| 2012 $’000 | 2011 $’000 | |
|---|---|---|
| Financial Assets | ||
| Loans and receivables: | ||
| Cash and cash equivalents | 706 | 1,291 |
| Trade and other receivables | 4,034 | 3,589 |
| Incentive receivable | 25 | 25 |
| Total | 4,765 | 4,905 |
| Carrying amount of financial assets | 4,765 | 4,905 |
| Financial Liabilities | ||
| At amortised cost: | ||
| Trade creditors | 5,783 | 4,277 |
| Other payables | 44 | 11 |
| Total | 5,827 | 4,288 |
| Carrying amount of financial liabilities | 5,827 | 4,288 |
| 2012 $’000 | 2011 $’000 | |
|---|---|---|
| Loans and receivables | ||
| Impairment on goods and services receivable | (9) | 1 |
| Net gain/(loss) loans and receivables | (9) | 1 |
| Net gain/(loss) from financial assets | (9) | 1 |
Note 15c: Net income and expense from financial liabilities
The total interest expense from financial liabilities not at fair value from profit and loss is nil
(2010-11: nil).
Note 15d: Fair value of financial instruments
The carrying amount of all financial assets and liabilities is a reasonable approximation of their fair value. The net fair values of finance lease liabilities are based on discounted cash flows using the interest rate implicit in the lease.
Note 15e: Credit risk
The APSC is exposed to minimal credit risk as loans and receivables are goods and services receivable and incentive receivable. The maximum exposure to credit risk was the risk that arises from potential default of a debtor. This amount was equal to the total amount of goods and services and incentive receivable (see note 15a). The APSC has assessed the risk of the default on payment and has allocated an allowance for impairment on goods and services receivable.
The APSC’s goods and services receivable are principally recoverable from other Australian Government agencies. The incentive receivable is recoverable from a building lessor, with the amount recoverable specified in the lease agreement. In addition, the APSC has policies and procedures that guide debt recovery techniques that are to be applied.
The APSC holds no collateral to mitigate against credit risk.
| Not past due Nor impaired 2012 $’000 |
Not past due Nor impaired 2011 $’000 |
Past due or impaired 2012 $’000 |
Past due or impaired 2011 $’000 |
|
|---|---|---|---|---|
| Cash | ||||
| Goods and services receivable | 3,662 | 3,123 | 541 | 673 |
| Incentive receivable | 25 | 25 | - | - |
| Total | 3,687 | 3,148 | 541 | 673 |
| Year | 0 to 30 days $’000 |
31 to 60 days $’000 |
61 to 90 days $’000 |
90+ days $’000 |
Total $’000 | |
|---|---|---|---|---|---|---|
| Goods and services receivable: | 2012 | 430 | 49 | 8 | 48 | 535 |
| 2011 | 423 | 84 | 52 | 106 | 665 |
| Financial assets | 2012 $’000 |
2011 $’000 |
|---|---|---|
| These items are assessed as impaired as they are past due by 90 + days and it will be uneconomic to pursue them. | ||
| Loans and receivables | ||
| Goods and services receivable | (6) | (8) |
| Total | (6) | (8) |
Note 15f: Liquidity risk
The APSC’s financial liabilities are payables and other interest bearing liabilities. The exposure to liquidity risk is based on the notion that the APSC will encounter difficulty in meeting its obligations associated with financial liabilities. This is highly unlikely as the APSC is appropriated funding from the Australian Government and the APSC manages its budgeted funds to ensure it has adequate funds to meet payments as they fall due. In addition, the APSC has policies in place to ensure timely payment are made when due and has no past experience of default.
| On demand $’000 |
Within 1 year $’000 |
1 to 2 years $’000 |
2 to 5 years $’000 |
> 5 years $’000 |
Total $’000 |
|
|---|---|---|---|---|---|---|
| The APSC had no derivative financial instruments in 2012. | ||||||
| Financial liabilities | ||||||
| Liabilities at amortised cost | ||||||
| Trade creditors | - | 5,783 | - | - | - | 5,783 |
| Other payables | - | 44 | - | - | - | 44 |
| Total liabilities at amortised cost | - | 5,827 | - | - | - | 5,827 |
| Total | - | 5,827 | - | - | - | 5,827 |
| On demand $’000 |
Within 1 year $’000 |
1 to 2 years $’000 |
2 to 5 years $’000 |
> 5 years $’000 |
Total $’000 |
|
|---|---|---|---|---|---|---|
| The APSC had no derivative financial instruments in 2011. | ||||||
| Financial liabilities | ||||||
| Liabilities at amortised cost | ||||||
| Trade creditors | - | 4,277 | - | - | - | 4,277 |
| Other payables | - | 11 | - | - | - | 11 |
| Total liabilities at amortised cost | - | 4,288 | - | - | - | 4,288 |
| Total | - | 4,288 | - | - | - | 4,288 |
Note 15g: Market risk
The APSC held basic financial instruments that did not expose the APSC to certain market risks such as ‘Currency risk’ and ‘Other price risk’. The APSC is not exposed to 'Currency risk' or 'Other price risk'.
There are no interest-bearing items on the balance sheet.