2013 AnnuAl RepoRt - Australian Grand Prix

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Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 20133. Expenses From transactions2013FormulaOne GrandPrix2012MotorcycleGrand PrixJune 2013FinancialYearTotal2012FormulaOne GrandPrix2011MotorcycleGrand PrixJune 2012FinancialYearTotal$000’s $000’s $000’s $000’s $000’s $000’sDISCLOSUREItems of expenses from transactionsincluded in the comprehensiveoperating statement requiringspecific disclosure:Bad and doubtful debts (86) - (86) 92 - 92Depreciation and amortisation- Amortisation – intangibles 131 30 161 70 13 83- Depreciation - furniture &equipment 422 141 563 271 90 361- Depreciation - Grand Prixinfrastructure 1,892 58 1,950 2,009 61 2,070Employee Benefits- Salaries, wages, annualleave, long service leave 6,803 159 6,962 6,680 258 6,938- Superannuationcontributions 584 - 584 549 - 549Operating lease expenses 731 - 731 918 - 918(Profit)/Loss on sale of property,plant and equipment (184) - (184) 268 - 268Assets provided free of charge toParks Victoria 429 - 429 3,422 - 3,422Australian Grand Prix Corporation Annual Report 2013 47
Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 20134. Auditors’ Remuneration2013$000’s2012$000’sAmounts received or due and receivable by theVictorian Auditor-General’s Office 67 655. Cash & DepositsCash on hand 1 1Cash at callAustralian dollar accountsTerm Deposits:Australian dollar term deposits < 3 months3,14616,13413,4943,66119,281 17,1566. ReceivablesContractualTrade debtors – current* 772 1,635Other debtors – current3131StatutoryGST input tax recoverable3142191,117 1,885Provision for doubtful debts (4) (90)1,113 1,795As at 30 June 2013, current receivables of the Corporation with a nominal value of $3,850(2012: $90,426) were impaired. The amount of the provision is $3,850 (2012: $90,426). TheCorporation is actively seeking recovery of these debts.As of 30 June 2013, trade debtors of $168,304 (2012: $1,123,728) are past due but notimpaired. These amounts relate to a number of independent customers for whom there isno recent history of default. The ageing analysis of these receivables is as follows:Less than 60 days 114 1,09160 to 120 days 41 20Over 120 days 13 13168 1,124Movements in the provision for doubtful debts areas follows:Balance at beginning of the year (90) (7)Provision recognised during the yearReceivables recovered during the year(4)-(92)9Reversal of provision of receivables written offduring the year as uncollected 90 -Balance at end of the year (4) (90)* A provision has been made for estimated irrecoverable amounts from the sale of goods and services when there is objective evidencethat an individual receivable is impaired. The decrease was recognised in the net result for the current financial year.4848Australian Grand Prix Corporation Annual Report 2013
Page 1 and 2: 2013AnnualReport
Page 3 and 4: 1. Report of the ChairmanThe Austra
Page 5: The inaugural Grand Prix Breakfast
Page 8 and 9: 2. General Informationa. Introducti
Page 10 and 11: • Build positive event brand perc
Page 12 and 13: Reporting & Consultative Structure
Page 14 and 15: • Laura AndersonMs Anderson is a
Page 16 and 17: Management of the Corporation as at
Page 18 and 19: Requests must satisfy the formal re
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
Page 26 and 27: AUSTRALIAN GRAND PRIX CORPORATIONAU
Page 28 and 29: Balance Sheet as at 30 June 2013Not
Page 30 and 31: Cash Flow Statementfor the Financia
Page 32 and 33: Notes to and Forming Part of the Fi
Page 68 and 69: Australian Grand Prix Corporation A
Page 70 and 71: 5. Insurance attestationI, Andrew W
Page 72 and 73: The Australian Grand Prix Corporati

2013 AnnuAl RepoRt - Australian Grand Prix

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