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 2011ReceivablesIncludes short and long term trade credit and accounts receivable, grants, taxes and interestreceivable.Sales of Goods and ServicesRefers to revenue from the direct provision of goods and services and includes fees and chargesfor services rendered, sales of goods and services and fees from regulatory services. User chargesincludes sale of goods and services revenue.Supplies and ServicesSupplies and services generally represent cost of goods sold and the day-to-day running costs,including maintenance costs, incurred in the normal operations of the Corporation.TransactionsTransactions are those economic flows that are considered to arise as a result of policy decisions,usually an interaction between two entities by mutual agreement. They also include flows within anentity such as depreciation where the owner is simultaneously acting as the owner of the depreciatingasset and as the consumer of the service provided by the asset. Taxation is regarded as mutuallyagreed interactions between the government and taxpayers. Transactions can be in kind (e.g.assets provided/given free of charge or for nominal consideration) or where the final consideration iscash. In simple terms, transactions arise from the policy decisions of the government.Australian Grand Prix Corporation Annual Report 2011 67
Statement of the Members of the Board and OfficersIn the opinion of the Members of the Board, the Chief Executive Officer and the Chief FinanceOfficer of the Australian Grand Prix Corporation:(a)the financial statements present fairly the financial transactions during the financial yearand the financial position at the end of the year;(b)the financial statements are drawn up in accordance with Standing Direction 4.2 of theFinancial Management Act 1994, applicable Financial Reporting Directions, AustralianAccounting Standards and other mandatory professional reporting requirements; and(c)there are no circumstances at the date of signing which would render any particulars inthe financial statements to be misleading or inaccurate.Dated at Melbourne on 2 September 2011Signed in accordance with a resolution of the Members of the Board.Ronald J Walker AC CBEChairmanAndrew WestacottChief Executive OfficerPeter HoughChief Finance Officer68Australian Grand Prix Corporation Annual Report 2011
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1. Report of the ChairmanThe Austra
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in Formula 1. Melbourne is the only
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Strategic PrioritiesThe strategic p
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Reporting & Consultative Structure
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e. Administrative StructureMembers
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James A Strong AOJames Strong is cu
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f. Workforce DataThe number of pers
Page 18 and 19: 3. Financial Informationa. Summary
Page 20 and 21: . Consultancy ServicesConsultancies
Page 22 and 23: Disclosure of Major ContractsDuring
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Page 26 and 27: Balance Sheet as at 30 June 2011Not
Page 28 and 29: Cash Flow Statementfor the Financia
Page 30 and 31: Notes to and Forming Part of the Fi
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Annual Report 2011 Australian Grand Prix Corporation

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