2013 AnnuAl RepoRt - Australian Grand Prix

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Cash Flow Statementfor the Financial Year Ended 30 June 2013Cash flows from operating activitiesNotes 2013 2012$000’s$000’sReceiptsReceipts from customers, sponsors and commercialentities 55,089 50,607Interest received 2,030 1,598Government contributions – Motorcycle Grand Prix 3,384 4,295Government contributions – Formula One Grand Prix 62,309 57,978Government contributions – Future Grands Prix 7,434 7,128Government Contributions attributable to Grand Prixinfrastructure - 743Government contributions attributable to capitalworks 1,276 768Government contributions – Future Grands Prix –Phillip Island Homologation 550 -Total receipts 132,072 123,117PaymentsPayments to suppliers and employees (124,655) (117,024)GST paid to the ATO* (4,073) (5,022)Total payments (128,728) (122,046)Net cash flows from operating activities 20 3,344 1,071Cash flows from investing activitiesNon-Financial AssetsPayments for furniture and equipment (198) (1,086)Payments for intangibles (89) (198)Payments for Grand Prix infrastructure, plant andequipment attributable to the Corporation (730) (1,502)Payments for capital works subsequently transferredto Parks Victoria (429) (1,597)Proceeds from the sale of Property, Plant &Equipment 227 57Net cash flows from/(used in) investing activities (1,219) (4,326)Net increase/(decrease) in cash & cash equivalents 2,125 (3,255)Cash & cash equivalents at the beginning of theyear 17,156 20,411Cash & cash equivalents at the end of financial year 5 19,281 17,156*Goods and Services Tax paid to the ATO is presented on a net basis.The cash flow statement is to be read in conjunction with the notes to and forming part of thefinancial statements set out on pages 30 to 65Australian Grand Prix Corporation Annual Report 2013 2929
Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 2013The annual financial statements represent the audited general purpose financial statements for theAustralian Grand Prix Corporation (the Corporation).The purpose of the report is to provide users with information about the Corporation’s stewardship ofresources entrusted to it.To gain a better understanding of the terminology used in this report, a glossary of terms and styleconventions can be found in Note 26.1. Summary Of Significant Accounting Policies(a) Statement of ComplianceThe Corporation’s financial statements are a general purpose financial report which has beenprepared on an accrual basis in accordance with the Financial Management Act 1994 andapplicable Australian Accounting Standards (AASs) which include Interpretations issued bythe Australian Accounting Standards Board (AASB). In particular they have been presented ina manner consistent with the requirements of the AASB 1049 Whole of Government andGeneral Government Sector Financial Reporting.In complying with AASs, the Corporation has, where relevant, applied those paragraphsapplicable to not-for-profit entities.Accounting policies are selected and applied in a manner which ensures that the resultingfinancial information satisfies the concepts of relevance and reliability, thereby ensuring thatthe substance of the underlying transactions or other events is reported.The annual financial statements were authorised for issue by the Chairman of the Board on27 August 2013.(b) Basis of Accounts Preparation and MeasurementThe accrual basis of accounting has been applied in the preparation of these financialstatements whereby assets, liabilities, equity, income and expenses are recognised in thereporting period to which they relate, regardless of when cash is received or paid.These financial statements are presented in Australian dollars, the functional and presentationcurrency of the Corporation.In the application of AASs, management is required to make judgements, estimates andassumptions about carrying values of assets and liabilities that are not readily apparent fromother sources. The estimates and associated assumptions are based on professionaljudgement derived from historical experience and various other factors that are believed tobe reasonable under the circumstances. Actual results may differ from these estimates. Theestimates and assumptions that have a significant risk of causing a material adjustment to thecarrying amounts of assets and liabilities within the next financial year are discussed below.• Estimated impairment of non-financial assetsThe Corporation assesses impairment of all assets at each reporting date byevaluating conditions specific to the Corporation and to the particular asset that maylead to impairment. These may include asset performance, economic and politicalenvironments and future expectations. Given the specific nature of the Corporation’sassets, management considered that the indicators of impairment were significantenough and as such have been tested for impairment in this financial period.3030Australian Grand Prix Corporation Annual Report 2013
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Page 3 and 4: 1. Report of the ChairmanThe Austra
Page 5: The inaugural Grand Prix Breakfast
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Page 12 and 13: Reporting & Consultative Structure
Page 14 and 15: • Laura AndersonMs Anderson is a
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Page 20 and 21: Motorcycle Grand PrixThe 2012 AirAs
Page 22 and 23: e. Victorian Industry Participation
Page 24 and 25: Disclosures under the Whistleblower
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2013 AnnuAl RepoRt - Australian Grand Prix

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