126 126 AUSTRALIAN SPORTS COMMISSION ANNUAL REPORT 2016–17 FINANCIAL PERFORMANCE NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS Note 8: Key Management Personnel Remuneration 2017 $ 1,947,116 221,988 164,209 27,925 2,361,238 Note 9: Assets held in trust Gary Knoke Memorial Scholarship Trust Account 2017 2016 $’000 $’000 Total amounts held at the beginning of the reporting period 46 49 Receipts 1 1 Payments (2) (4) Total amounts held at the end of the reporting period 45 46 Promoters Trust Account 2017 2016 $’000 $’000 Total amounts held at the beginning of the reporting period 221 856 Receipts 1,520 2,801 Payments (1,048) (3,436) Total amounts held at the end of the reporting period 693 221 Purpose – The Commission operates a Promoters Trust Account into which it deposits monies received in the course of conducting events at the Commission. 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 Commission in accordance with the terms of each agreement. These monies are not available for other purposes of the Commission and are not recognised in the financial statements. Purpose – The Gary Knoke Memorial Scholarship Trust Account is to be used for the provision of scholarships to eligible persons nominated by Athletics Australia. These monies are not available for other purposes of the Commission and are not recognised in the financial statements. 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 Commission. Note 8 is prepared on an accruals basis and excludes short-term acting arrangements (i.e. less than three months). Comparative information is not required in the first year of application. AUSTRALIAN SPORTS COMMISSION For the year ended 30 June 2017 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 Commission has determined the key management personnel to be the Commissioners, ASC Executive and 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 18 individuals. The total number of substantive key management positions (noting this includes board members) in the above table is 15 individuals. The variance between these figures reflects commencements and cessations of senior management personnel throughout the year. Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Total key management personnel remuneration expenses