Annual Report 2011 Australian Grand Prix Corporation

Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 20112011 2010$000’s$000’sNon-Current ProvisionsEmployee benefits* 32 19Employee benefit on-costs 5 4Total Non-Current Provisions 37 23Total Provisions 501 419* Provisions for employee benefits consist of amounts for annual leave and long service leave accrued byemployees, not including on-costs.** The amounts disclosed are discounted to present values.(a) Employee benefits and related costsCurrent employee benefitsAnnual leave entitlements 302 253Long service leave entitlements 98 80400 333Non-current employee benefitsLong service leave entitlements 32 19Total employee benefits 432 352Current on-costs 64 63Non-current on-costs 5 4Total on-costs 69 67Total employee benefits and related on-costs 501 419(b) Movement in provisionsEmployeebenefitsOn-costsTotal2011$000’s2011$000’s2011$000’sOpening balance 352 67 419Additional provisions made 80 2 82Closing balance 432 69 501Current 400 64 464Non-current 32 5 37432 69 50113. Deferred IncomeAdvanced sponsorship 79 130Advance ticket sales 5,503 2,8195,582 2,949Australian Grand Prix Corporation Annual Report 2011 53