2005 Annual Report - Millennium Minerals Limited

23. FINANCIAL INSTRUMENTS continued
2004 Weighted
Average Floating Fixed Interest Maturing Non-Interest
Effective Interest 1 Year 1 – 5 years Bearing Total
Interest $ $ $ $ $
%
Financial Assets
Interest bearing deposits 4.65% 1,521,057 - - - 1,521,057
Cash at bank - - - 995,865 995,865
Receivables/tax asset - - - 560,228 560,228
Shares in listed companies - - - 531,500 531,500
Security deposits - - - 80,094 80,094
Total Financial Assets 1,521,057 - - 2,167,687 3,688,744
Financial Liabilities
Payables - - - 1,047,363 1,047,363
Hire Purchase Liability - 39,985 27,938 - 67,923
Convertible note 10.00% - - 2,500,000 - 2,500,000
Total Financial Liabilities - 39,985 2,527,938 1,047,363 3,615,286
Net Financial Assets 1,521,057 (39,985) (2,527,938) 1,120,324 73,458
(b) Credit Risk
W e d g e t a i l E x p l o r a t i o n N L
39
The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date, to
recognised financial assets is the carrying amount, net of any provisions for doubtful debts, as disclosed in the
Balance Sheet and notes to the financial statements.
The company does not have any material risk exposure to any single debtor or group of debtors, under financial
instruments entered into by it.
(c) Net Fair Values
Notes To, And Forming Part Of, The Financial Statements
For The Year Ended 31 December 2005
Methods and assumptions used in determining net fair value.
For assets and other liabilities, the net fair value approximates their carrying value. No financial assets and
financial liabilities are readily traded on organised markets in standardised form, other than listed investments.
The company has no financial assets where carrying amount exceeds net fair values at balance date.
The aggregate net fair values and carrying amounts of financial assets and financial liabilities are disclosed in
the Balance Sheet and in the notes to and forming part of the financial statements.