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. |
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https://www.transparency.gov.au/annual-reports/royal-australian-navy-relief-trust-fund/reporting-year/2020-21-24