Notes to and forming part of the Financial Statements
Note 16: Financial Instruments
| Financial Instrument | Notes | Floating Interest Rate | Fixed Interest Rate Maturing In | Non-Interest Bearing | Total | Weighted Average Effective Interest Rate | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 Year or Less | 1 to 5 Years | > 5 Years | |||||||||||||
| 2006 $ | 2005 $ | 2006 $ | 2005 $ | 2006 $ | 2005 $ | 2006 $ | 2005 $ | 2006 $ | 2005 $ | 2006 $ | 2005 $ | 2006 % | 2005 % | ||
| Financial Assets | |||||||||||||||
| Cash at bank | 6A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,501,685 | 1,216,697 | 3,501,685 | 1,216,697 | n/a | n/a |
| Receivables for goods and services (gross) | 6B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12,012 | 0 | 12,012 | 0 | n/a | n/a |
| Appropriations receivable | 6B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,045,000 | 0 | 5,045,000 | n/a | n/a |
| Total | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,513,697 | 6,261,697 | 3,513,697 | 6,261,697 | |||
| Total Assets | 3,513,697 | 6,261,697 | |||||||||||||
| Financial liabilities | |||||||||||||||
| Trade creditors | 9A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 374,726 | 119,330 | 374,726 | 119,330 | n/a | n/a |
| Total | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 374,726 | 119,330 | 374,726 | 119,330 | |||
| Total Liabilities | 374,726 | 119,330 | |||||||||||||
| Liabilities not recognised | |||||||||||||||
| Indemnity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | n/a | n/a | |
| 2006 $ | 2005 $ | ||||
|---|---|---|---|---|---|
| Notes | Total Carrying Amount | Aggregate Fair Value | Total Carrying Amount | Aggregate Fair Value | |
| Financial Assets | |||||
| Cash at bank | 6A | 3,501,685 | 3,501,685 | 1,216,697 | 1,216,697 |
| Receivables for goods and services (net) | 6B | 12,012 | 12,012 | 0 | 0 |
| Appropriations receivable | 6B | 0 | 0 | 5,045,000 | 5,045,000 |
| Total Financial Assets | 3,513,697 | 3,513,697 | 6,261,697 | 6,261,697 | |
| Financial Liabilities (Recognised) | |||||
| Trade creditors | 9A | 374,726 | 374,726 | 372,215 | 372,215 |
| Total Financial Liabilities (Recognised) | 374,726 | 374,726 | 372,215 | 372,215 | |
Financial assets
The net fair values of cash and non-interest-bearing monetary financial assets approximate their carrying amounts.
Financial liabilities
The net fair values for trade creditors and accruals which are short-term in nature are approximated by their carrying amounts.
Note 16C: Credit Risk Exposures
The maximum exposure Professional Services Review has 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 Balance Sheet. Professional Services Review has no significant exposures to any concentrations of credit risk.