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Notes - Managing Uncertainties Cont'd.

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

4.2B: Net Gains or Losses on Financial Assets

2020

2019

$

$

Financial assets at amortised cost

Interest revenue

20,211

30,533

Net gains/(losses) on financial assets at amortised cost

20,211

30,533

Net gains on financial assets

20,211

30,533

The net income from financial assets not at fair value through profit or loss is $20,211 (2019: $30,533).

4.3: Fair Value Measurements

Accounting Policy

Land and buildings are valued by an independent valuer using the market valuation method.

Leasehold improvements, other property, plant and equipment are valued using the depreciation replacement cost

method.

4.3A: Fair Value Measurement

Fair value measurements at the end of the reporting period

2020

2019

$

$

Non-financial assets

Land

45,000,000

45,000,000

Leasehold improvements

99,582

91,899

Buildings on freehold land

10,281,782

10,542,380

Other property, plant & equipment

414,407

369,877

Total fair value measurements of assets in the statement of financial position

55,795,771

56,004,156

1. Wreck Bay Aboriginal Community Council did not measure any non-financial assets at fair value on a non-recurring basis as at 30 June 2020.

5.1A: Aggregate Assets and Liabilities

2020

2019

$

$

Assets are expected to be recovered in:

No more than 12 months

6,188,117

2,975,555

More than 12 months

55,795,771

56,004,156

Total Assets

61,983,888

58,979,711

Liabilities expected to be settled in:

No more than 12 months

4,307,643

669,513

More than 12 months

129,623

239,627

Total Liabilities

4,437,266

909,140