20 Financial instruments (continued) Remaining contractual maturities The following tables detail the Consolidated Entity’s remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position. Average interest rate % 1 year or less $ Between 1 and 2 years $ Between 2 and 5 years $ Over 5 years $ Remaining contractual maturities $ 30-Jun-22 Non-derivatives Non-interest bearing Trade/other payables 12,903,444 12,903,444 Total non-derivatives 12,903,444 12,903,444 Average interest rate % 1 year or less $ Between 1 and 2 years $ Between 2 and 5 years $ Over 5 years $ Remaining contractual maturities $ 30-Jun-21 Non-derivatives Non-interest bearing Trade/other payables 735,946 735,946 Total non-derivatives 735,946 735,946 The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above. Fair value of financial instruments Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value. The carrying amounts of trade receivables and trade payables are assumed to approximate their fair values due to their short-term nature. Where appropriate, the fair value of financial liabilities is estimated by discounting the remaining contractual maturities at the current market interest rate that is available for similar financial instruments. 21 Key management personnel disclosures Compensation The aggregate compensation made to Directors and other members of key management personnel of the Consolidated Entity is set out below: 30-June-22 $ 30-June-21 $ Short-term employee benefits 1,194,875 729,127 Post-employment benefits - - Long-term benefits - - Termination benefits - - 1,194,875 729,127 Notes to the Consolidated Financial Statements for the year ended 30 June 2022 44 Melbana Energy Limited Annual Report 2022
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