NOTE 16: Financial Instruments

prev page | TOC | next page

Note 16A: Categories of Financial Instruments

Financial Assets	2011 $’000	2010 $’000
Loans and receivables:
Cash and cash equivalents	5,627	2,628
Goods and services receivable	19,923	27,897
Total	25,550	30,525
Carrying amount of financial assets	25,550	30,525

Financial Liabilities	2011 $’000	2010 $’000
At amortised cost:
Payables – suppliers	50,009	61,988
Other payables	898	371
Total	50,907	62,359
Carrying amount of financial liabilities	50,907	62,359

Note 16B: Net Income and Expense from Financial Assets

	2011 $’000	2010 $’000
Loans and receivables
Impairment expense	316	1,057
Net loss loans and receivables	316	1,057
Net loss from financial assets	316	1,057

Note 16C: Credit Risk

The following table illustrates the Department’s gross exposure to credit risk, excluding any collateral or credit enhancements.

	2011 $’000	2010 $’000
Financial assets
Goods and services receivable	20,904	28,650
Total	20,904	28,650

The Department holds no collateral to mitigate against risk.

Credit quality of financial instruments not past due or individually determined as impaired

	Not Past Due Nor Impaired 2011 $’000	Not Past Due Nor Impaired 2010 $’000	Past Due Or Impaired 2011 $’000	Past Due Or Impaired 2010 $’000
Goods and services receivable	16,238	23,691	4,666	4,959
Total	16,238	23,691	4,666	4,959

Ageing of financial assets that are past due but not impaired for 2011

	0 to 30 days $’000	31 to 60 days $’000	61 to 90 days $’000	90+ days $’000	Total $’000
Goods and services receivable	782	506	126	2,271	3,685
Total	782	506	126	2,271	3,685

Ageing of financial assets that are past due but not impaired for 2010

	0 to 30 days $’000	31 to 60 days $’000	61 to 90 days $’000	90+ days $’000	Total $’000
Goods and services receivable	991	201	976	2,038	4,206
Total	991	201	976	2,038	4,206

Note 16D: Liquidity Risk

Maturities for non-derivative financial liabilities 2011

	On demand $’000	Within 1 year $’000	1 to 2 years $’000	2 to 5 years $’000	> 5 years $’000	Total $’000
Payables – suppliers	0	50,009	0	0	0	50,009
Other payables	0	898	0	0	0	898
Total	0	50,907	0	0	0	50,907

Maturities for non-derivative financial liabilities 2010

	On demand $’000	Within 1 year $’000	1 to 2 years $’000	2 to 5 years $’000	> 5 years $’000	Total $’000
Payables – suppliers	0	61,988	0	0	0	61,988
Other payables	0	371	0	0	0	371
Total	0	62,359	0	0	0	62,359

The Department has no derivative financial liabilities in both the current and prior year.

Note 16E: Market Risk

The Department is not exposed to ‘currency risk’ or ‘other price risk’.
The Department has no interest bearing items on the Balance Sheet.

prev page | TOC | next page