2. Financial Assets
2021 $ | 2020 $ | |
2.1A. Cash and cash equivalents
Cash at bank | 1,051,714 | 1,086,845 |
Deposit accounts | 1,465,113 | 1,025,888 |
Total cash and cash equivalents | 2,516,827 | 2,112,733 |
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 | 3,426,302 | 3,614,951 |
Administration fees receivable | 3,320 | 1,400 |
Total loans and other receivables (gross) | 3,429,622 | 3,616,351 |
Less impairment allowance | (10,000) | (10,000) |
Total loans and other receivables (Net) | 3,419,622 | 3,606,351 |
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) | (10,000) |
Amounts written off | - | - |
Decrease recognised in net surplus | - | - |
Closing balance | (10,000) | (10,000) |
Accounting Policy Financial assets are assessed for impairment at the end of each reporting period. |
Visit
https://www.transparency.gov.au/annual-reports/royal-australian-navy-relief-trust-fund/reporting-year/2020-21-26