CTFA Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS 7. Cash and cash equivalents 7.1 Accounting policies Classification and recognition Cash and cash equivalents are classified as non-derivative financial assets and are recognised on the statement of financial position when the association becomes party to the contractual provisions of the instruments. Measurement Cash and cash equivalents includes cash on hand, demand deposits and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown in current liabilities on the statement of financial position. Cash and cash equivalents comprise cash held at bank. The carrying amount of these assets approximates their fair value. 7.2 Cash and cash equivalents comprise: Cash Bank Balances 11,094,529 9,750,153 Total cash 11,094,529 9,750,153 Bank overdrafts (1,974) (3,763) Net cash and cash equivalents 11,092,555 9,746,390 7.3 Detail of cash and cash equivalent balances Bank balances Current account 118,815 234,008 Salaries account 6,745 7,137 Money market fund 1,905,555 845,916 48Hour Investment Account 9,063,414 8,663,092 Total 11,094,529 9,750,153 Overdrawn bank balances Credit card (1,974) (3,763) FIGURES IN R 2020 2019 ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 15