30 June 2015 Vested benefits 76 465 76 465 76 465 76 465 30 June 2014 Vested benefits 76 062 76 062 76 062 76 062 11. Financial Instruments (continued) Vested benefits Note 8) have been included as this is the amount that members could call upon as at year end. This is the earliest date on which the fund can be required to pay members’ vested benefits, however, members may not necessarily call upon amounts vested to them during this time. Estimation of fair values The fund’s financial assets and liabilities included in the Statement of Net Assets are carried at net market which STB believes approximates net fair value. The major methods and assumptions used in determining net market value of financial instruments were disclosed in Note 3(a) of the summary of significant accounting policies section. Fair value measurements The following table analyses financial instruments carried at net market value, which approximates fair value, by valuation method. The different levels are defined as: Level 1 net market value measurements are those instruments with value based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 net market value measurements are those instruments with value based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3 net market value measurements are those instruments with value based on inputs for the asset or liability that are not based on observable market data. STB has determined that the fair value of the fund’s investments are Level 2. 2 investments 2015 2014 $000 $000 Units in NCIT Moderate Trust 67 804 63 859 12. Contingent Liabilities The fund has no contingent liabilities at 30 June 2015 (2014: nil). 13. Segment Reporting The scheme operates as one business, the provision of superannuation benefits for members, in the Northern Territory of Australia. 14. Events Subsequent to Reporting Date There are no subsequent events.
30 June 2015 Vested benefits 76 465 76 465 76 465 76 465 30 June 2014 Vested benefits 76 062 76 062 76 062 76 062 11. Financial Instruments (continued) Vested benefits Note 8) have been included as this is the amount that members could call upon as at year end. This is the earliest date on which the fund can be required to pay members’ vested benefits, however, members may not necessarily call upon amounts vested to them during this time. Estimation of fair values The fund’s financial assets and liabilities included in the Statement of Net Assets are carried at net market which STB believes approximates net fair value. The major methods and assumptions used in determining net market value of financial instruments were disclosed in Note 3(a) of the summary of significant accounting policies section. Fair value measurements The following table analyses financial instruments carried at net market value, which approximates fair value, by valuation method. The different levels are defined as: Level 1 net market value measurements are those instruments with value based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 net market value measurements are those instruments with value based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3 net market value measurements are those instruments with value based on inputs for the asset or liability that are not based on observable market data. STB has determined that the fair value of the fund’s investments are Level 2. 2 investments 2015 2014 $000 $000 Units in NCIT Moderate Trust 67 804 63 859 12. Contingent Liabilities The fund has no contingent liabilities at 30 June 2015 (2014: nil). 13. Segment Reporting The scheme operates as one business, the provision of superannuation benefits for members, in the Northern Territory of Australia. 14. Events Subsequent to Reporting Date There are no subsequent events.