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

1.2: Own-Source Revenue and Gains

2020

2019

$

$

Own-Source Revenue

1.2A: Revenue from contracts with customers

Rendering of services

1,243,305

1,093,100

Housing rentals

62,487

61,285

Park lease - annual rental

315,861

310,602

- 25% of park income

417,703

515,752

Daycare fees

36,661

31,474

CCCS Daycare Subsidy

99,923

81,410

ATO Cashflow Boost

50,000

-

Other income

51,434

57,833

Total revenue from contracts with customers

2,277,374

2,151,456

Due to the Covid-19 pandemic the national park was closed from March through to June and

as a result the park Camping fees, daycare fees and CCS Daycare subsidy income were down.

Disaggregation of revenue from contracts with customers

Major service line

Construction services

68,753

145,120

Cleaning services

473,481

348,763

Roads services

402,770

400,552

Grounds services

36,029

34,357

Entry services

228,453

130,810

Service delivery

33,819

33,497

Housing rentals

62,487

61,285

Park Lease

733,564

826,354

Daycare income

136,584

112,884

ATO Cashflow Boost

50,000

0

Other income

51,434

57,833

2,277,374

2,151,456

Type of customer

Australian government entities (related parties)

2,240,713

2,119,982

Private sector

36,661

31,474

2,277,374

2,151,456

Timing of transfer of services

Over time

2,277,374

2,151,456

2,277,374

2,151,456

Accounting Policy

Revenue from the sale of goods is recognised when control has been transferred to the buyer. All of the Council's current contracts for services have been reviewed and assessed and it has been determined that they are in scope of AASB 15 and that the performance obligations are sufficiently specific to determine when they are satisfied.

The following is a description of principal activities from which the council generates its revenue: Housing rentals, daycare operations, Park lease, road repairs and maintenance, grounds maintenance, cleaning of public facilities and offices, entry station operations, building and infrastructure maintenance.

The transaction price is the total amount of consideration to which the Council expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both.

Receivables for goods and services, which have 30 day terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed at the end of the reporting period. Allowances are made when collectability of the debt is no longer probable.

2020

2019

$

$

1.2B: Interest

Deposits

20,211

30,533

Total interest

20,211

30,533

Accounting Policy

Interest revenue is recognised using the effective interest method.

1.2C: Other Gains

Other

-

2,273

Total Other Gains

-

2,273

Accounting Policy

Sale of Assets

Gains from disposal of assets are recognised when control of the asset has been passed to the

buyer.

1.2D: Revenue from Government

Australian Government Entities (related entity)

2,471,787

1,954,547

Total Revenue from Government

2,471,787

1,954,547

Accounting Policy

Revenue from Government

Revenue from Government is recognised when Council obtains control of the grant and it is probable

that the economic benefits gained from the grant will flow to Council and the amount of the grant

can be reliably measured.

If conditions are attached to the grant which must be satisfied before it is eligible to receive the

contribution, the recognition of the grant will be deferred until those conditions are satisfied.

1.2E: Contribution from Government

Land contributed by Australian Government Entities

-

300,000

Total Contribution from Government

-

300,000