Professional Services Review Annual Report 2004–05

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Appendixes

Appendix 1: Financial statements

Note 16–Financial Instruments

Note 16A–Interest rate risk
Financial Instrument Notes Non-Interest Bearing Total Weighted Average Effective Interest Rate
2005 $ 2004 $ 2005 $ 2004 $ 2005 % 2004 %
Financial Assets
Cash 6A 1,216,697 5,709,212 1,216,697 5,709,212 n/a n/a
Receivables for goods and services (gross) 6B - 8,492 - 8,492 n/a n/a
GST Receivable 6B 198,462 151,645 198,462 151,645 n/a n/a
Appropriations receivable 6B 5,045,000 - 5,008,000 - n/a n/a
Total 6,460,159 5,869,349 6,423,159 5,869,349
Total Assets 7,327,366 7,069,808
Financial Liabilities
Trade creditors 9A 119,330 431,568 119,330 431,568 n/a n/a
Total 119,330 431,568 119,330 431,568 n/a n/a
Total Liabilities 678,265 1,215,105
Liabilities Not Recognised
Makegood provision 12 35,760 – 35,760 – n/a n/a
Other guarantee 12 – – – – n/a n/a
Total 35,760 – 35,760 – n/a n/a
Total Liabilities not recognised – –
Note 16B–Net fair value of financial assets and liabilities
Notes 2004–2005 2003–2004
Total Carrying Amount $ Aggregate Net Fair Value $ Total Carrying Amount $ Aggregate Net Fair Value $
Financial Assets
Cash 6A 1,216,697 1,216,697 5,710,818 5,710,8198
Receivables for goods and services (net) 6B – – 8,492 8,492
GST receivable 6B 198,462 198,462 151,645 151,645
Appropriations receivable 6B 5,045,000 5,045,000 – –
Total Financial Assets 6,460,159 6,460,159 5,870,955 5,870,955
Financial Liabilities
Trade creditors 9A 119,330 119,330 431,568 431,568
Total Financial Liabilities 119,330 119,330 431,568 431,568
Liabilities Not Recognised
Makegood provision 12 35,760 35,760 – –
Other Guarantee 12 – – – –
Total Liabilities Not Recognised 35,760 35,760 – –

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

Note 16–Financial Instruments

Note 16C–Credit Risk Exposure

Professional Services Review’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.

Professional Service Review 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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