annual report 2011

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IOOF | annual report 2011 Notes to the financial statements (cont’d) For the year ended 30 June 2011 Impaired receivables As at 30 June 2011, receivables of the Group with a nominal value of $32,000 (2010: $30,000) were impaired. The amount of the impairment provision was $32,000 (2010: $30,000). The individually impaired receivables mainly relate to amounts receivable from clients. The ageing of these impaired receivables is as follows: Consolidated Parent 2011 2010 2011 2010 $’000 $’000 $’000 $’000 0 to 180 days - - - - 181 to 360 days - - - - 1 to 3 years - - - - Greater than 3 years 32 30 - - 32 30 - - Movements in the provision for impairment of receivables are as follows: Consolidated Parent 2011 2010 2011 2010 $’000 $’000 $’000 $’000 Balance at beginning of the year 30 187 - - Provision for impairment recognised 2 12 - - Receivables written off as uncollectible - (162) - - Release of provision - (7) - - Balance at end of the year 32 30 - - The amount of the provision for impairment is recognised in profit or loss in other expenses. When a receivable for which an impairment allowance had been recognised becomes uncollectible in a subsequent period, it is written off against the allowance account. Uncollectible receivables are where there is no expectation of recovering additional cash. (c) Liquidity risk Liquidity risk relates to the Group having insufficient liquid assets to cover current liabilities and unforeseen expenses. The Group maintains a prudent approach to managing liquidity risk exposure by maintaining sufficient liquid assets and an ability to access a committed line of credit. It is managed by continuously monitoring actual and forecast cash flows and by matching the maturity profiles of financial assets and liabilities. Temporary surplus funds are invested in highly liquid, low risk financial assets. The Group had access to un-drawn bank borrowing facilities at the balance date, on the terms described and disclosed in Note 22 Borrowings. The liquidity requirements for licensed entities in the Group are regularly reviewed and carefully monitored in accordance with those licence requirements. page 70
IOOF | annual report 2011 Maturities of financial liabilities The tables below analyse the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance date to the contractual maturity date. The amounts disclosed therein are the contractual undiscounted cash flows. 2011
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