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Financial Performance

This section analyses the financial performance of the RWTF for the year ended 2020.

1.1 Expenses

Statement of Comprehensive Income

2020

$

2019

$

1.1A: Employee benefits

Wages and salaries

182,261

165,743

Superannuation

28,068

37,488

Leave and other entitlements

9,473

7,039

Total employee benefits

219,802

210,270

Accounting Policy

Accounting policies for employee related expenses is contained in the People and Relationships section.

1.1B: Suppliers

Goods and services supplied or rendered

Audit Fees

20,240

34,540

Insurances

3,826

3,974

Miscellaneous expenses

1,755

3,314

Direct debit administration fees

13,626

12,688

Group Life insurance underwriting

156,428

158,679

Web-Site and software fees

2,186

1,650

Total goods and services supplied or rendered

198,061

214,845

Total suppliers

198,061

214,845

1.1C: Grants

General and disaster relief grants

36,756

52,100

Base Welfare Grants Scheme

175,625

145,824

Total grants

212,381

197,924

1.1D: Impairment loss on financial instruments

Impairment on loans

10,868

(20,468)

Total impairment on financial instruments

10,868

(20,468)

1.1E: Losses from loan re-measurement

Loss from initial recognition of loans and receivables at fair value (refer Note 6.3)

873,076

1,070,498

Total losses from loan re-measurement

873,076

1,070,498

1.1F: Depreciation and amortisation

Amortisation

Intangibles – database

-

1,485

Total write-down and impairment of other assets

-

1,485

Accounting Policy

Competitive Neutrality

The RWTF was established to provide benefits to eligible persons and does not carry out Government business activities on a commercial basis nor operate in a competitive, or potentially competitive, environment. Therefore it is not required to make Australian Income Tax Equivalent payments to the Government.

1.2 Own-Source Revenue and gains

Own-Source Revenue

Statement of Comprehensive Income

2020

$

2019

$

1.2A: Sale of goods and rendering of services

Member contributions for Group Life insurance

209,014

217,132

Miscellaneous income

31

50

Total sale of goods and rendering of services

209,045

217,182

Accounting Policy

Revenue from the sale of goods is recognised when control has been transferred to the buyer.

Receivables for goods and services, which have 30 days terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed as at end of reporting period. Allowances are made when collectability of the debt is no longer probable.

Resources Received Free of Charge

Resources received free of charge are recognised as revenue when and only when, a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of those resources is recognised as an expense. Resources received free of charge are recorded as either revenue or gains depending on their nature.

Other Types of Revenue

A charge is recovered from loan applicants to help defray administrative expenses and to provide growth in the RWTF. These member contributions are recognised as income in the year the loan is made and form part of the outstanding loan amount.

Revenue from Group Life Insurance premiums are recognised on an accruals basis.

Statement of Comprehensive Income

2020

$

2019

$

1.2B: Loans revenue

Member contributions on loans

473,008

538,223

Total fees and fines

473,008

538,223

1.2C: Interest

Deposits

47,916

54,505

Loan interest (refer Note 6.3)

993,075

1,072,675

Total interest

1,040,991

1,127,180

1.2D: Other revenue

Donations received

42,465

31,535

Total other revenue

42,465

31,535

Accounting Policy

Interest revenue is recognised using the effective interest method.