Annual Report 2011 Australian Grand Prix Corporation

Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 20114. Correction to Prior PeriodDue to an overvaluation, the non-current foreign exchange options contracts for the year ended30 June 2010 were overstated by $2,467,000. This had the effect of overstating receivables, totalassets and total equity by $2,467,000 as at 30 June 2010.Each of the affected financial statement line items for the prior year has been corrected.5. Auditors’ Remuneration2011 2010$000’s$000’sAmounts received or due and receivable by theauditors of the Victorian Auditor-General’s Office 62 606. Cash & DepositsCash on hand 1 1Cash at callAustralian dollar accounts 12,410 3,064Term Deposits:Australian dollar term deposits < 3 months8,000 16,80020,411 19,8657. ReceivablesTrade debtors - current* 3,452 5,989Prepayments 824 750Other debtors - current 539 1,2064,815 7,945Provision for doubtful debts (7) (45)4,808 7,900As at 30 June 2011, current receivables of the Corporation with a nominal value of $6,554 (2010:$44,677) were impaired. The amount of the provision was $6,554 (2010: $44,677). The Corporationis actively seeking recovery of this debt.As at 30 June 2011, trade debtors of $564,882 (2010: $1,511,286) were past due but not impaired.These amounts relate to a number of independent customers for whom there is no recent historyof default. The ageing analysis of these receivables is as follows:Less than 60 days 407 66860 to 120 days 151 139Over 120 days 7 704565 1,511Australian Grand Prix Corporation Annual Report 2011 49