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
3.2: 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 (whether executive or otherwise) of the Council. The Council has determined the key management personnel to be the CEO and the Deputy CEO. Key management personnel remuneration is reported on the table below:
Short-term employee benefits
Other long-term employee benefits
Total senior executive remuneration expenses
The total number of key management personnel that are included in the above table are two (2019:
1. The above key management personnel remuneration excludes the remuneration and other 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 Council.
3.3: Related Party Disclosures
Related party relationships:
The Council is an Australian Government controlled entity. Related parties to the Council are Directors, Key Management Personnel, Community Members, Portfolio Minister and other Australian Government entities.
Transactions with related parties:
Given the breadth of Government activities, related parties may transact with the government sector in the same capacity as ordinary citizens. Such transactions include the payment or refund of taxes, receipt of Medicare rebate or higher education loans. These transactions have not been seperately disclosed in this note.
The main functions of Council are land holding and management, provision of community services for its members and business enterprises. Therefore, community members transact with the Council in the daily operations. Such transactions include the payment of daycare fees, housing rental, receipts of scholarships, assistance payments, employment wages and participation in community activities that the Council put on. These transactions have not been seperately disclosed in this note.
The following transations with related parties occurred during the financial year:
- Directors fees paid to board members during the year. There is no balance outstanding at year end.
- William Brown, a registered member, was employed as a contractor to carry out repairs on houses. These were arms lengths transactions paid at a commercial rate. There is no balance outstanding at year end.
- Jervis Bay Underground Pty Ltd, a company of a registered members spouse, was employed to carry out asbestos removal and truck hire. These were arms lengths transactions paid at a commercial rate. There is no balance outstanding at year end.
- Bruce Yuke, a registered member, was invoiced for art supplies. This was an arms length transation and paid at a commercial rate. There is no balance outstanding at the year end.
- JB Tree Services, a business of a registered member's son was employed to carry out the removal of tree branches. This was an arms length transaction and paid at a commercial rate. There is no outstanding balance at the year end.
3.4: Remuneration of Auditors
Remuneration to the Australian National Audit Office for auditing the
financial statements for the reporting period
No other services were provided by the ANAO.