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Notes to the financial statements - 6.1 Contingent Assets and Liabilities

There are no contingent liabilities in 2020 (2019: nil). A contingent financial asset resulting from a probable insurance settlement of $76,400 exists at 30 June 2020 (2019: Probable insurance settlement $209,000).

Accounting Policy

Contingent liabilities and contingent assets are not recognised in the Statement of Financial Position but are reported in the notes. They may arise from uncertainty as to the existence of a liability or asset or represent an asset or liability in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when settlement is greater than remote.