ANNUAL REPORT 2005 - MVCB - Murray Valley Citrus Board
ANNUAL REPORT 2005 - MVCB - Murray Valley Citrus Board
ANNUAL REPORT 2005 - MVCB - Murray Valley Citrus Board
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MURRAY VALLEY CITRUS BOARD<br />
NOTES TO AND FORMING PART OF THE ACCOUNTS<br />
FOR THE YEAR ENDED 30 JUNE <strong>2005</strong><br />
(b) Interest Rate Exposure<br />
The <strong>Board</strong>’s exposure to interest rate risks of financial assets and financial liabilities<br />
recognised and unrecognised at balance date are as follows:<br />
Financial<br />
Instruments<br />
(a)Financial Assets<br />
Cash<br />
Receivables<br />
Term Deposits<br />
Fixed Interest Maturing in:<br />
1 year or less Floating Interest Non-interest<br />
bearing<br />
<strong>2005</strong><br />
$<br />
-<br />
-<br />
732,084<br />
2004<br />
$<br />
-<br />
-<br />
743,168<br />
<strong>2005</strong><br />
$<br />
130,579<br />
-<br />
-<br />
2004<br />
$<br />
40,440<br />
-<br />
-<br />
<strong>2005</strong><br />
$<br />
245<br />
36,975<br />
-<br />
2004<br />
$<br />
570<br />
146,744<br />
-<br />
Total carrying<br />
amount per<br />
statement of<br />
financial position<br />
<strong>2005</strong><br />
$<br />
130,824<br />
36,975<br />
732,084<br />
2004<br />
$<br />
41,010<br />
146,744<br />
743,168<br />
Page 43<br />
Weighted<br />
average<br />
effective<br />
interest rate<br />
Total Financial Assets 732,084 743,168 130,579 40,440 37,220 147,314 899,883 930,922 - -<br />
(c) Net fair Values<br />
The aggregate net fair values of financial assets and financial liabilities recognised and<br />
unrecognised a balance date, are as follows:<br />
(a)Financial Assets<br />
Cash<br />
Receivables<br />
Term Deposits<br />
Total Carrying Amount<br />
Statement of Financial<br />
Position<br />
<strong>2005</strong><br />
$<br />
130,824<br />
36,975<br />
732,084<br />
2004<br />
$<br />
41,010<br />
146,744<br />
743,168<br />
Aggregate Fair Value<br />
<strong>2005</strong><br />
$<br />
130,824<br />
36,975<br />
732,084<br />
2004<br />
$<br />
41,010<br />
146,744<br />
743,168<br />
Total Financial Assets 899,883 930,922 899,883 930,922<br />
(d) Credit Risk<br />
The maximum exposure to credit risk, excluding the value of any collateral or other<br />
security, at balance date to be recognised financial assets is the carrying amount, net of<br />
any provisions for doubtful debts of those assets, as disclosed in the statement of<br />
financial position and notes to the financial statements.<br />
26. AUDIT FEES<br />
The fees payable to the Auditor General for the audit of the financial statements for the year<br />
ending 30th June <strong>2005</strong> was $6,900, plus applicable GST.<br />
27. EMERGENGY RESPONSE RESERVE<br />
The emergency response reserve is an allocation of funds from retained earings that have been<br />
approved by growers that enable the <strong>Board</strong> to respond to an industry emergency. The funds are<br />
allocated annually, subject to grower approval, to enable the reserve to accumulate to a sizable<br />
amount to enable effective contribution to counteract the event.<br />
<strong>2005</strong><br />
$<br />
0.0%<br />
n/a<br />
0%<br />
2004<br />
$<br />
0.20%<br />
n/a<br />
5.20%