OPERA TIONAL AND FINANCIAL REPOR T NO TES T O AND FORMING P AR T OF THE A CCOUNT S Compensation of K ey Management P ersonnel The k ey management personnel compensation was 470 500 for the year ended 31 December 2018 Other T ransactions with K ey Governance P ersonnel The Councillors have not entered into any transaction with the Association that was not at arm s length on normal trading terms available to other members of the Association 13 EVENT S AFTER THE BALANCE SHEET D A TE There have been no material post balance date events or transactions which could afect the fnancial position or performance of the entity 14 A UDIT OR RENUMERA TION The auditor of the Association of Mining and Exploration Companies is KPMG 2018 2017 Fees for audit of the fnancial report of the entity 10 750 10 500 10 750 10 500 KPMG s audit fees are provided as a contra to certain sponsorships events and advertising ofered by the Association of Mining and Exploration Companies 15 COMMITMENT S The Association has an operating lease commitment in relation to its property lease with the following amounts payable 16 FINANCIAL RISK MANA GEMENT AND FINANCIAL INS TRUMENT S Overview The Association has e xposure to the following risk s arising from fnancial instruments a Credit Risk b Mark et Risk c Liquidity Risk This note presents information about the Association s e xposure to each of the above risk s and the Association s objectives policies and processes for measuring and managing risk Further quantitative disclosures are included throughout these fnancial statements The Association s Council Members have overall responsibility for the establishment and oversight of the Association s risk management framework Risk management policies and systems are monitored regularly by the Council to refect changes in mark et conditions and the Association s activities a Credit Risk Credit risk is the risk of fnancial loss to the Association if a customer or within 1 year 71675 L ater than one year but within 5 years 71675 44