Royal Botanic Gardens Victoria Annual Report 2018-19

2. FUNDING DELIVERY OF OUR SERVICES
2.2.3 Sale of goods and services
Sale of goods 1,435,956
Rendering of services 738,555
Total sale of goods and services 2,174,511
2019
$
2018
$
1,310,165
728,597
2,038,762
Income from the sale of goods is recognised when:
h the Board no longer has any of the significant risks and rewards of ownership of the goods transferred to the buyer;
h the Board no longer has continuing managerial involvement to the degree usually associated with ownership, nor effective control
over the goods sold;
h
h
h
h
the amount of income, and the costs incurred or to be incurred in respect of the transactions, can be reliably measured; and
it is probable that the economic benefits associated with the transaction will flow to the Board.
Income from the supply of services is recognised by reference to the stage of completion of the services being performed. The income
is recognised when:
the amount of the income, stage of completion and transaction costs incurred can be reliably measured; and
it is probable that the economic benefits associated with the transaction will flow to the Board.
Under this method, income is recognised by reference to labour hours supplied or to labour hours supplied as a percentage of total
services to be performed in each annual reporting period.
2.2.4 Fair value of assets and services received free of charge or for nominal consideration
2019
$
Services 1,140,815
Assets 2,295
Total fair value of assets and services received free of charge or for nominal consideration 1,143,110
2018
$
699,819
-
699,819
Contributions of resources received free of charge or for nominal consideration are recognised at fair value when control is obtained over
them, irrespective of whether these contributions are subject to restrictions or conditions over their use.
Contributions in the form of services are only recognised when a fair value can be reliably determined and the services would have been
purchased if not received as a donation.
2.2.5 Interest
2019
$
Interest on bank deposits 207,664
Other miscellaneous interest income 135,733
Total interest 343,397
2018
$
131,586
85,151
216,737
Interest income includes interest received on bank term deposits and other investments. Interest income is recognised using the effective
interest method, which allocates the interest over the relevant period.
Net realised and unrealised gains and losses on the revaluation of investments do not form part of income from transactions, but are
reported as part of income from other economic flows in the net result or as unrealised gains and losses taken directly to equity.
2.2.6 Other income
2019
$
Rental income 1,383,728
Royalties 88,992
Other 146,775
Total other income 1,619,495
2018
$
1,483,804
91,405
209,523
1,784,732
86
Royal Botanic Gardens Board Victoria 2018-19 Financial Report Page 9