annual report 2011

IOOF | annual report 2011
Notes to the financial statements (cont’d)
For the year ended 30 June 2011
21 Payables
Consolidated Parent
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Accounts payable 30,649 29,248 70 -
Income received in advance 859 2,439 - -
Accrued expenses 15,478 13,141 - -
Goods and service tax payable 3,678 3,573 - 80
50,664 48,401 70 80
Payables are non-interest bearing and are expected to be paid within 12 months from the financial year end. The Group’s exposure to
currency risk is disclosed in Note 5 Risk management.
22 Borrowings
This note provides information about the contractual terms of the Group’s interest-bearing borrowings, which are measured at
amortised cost.
For more information about the Group’s exposure to interest rate and liquidity risk, see Note 5 Risk management.
Cash Advance & Working Capital Facility drawn - Commonwealth Bank
of Australia (a)
Consolidated Parent
2011 2010 2011 2010
$’000 $’000 $’000 $’000
- 14,500 - -
Loan from controlled entity - - 10,000 10,000
Finance lease liabilities (c) 38 128 - -
38 14,628 10,000 10,000
(a) Cash advance and working capital facility
The cash advance facilities and working capital facility is provided under an Australian dollar line of credit facility, to which unrestricted
access was available at balance date as follows:
Consolidated
2011 2010
$’000 $’000
Total facilities 25,000 44,500
Used at 30 June - 14,500
Unused at 30 June 25,000 30,000
The cash advance facility provided by Commonwealth Bank of Australia may be drawn down on at any time following the 2 business
day accommodation notice required by the lender. The base interest rate is the average bid rate displayed on the first day of the
period on Reuters page BBSY at or about 10:10am Melbourne time for bank accepted bills on that day having a tenor of 90 days (or
such other time as may be agreed with the bank) and a margin of 0.5% per annum.
The financial liability under the facility has a fair value equal to its carrying amount.
Further information about the Group’s exposure to risks arising from borrowings is provided in Note 5 Risk management.
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