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Note 6: Assets

Consolidated

2020

2019

$

$

Note 6A: Cash and cash equivalents

Cash on hand

8,689,597

25,774,732

Short term deposits

5,000,000

9,340,000

Total cash and cash equivalents

13,689,597

35,114,732

The effective interest rate on short term deposits was 0.95% (2019: 1.81%).

Consolidated

2020

2019

$

$

Note 6B: Trade and other receivables

Trade and other receivables 1

Goods and services receivables

2,117,927

1,879,908

Total trade and other receivables

2,117,927

1,879,908

Other receivables

Accrued interest

93,228

15,279

Bonds

14,666

15,826

Sundry receivables

214,252

55,733

Total other receivables

322,146

86,838

Total trade and other receivables (gross)

2,440,073

1,966,746

Less expected credit loss allowance 1

(6,081)

(6,327)

Total trade and other receivables (net)

2,433,992

1,960,419

1 - Credit terms for goods and services were within 7 days from invoice date (2019: 7 days). No interest is charged on outstanding debtor balances. An allowance has been made for irrecoverable amounts determined from liquidity review of individuals stores and management views. Debtor days is not viewed as an accurate measurement of impairment of receivables.

Trade and other receivables (net) expected to be recovered

Not overdue

373,204

1,879,882

Overdue:

30 to 60 days

2,024,884

4,985

60 to 90 days

27,283

59,875

More than 90 days

8,621

15,677

Total trade and other receivables (net)

2,433,992

1,960,419

1 - Credit terms for goods and services were within 7 days from invoice date (2019: 7 days). No interest is charged on outstanding debtor balances. An allowance has been made for irrecoverable amounts determined from liquidity review of individuals stores and management views. Debtor days is not viewed as an accurate measurement of impairment of receivables

Consolidated

2020

2019

$

$

Note 6C: Other financial assets

Loans to other entities 1

952,935

1,714,645

Investment in managed funds 2

13,209,870

10,945,387

Fixed term deposits 3

18,835,000

-

Bond deposits

-

523,415

Total other financial assets

32,997,805

13,183,447

Other financial assets expected to be recovered

No more than 12 months

32,185,585

11,026,252

More than 12 months

812,220

2,157,195

Total other financial assets

32,997,805

13,183,447

1 - Loans to other entities represents unsecured commercial loans to community stores under the terms of management agreements, repayable over the loan agreement period, being between 1 to 15 years. Interest is charged between 6 - 7%. Included in total loans to other entities in 2019 was the interest free loan of $95,299 to Bardi Ardyaloon Store which was fully repaid during the current year

2 - Investment in management funds represents the Group’s investment in Macquarie Investment’s custodial accounts. The Group’s investment in various funds is considered to be held for trading. The Group has elected to recognise its investments with Macquarie as fair value through profit or loss on initial recognition. The Group has recorded a fair value loss of $354,973 (2019: gain of $195,387) as at the reporting date

3 - Fixed term deposits represents the deposits held under the Group’s investment in Macquarie Investment’s custodial accounts. The weighted average interest rate is 0.95%

Note 6D: Other current assets

Prepayments

58,008

46,494

Total other current assets

58,008

46,494

Other non-financial assets expected to be recovered

No more than 12 months

58,008

46,494

Total other non financial assets

58,008

46,494

No indicators of impairment were found for other non-financial assets.