Annual Report 2011 Australian Grand Prix Corporation

Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 201123. SuperannuationEmployees of the Corporation are entitled to receive superannuation benefits. Superannuationcontributions are included as part of employee benefits in the comprehensive operating statementof the Corporation.Contributions were made on behalf of employees to Lifetrack Corporate Superannuation (theCorporation’s employer nominated fund). These contributions are based on the requirements of theSuperannuation Guarantee (Administration) Act 1992 and its regulations. This fund is an accumulationtype fund. The Corporation therefore has no exposure to any unfunded liabilities.Contributions amounting to $220,060 (2010: $245,820) were made to the fund by the Corporationduring the year, this was in accordance with the statutory superannuation contribution rate of 9%(2010: 9%). There were no amounts owing at the end of the year. The total number of currentemployees in the fund at 30 June 2011 was 22 (2010: 36).Contributions were also made to 18 other eligible superannuation funds where employees exerciseda choice of fund. Contributions amounting to $263,265 (2010: $188,575) were made to these fundsby the Corporation during the year. This was in accordance with the statutory superannuationcontribution rate of 9% (2010: 9%). There were no amounts owing at the end of the year.24. Events Subsequent to Balance DateThere has not arisen in the interval between the end of the financial year and the date of signingthese financial statements, any item, transactions or event of a material and unusual nature likely toaffect significantly the operations of the Corporation, the results of those operations, or the state ofaffairs of the Corporation, in subsequent financial years.25. Economic DependencyThe ongoing activities of the Corporation are dependent upon the Corporation being able to exerciseits rights and perform its obligations under the Australian Grands Prix Act 1994 and the continuedexistence of certain contracts with international bodies concerning the staging of the Formula OneGrand Prix at Albert Park and the staging of the Motorcycle Grand Prix at Phillip Island. The contractin respect of the Formula One Grand Prix runs until 2015. The contract in respect of the MotorcycleGrand Prix runs until 2016.The Corporation is economically dependent upon funding from the Victorian State Government.26. Glossary of TermsAmortisationAmortisation is the expense which results from the consumption, extraction or use over time of a nonproducedphysical or intangible asset. This expense is classified as an ‘other economic flow’.Comprehensive ResultTotal comprehensive result is the change in equity for the period other than changes arising fromtransactions with owners. It is the aggregate of net result and other non-owner changes in equity.64Australian Grand Prix Corporation Annual Report 2011