Wreck Bay Aboriginal Community Council

ABN: 62 564 797 956

Notes to and forming part of the financial statements

for the period ended 30 June 2020

FINANCIAL PERFORMANCE

This section analyses the financial performance of the Council for the year ended 30 June 2020.

1.1: Expenses

2020

2019

$

$

1.1A: Employee Benefits

Wages and salaries

2,291,127

1,796,809

Superannuation

- Defined contribution plans

264,707

193,130

Leave and other entitlements

233,160

276,752

Director's fees

150,190

103,946

Total employee benefits

2,939,185

2,370,637

Accounting Policy

Accounting policies for employee related expenses is contained in the People and relationships

section.

1.1B: Suppliers

Goods and services supplied or rendered

Equipment hire

109,311

122,223

Contractors

630,140

310,026

Materials & supplies

228,695

184,940

Total goods and services supplied or rendered

968,146

617,189

Goods supplied

337,006

307,163

Services rendered

631,140

310,026

Total goods and services supplied or rendered

968,146

617,189

Other suppliers

Workers compensation expenses

97,721

61,610

Low value leases

9,480

-

Total other suppliers

107,201

61,610

Total suppliers

1,075,347

678,799

Accounting Policy

Short-term leases and leases of low-value assets

The Council has elected not to recognise right-of-use assets and lease liabilities for short-term leases of assets that have a lease term of 12 months or less and leases of low-value assets (less than $20,000). The Council recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. The Council has no short-term leasing commitments as at 30 June 2020.

1.1C: Occupancy Expenses

Repairs & maintenance

50,104

18,621

Water rates

84,491

23,808

Other

37,397

31,205

Total occupancy expenses

171,992

73,634

1.1D: Community Grants

Other grants and activities

98,379

78,738

Total community grants

98,379

78,738

2020

2019

$

$

1.1E: Impairment Loss Allowance on Financial Instruments

Impairment on trade and other receivables

-

5,424

Total finance costs

-

5,424

1.1F: Other Expenses

Accountancy fees

189,951

180,940

Annual report printing

524

14,326

Audit fees

21,000

44,000

Bank charges

3,125

590

Board costs

3,635

4,125

Computer costs

23,864

2,059

Consultancy fees

-

9,000

Conference & travel expenses

13,931

9,524

Fines & penalties

2,866

2,333

General expenses

18,268

20,774

Insurance

75,241

80,727

Legal costs

34,598

75,741

Minor equipment replacement

11,731

367

Motor vehicle expenses

100,051

102,254

Office supplies

30,360

31,804

Staff amenities

7,284

6,688

Telephone, fax & internet costs

20,433

25,764

Work, health and safety expenses

47,428

23,595

Total other expenses

604,290

634,611