Lendlease Annual Report 2022

140 Lendlease Annual Report 2022 Notes to Consolidated Financial Statements continued The table below provides summarised financial information for those associates and joint ventures that are individually immaterial to the Group: ASSOCIATES JOINT VENTURES June 2022 June 2021 June 2022 June 2021 Statement of Financial Position $m $m $m $m Aggregate carrying value of individually immaterial equity accounted investments 113 195 2,387 2,046 13. Other Financial Assets Accounting Policies Financial Assets at fair value through profit or loss on initial recognition are measured at fair value (generally transaction price) and subsequently stated at fair value. Transaction costs are recorded as expenses when they are incurred. Any gain or loss arising from a change in fair value is recognised in the Income Statement. Financial Assets at amortised cost are presented within Note 21 ‘Loans and Receivables’ . Fair Value June 2022 June 2021 Level 1 $m $m Current Measured at Fair Value Fair Value Through Profit or Loss - Designated at Initial Recognition Derivatives Level 2 24 7 Total current 24 7 Non Current Measured at Fair Value Fair Value Through Profit or Loss - Designated at Initial Recognition Lendlease International Towers Sydney Trust Level 3 174 165 Lendlease One International Towers Sydney Trust Level 3 62 57 Australian Prime Property Fund - Industrial Level 3 136 120 Australian Prime Property Fund - Commercial Level 3 412 386 Australian Prime Property Fund - Retail Level 3 59 56 Military Housing Projects Initiative Level 3 216 201 Parkway Parade Partnership Limited Level 3 68 65 Other investments Level 3 22 20 Derivatives Level 2 32 10 Total non current 1,181 1,080 Total other financial assets 1,205 1,087 1. Refer to Note 26 ‘Fair Value Measurement’ for details on basis of determining fair value and valuation technique. 13.a. Fair Value Reconciliation The reconciliation of the carrying amount for Level 3 financial assets is set out as follows: June 2022 June 2021 $m $m Carrying amount at beginning of financial year 1,070 1,068 Disposals (7) (39) Net gains recognised in Income Statement 65 61 Other movements 21 (20) Carrying amount at end of financial year 1,149 1,070 The potential effect of using reasonably possible alternative assumptions for valuation inputs would not have a material impact on the Group. Section B. Investment continued 12. Equity Accounted Investments continued