FINANCIAL
Financial report 2005/2006 (PDF) - Vision Australia
Financial report 2005/2006 (PDF) - Vision Australia
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NOTES TO THE <strong>FINANCIAL</strong> STATEMENTS<br />
FOR THE <strong>FINANCIAL</strong> YEAR ENDED 30 JUNE 2006<br />
Note 28: Financial instruments (continued)<br />
The following table details the consolidated entity’s exposure to interest rate risk as at 30<br />
June 2005:<br />
Weighted Variable Fixed maturity dates Non<br />
2005 average effective interest < 1 1-5 5+ interest Total<br />
interest rate rate year years years bearing<br />
% $’000 $’000 $’000 $’000 $’000 $’000<br />
Financial assets:<br />
Trade debtors 1,023 1,023<br />
Other debtors 6,821 6,821<br />
Managed trusts 26,930 26,930<br />
Listed and unlisted 16,994 16,994<br />
investments<br />
Cash and cash 5.50% 3,106 3,106<br />
equivalents<br />
Deposits at 5.53% 7,518 7,518<br />
fixed rates<br />
Bills of exchange 5.50% 2,732 2,732<br />
Fixed interest 7.26% 1,475 4,407 952 6,834<br />
securities<br />
Financial liabilities:<br />
13,356 1,475 4,407 952 51,768 71,958<br />
Trade creditors & accruals 3,785 3,785<br />
Employee benefits 7,030 7,030<br />
10,815 10,815<br />
(c) Credit risk management<br />
Credit risk refers to the risk that a counterparty will default on its contractual obligations<br />
resulting in financial loss to the consolidated entity. The consolidated entity does have<br />
major contracts with Commonwealth and State Governments however, apart from this, it<br />
does not have any significant credit risk exposure to any single counter-party or group of<br />
counter-parties.<br />
The carrying amount of financial assets recorded in the financial statements net of any<br />
allowances for losses, represents the consolidated entity’s maximum exposure to credit<br />
risk.<br />
Vision Australia Financial Report 2005/2006 41
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