOARD STATEMENT OF INCOME AND EXPENDITURE FOR THE YEAR ENDED JUNE 30,2019 2019 2018 Note Rupees Rupees INCOME Tours and tournaments - Tours inside Pakistan - neutral venues 21 4,407,291,197 964,519,322 - Tournaments 22 5,605,677,783 3,360,716,885 10,012,968,980 4,325,236,207 Sponsorship and logo income 238,354,554 . 204,991,797 Rental income 23 48,817,988 25,378,682 Return on investments and bank deposits 24 705,125,567 459,869,099 Other income 25 242,984,606 115,528,181 1,235,282,715 805,767,759 Total income 11,248,251,695 5,131,003,966 EXPENDITURES Direct expenses Tours and tournaments - Tours outside Pakistan 26 298,592,359 207,376,174 - Tours inside Pakistan - neutral venues 27 1,062,794,012 754,099,698 - Tournaments 28 2,718,810,424 2,216,723,789 Cricket promotional expenses 29 657,007,164 697,443,127 4,737,203,959 3,875,642,788 Administrative expenses 30 1,070,575,671 1,189,892,107 Depreciation and amortization 5&7 99,455,699 69,949,558 Financial charges 31 602,514 848,066 1,170,633,884 1,260,689,731 Total expenditure 5,907,837,843 5,136,332,519 Surplus / (deficit) for the year before taxation 5,340,413,852 (5,328,553) Taxation 32 348,606,622 127,756,739 Surplus / (deficit) for the year after taxation 4:991:8072230 {1332085:2922 The annexed notes from 1 to 38 forms an integral part of these financial statements. PY~ CHIEF FINANCIAL OFFICER CHAIRMAN PAKISTAN CRICKET BOARD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 30,2019 2019 2018 Note Rupees Rupees Surplus / (deficit) for the year after taxation 4,991,807,230 (133,085,292) Other comprehensive income: I Items not to be reclassified to the statement oj income and expenditure in subsequent periods: Remeasurement loss on defined benefit plan 16 (11,323,641) (17,765,137) Total comprehensive income / (loss) for the year 4,980,483,589 (150,850,429) The annexed notes from 1to 38 forms an integral part of these financial statements. 'o>0r L--. CHIEF FINANCIAL OFFICER CHAIRMAN PAKISTAN CRICKET BOARD STATEMENT OF CHANGES IN FUND FOR THE YEAR ENDED JUNE 30, 2019 General Fund Rupees Balance as at July 01, 2017 8,434,024,058 Deficit for the year after taxation ( 133,085,292) Other comprehensive income (17,765,137) Total comprehensive income for the year (150,850,429) Balance as at June 30,2018 8,283,173,629 Surplus for the year after taxation 4,991,807,230 Other comprehensive income (11,323,641) Total comprehensive Income for the year 4,980,483,589 Balance as at June 30,2019 13,263,657,218 The annexed notes from 1 to 38 forms an integral part of these financial statements . ..t>YI>,- El~· - CHIEF FINANCIAL OFFICER CHAIRMAN PAKISTAN CRICKET BOARD STATEMENT OF CASHFLOWS FOR THE YEAR ENDED JUNE 30,2019 2019 2018 Note Rupees Rupees CASH FLOWS FROM OPERATING ACTIVITIES Surplus I (deficit) for the year before taxation 5,340,413,852 (5,328,553) Adjustmentsfor non-cash items: Depreciation and amortization 5&7 111,422,472 78,366,074 Provision for leave encashment 3,023,209 Provision for doubtful receivables 30 & 28.3 86,789,196 19,461,260 Liabilities written back 25 (8,857,284) Provision for impairment of assets 6.1 61,287,105 Unrealised exchange gain (219,882,183) (34,854,192) Gain on disposal of operating fixed assets (1,965,841) (6,043,240) Adjustment of rent received in advance (22,094,097) (5,114,689) Provision for unfunded gratuity 16.1 46,672,545 34,757,897 Interest on obligations against assets subject to finance lease 301,781 319,256 Financial charges 31 373,229 630,852 Cash flow before working capital changes 5,345,054,163 134,624,486 Cashflows from working capital changes (Increase) I decrease in current assets: Stores and spares 10,564,526 (5,301,570) Due from sponsors, franchisees, boards and associations (1,378,190,538) 74,679,734 Loans and advances (44,147,271) (11,149,854) Short term prepayments (52,147,280) 30,003,347 Other receivables (98,131,872) (29,467,252) Increase in current liabilities: Creditors and other payables 46,645,567 294,747,111 Net cash (used in) I generated from working capital changes (1,515,406,868) 353,511,516 Cashfrom operations 3, 829647295, , 488, 136002, Financial charges paid (373,229) (630,852) Income tax paid (361,495,661) (210,578,315) Gratuity paid (13,801,281) (4,796,141) Leave encashment paid (4,915,909) (1,331,257) Rent received in advance 1,858,500 17,198,792 Decrease in long term loans 537,002 540,926 (378,190,578) (199,596,847) Net cashfrom operating activities 3,451,456,717 288,539,155 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditure incurred (617,192,744) (521,529,620) Proceeds from disposal of property and equipment 2,183,159 7,021,790 Long term security deposits - net (838,100) (366,008) Net cash used in investing activities (615,847,685) (514,873,838) CASH FLOWS FROM FINANCING ACTIVITIES Payments of obligations under the assets subject to finance lease (1,002,443) (2,290,725) Net increase I (decrease) in cash and cash equivalents 2,834,606,589 (228,625,408) Effects of exchange rate on cash and cash equivalents 219,882,183 34,854,192 Cash and cash equivalents at the beginning of year 7,403,628,945 7,597,400,161 Cash and cash equivalents at the end of year 33 10,458,117,717 7,403,628,945 Th' annexed 00"" from Ito ~""'I part of these financial ""'m,"~)1'< CHIEF FINANCIAL OFFICER CHAIRMAN I PAKISTAN CRICKET BOARD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30,2019 1. STATUS AND NATURE OF BUSINESS The Pakistan Cricket Board (hereinafter referred to as "PCB" or the "Board") was constituted as a statutory body in Pakistan on September 18,1979 by the Ministry of Culture, Sports and Tourism vide S.R.O 848 (I) 1 79. The constitution of the Board was reissued on October 18, 2007 by the Ministry of Sports vide S.R.O 64 (KE) 1 2007 under the powers conferred by sub-section (1) of section 3 read with section 4 of the Sports (Development and Control) Ordinance, 1962 (XVI of 1962). In 2013, constitution was reissued again vide S.R.O 100(1)/2013 dated February 14,2013 by the Federal Government under the powers conferred by the Ordinance as aforementioned. In 2014, a revised constitution was issued vide S.R.O 43(KE)/2014 dated July 10, 2014 under the powers conferred by the Ordinance as aforementioned. During 2015 and 2016, certain amendments were made vide S.R.O 38(KE)/2015 and S.R.O. 20(KE)/2016 respectively under the powers conferred by the Ordinance as aforementioned. S.R.O 43(KE)/2014 has now been repealed and superseded by S.R.O. 1045(1)/2019 on August 19,2019. Under the PCB Constitution, the Board is a body corporate having perpetual succession and a common seal with powers to acquire, hold or dispose of property, and may sue or be sued in its name. The head office of PCB is situated at Gaddafi Stadium, Lahore. PCB as the sole regulator for the game of cricket in Pakistan performs its functions according to the objectives laid down in its Constitution which primarily relate to regulating the affairs of cricket all over Pakistan.