Royal Botanic Gardens Victoria Annual Report 2018-19

7. RISKS, CONTINGENCIES AND VALUATION JUDGEMENTS
The carrying amounts of the Board's contractual financial assets and financial liabilities by category are as follows:
Contractual financial assets
Carrying amount
2019
$
2018
$
Cash and deposits 17,399,293
Receivables at amortised cost (a)
Grant receivables -
Sale of goods and services 493,992
Accrued interest income -
Total (b) 17,893,285
10,500,661
5,000,000
607,004
23,765
16,131,430
Contractual financial liabilities at amortised cost
Supplies and services payables 1,236,144
Other payables 104,010
Finance lease liabilities 496,179
Loan from TCV -
Total (b) 1,836,333
1,643,741
85,312
449,163
145,223
2,323,439
Notes:
(a)
(b)
Previously classified as Financial assets - loans and receivables under AASB 139.
The total amounts disclosed here exclude statutory receivables (ie GST input tax credit recoverable and taxes payable).
7.1.2
Derecognition of financial assets and liabilities
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when:
h
h
the rights to receive cash flows from the asset have expired; or
the Board has transferred its rights to receive cash flows from the asset and either:
– has transferred substantially all the risks and rewards of the asset; or
–
has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control
of the asset.
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing
liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition
of a new liability. The difference in the respective carrying amounts is recognised as an ‘other economic flow’ in the comprehensive
operating statement.
7.1.4
Net holding gain/(loss) on financial instruments
The Board's net holding gains/(losses) on contractual financial assets and liabilities by category are as follows:
Interest income/(expense)
Contractual financial assets
2019
$
2018
$
Financial assets at amortised cost (a) 343,397
Total contractual financial assets 343,397
216,737
216,737
Contractual financial liabilities
Financial liabilities at amortised cost (3,302)
(5,995)
Total contractual financial liabilities (3,302) (5,995)
Note (a) : Previously classified as Financial assets - loans and receivables under AASB 139.
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Royal Botanic Gardens Board Victoria 2018-19 Financial Report Page 23