2. Financial Assets
2.1a. Cash and Cash Equivalents
|
2019 |
2018 |
|
|---|---|---|
|
$ |
$ |
|
|
Cash at Bank |
301,810 |
3,638 |
|
Deposit Accounts |
1,503,301 |
2,133,042 |
|
Total: Cash and Cash Equivalents |
1,805,111 |
2,136,680 |
|
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. |
|---|
2.1b. Loans and other Receivables
|
2019 |
2018 |
|
|---|---|---|
|
$ |
$ |
|
|
Loans outstanding |
3,755,724 |
3,304,088 |
|
Administration fees receivable |
1,440 |
4,830 |
|
Total loans and other receivables (gross) |
3,757,164 |
3,308,918 |
|
Less impairment allowance |
(10,000) |
- |
|
Total loans and other receivables (Net) |
3,747,164 |
3,308,918 |
|
Accounting Policy Loans and Receivables Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as ‘loans and receivables’. Loans outstanding are initially recognised at fair value (refer Note 6.3 below). After initial recognition, loans and receivables are measured at amortised cost using the effective interest method less impairment. |
|---|
Reconciliation of the Impairment Allowance
|
2019 |
2018 |
|
|---|---|---|
|
$ |
$ |
|
|
Opening Balance |
- |
- |
|
Amounts written off |
- |
6,974 |
|
Decrease recognised in net surplus |
(10,000) |
-6,974 |
|
Closing Balance |
(10,000) |
- |
|
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-navy-relief-trust-fund/reporting-year/2018-2019-34