OTHER INFORMATION
6.1A: Current/Non-current distinction for assets and liabilities
2021 $ | 2020 $ | |
Assets expected to be recovered in: | ||
No more than 12 months | ||
Cash and cash equivalents | 2,516,827 | 2,112,733 |
Loans and other receivables | 3,419,622 | 3,606,351 |
Total no more than 12 months | 5,936,449 | 5,719,084 |
More than 12 months | ||
Intangibles | 20,724 | 28,427 |
Total more than 12 months | 20,724 | 28,427 |
Total assets | 5,957,173 | 5,747,511 |
Liabilities expected to be settled in: | ||
No more than 12 months | ||
Suppliers | 13,183 | 23,413 |
Total no more than 12 months | 13,183 | 23,413 |
Total liabilities | 13,183 | 23,413 |
6.2 Insurance
The Fund has insured for risks through the Government’s insurable risk managed fund, called ‘Comcover’. Worker’s compensation is insured through Comcare.
6.3 Investment of surplus money
Subparagraphs 59(1) (a) and (b) of the PGPA Act allows corporate Commonwealth entities to invest money that is not immediately required for the purposes of the entity.
The Fund’s surplus moneys are on deposit with the Australian Military Bank and Defence Bank.
6.4 Economic dependency
The Fund receives economic support from Department of Defence by way of provision of administrative support, computer, communication facilities and office accommodation for the Fund’s Principal Office staff. The Trustees consider, however, that in the event that the support provided by the Department of Defence was fully or partly withdrawn, the Fund is in a position that it could continue to provide benefits, although likely at a reduced level, to eligible persons.
6.5 Disclosure of commitments
The Fund has no commitments in either the current or the immediately preceding reporting periods and therefore a Schedule for such items has not been included in the financial statements.
Visit
https://www.transparency.gov.au/annual-reports/royal-australian-navy-relief-trust-fund/reporting-year/2020-21-39