Trust Liabilities and Right of Indemnity
a. TRUST LIABILITIES AND RIGHT OF INDEMNITY
The RAAF Welfare Recreational Company, as Trustee for the RAAF Central Welfare Trust Fund, has a right of indemnity from the Fund's assets. Liabilities of the Trust not recorded in the financial statements of the company were:
|
2019 |
2018 |
||
|---|---|---|---|
|
$ |
$ |
||
|
LIABILITIES |
|||
|
Current liabilities |
|||
|
Trade Payables |
8,334 |
5,090 |
|
|
Other Payables |
11,145 |
14,494 |
|
|
GST Payable |
- |
44,934 |
|
|
Total current liabilities |
19,479 |
64,518 |
|
|
Non-current liabilities |
|||
|
Provisions |
|||
|
Other Provisions |
1,874 |
1,874 |
|
|
Total Non-current liabilities |
1,874 |
1,874 |
|
null
The net assets of the Trust totalling $8 863 592 which lie behind the right of indemnity, are not directly available to meet any liabilities of the company acting in its own right. The assets of the trust were sufficient to discharge all liabilities of the trust at 30 June 2019 and 30 June 2018.
Visit
https://www.transparency.gov.au/annual-reports/raaf-welfare-recreational-company/reporting-year/2018-2019-35