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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

$

2.1A: Cash and Cash Equivalents

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

$

2.1B: Loans and Other Receivables

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.