QNU Annual Report 08-09.indd - Queensland Nurses Union

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AUDITOR’S REPORT QUEENSLAND NURSES UNION OF EMPLOYEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 NOTE 24: FINANCIAL INSTRUMENTS (a) Risk Management The union is exposed to the following risks from their use of financial instruments: • Market Risk • Credit Risk • Liquidity Risk The Committee has overall responsibility for risk management. The Committee has established risk management policies designed to identify and monitor risks from financial instruments and ensure any adverse effects from these risks are minimized. The Committee meet on a regular basis to review compliance with risk management policy and to analyse financial risk exposure in the context of the current economic environment. (b) Interest Rate Risk Interest rate risk is the risk that a financial instrument's value will fluctuate as a result of changes in market interest rates. Interest rate risk arises on balances of cash and cash equivalents. The entity minimises this risk by using a term deposit facility. The union is exposed to interest rate risk and the effective weighted average interest rates on classes of financial assets and financial liabilities, is as follows: Weighted Average Effective Rate 2009 Floating Interest Rate Fixed Interest Rate Maturing Within 1 Year 1 to 5 Years 2008 2009 2008 2009 2008 2009 2008 % % $ $ $ $ $ $ Financial Assets: Cash at bank 4.25% 6.55% 495,369 303,508 - - - - Deposits 6.55% 7.70% - - 5,248,179 4,630,171 - - Total Financial Assets 495,369 303,508 5,248,179 4,630,171 - - 44 | Annual Report 2008-09 | Queensland Nurses’ Union of Employees
AUDITOR’S REPORT QUEENSLAND NURSES UNION OF EMPLOYEES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2009 NOTE 24: FINANCIAL INSTRUMENTS (Continued) Year Ended 30 June 2009 Year Ended 30 June 2008 $ $ Trade and other payables are expected to be paid as follows: - Less than 6 months 2,129,481 1,972,770 - 6 months to 12 months - - Total 2,129,481 1,972,770 Sensitivity Analysis The union has performed a sensitivity analysis relating to its exposure to interest rate risk at balance date. This sensitivity analysis demonstrates the effect on the current year results and accumulated funds which could result from a change in this risk. Interest Rate Sensitivity Analysis: At 30 June 2009, the effect on profit and equity as a result of changes in the interest rate, with all other variables remaining constant, would be as follows: Year Ended 30 June 2009 Year Ended 30 June 2008 $ $ Change in profit attributable to members -Increase in interest rate by 2% 104,964 92,603 -Decrease in interest rate by 2% 104,964 92,603 Queensland Nurses’ Union of Employees | Annual Report 2008-09 | 45
Page 1 and 2: ANNUAL REPORT 2008-09 Queensland Nu
Page 3 and 4: Direction and focus Strategic objec
Page 5 and 6: ORGANISATIONAL Assistant Secretary
Page 7 and 8: ORGANISATIONAL » Developing the ne
Page 9 and 10: INDUSTRIAL practitioners, midwives,
Page 11 and 12: INDUSTRIAL Of particular significan
Page 13 and 14: Professional Strategic objectives:
Page 15 and 16: PROFESSIONAL Mareeba case load mode
Page 17 and 18: Social Strategic objective: » Faci
Page 19 and 20: SOCIAL The lack of gloves is a part
Page 21 and 22: POLITICAL nursing and midwifery sho
Page 23 and 24: Democratic Strategic objective: »
Page 25 and 26: AUDITOR’S REPORT QUEENSLAND NURSE
Page 37 and 38: AUDITOR’S REPORT President: QUEEN
Page 43: AUDITOR’S REPORT NOTE 21: CASH FL
Page 47 and 48: AUDITOR’S REPORT Queensland Nurse

QNU Annual Report 08-09.indd - Queensland Nurses Union

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