Raukawa Settlement Trust
Notes to the Financial Statements For the year ended 30 June 2020
Group NOTE
Parent
2020
2019
2020
2019
$
$
$
$
Exchange revenues
3,102,118
4,644,286
-
-
Non-exchange revenues
175,000
180,000
-
-
3,277,118
4,824,286
-
-
5. Contract & project revenue
The Group receives revenue from contracts and projects with public sector organisations in exchange for providing services to the Raukawa community on the behalf of the funding provider. Revenue is recognised to the extent that the underlying services have been delivered. Where funding is received in advance of delivering goods or services and there is a requirement to return unused funding or uncertainty around the group's ability to comply with conditions attached to the funding, the amounts received are recognised as income in advance. Revenue received for contracts and projects with no requirement to provide services in exchange or specific performance obligations is classified as non-exchange revenue and is recognised as revenue at the fair value of the amount receivable except where there are other attached conditions which are not yet fulfilled. If there are unfulfilled conditions, the amount is recognised initially as income in advance and recognised as revenue when conditions are fulfilled. NOTE
2020
2019
2020
2019
$
$
$
$
Interest
843,363
935,144
13,331
19,344
Dividends
1,771,534
3,312,367
564,603
539,014
2,165,279
2,345,301
-
-
356,027
383,801
356,027
383,801
-
2,298,710
-
-
5,136,203
9,275,323
933,961
942,159
6. Finance and investment revenue
CNI Iwi Collective dividend
22
Fair value adjustments recognised in surplus/(deficit)
CNI Iwi Holdings NZU distribution
22
Interest income is recognised on the effective interest rate method on a proportion of time method. Dividend income is recognised when the group's right to receive the dividend is established. Fair value adjustments recognised in surplus/(deficit) comprises the effect of discounting of the long term receivables due from the Crown under the Waikato River Co-management agreement (refer Note 13).
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