BERRY STREET VICTORIA INC . ABN 24 719 196 762 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016
NOTE 19 : KEY MANAGEMENT PERSONNEL COMPENSATION Short-term benefits
Long-term benefits
Salary and fees $
Superannuation contribution $
Long service leave $
2016 |
|
|
|
|
Total compensation |
739,576 |
70,260 |
33,449 |
843,285 |
2015 |
|
|
|
|
Total compensation |
718,039 |
68,214 |
28,177 |
814,430 |
Total $
NOTE 20 : CONTINGENT LIABILITIES
Included in Assets Held for Sale and Land and Buildings are three residential properties which were purchased in prior years with grants from the Department of Health and Human Services , totalling 50 % of the original purchase prices . The Department asserts that it has an equitable interest of 50 % in these properties and in the net proceeds of sale when realised . The association is waiting for the Department to provide a deed agreement which defines the Department ’ s interest in these properties . It is uncertain whether the Department will be able to produce the deed agreement and therefore the association has not taken up a liability . Based on the 30 th June 2016 valuations of those properties , it is estimated that a contingent liability exists for $ 1,185,205 in the event of sale .
NOTE 21 : RELATED PARTY TRANSACTIONS There were no related party transactions during the year .
NOTE 22 : SUBSEQUENT EVENTS
Since the end of the reporting date , the property held for sale at year end was sold on 30 th July 2016 at the fair value of the property . The association is not aware of any other events that may have a bearing on the presentation and disclosure of the financial statements as at 30 June 2016 .
The financial report was authorised for issue by the Board of Directors on 4 th October 2016 .
NOTE 23 : ASSOCIATION DETAILS The registered office and principal place of business of the Association is :
Berry Street Victoria Inc . 1 Salisbury Street RICHMOND VIC 3121
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