1.2 Own Source Revenue
1.2a. Sale of Goods and Rendering of Services
2019 |
2018 |
|
---|---|---|
$ |
$ |
|
Loan Administration Fees |
87,420 |
76,490 |
Total: Sale of Goods and Rendering of Services |
87,420 |
76,490 |
Accounting Policy Revenue from the sale of goods is recognised when:
The stage of completion of contracts at the reporting date is determined by reference to the proportion that costs incurred to date bear to the estimated total costs of the transaction. 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 the reporting period. Allowances are made when collectability of the debt is no longer probable. Other Types of Revenue A charge is recovered from loan applicants to help defray administrative expenses and to provide growth in the Fund. These member contributions (loan administration fees) are recognised as income in the year the loan is made and form part of the outstanding loan amount. |
---|
1.2b. Interest
2019 |
2018 |
|
---|---|---|
$ |
$ |
|
Interest from Bank Accounts |
20,134 |
19,453 |
Loan Interest |
513,235 |
522,268 |
Total: Interest |
533,369 |
541,721 |
Accounting Policy Interest revenue is recognised using the effective interest method. |
---|
1.2c. Contributions and other Sources
2019 |
2018 |
|
---|---|---|
$ |
$ |
|
RANCCB Contributions |
104,494 |
119,734 |
Donations |
47,804 |
35,127 |
Total: Contributions |
152,298 |
154,861 |
1.2d. Resources Received Free of Charge
2019 |
2018 |
|
---|---|---|
$ |
$ |
|
Salaries |
158,834 |
155,961 |
Total: Resources Received Free of Charge |
158,834 |
155,961 |
Accounting Policy 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. |
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Visit
https://www.transparency.gov.au/annual-reports/royal-australian-navy-relief-trust-fund/reporting-year/2018-2019-32