108 SUMMARY CONSOLIDATED FINANCIAL STATEMENTS
SUMMARY CONSOLIDATED FINANCIAL STATEMENTS PREPARED FROM THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF THE INTERNATIONAL CRICKET COUNCILANDITS SUBSIDIARIES FOR THE YEAR ENDED 31 DECEMBER 2018
NOTES TO SUMMARY CONSOLIDATED FINANCIAL STATEMENTS 1 ACTIVITIES
The International Cricket Council (the “Company” or “ICC”) is a company limited by guarantee and does not have a share capital, it is incorporated in the British Virgin Islands. The registered office of ICC is at Craigmuir Chambers, P.O. Box 71, Road Town, Tortola, British Virgin Islands. There are currently 105 Members.
The ICC Group’s principal place of business is at Street 69, Dubai Sports City, Sheikh Mohammad Bin Zayed Road, P.O. Box 500070, Dubai, United Arab Emirates.
The International Cricket Council (“ICC”) is the international governing body for International Test Match, International One-Day and International Twenty20 cricket. The ICC is primarily responsible for all aspects of the day-to-day operations and the development of international cricket. This extensive remit includes management of the ICC Code of Conduct, the playing conditions and all other regulatory functions and services relevant to the international game, provision of qualified and independent Match Officials for Tests, One Day and Twenty20 Internationals and initiating and implementing key policy decisions for the benefit of the game.
New financial model: 2015-2023 cycle
In June 2017, the members approved a new financial model for the period 2015-2023 whereby ICC, amongst others, retrospectively discontinued the contribution cost and test cricket fund, and replaced it with a new model of distribution of surplus (i.e. dividends / distributions) to the members. As a result, management had reversed the liabilities towards the contribution cost and test cricket fund to the consolidated statement of comprehensive income during the year 2017 and classified the amounts paid to members as per the new financial model as advances to members. These advances will be eventually offset against the surplus distributed to members during the remaining period until 2023. The impact of the change in financial model is reflected in the notes 10a, 16, 17.1 and 18 to the consolidated financial statements.
2 BASIS OF PREPARATION Summary consolidated financial statements
The summary consolidated financial statements have been derived from the audited consolidated financial statements of the ICC Group which were approved by the Board on 20 May 2019. These summary consolidated financial statements were authorised for issue on 20 May 2019.
The audited consolidated financial statements are available at the Headquarters of the ICC in Dubai Sports City and also on the ICC website
www.icc-cricket.com. The summary consolidated financial statements are presented in considerably less detail than the annual audited consolidated financial statements for the convenience of readers and is consistent, in all material respects, with the audited consolidated financial statements.
The consolidated financial statements have been presented in US Dollars, which is the functional currency of the Group. All values are rounded to the nearest thousand (USD’000) except otherwise stated.
Consolidated financial statements
The aforementioned financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standard Board (IASB).
The aforementioned financial statements are prepared under the historical cost convention, modified to include the measurement at fair value of available-for-sale investments and financial assets at fair value through profit or loss.
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