NEW SOUTH WALES CANCER COUNCIL
NOTES TO THE FINANCIAL STATEMENTS
30 JUNE 2004
20.FINANCIAL INSTRUMENTS (a) Terms, Conditions & Accounting Policies The Council’s accounting policies, including the terms and conditions of each class of financial asset, financial liability and equity instrument, both recognised and unrecognised at the balance date, are as follows: (i) Financial Assets Recognised Financial Instruments
Statement of Accounting Financial Policies Position Notes
Terms and Conditions
Receivables – Trade
Trade receivables are carried at nominal Credit sales are on amounts due less any provision for doubtful 30-day terms. debts. A provision for doubtful debts is recognised when collection of the full nominal amount is no longer probable.
Listed shares are carried at the lower of cost or recoverable amount. Dividend income is recognised when the dividends are received.
The listed shares are held as longterm investments.
Bank deposits are carried at the principal amount. Interest is taken up into income as it accrues.
Fixed for specific terms.
Liabilities are recognised for amounts to be paid in the future for goods and services received, whether or not billed to the company.
Trade liabilities are normally settled on 30-day terms.
(ii) Financial Liabilities Trade creditors and accruals
(b) Interest Rate Risk The Council’s exposure to interest rate risks and the effective interest rates of financial assets and financial liabilities, both recognised and unrecognised at the balance date, are as follows: Financial Instruments
Floating interest rate 2004 $’000
Fixed interest rate maturing in: 1 year or less
Over 1 to 5yrs
Weighted average effective interest rate 2004 2003 % %
1,478 24 4,251 8,277 4,831
2,241 25 3,558 7,522 4,866
5.0% N/A 5.0% N/A N/A
4.2% N/A 4.6% N/A N/A
Total carrying amount as per balance sheet
(i) Financial Assets Cash Receivables – Trade Bank Deposits Managed Funds Listed shares
(i) Financial Liabilities Trade Creditors and Accruals
(c) Net fair values The net fair values of recognised financial assets and financial liabilities approximate their carrying values in the Statement of Financial Position.
NSW CANCER COUNCIL · ANNUAL REPORT 2003/04
Cancer Council NSW Annual Report 2003-2004