Royal Botanic Gardens Victoria Annual Report 2018-19

5. OTHER ASSETS AND LIABILITIES
5. OTHER ASSETS AND LIABILITIES
Introduction
This section sets out those assets and liabilities that
arose from the Board’s operations.
Structure
5.1 Receivables………………..……….…….….….……...….……..94
5.2 Payables………………….…..….……..…….....……...……….. 94
5.3 Inventories……………..…...…..….…..….…...…...…….…… 95
5.4 Prepayments……………..…...…..….…..….…...…...…….……95
5.1 Receivables
Contractual
Sales of goods and services 493,992
Grant receivables -
Accrued interest income -
493,992
Statutory
Net GST input tax credit recoverable 129,203
129,203
Total receivables (a) 623,195
2019
$
2018
$
607,004
5,000,000
23,765
5,630,769
66,543
66,543
5,697,312
Note (a): All receivables balances held at reporting date are classified as current.
Contractual receivables are classified as financial instruments and categorised as ‘financial assets at amortised costs’. They are initially
recognised at fair value plus any directly attributable transaction costs. The Board holds the contractual receivables with the objective to
collect the contractual cash flows and therefore subsequently measured at amortised cost using the effective interest method, less any
impairment.
Statutory receivables do not arise from contracts and are recognised and measured similarly to contractual receivables (except for
impairment), but are not classified as financial instruments for disclosure purposes. The Board applies AASB 9 for initial measurement of
the statutory receivables and as a result statutory receivables are initially recognised at fair value plus any directly attributable transaction
cost.
Details about the Board’s impairment policies, the Board’s exposure to credit risk, and the calculation of the loss allowance are set out in
Note 7.1.5.
5.2 Payables
2019
$
Contractual
Supplies and services 1,236,144
Other payables 104,010
1,340,154
Statutory
Taxes payable 97,110
97,110
Total payables (a) 1,437,264
2018
$
1,643,741
85,312
1,729,053
74,903
74,903
1,803,956
Note (a): All payables balances at reporting date are classified as current.
Payables consist of:
h contractual payables, classified as financial instruments and measured at amortised cost. Accounts payable represent liabilities
for goods and services provided to the Board prior to the end of the financial year that are unpaid; and
h
statutory payables, that are recognised and measured similarly to contractual payables, but are not classified as financial
instruments and not included in the category of financial liabilities at amortised cost, because they do not arise from contracts.
Payables for supplies and services have an average credit period of 30 days. No interest is charged on late payments.
94
Royal Botanic Gardens Board Victoria 2018-19 Financial Report Page 17