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1.2 Own Source Revenue

1.2a. Loans Revenue

2020

2019

$

$

Loan Administration Fees

81,000

87,420

Total: Loans Revenue

81,000

87,420

Accounting Policy

RANRTF charges a administration fee to loan applicants to help defray administrative expenses and to provide growth in the Fund. These loan administration fees are recognised as income in the year the loan is made and form part of the outstanding loan amount. Loan interest is then recognised based on the fair value of the loan using the effective interest rate method.

1.2b. Interest

Interest from Bank Accounts

8,578

20,134

Loan Interest

563,886

513,235

Total: Interest

572,464

533,369

Accounting Policy

Interest revenue is recognised using the effective interest method.

1.2c. Contributions and other Sources

RANCCB Contributions

104,601

104,494

Donations

61,570

47,804

Total: Contributions

166,171

152,298

1.2d. Resources Received Free of Charge

Salaries

166,876

158,834

Total: Resources Received Free of Charge

166,876

158,834

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.