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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.