BERRY STREET VICTORIA INC . ABN 24 719 196 762 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016
2016 2015
NOTE 7 : FINANCIAL ASSETS
$ $
CURRENT
Financial assets at fair value through profit or loss |
|
|
- Term Deposits |
10,000,000 |
8,000,000 |
Held-for-trading Australian listed shares
- Securities in listed corporations are held for trading purposes to generate income through the receipt of dividends and capital gains .
NON CURRENT
- 1,478,250 10,000,000 9,478,250
Available-for-sale financial assets - Managed investment funds 33,315,941 28,235,200
a ) Fair values of managed investment funds are based on the net asset values as supplied by the fund managers at the end of the reporting period .
b ) For investments in listed shares , the fair values are based on the net asset values at the end of the reporting period as supplied by the fund managers .
NOTE 8 : OTHER ASSETS
Accrued Income |
628,787 |
515,907 |
Prepayments |
707,354 |
737,369 |
1,336,141 1,253,276
NOTE 9 : ASSETS HELD FOR SALE
In the month of June 2016 , the management decided to dispose of the property in Scott Street , Dandenong . This property is expected to be sold within 12 months and has been classified as assets held for sale and presented separately in the statement of financial position . The proceeds of disposal are expected to exceed the fair value of the property and accordingly no impairment losses have been recognised on the classification of this property as held for sale .
The property classified as held for sale are as follows : 2016
$ Freehold land and building at fair value 1,050,000 Less : Costs of sell ( 14,682 )
1,035,318
19