2.1 Financial Assets
This section analyses the RWTF’s assets used to conduct its operations and the operating liabilities incurred as a result. Employee related information is disclosed in the People and Relationships section.
2.1 Financial Assets
|
2019 $ |
2018 $ |
|
|---|---|---|
|
Cash on deposit |
972,905 |
553,717 |
|
Cash on deposit - investments |
2,000,000 |
2,300,000 |
|
Total cash and cash equivalents |
2,972,905 |
2,853,717 |
|
Accounting Policy Cash is recognised at its nominal amount. Cash and cash equivalents includes: 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. |
|---|
null
|
2019 $ |
2018 $ |
|
|---|---|---|
|
Members loans outstanding (refer Note 6.3) |
8,541,316 |
8,439,217 |
|
Bank interest accrued |
6,601 |
8,049 |
|
Total loans and other receivables (gross) |
8,547,917 |
8,447,266 |
|
Less impairment allowance |
||
|
Loans |
(20,000) |
(53,769) |
|
Total loans and other receivables (net) |
8,527,917 |
8,393,497 |
|
Accounting Policy Financial Assets Trade receivables, loans 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. |
|---|
Reconciliation of the Impairment Allowance
Movements in relation to 2019
|
Loans 2019 $ |
Total 2019 $ |
|
|---|---|---|
|
As at 1 July 2018 |
53,769 |
53,769 |
|
Bad debts written off |
(13,301) |
(13,301) |
|
Amounts recovered and reversed |
- |
- |
|
Decrease recognised in surplus |
(20,468) |
(20,468) |
|
Total as at 30 June 2019 |
20,000 |
20,000 |
Movements in relation to 2018
|
Loans 2018 $ |
Total 2018 $ |
|
|---|---|---|
|
As at 1 July 2017 |
45,532 |
45,532 |
|
Bad debts written off |
(16,375) |
(16,375) |
|
Amounts recovered and reversed |
- |
- |
|
Increase recognised in surplus |
24,612 |
24,612 |
|
As at 30 June 2018 |
53,769 |
53,769 |
|
Accounting Policy Financial assets are assessed for impairment at the end of each reporting period. |
|---|
Visit
https://www.transparency.gov.au/annual-reports/royal-australian-air-force-welfare-trust-fund/reporting-year/2018-2019-60