STATEMENT OF COMPREHENSIVE INCOME for the year ended 30 June 2019

The above statement should be read in conjunction with the accompanying notes.

Budget Variances Commentary

Statement of Comprehensive Income

Expenses

Employee benefits ($6.820m less than budget) – this is predominantly due to a decrease in average staffing numbers (47 staff) and the corresponding impact on employee provisions.

Suppliers ($9.433m greater than budget) comprises increases in the following:

Contractors – additional costs to fill key employee positions as the impact of the restructure that commenced in 2017-18 was finalised ($2.200m)

AIS Site Project – expenditure associated with the development of a Detailed Business Case for the ASC Site redevelopment. $1.963m was provided for at the 2019-20 Mid-Year Economic and Fiscal Outlook (MYEFO).

Sports Sector Support – expansion of new programs focussing on Athlete Wellbeing and Pathways, and High Performance outcomes leading up to the 2020 Tokyo Olympics ($3.841m)

MoveitAUS campaign primarily relates to costs associated with the expansion of MoveitAUS in 2018-19.

Grants ($96.110m greater than budget) – additional grant expenditure was incurred in 2018-19 due to measures announced after the Budget was published. The measures included the Community Sporting Infrastructure (CSI) Round 2 grant program ($30.300m), and High Performance funding for Sport 2030 ($25.104m). As part of the 2019-20 Portfolio Budget Statements (PBS), a further $42.500m was announced as an expansion of the CSI program. The initial portion of this funding was received on 2 July 2019 as part of the Supply Bill, with the balance expected to be received in full in the first half of 2019-20

Income

Sale of goods and rendering of services ($1.069m greater than budget) – predominantly an increase in commercial revenue and cost recovery activity ($1.288m).

Contributions from Government entities ($1.774m greater than budget) – additional one-off contributions were received during 2018-19 from Federal and State Government agencies to support sporting initiatives, including MoveitAUS, Play by the Rules and the National Sports Tribunal Funding program.

Interest ($1.150m greater than budget) – predominantly due to an increase in the average interest rate received on invested funds during the financial year.

Revenue from Government (corporate Commonwealth entity payment) ($60.867greater than budget ) – funding for additional measures were introduced at MYEFO which included the CSI Round 2 grant program ($30.300m), High Performance funding for Sport 2030 ($25.104m), and the Detailed Business Case for the ASC Site redevelopment ($1.963m).

STATEMENT OF FINANCIAL POSITION as at 30 June 2019

The above statement should be read in conjunction with the accompanying notes.

Budget Variances Commentary

Statement of Financial Position

Financial Assets

Cash and cash equivalents ($4.194m greater than budget) – due to the timing of grant payments and reduced expenditure on replacement of infrastructure, plant and equipment.

Non-Financial Assets

Land and buildings ($7.197m less than budget) – due to the decision to scale back land and building investments on the AIS Bruce site in Canberra until the Detailed Business Case for future of the AIS Site is finalised.

Liabilities

Grant payables ($9.071m greater than budget) - the ASC recognised payables associated for contracts executed but not paid prior to year-end for approved grants. These predominantly relate to the CSI grant program.

CASH FLOW STATEMENT for the year ended 30 June 2019

The above statement should be read in conjunction with the accompanying notes.

Budget Variances Commentary

Cash Flow Statement

Operating cash received

Receipts from Government ($60.867m greater than budget) – funding for additional measures were introduced at MYEFO which included the CSI Round 2 grant program ($30.300m), High Performance funding for Sport 2030 ($25.104m), and the Detailed Business Case for the ASC Site redevelopment ($1.963m).

Contributions from Government ($2.266m greater than budget) – increased funding was received during the financial year from both Federal and State Government entities to support Play by the Rules, MoveitAUS and the National Sports Tribunal program.

Operating cash used

Employees ($6.585m less than budget) - predominantly due to a decrease in average staffing numbers (47 staff).

Suppliers ($19.130m greater than budget) – comprises increases in supplier expenditure ($9.443m), in addition to decreases in Supplier and Other Payables. Further increase is due to GST on expenditure, which is not grossed up in the budget.

Grants ($110.708m greater than budget) - additional grant expenditure was incurred in 2018-19 due to measures introduced since the original budget. These measures include the expansion of the Community Sport Infrastructure (CSI) grant program; new High performance grants to National Sporting Organisations (NSOs) for Sport 2030; and additional one-off funding for Paralympics Australia.

Investing cash used

Purchase of infrastrucutre, plant and equipment ($16.567m less than budget) – this is largely due to a number of key projects being put on hold pending the outcomes of the detailed business case for the AIS site in Canberra.

STATEMENT OF CHANGES IN EQUITY

The above statement should be read in conjunction with the accompanying notes.

Accounting Policy

Equity injections

Amounts appropriated which are designated as ‘equity injections’ for a year (less any formal reductions) and Departmental Capital Budgets (DCBs) are recognised directly in contributed equity in that year.

NOTES TO THE FINANCIAL STATEMENTS

Note 1: Departmental Financial Performance

• 1.1: Expenses

Note 2: Departmental Financial Position

• 2.1: Financial Assets
• 2.2: Non-Financial Assets
• 2.3: Payables

Note 3: Cash Flow Reconciliation

Note 4: People and Relationships

• 4.1: Employee Provisions
• 4.2: Key Management Personnel Remuneration
• 4.3: Related Party Disclosures

Note 5: Managing Uncertainties

• 5.1: Financial Instruments

Note 6: Other Information

• 6.1 AggregateAssets and Liabilities
• 6.2 Assets Held in Trust

OVERVIEW

Basis of preparation of the financial statements

The financial statements are general purpose financial statements and are required by section 42 of the Public Governance, Performance and Accountability Act 2013 (PGPA Act).

The financial statements and notes have been prepared in accordance with:

  the Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR); and

  Australian Accounting Standards and Interpretations – Reduced Disclosure Requirements issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.

The financial statements have been prepared on an accrual basis and are in accordance with the historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position.

The financial statements are presented in Australian dollars and values are rounded to the nearest thousand dollars unless otherwise specified.

Significant Accounting Judgments and Estimates

In the process of applying the accounting policies listed in this note, the Australian Sports Commission (ASC) has made the following judgements that have the most significant impact on the amounts recorded in the financial statements:

a) The fair value of buildings has been taken to be the depreciated replacement cost as determined by an independent valuer. The ASC uses this valuation methodology as the buildings are purpose built and may in fact realise more or less than the market value.

b) The ASC assesses impairment of all assets at each reporting date by evaluating conditions specific to the ASC and to the particular asset that may lead to impairment. If an impairment trigger exists then the recoverable amount is restated.

No accounting assumptions or estimates have been identified that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next accounting period.

New Australian Accounting Standards

No accounting standard has been adopted earlier than the application date as stated in the standard. All new/revised standards and/or interpretations that were issued prior to the signing of the financial statements by the Chair of the Board, Chief Executive Officer and the Chief Financial Officer, and are applicable to the current reporting period, did not have a material effect on the ASC’s financial statements.

Future Australian Accounting Standard Requirements

The following standards listed below were issued by the Australian Accounting Standards Board prior to the signing of the financial statements, but not yet effective. These new or revised standards will be adopted and their implementation is not expected to have a material financial impact on the ASC, although they will require enhanced disclosure in future reporting periods:

Events after the Reporting Period

There were no events occurring after reporting date which would significantly affect the ongoing structure and financial activities of the ASC.

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS - 1 - EXPENSES

This section analyses the financial performance of Australian Sports Commission for the year ended 2019.

1.1: Expenses

Accounting Policy

Accounting policies for employee related expenses is contained in the People and Relationships section.

Operating Lease Commitments

The ASC in its capacity as lessee has obligations for offices, accommodation, motor vehicles and the lease obligation under the Heads of Agreement for the European Training Centre in Varese, Italy. The lease payments the ASC has for offices are subject to annual increases in accordance with upward movements in the Consumer Price Index. The lease obligation for the European Training Centre is based on the final construction costs for the facility. With respect to motor vehicle leases there are no renewal or purchase options available.

Accounting Policy

All leases in the ASC are operating leases, as the risks and benefits are shared with the lessor. Operating lease payments are expensed on a straight-line basis which is representative of the pattern of benefits derived from the leased assets.

Note 1.1E: Write-Down and Impairment of Other Assets
Non-financial assets:
Write-down and impairment - land and buildings	111		51
Write-down and impairment - infrastructure, plant and equipment	147		107
Write-down and impairment - intangibles	197		26
Write-down and impairment - inventory	8		13
Total write-down and impairment of assets	463		197

Note 1.1F: Other Expenses
Sponsorship in kind	333		334
Other	7		20
Total other expenses	340		354

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS - 2 - Departmental Financial Position

Note 2: Departmental Financial Position

This section analyses Australian Sports Commission assets used to conduct its operations and the operating liabilities incurred as a result. Employee related information is disclosed in the People and Relationships.

2.1: Financial Assets

	2019		2018
	$'000		$'000
Note 2.1A: Trade and Other Receivables
Goods and services receivables
Goods and services	2,494		5,819
GST receivable from the Australian Taxation Office	6,558		2,244
Interest	246		547
Total goods and services receivables	9,298		8,610
Total trade and other receivables (gross)	9,298		8,610
Less impairment loss allowance:
Goods and services	(4)		(22)
Total goods and services supplied or rendered (net)	9,294		8,588

Operating lease commitments receivable

The ASC in its capacity as lessor has rental agreements with National Sporting Organisations to access specified facilities and services at various locations. The ASC also leases the Canberra Stadium and associated parking facilities to the ACT Government. The leases to the National Sporting Organisations are not subject to annual increases. The lease payments for the Canberra Stadium are subject to annual increases in accordance with upward movements in the Consumer Price Index.

Cycling Australia Ltd Loan

The ASC has two loans receivable from Cycling Australia, which were provided to assist them with restructuring and other financial assistance.

In a prior year, the ASC recognised an impairment allowance in connection with the loans. The ASC has assessed the impairment allowance and has determined that it remains appropriate as at 30 June 2019. The ASC continues to work closely with Cycling Australia to address the financial situation.

Accounting Policy

Loans and Receivables

Trade receivables, other receivables and loans that are held for the purpose of collecting the contractual cash flows where the cash flows are solely payments of principal and interest that are not provided at below-market interest rates are classified as subsequently measured at amortised cost using the effective interest method adjusted for any loss allowance.

Loans and other receivables that are provided on more favourable terms than the borrower could obtain in the market place contain a concessional discount. The ASC does not adjust the fair value for the concessional component unless it is considered material.

Concessional loans are measured at fair value at initial recognition and classified as subsequently measured at amortised cost using the effective interest method, adjusted for any loss allowance.

Impairment

All financial assets are assessed for impairment at the end of each reporting period. When recovery of a financial asset is assessed as unlikely, an impairment allowance is made. If there is objective evidence that an impairment loss has been incurred for loans and receivables, the amount of the loss is measured as the difference between the assets carrying amount and the present value of estimated future cash flows discounted at the asset’s original effective interest rate. The carrying amount is reduced by way of an impairment allowance, recognised in the Statement of Comprehensive Income.

2.2: Non-Financial Assets

The above carrying values include work in progress costs for buildings and land improvements $1.705m (2018: $1.345m) and computer software $3.784m (2018: $0.819m).

¹ Transfer of infrastructure, plant and equipment to National Sporting Organisations. During 2018-19, the ASC transferred ownership of sporting equipment to one (2017-18: 11) National Sporting Organisation (NSO), consistent with the ASC’s long-standing role to build the capacity and autonomy of NSOs, and support our athletes.

Revaluations of infrastructure, plant and equipment

All revaluations were conducted in accordance with the revaluation policy stated in the Overview. An independent valuer conducted a desktop review of infrastructure, plant and equipment as at 30 June 2018, and a revaluation of land and buildings as at 31 May 2019.

Contractual commitments for the acquisition of property, plant, equipment and intangibles

The ASC had $1.026m outstanding contractual commitments for infrastructure, plant, equipment and intangibles as at 30 June 2019 (2018: $0.400m). Contractual commitments primarily relate to equipment purchases. The ASC expects all contractual commitments to be settled within 12 months.

Accounting Policy

Acquisition of assets

Assets are recorded at cost on acquisition except as stated below. The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken. Financial assets are initially measured at their fair value plus transaction costs where appropriate.

Assets acquired at no cost, or for nominal consideration, are initially recognised as assets and income at their fair value at the date of acquisition.

Asset recognition threshold

Purchases of infrastructure, plant and equipment are recognised initially at cost in the Statement of Financial Position, except for purchases costing less than the threshold for the asset’s sub-class, which are expensed in the year of acquisition (other than where they form part of a group of similar items which are significant in total or are purchases of computer equipment).

The initial cost of an asset includes an estimate of the cost of dismantling and removing the item and restoring the site on which it is located. This is particularly relevant to ‘make-good’ provisions in property leases taken up by the ASC where there exists an obligation to restore the property to its original condition. These costs are included in the value of the ASC’s leasehold improvements with a corresponding provision for the make-good recognised.

Revaluations

Fair values for each class of asset are determined as shown below:

Following initial recognition at cost, infrastructure, plant and equipment are carried at fair value. Valuations are conducted with sufficient frequency to ensure that the carrying amounts of assets do not differ materially from the assets’ fair values as at the reporting date. The regularity of independent valuations depends upon the volatility of movements in market values for the relevant assets.

Revaluation adjustments are made on a class basis. Any revaluation increment is credited to equity under the heading of asset revaluation reserve except to the extent that it reverses a previous revaluation decrement of the same asset class that was previously recognised through operating result. Revaluation decrements for a class of asset are recognised directly through the operating result except to the extent that they reverse a previous revaluation increment for that class.

Any accumulated depreciation as at the revaluation date is restated proportionately with the change in the gross carrying amount of the asset so that the carrying amount of the asset after revaluation equals its re-valued amount.

Intangibles

The ASC’s intangibles comprise purchased and internally-developed software.

Purchases of intangibles are recognised initially at cost in the Statement of Financial Position, except for purchases costing less than the threshold of the asset’s sub-class, which are expensed in the year of acquisition (other than where they form part of a group of similar items which are significant in total).

These assets are carried at cost less accumulated amortisation and accumulated impairment losses.

Software is amortised on a straight-line basis over its anticipated useful life. The useful lives of the ASC’s software are 3 to 7 years (2018: 3 to 7 years).

All software assets were assessed for indications of impairment as at 30 June 2019.

Depreciation

Depreciable infrastructure, plant and equipment assets are written-off to their estimated residual values over their estimated useful lives to the ASC using, in all cases, the straight-line method of depreciation.

Depreciation rates (useful lives), residual values and methods are reviewed at each reporting date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate.

Depreciation rates applying to each sub-class of depreciable asset are based on the following useful lives:

Impairment

All assets were assessed for impairment at 30 June 2019. Where indicators of impairment exist, the asset’s recoverable amount is estimated and an impairment adjustment made if the asset’s recoverable amount is less than its carrying amount.

Derecognition

All assets are derecognised upon disposal or when no further future economic benefits are expected from its use or disposal.

2.3: Payables

	2019		2018
	$'000		$'000
Note 2.3: Other Payables
Wages and salaries	423		418
Superannuation	54		52
Unearned income	1,091		1,028
Separation and redundancies	857		2,660
Other	100		113
Total other payables	2,525		4,271

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS - 3 - Cash Flow Reconciliation

Note 3: Cash Flow Reconciliation

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS - 4 - People and Relationships

​

Note 4: People and Relationships

This section describes a range of employment and post-employment benefits provided to our people and our relationships with other key people.

4.1: Employee Provisions

	2019		2018
	$'000		$'000
Note 4.1: Employee Provisions
Leave	11,526		12,512
Total employee provisions	11,526		12,512

Accounting Policy

Liabilities for short-term employee benefits (as defined in AASB 119 Employee Benefits) and termination benefits expected within twelve months of the end of the reporting period are measured at their nominal amounts.

The nominal amount is calculated with regard to the rates expected to be paid on settlement of the liability.

Leave

The liability for employee benefits includes provision for annual leave and long service leave. No provision has been made for sick leave as all sick leave is non-vesting and the average sick leave taken in future years by employees of the ASC is estimated to be less than the annual entitlement for sick leave.

The leave liabilities are calculated on the basis of employees’ remuneration at the estimated salary rates that will be applied at the time the leave is taken, including the ASC’s employer superannuation contribution rates to the extent that the leave is likely to be taken during service rather than paid out on termination.

The liability for long service leave and annual leave has been determined by reference to standard parameters provided by the Department of Finance. The estimate of the present value of the liability takes into account attrition rates and pay increases through promotion and general pay increases.

Separation and redundancy

A liability is recognised for separation and redundancy benefit payments. The ASC recognises a liability for termination when it has developed a detailed formal plan for the terminations or when an offer is made to an employee and is accepted.

Superannuation

Staff of the ASC are members of the Commonwealth Superannuation Scheme (CSS), the Public Sector Superannuation Scheme (PSS), the PSS accumulation plan (PSSap), Australian Super, CARE Superannuation, CBUS Industry Super Pty Ltd, Health Employees Super Trust (HESTA), Media Super (MEDIA) and Labour Union Co-operative Retirement Fund (LUCRF).

The CSS and PSS are defined benefit schemes for the Australian Government. The remaining funds are defined contribution schemes.

The liability for defined benefits is recognised in the financial statements of the Australian Government and is settled by the Australian Government in due course. This liability is reported in the Department of Finance’s administered schedules and notes.

The ASC makes employer contributions to the employee superannuation schemes at rates determined by an actuary to be sufficient to meet the current cost to the Government of the superannuation entitlements of the ASC’s employees. The ASC accounts for the contributions as if they were contributions to defined contribution plans.

The liability for superannuation recognised as at 30 June represents outstanding contributions for the year.

4.2: Key Management Personnel Remuneration

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any Director of that entity. The ASC has determined the key management personnel to be the Commissioners, ASC Executive and the Portfolio Minister. Key management personnel remuneration is reported in the table below:

The total number of key management personnel (noting this includes board members) in the above table is 23 individuals (2018: 22). The total number of substantive key management positions (noting this includes board members) in the above table is 18 individuals (2018: 18). The variance between these figures reflects commencements and cessations of senior management personnel throughout the year.

The above key management personnel remuneration excludes the remuneration and benefits of the Portfolio Minister. The Portfolio Minister's remuneration and other benefits are set by the Remuneration Tribunal and are not paid by the ASC.

Note 4.2 is prepared on an accruals basis and excludes short-term acting arrangements (less than three months).

4.3: Related Party Disclosures

Related party relationships

The ASC is an Australian Government controlled entity. Related parties to the ASC are Key Management Personnel (KMP) (refer definition at Note 4.2) and other Australian Government entities.

Transactions with Commonwealth controlled entities

During the year, the ASC had arrangements with government entities including the Department of Health to assist with the delivery of the ASC's activities and programs. The income received from government entities is disclosed as 'Contributions from Government entities' in the Statement of Comprehensive Income. All expenses paid to government entities are under normal terms and conditions.

Loans to Key Management Personnel related entities

There were no loans made to KMP or related entities.

Contributions to related organisations

Contributions are made to various sporting organisations as part of the ASC’s normal course of business. They were approved and made on normal terms and conditions.

KMP are required to register conflicts of interest in any sporting organisations. KMP are not part of decisions where there is a real or perceived conflict. The table below represents payments made during the period the KMP were related to the entity.

There were also payments to KMP to reimburse costs incurred on behalf of the ASC. These and the transactions referred to above were conducted with conditions no more favourable than would be expected if the transactions occurred at arm’s length.

Individual KMP may hold professional engagements with related parties. Such engagements are not reported in this note as they are not required to be disclosed as related party transactions under Australian Accounting Standards.

Transactions reported for KMP are limited to direct interests where holdings are greater than 50%.

Transactions exclude GST where relevant.

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS - 5 - Managing Uncertainties

Note 5: Managing Uncertainties

This section analyses how the Australian Sports Commission manages financial risks within its operating environment.

5.1: Financial Instruments

Accounting Policy

Financial assets

With the implementation of AASB 9 Financial Instruments for the first time in 2019, the ASC classifies its financial assets into the following categories:

a)Financial assets at amortised cost;

b)Financial assets at fair value through other comprehensive income; and

c)Financial assets at fair value through profit and loss.

The classification depends on both the ASC’s business model for managing the financial assets and contractual cash flow characteristics of the item at initial recognition. Financial assets are recognised when the ASC becomes party to the contract and, as a consequence, has a legal right to receive or a legal obligation to pay cash and derecognised when the contractual rights to the cash flows from the financial asset expire or are transferred upon a trade date.

Comparatives have not been restated on initial application.

Financial Assets at Amortised Cost

Financial assets included in this category need to meet two criteria:

1.The financial asset is held in order to collect contractual cash flows; and

2.The cash flows are solely payments of principal and interest (SPPI) on the principal outstanding amount.

Amortised cost is determined using the effective interest method.

Effective Interest Method

Income is recognised on an effective interest rate basis for financial assets that are recognised at amortised cost.

Financial Assets at fair value through other comprehensive income (FVOCI)

Financial assets measured at fair value through other comprehensive income are held with the objective of both collecting contractual cash flows and selling the financial assets, and the cash flows meet the SPPI test.

Any gains or losses as result of fair value measurement or the recognition of an impairment loss allowance is recognised in other comprehensive income.

Financial Assets at Fair Value Through Profit and Loss (FVTPL)

Financial assets are classified at fair value though profit and loss where the financial assets either do not meet the criteria of financial assets held at amortised cost or at FVOCI (i.e. mandatorily held at FVTPL) or may be designated.

Financial assets at FVTPL are stated at fair value, with any resultant gain or loss recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest earned on the financial asset.

Impairment

Financial assets are assessed for impairment at the end of each reporting period based on Expected Credit Losses, using the general approach which measures the loss allowance based on an amount equal to lifetime expected credit losses where risk has significantly increased, or an amount equal to 12-month expected credit losses if risk has not increased.

The simplified approach for trade, contract and lease receivables is used. This approach always measures the loss allowance as the amount equal to the lifetime expected credit losses.

A write-off constitutes a derecognition event where the write-off directly reduces the gross carrying amount of the financial asset.

Financial liabilities

Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or other financial liabilities. Financial liabilities are recognised and derecognised upon ‘trade date’.

Financial Liabilities at Fair Value Through Profit or Loss

Financial liabilities at fair value through profit or loss are initially measured at fair value. Subsequent fair value adjustments are recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability.

Financial Liabilities at Amortised Cost

Financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. These liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective interest basis.

Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (an irrespective of having been invoiced).

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS - 6 - Other Information

Note 6: Other Information

6.1: Aggregate Assets and Liabilities

	2019		2018
	$'000		$'000
Note 6.1: Aggregate Assets and Liabilities
Assets expected to be recovered in:
No more than 12 months	68,727		92,923
More than 12 months	222,727		217,543
Total assets	291,454		310,466
Liabilities expected to be settled in:
No more than 12 months	18,873		13,401
More than 12 months	7,106		7,721
Total liabilities	25,979		21,122

6.2: Assets Held in Trust

Gary Knoke Memorial Scholarship Trust Account

Purpose – The Gary Knoke Memorial Scholarship Trust Account was used for the provision of scholarships to eligible persons nominated by Athletics Australia. These monies were not available for other purposes of the ASC and were not recognised in the financial statements. The balance of the account, along with ongoing administrative responsibility for both the trust and the Scholarship, was transferred to Athletics Australia as at 30 June 2018.

Promoters Trust Account

Purpose – The ASC operates a Promoters Trust Account into which it deposits monies received in the course of conducting events at the ASC. These monies are held until such time as the events are completed and all costs associated with the events have been finalised. The remaining funds are then apportioned between the promoter and the ASC in accordance with the terms of each agreement. These monies are not available for other purposes of the ASC and are not recognised in the financial statements.