2000 Annual Report - Heron Resources Limited

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5.0 Continued Financial Statements • 1,000,000 Options were issued to I J Buchhorn during the year as approved by Shareholders at the 1999 Annual General Meeting on the following terms: Number Issued Expiry Date Exercise Price 200,000 19 December 2002 25 cents 200,000 19 December 2002 35 cents 200,000 19 December 2002 45 cents 200,000 19 December 2002 55 cents 200,000 19 December 2002 65 cents The value of Options is calculated to be $60,000. This amount has been included in the remuneration of Directors (Note 14). d) No other benefits have been received or are receivable by Directors or Director related entities, other than those already disclosed in the notes to the accounts. e) Heron Resources NL is the ultimate parent entity. Ownership interest in the controlled entity is as set out in Note 22. NOTE 17. FINANCIAL INSTRUMENTS a) Terms, conditions and accounting policies The economic entity’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: Recognised Financial Balance Accounting Policies Terms and Conditions Instruments Sheet Notes i) Financial assets 11am Call Accounts 11am Call Accounts are carried at cost. The 11am Call Accounts are at call with an interest rate of 5.75% (1999 : 4.5%). Commercial Bills Commercial Bills are carried at an Commercial Bills have a term amount representing cost and a portion of 26 days with an interest of the discount recognised as rate of 6.15% (1999 : nil). income on an effective yield basis. Environmental Bonds ii) Financial liabilities Environmental Bonds are carried at cost. Environmental Bonds are security term deposits with a 6 month term with an interest rate of 5.5% (1999 : nil). Trade creditors 10 Liabilities are recognised for amounts Trade liabilities are normally settled and accruals to be paid in the future for goods and on 30 day terms. services received, whether or not billed to the economic entity. iii) Equity Ordinary Shares 12 Ordinary Share capital is recognised at Details of the Shares issued and the the fair value of the consideration terms and conditions of the Options received by the economic entity. outstanding over ordinary Shares at balance date are set out in Note 12. page 56 Heron Resources NL Annual Report 2000
5.0 Continued Financial Statements b) Interest rate risk The economic entity’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 Fixed interest Total carrying Weighted average interest rate rate maturing in amount as per effective 1 year or less balance sheet interest rate 2000 1999 2000 1999 2000 1999 2000 1999 $ $ $ $ $ $ % % i) Financial assets Cash at bank 1,866,425 209,376 - - 1,866,425 209,376 4.85 2.50 Commercial Bills - - 1,493,457 - 1,493,457 - 6.15 - 11am Call Accounts 539,454 1,076,691 - - 539,454 1,076,691 5.75 4.50 Environmental Bonds - - 25,960 - 25,960 - 5.50 - Total financial assets 2,405,879 1,286,067 1,519,417 - 3,925,296 1,286,067 n/a n/a ii) Financial liabilities Non-Interest Total carrying Weighted average Bearing amount as per effective balance sheet interest rate 2000 1999 2000 1999 2000 1999 $ $ $ $ % % Trade creditors and accruals 172,323 14,614 172,323 14,614 n/a n/a Total financial liabilities 172,323 14,614 172,323 14,614 n/a n/a c) Net fair values Total carrying amount as per Aggregate net fair value i) balance sheet 2000 1999 2000 1999 $ $ $ $ Financial assets Cash at bank 1,866,425 209,376 1,866,425 209,376 Commercial Bills 1,493,457 - 1,493,457 - 11am Call accounts 539,454 1,076,691 539,454 1,076,691 Environmental Bonds 25,960 25,960 Total financial assets 3,925,296 1,268,067 3,925,296 1,268,067 Financial liabilities Trade creditors and accruals 172,323 14,614 172,323 14,614 Total financial liabilities 172,323 14,614 172,323 14,614 i) The following methods and assumptions are used to determine the net fair values of financial assets and liabilities. Recognised financial instruments: Cash, cash equivalents and short-term investments: Receivables and trade creditors: The carrying amount approximates fair value because of their short-term maturity. The carrying amount approximates fair value. Heron Resources NL Annual Report 2000 page 57
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ABN 30 068 263 098
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Heron Resources NL Directors Rodney
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Heron Resources NL Chairmans Review
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2000 Annual Report - Heron Resources Limited

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