Page 338 - Department of Social Development Annual Report 2021

PART E: FINANCIAL INFORMATION

REFUGEE RELIEF FUND

Notes To The Financial Statements Of The Refugee Relief Fund For The Year Ended
31 March 2021.

1.4.2 Revenue from non-exchange transactions Financial assets
The Fund's principal financial assets are investments.
Revenue from non-exchange transactions refers to
transactions where the entity received revenue from All financial assets are measured at amortised cost,
another entity without directly giving approximately comprising original debt less principle payments and
equal value in exchange. Revenue from amortizations.
non-exchange transactions is generally recognised
to the extent that the related receipt or receivable Investments
qualifies for recognition as an asset and there is no The investments are measured at subsequent
liability to repay the amount. reporting dates at amortised cost by using the
Revenue from the recovery of unauthorised, effective interest rate method if they have a fixed
irregular, fruitless and wasteful expenditure is based maturity or at cost if there is no fixed maturity.
on legislated procedures.
Cash and cash equivalents
1.4.3 Grants, transfers and donations Cash and cash equivalents are measured at fair
value.
Grants, transfers and donations received orreceivable
are recognised when the resources that have been Financial Liabilities
transferred meet the criteria for recognition as an The Fund's principle financial liabilities are accounts
asset. A corresponding liability is raised to the extent payable.
that the grant, transfer or donation is conditional.
The liability is transferred to revenue as and when All financial liabilities are measured at amortised
the conditions attached to the grant are met. Grants cost, comprising original debt less principle
without any conditions attached are recognised as payments and amortizations.
revenue when the asset is recognised.
1.9 EXPENDITURE
1.5. INVESTMENTS
Expenditure is accounted for on the accrual basis of
Investments are shown at fair value including accounting.
interest capitalized.

1.6. COMPARATIVE FIGURES

Where necessary, comparative figures have been
adjusted to conform to changes in presentation in
the current year.

1.7. FINANCIAL INSTRUMENTS

Recognition
Financial assets and liabilities are recognized in the
balance sheet when the Fund becomes a party to the
contractual provisions of the instrument.

Measurement
Financial instruments are initially measured at cost,
which includes transaction cost. Subsequent to
initial recognition these instruments are measured
as set out below.

DEPARTMENT OF SOCIAL DEVELOPMENT ANNUAL REPORT 2020/21 338