Note 6: Financial Assets
Cash is recognised at its nominal amount. Cash and cash equivalents include:
a) cash on hand
b) demand deposits in bank accounts with an original maturity of 3 months or less that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value.
The closing balance of cash does not include amounts held in trust. Refer note 21 ”Royalty Assets Held in Trust” for further information.
Credit terms for goods and services awere within 30 days (2018 : 30 days).
Trade receivables and other receivables that are held for the purpose of collecting the contractual cash flows where the cash flows are solely payments of principal and interest, that are not provided at below market interest rates, are subsequently measured at amortised cost using the effective interest method adjusted for any loss allowance.
The lease commitments represent the non-cancellable portion of current leases of the Group’s properties, and amounts are inclusive of GST. There were no contingent rents recognised as income in the period.