Page 25 - NYAA FY2024

Docusign Envelope ID: F067D57E-6E60-4F26-8227-97F17DC4DBB9

NATIONAL YOUTH ACHIEVEMENT AWARD ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2024

11. Other payables

2024 2023
$ $

Other payables 88,733 84,157
Accrual for operating expenses 58,276 67,695
147,009 151,852

12. Borrowings

2024 2023
$ $
Current
Bank overdraft (Note 5(b)) - 74,470
Lease liabilities 52,978 152,012
52,978 226,482

Non-current
Lease liabilities - 52,974
Total borrowings 52,978 279,456

Reconciliation of liabilities arising from financing activities

Non-cash changes
Principal
and interest Interest
1 January payments expense Remeasurement 31 December
$ $ $ $ $
Lease liabilities
2024 204,986 (159,174) 7,166 - 52,978
2023 343,522 (153,294) 14,758 - 204,986

13. Endowment fund and reserve policy

The endowment fund represents donations received by the Association. The funds
are placed in fixed deposits with a bank pending utilisation. Interest income earned
is transferred to the Association's operating account. The Association's Reserve
Policy is to ensure adequate reserves are set aside to provide financial stability and
the means for the development of our principal activity. The Reserve Policy is
reviewed by the Finance Committee Members once every 4 months to ensure the
Association has adequate funding to fulfil its continuing obligations.

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