Australian Public Service Commission
Notes to and forming part of the financial statements

for the year ended 30 June 2005

Note 18: Financial instruments

18a Interest rate risk

Financial instrument	Notes	Floating interest rate $’000		Fixed interest rate maturing in 1 year or less $’000		Non interest bearing $’000		Total $’000		Weighted average effective interest rate
		2005	2004	2005	2004	2005	2004	2005	2004	2005	2004
Financial assets
Cash	7a	-	-	-	-	864	612	864	612	n/a	n/a
Receivables	7b	-	-	-	-	8,483	6,656	8,483	6,656	n/a	n/a
Other receivables	7c	-	-	-	-	20	20	20	20	n/a	n/a
Total		-	-	-	-	9,367	7,288	9,367	7,288
Total assets								12,550	10,134
Financial liabilities
Finance lease	9a	635	237	-	-	-	-	635	237	6.05%	6.05%
Lease incentives	9b	-	-	-	-	143	42	143	42	n/a	n/a
Trade creditors	11a	-	-	-	-	1,942	1,570	1,942	1,570	n/a	n/a
Prepayments received	11b	-	-	-	-	1,709	1,277	1,709	1,277	n/a	n/a
Other payables	11c	-	-	-	-	38	30	38	30	n/a	n/a
Total		635	237	-	-	3,832	2,919	4,467	3,156
Total liabilities								9,611	7,952

18b Net Fair Values of Financial Assets and Liabilities

		2005		2004
	Notes	Total carrying amount $’000	Aggregate net fair value $’000	Total carrying amount $’000	Aggregate net fair value $’000
Financial assets
Cash	7a	864	864	612	612
Receivables	7b	8,483	8,483	6,656	6,656
Other receivables	7c	20	20	20	20
Total Financial Assets		9,367	9,367	7,288	7,288
Financial liabilities
Finance lease	9a	635	640	237	238
Lease incentives	9b	143	145	42	40
Payables	11a	1,942	1,942	1,570	1,570
Prepayments received	11b	1,709	1,709	1,277	1,277
Other payables	11c	38	38	30	30
Total financial liabilities		4,467	4,474	3,156	3,155

Financial assets

The net fair values of cash and non-interest-bearing monetary financial assets are approximated by their carrying amounts.

Financial liabilities

The net fair values of finance lease and lease incentive liabilities are based on discounted cash flows using current interest rates for liabilities with similar risk profiles. The net fair values for trade creditors are approximated by their carrying amounts.

18c Credit risk exposures

The Commission’s maximum exposures to credit risk at reporting date in relation to each class of recognised financial assets is the carrying amount of those assets as indicated in the Statement of Financial Performance. The Commission has no significant exposures to any concentrations of credit risk. All figures for credit risk referred to do not take into account the value of any collateral or other security.

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Australian Public Service Commission Notes to and forming part of the financial statements