Annual Report 2011 Australian Grand Prix Corporation

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Cash Flow Statementfor the Financial Year Ended 30 June 2011Note 2011 2010$000’s$000’sCash flows from operating activitiesReceiptsReceipts from customers, sponsors and commercialentities47,248 44,014Interest received 1,845 1,251Government contributions – Motorcycle Grands Prix 4,948 3,323Government contributions – Formula One Grands Prix 55,055 54,180Government contributions – future Grands Prix 4,732 13,001Government contributions attributable to Grand Prixinfrastructure900 248Government contributions attributable tocapital works1,136 1,274Total receipts 115,864 117,291PaymentsPayments to suppliers and employees (106,110) (100,362)GST paid to the ATO* (4,563) (5,878)Total payments (110,673) (106,240)Net cash flows from operating activities 20 5,191 11,051Cash flows from investing activitiesNon-financial assetsPayments for furniture and equipment (303) (467)Payments for Grand Prix infrastructure, plant andequipment attributable to the Corporation(3,464) (840)Payments for foreign exchange contracts - (2,467)Payments for capital works subsequently transferredto Parks Victoria(886) (70)Proceeds from the sale of property, plant &equipment8 24Net cash flows from/(used in) investing activities (4,645) (3,820)Cash flows from financing activitiesRepayment of finance lease - (19)Net cash flows from/(used in) financing activities - (19)Net increase/(decrease) in cash & cash equivalents 546 7,212Cash & cash equivalents at the beginning of the year 19,865 12,653Cash & cash equivalents at the end of financial year 6 20,411 19,865*Goods and Services Tax paid to the ATO is presented on a net basis.The comprehensive operating statement is to be read in conjunction with the notes to andforming part of the financial statements set out on pages 28 to 67.Australian Grand Prix Corporation Annual Report 2011 27
Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 2011The annual financial statements represent the audited general purpose financial statements forthe Australian Grand Prix Corporation (the Corporation).The purpose of the report is to provide users with information about the Corporation’s stewardshipof resources 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 and Interpretations (AASs). AASs include Australianequivalents to International Financial Reporting Standards.In complying with AASs, the Corporation has, where relevant, applied those paragraphs applicableto not-for-profit entities.The annual financial statements were authorised for issue by the Chairman of the Board on 2September 2011.(b) Basis of Accounts Preparation and MeasurementThe accrual basis of accounting has been applied in the preparation of these financial statementswhereby assets, liabilities, equity, income and expenses are recognised in the reporting period towhich 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 and assumptionsabout carrying values of assets and liabilities that are not readily apparent from other sources.The estimates and associated assumptions are based on historical experience and various otherfactors that are believed to be reasonable under the circumstances, the results of which form thebasis of making the judgements. Actual results may differ from these estimates. The estimates andassumptions that have a significant risk of causing a material adjustment to the carrying amounts ofassets 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 by evaluatingconditions specific to the Corporation and to the particular asset that may lead to impairment.These may include asset performance, economic and political environments and futureexpectations. Given the specific nature of the Corporation’s assets, management consideredthat the indicators of impairment were significant enough and as such have been tested forimpairment in this financial period.• Useful lives of non-financial assetsThe Corporation’s management, with the assistance of the Valuer-General Victoria determinesthe estimated useful lives and related depreciation charges for its infrastructure, furnitureand equipment and intangible assets. (Refer Note 1(i)). Management will increase the28Australian Grand Prix Corporation Annual Report 2011
Page 3 and 4: 1. Report of the ChairmanThe Austra
Page 5 and 6: in Formula 1. Melbourne is the only
Page 8 and 9: Strategic PrioritiesThe strategic p
Page 10 and 11: Reporting & Consultative Structure
Page 12 and 13: e. Administrative StructureMembers
Page 14 and 15: James A Strong AOJames Strong is cu
Page 16 and 17: f. Workforce DataThe number of pers
Page 18 and 19: 3. Financial Informationa. Summary
Page 20 and 21: . Consultancy ServicesConsultancies
Page 22 and 23: Disclosure of Major ContractsDuring
Page 24 and 25: Australian Grand Prix CorporationAB
Page 26 and 27: Balance Sheet as at 30 June 2011Not
Page 30 and 31: Notes to and Forming Part of the Fi
Page 70 and 71: Australian Grand Prix Corporation A
Page 72 and 73: The Australian Grand Prix Corporati
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Annual Report 2011 Australian Grand Prix Corporation

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