Contents of the Financial Statements

for the Period Ended 31 January 2022

Directors' report period ended 31 January 2022

The directors present their report with the financial statements of the company for the period ended 31 January 2022

Directors

The directors shown below have held office during the whole of the period from
1 February 2021 to 31 January 2022

The director shown below has held office during the period of
1 February 2021 to 11 March 2021

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
8 June 2022

And signed on behalf of the board by:
Name: David Mann
Status: Director

Profit And Loss Account

for the Period Ended 31 January 2022

Balance sheet

As at 31 January 2022

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 January 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 January 2022

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  The company’s turnover is derived from a cost plus mark-up return on operational costs for overseeing the delivery of the Men’s and Women’s teams competing in The Hundred. The company charges a service fee based on a cost-plus method. All services fees are recognised in the year to which they relate.

  Other accounting policies

  Accounting policiesSouthern Brave (the “Company”) is a private company limited by shares and incorporated, domiciled and registered in England, in the UK. The registered address is Lords Cricket Ground, St Johns Wood London, NW8 8QZ. Southern Brave is a wholly owned subsidiary of the England and Wales Cricket Board which is a private company limited by guarantee and incorporated, domiciled and registered in England, in the UK. Their registered address is Lord’s Cricket Ground, St John’s Wood, London, NW8 8QZ.These financial statements were prepared in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) as issued in August 2014. The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £.The Company’s ultimate parent undertaking, The England and Wales Cricket Board Limited includes the Company in its consolidated financial statements. The consolidated financial statements of The England and Wales Cricket Board Limited are available to the public and may be obtained from Lord’s Cricket Ground, St Johns Wood, London NW8 8QZ. In these financial statements, the Company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures: - Cash Flow Statement and related notes; and- Key Management Personnel compensation. The accounting policies set out below have, unless otherwise stated, been applied consistently to all years presented in these financial statements.1.1 Basis of preparationSouthern Brave was incorporated on 10 May 2019, these financial statements cover the year ended 31 January 2022.1.2 Measurement conventionThe financial statements are prepared on the historical cost basis. 1.3 Going concernThe Directors have assessed the outlook for the 2022 cricket season and completed a risk assessment of the continued potential impact of COVID-19 on the Company. The assessment has been modelled on a basis whereby the entire 2022 cricket season is able to be played in front of full capacity stadia with no disruption from Covid restrictions. After a successful 2021 season, which allowed full capacity crowds to attend all Hundred matches and the announcement to remove all Covid restrictions in England in January 2022, and Wales moving to the lowest tier of Covid rules with few restrictions remaining in March 2022, the Directors are confident the summer of 2022 should return to the pre-pandemic delivery model, with full capacity crowds at all major events across the cricket network, generating all future revenue streams. Under this scenario, the Company would generate all material revenue streams through the delivery of cricket. Revenue is generated from charging a service fee on total operational costs to oversee the delivery of the Men’s and Women’s teams participating in the Hundred to the Company’s ultimate parent, the England & Wales Cricket Board Limited (the “ECB”). Under this arrangement the Company will generate a profit in all years the Hundred is played.The Company have significant cash reserves at the commencement of the financial year, following substantial cash receipts received in February 2022, and will continue to receive sufficient cash from the ECB under the agreement to cover its costs, therefore the Company would have sufficient cash to continue operating.In consideration of the above, and having made appropriate enquiries, the directors have a reasonable expectation that the Company has adequate resources and agreement from the ECB, with particular reference to cash to continue in existence and to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. In making this assessment the Directors have considered the going concern position of the Group and fully expect to cost recharge arrangement to remain in place. For this reason, the directors continue to adopt the going concern basis in preparing the accounts. 1.4 Basic financial instrumentsTrade and other debtors / creditorsTrade and other creditors are recognised initially at transaction price plus attributable transaction costs. Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.Cash and cash equivalentsCash and cash equivalents comprise cash balances. 1.5 Employee BenefitsDefined benefit planAll employees of the company have opted out of the pension scheme.1.6 TurnoverThe company’s turnover is derived from a cost plus mark-up return on operational costs for overseeing the delivery of the Men’s and Women’s teams competing in The Hundred. The company charges a service fee based on a cost-plus method. All services fees are recognised in the year to which they relate.1.7 TaxationCurrent tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Notes to the Financial Statements

for the Period Ended 31 January 2022

• 2. Employees

  	2022	2021
  Average number of employees during the period	14	2