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1.2 Own Source Revenue

2021

$

2020

$

1.2A. Loans revenue

Loan administration fees

65,060

81,000

Total loans revenue

65,060

81,000

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

5,488

8,578

Loan Interest

363,357

563,886

Total interest

368,845

572,464

Accounting Policy

Interest revenue is recognised using the effective interest method.

1.2C. Contributions and other sources

RANCCB contributions

103,001

104,601

Donations

96,423

61,570

Total contributions

199,424

166,171

1.2D. Resources received free of charge

Salaries

181,743

166,876

Total resources received free of charge

181,743

166,876

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.