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2. Financial Assets

2.1a. Cash and Cash Equivalents

2020

2019

$

$

Cash at Bank

1,086,845

301,810

Deposit Accounts

1,025,888

1,503,301

Total: Cash and Cash Equivalents

2,112,733

1,805,111

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

Loans outstanding

3,614,951

3,755,724

Administration fees receivable

1,400

1,440

Total loans and other receivables (gross)

3,616,351

3,757,164

Less impairment allowance

(10,000)

(10,000)

Total loans and other receivables (Net)

3,606,351

3,747,164

Accounting Policy

Loans and Receivables

Trade receivables, loans and other receivables that are held for the purpose of collecting the contractual cash flows where the cash flows are solely payments of principal and interest, that are not provided at below-market interest rates, are subsequently measured at amortised cost using the effective interest method adjusted for any loss allowance.

Reconciliation of the Impairment Allowance

Opening Balance

(10,000)

-

Amounts written off

-

-

Decrease recognised in net surplus

-

(10,000)

Closing Balance

(10,000)

(10,000)

Accounting Policy

Financial assets are assessed for impairment at the end of each reporting period.