2013 AnnuAl RepoRt - Australian Grand Prix

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