Annual Report 2011 Australian Grand Prix Corporation

Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 2011(c) Public Safety and Environment Purpose Group – Movements in carrying amountsFurniture andequipment at fairvalueGrand Prixinfrastructure at fairvalueTotal2011 2010 2011 2010 2011 2010$000’s $000’s $000’s $000’s $000’s $000’sOpening balance 551 303 8,513 10,076 9,064 10,379Additions 303 467 4,350 910 4,653 1,377Disposals (9) - (47) (5) (56) (5)Revaluation of Grand- - 3,357 - 3,357 -Prix infrastructureReallocation to- - (347) - (347) -intangible assets*Transfer to Parks Victoria - - (886) (70) (886) (70)Depreciation (342) (219) (1,209) (2,398) (1,551) (2,617)Closing balance 503 551 13,731 8,513 14,234 9,064* The cost of the Corporation’s website had previously been included as a work in progress in infrastructure, plantand equipment. During the year it was transferred to intangible assets.(d) Aggregate depreciation recognised as an expense during the year2011 2010$000’s$000’sFurniture and equipment at fair value 342 219Grand Prix infrastructure 1,209 2,3981,551 2,617* The useful lives of assets as stated in Policy Note 1 are used in the calculation of depreciation.Grand Prix InfrastructureAn independent valuation of the Grand Prix infrastructure was performed by Opteon Plant andMachinery Valuers in conjunction with the Valuer-General Victoria, to determine the fair value ofthe infrastructure. The valuation, which conforms to Australian Valuation Standards, was determinedby reference to the amounts at which assets could be exchanged between knowledgeable willingparties in an arm’s length transaction. The valuation was based on independent assessments. Theeffective date of the valuation is 30 June 2011.Australian Grand Prix Corporation Annual Report 2011 51