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Annual Report 2012AUSTRALIAN PROPERTY INSTITUTE (INC.)(VICTORIAN DIVISION)ABN 49 007 505 866NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 201218. FINANCIAL INSTRUMENTS (CONT)b. Financial instruments composition and maturity analysis (continued)Trade and sundry payables are expected to be paid as follows:Account payablesLess than 12 months 92,786 91,188Total trade and sundry payables 92,786 91,188c. Net fair valuesThe aggregate net fair values and carrying amounts of financial assets and financial liabilities are disclosedin the balance sheet and in the notes to the financial statements.Sensitivity analysis:Interest rate riskThe entity has performed a sensitivity analysis relating to its exposure to interest rate risk at balance date.This sensitivity analysis demonstrates the effect on current year results and equity which could result from achange in this risk.As at 31 December 2012, the effect on profit and equity as a result of changes in the interest rate, with allother variables remaining constant, would be as follows:2012$2012$2011$Change in profit— Increase in interest rate by 1% 6,300 10,000— Decrease in interest rate by 1% (6,300) (10,000)Change in equity— Increase in interest rate by 1% 6,300 10,000— Decrease in interest rate by 1% (6,300) (10,000)2011$This sensitivity analysis has been performed on the assumption that all other variables remain unchanged.19. APPORTIONMENT OF NATIONAL OFFICE DEFICITDuring the year the National Council agreed that the allocation of the National Office deficit, relating to 31December 2011, was to be apportioned to the state divisions on a pro-rata basis according to final membernumbers as at 31 December 2011 excluding students. In relation to 31 December 2012, the allocation of theNational Office deficit has yet to be determined.20. PROJECT EXPENSESIncluded in the amount shown in project expenses is the Divisional contribution to the 2012 Pan PacificCongress for Real Estate Appraisers, Valuers and Councillors21. INSTITUTE DETAILSThe principal place of business of the Victorian Division of the Institute is:Australian Property Institute (Inc.)10 Beach StreetPORT MELBOURNE VIC 32071727API