As at 1 July 2018

Gross book value

Accumulated amortisation and impairment

Total as at 1 July 2018

Amortisation

Total as at 30 June 2019

Total as at 30 June 2019 represented by

Gross book value

Accumulated amortisation and impairment

Total as at 30 June 2019

Accounting Policy

Assets are recorded at cost on acquisition except as stated below. The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken. Financial assets are initially measured at their fair value plus transaction costs where appropriate.

Assets acquired at no cost, or for nominal consideration, are initially recognised as assets and income at their fair value at the date of acquisition, unless acquired as a consequence of restructuring of administrative arrangements. In the latter case, assets are initially recognised as contributions by owners at the amounts at which they were recognised in the transferor’s accounts immediately prior to the restructuring.

Intangibles

The RWTF’s intangibles comprise externally developed software for internal use. These assets are carried at cost less accumulated amortisation and accumulated impairment costs. Software is amortised on a straight-line basis over its anticipated useful life. The useful life of the RWTF’s software is 4 years.

All software assets were assessed for indications of impairment as at 30 June 2019.