2016 2015
$’000 $’000
   Balance 1 July 119,555 20,890
   Net surplus/(deficit) for the financial year 9,702 98,665
   Balance 30 June 129,257 119,555

Distributions paid to Members have been recognised in accordance with the accounting policy disclosed in Note 1(w). As Cricket Australia is exempt from income tax (refer Note 1(b)), distributions are unfranked and no franking account is maintained.