Public Trust - Annual Report 2011 - Crown Ownership Monitoring Unit

Notes to the Financial Statements (continued)For the year ended 30 June 2011493 Derivative financial instrumentsNOTESGROUP2011$000GROUP2010$000PARENT2011$000PARENT2010$000AssetsInterest rate swapsHeld for trading - 35 - 35Cash flow hedge accounted 8 2 8 2Fair value hedge accounted 2,168 2,317 2,168 2,317Forward rate agreements – held for trading 5 31 5 3123 2,181 2,385 2,181 2,385LiabilitiesInterest rate swapsHeld for trading 816 209 816 209economically hedged 3,191 6,940 3,191 6,940Cash flow hedge accounted 809 1,485 809 1,485Forward rate agreements – held for trading 107 13 107 1323 4,923 8,647 4,923 8,6474 Trade receivablesGROUP2011$000GROUP2010$000PARENT2011$000PARENT2010$000Accrued interest 1 - 1 -Crown 1 413 1 413Receivables of uncertain timing 3,056 2,697 3,056 2,697Less: Collective impairment allowance (see below) (157) (124) (157) (124)Investment securities awaiting settlement 822 - 822 -Fees receivable and accrued 2,119 2,063 1,523 1,413Other 298 2 298 26,140 5,051 5,544 4,401Collective impairment allowanceOpening balance (124) (80) (124) (80)Charge for the year (33) (44) (33) (44)Closing balance (157) (124) (157) (124)Receivables of uncertain timingCollection is dependent on the occurrence of a specified future event. Where the receivable originates from an estate with a life tenant,payment will be received upon the death of that life tenant.The future cash flows have been discounted using the prevailing New Zealand Government Bond yield rates at balance date. Futurecash flows beyond 10 years have been discounted using the 10 year rate. Where collection is expected within 12 months of balancedate, no discounting is applied.B9