2013 AnnuAl RepoRt - Australian Grand Prix

More documents

Recommendations

Info

Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 2013Net Result from transactions / Net Operating BalanceNet result from transactions or net operating balance is a key fiscal aggregate and is revenuefrom transactions minus expenses from transactions. It is a summary measure of the ongoingsustainability of operations. It excludes gains and losses resulting from changes in price levels andother changes in the volume of assets. It is the component of the change in net worth that is dueto transactions and can be attributed directly to government policies.Net WorthAssets less liabilities, which is an economic measure of wealth.Non-Financial AssetsNon-financial assets are all assets that are not ‘financial assets’.Other Economic FlowsOther economic flows are changes in the volume or value of an asset or liability that do not resultfrom transactions. It includes gains and losses from disposals, revaluations and impairments ofnon-current physical and intangible assets. In simple terms, other economic flows are changesarising from market re-measurements.PayablesIncludes short and long term trade debt and accounts payable, grants and interest payable.ReceivablesIncludes short and long term trade credit and accounts receivable, grants, taxes and interestreceivable.Sales of Goods and ServicesRefers to revenue from the direct provision of goods and services and includes fees and chargesfor services rendered, sales of goods and services and fees from regulatory services. User chargesincludes sale of goods and services revenue.Supplies and ServicesSupplies and services generally represent cost of goods sold and the day-to-day running costs,including maintenance costs, incurred in the normal operations of the Corporation.TransactionsTransactions are those economic flows that are considered to arise as a result of policy decisions,usually an interaction between two entities by mutual agreement. They also include flows withinan entity such as depreciation where the owner is simultaneously acting as the owner of thedepreciating asset and as the consumer of the service provided by the asset. Taxation isregarded as mutually agreed interactions between the government and taxpayers. Transactionscan be in kind (e.g. assets provided/given free of charge or for nominal consideration) or wherethe final consideration is cash. In simple terms, transactions arise from the policy decisions of thegovernment.Australian Grand Prix Corporation Annual Report 2013 6565
Statement by Members of the Board and OfficersIn the opinion of the Members of the Board, the Chief Executive Officer and the Chief FinanceOfficer of the Australian Grand Prix Corporation:(a) the financial statements present fairly the financial transactions during the financial yearand the financial position at the end of the year;(b) the financial statements are drawn up in accordance with Standing Direction 4.2 of theFinancial Management Act 1994, applicable Financial Reporting Directions, AustralianAccounting Standards including Interpretations and other mandatory professionalreporting requirements; and(c) there are no circumstances at the date of signing which would render any particulars inthe financial statements to be misleading or inaccurate.Dated at Melbourne on 27 August 2013Signed in accordance with a resolution of the Members of the Board.Ronald J Walker AC CBEChairmanAndrew WestacottChief Executive OfficerPeter HoughChief Finance Officer6666Australian 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
show all

2013 AnnuAl RepoRt - Australian Grand Prix

Create successful ePaper yourself

Delete template?

Save as template?