Note 20. Financial instruments (continued) 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 Trade/other payables 12,903,444 – – – 12,903,444 Total 12,903,444 – – – 12,903,444 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. Note 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-23 $ 30-June-22 $ Short-term employee benefits 2,196,685 1,194,875 Post-employment benefits 152,422 - Long-term benefits - - Termination benefits - - 2,349,107 1,194,875 The fixed remuneration earned by the Exploration Manager, Chief Geoscientist and Senior Geoscientist has a percentage allocated to the exploration assets based on the percentage of time written to each exploration project by each individual. Note 22. Remuneration of auditors During the financial year the following fees were paid or payable for services provided by MNSA, the auditor of the Company: 30-June-23 $ 30-June-22 $ Audit services Audit or review of the financial statements 41,750 35,000 41,750 35,000 57 Melbana Energy Limited Annual Report 2023
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