Annual Report 2011 Australian Grand Prix Corporation

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Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 2011Off – Balance Sheet financial instrumentsThe Corporation has not disclosed the net fair value payable for forward future commitmentsunder foreign exchange forward contracts and is exempted from doing so under Section 49 ofthe Australian Grands Prix Act 1994. Disclosure of this information would constitute a breach of theinternational agreements.17. Leases2011 2010$000’s$000’sOperating Lease CommitmentsOperating leases relate to office facilities.Non-cancellable operating leases payable:- Not longer than one year 531 415- Longer than one year but not longer than five years 279 211810 62618. CommitmentsThe Corporation has commitments associated with foreign exchange forward and options contracts(refer note 14).19. Contingent LiabilitiesThe Corporation received a Notice pursuant to section 264 of The Income Tax Assessment Act1936 requiring it to produce documents and furnish information to the Australian Taxation Office.The Corporation has responded to the Notice. The Corporation continues to cooperate with theAustralian Taxation Office in relation to the Notice and the Corporation’s response. The financialeffect (if any) cannot be quantified and the timing of the outcome of the audit cannot be specifieddue to the audit process still being in progress. (2010:nil)20. Reconciliation of net result for the period to netcash flows from operating activities.2011 2010$000’s$000’sNet result for the period (5,580) 13,330Non-cash movements:Capital works transferred to Parks Victoria 886 70(Gain)/loss on sale of non-current assets 48 (16)Depreciation and amortisation of non-current assets 1,616 2,645Movements in assets and liabilities:Decrease/(Increase) in receivables 3,092 (3,224)(Decrease)/Increase in payables (2,177) 1,109(Decrease)/Increase in provisions 82 70(Decrease)/Increase in deferred income 2,633 (185)(Decrease)/Increase in derivatives 4,591 (2,748)Net cash flows from/(used in) operating activities 5,191 11,051Australian Grand Prix Corporation Annual Report 2011 61
Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 201121. Responsible-Person Related Disclosures(a) Responsible PersonsPersons who hold the position of Responsible Persons in relation to the Corporation during the yearare:Responsible Minister- The Honourable Tim Holding, MP, Minister for Tourism and MajorEvents – 1 July 2010 to 2 December 2010- The Honourable Louise Asher, MP, Minister for Tourism and MajorEvents – 2 December 2010 – 30 June 2011Accountable Officer - Mr Drew Ward 1 July 2010 to 9 August 2010- Mr Andrew Westacott 9 August 2010 to 30 June 2011Members of the Board - Mr Ronald Walker AC CBE 1 July 2010 to 30 June 2011- Ms Laura Anderson 1 July 2010 to 30 June 2011- Mr William Bowness 1 July 2010 to 30 June 2011- Mr Patrick Flannigan 1 July 2010 to 30 June 2011- Ms Gillian Franklin 1 July 2010 to 30 June 2011- Mr John Harnden AM 1 July 2010 to 30 June 2011- Mr Alan Oxley 1 July 2010 to 30 June 2011- Mr Ken Ryan 1 July 2010 to 30 June 2011- Mr James Strong AO 1 July 2010 to 30 June 2011(b) Remuneration of Responsible PersonsMembers of the Board act in an honorary capacity.The remuneration of the Accountable Officer in connection with the management of the Corporationduring the reporting period was in the range $300,000 - $309,999 (2010: $330,000 - $339,999).The remuneration of the Responsible Minister is reported in the financial report of the Department ofPremier and Cabinet.(c) Other transactions of Responsible Persons and their related entitiesDuring the financial year, in respect of the Formula One Grand Prix and the Motorcycle Grand Prix,the Corporation entered into the following types of transactions with entities of which ResponsiblePersons of the Corporation are Directors, and entities related to Responsible Persons including entitiesunder the significant influence or control of people directly related to the Responsible Persons:Ticket Sales (Corporate Hospitality / Grandstand / General Admission)The Heat Group (Gillian Franklin)Qantas Airways Limited (Ken Ryan, James Strong)Urban Maintenance Systems Pty Ltd(son of Ronald Walker AC CBE is a director of Urban Maintenance Systems Pty Ltd)Sponsorship ArrangementsQantas Airways Limited (Ken Ryan, James Strong)62Australian Grand Prix Corporation Annual Report 2011
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1. Report of the ChairmanThe Austra
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Strategic PrioritiesThe strategic p
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Reporting & Consultative Structure
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Annual Report 2011 Australian Grand Prix Corporation

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