Queensland Art Gallery Annual Report 2006-07

QUEENSLAND ART GALLERY ANNUAL REPORT 06–07 / appendixes 84 Fair Value The fair value is determined as follows: + The fair value of financial assets and liabilities, cash and cash equivalents and non-interest bearing monetary financial assets and financial liabilities approximate their carrying amounts and are not disclosed separately below. + The fair value of other monetary financial assets and financial liabilities is based on market prices where a market exists, or is determined by discounting expected future cash flows by the current interest rate for financial assets and liabilities with similar risk profiles. + The fair value of prepayments is represented by the book value as the period of time to consumption is short and there are no rates involved in the calculation, therefore they are not disclosed separately below. The Consolidated Entity has not offset any assets and liabilities. The carrying amounts of all financial assets and most financial liabilities are representative of their fair value. The following table sets out the credit, liquidity and interest risks of financial instruments held by the Consolidated Entity in a format as it might be provided to management. The maturity amounts relate to the actual contractual payments before net present value calculation with the associated adjustment back to book value disclosed. Credit, Liquidity and Interest Risk Tables Maturity Date Less than 1 - 3 3 months 1 to 5 Greater Adjustment Carrying Weighted 1 month months to 1 year years than 5 years amount average rate 2007 $'000 $'000 $'000 $'000 $'000 $'000 $'000 % Financial Assets Non-interest bearing 849 - - - - - 849 NA Variable 3884 2171 15 120 - - - 21 175 19.00 Total 4733 2171 15 120 - - - 22 024 Financial Liabilities Non-interest bearing 1873 - - - - - 1873 NA Total 1873 - - - - - 1873 2006 Financial Assets Non-interest bearing 675 - - - - - 675 NA Variable 3900 5639 13 289 - - - 22 828 15.00 Total 4575 5639 13 289 - - - 23 503 Financial Liabilities Non-interest bearing 339 - - - - - 339 NA Other financial liabilities 34 - - - - - 34 Total 373 - - - - - 373