Annual Report 2011 Australian Grand Prix Corporation

Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 2011Movements in the provision for doubtful debts are as follows:2011 2010$000’s$000’sCarrying amount at beginning of year (45) (377)Provision recognised during the year (7) (45)Receivables recovered during the year 45 -Receivables written off during the year - 377(7) (45)* A provision has been made for estimated irrecoverable amounts from the sale of goods and services when thereis objective evidence that an individual receivable is impaired. The increase was recognised in the net result forthe current financial year.8. Other economic flows included in net profit(a) Net FX gain/(loss) arising from financial instruments (4,593) 2,609(b) Other gains/(losses) from other economic flowsNet gain/(loss) on sale of non-financial assets (48) 16Net gain/(loss) on reassessment of useful life offixed assets- (728)Total gains/(losses) from other economic flows (4,641) 1,8979. Infrastructure, Plant and Equipment(a) Classification by ‘Purpose Group’ - Carrying amount*Public Safety & EnvironmentFurniture and Equipment – at fair value 503 551Grand Prix infrastructure 13,731 8,513Net carrrying amount of infrastructure plant &equipment14,234 9,064*Infrastructure, plant and equipment are classified primarily by the ‘purpose’ for which the assets are used,according to one of six purpose groups based upon government purpose classifications (GPC). All assets withina purpose group are further sub categorised according to the asset’s nature (i.e. buildings, plant and equipment,etc) with each sub category being classified as a separate class for financial reporting purposes.(b) Gross Carrying amount and accumlated depreciationGross carryingamountAccumulateddepreciationNet carryingamount2011 2010 2011 2010 2011 2010$000’s $000’s $000’s $000’s $000’s $000’sFurniture andequipment at fair valueGrand Prix infrastructureat fair value1,952 1,808 (1,449) (1,257) 503 55113,731 20,613 - (12,100) 13,731 8,51315,683 22,421 (1,449) (13,357) 14,234 9,06450Australian Grand Prix Corporation Annual Report 2011