NOTES TO THE FINANCIAL STATEMENTS
Note 11: Payables (continued) Trade payables are amounts due to suppliers for goods purchased or services provided in the ordinary course of business. Trade payables are generally due for settlement within 60 days and therefore are all classified as current. Other payables and accrued expenses generally arise from normal transactions within the usual operating activities of the Group. Note 12: Borrowings
2021 $
2020 $
Current
Secured Finance Facility
403,669
145,254
Unsecured Insurance Premium Funding
14,044
-
Credit card
62,099
62,478
479,812
207,732
The finance facility is with an unrelated external provider of finance. The nature of the facility is that amounts paid out using the facility are re-paid by direct debit over a maximum of 120 days. The provider has lodged a registered charge over the assets of the group to secure the debt. The limit of the facility is $3,000,000. The credit card is unsecured. The limit of the facility is $270,000. Go Vita is dependent on the ongoing provision of finance to be able to continue operating business as normal. Note 13: Deposits
2021 $
2020 $
Current Deposits
340,000
537,800
340,000
537,800
Non-Current Deposits
1,556,863
1,042,400
1,556,863
1,042,400
The members’ deposits were a balance contributed by each member for each store in the ordinary course of the stock trading business of Go Vita. The money was used to purchase stock that was then sold to stores. The amounts are not secured and no interest is paid. If a member leaves the group at the end of their contracted term the deposit is repaid after their debtor balance is settled.
I GO VITA GROUP LIMITED ANNUAL REPORT 2020-2021 58
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