33.

Financial Instruments

(a)

Credit Risk Exposures

The credit risk of financial assets which have been recognised on the Statement of Financial Position, other than investments in shares, is generally the carrying amount, net of any provisions for doubtful debts.

Bills of exchange which have been purchased at a discount to face value, are carried on the Statement of Financial Position at an amount less than the amount realisable at maturity.

(b)

Interest Rate Risk Exposures

Exposures arise predominantly from assets and liabilities bearing variable interest rates as the University intends to hold fixed rate assets and liabilities to maturity whenever possible.

2001 Consolidated

Floating

Fixed Interest maturing/repricing in

Non-

Consolidated

Interest
Rate

1 year
or less

over 1 year
to 5 years

more than
5 years

Interest
bearing

2001
Total

$’000

$’000

$’000

$’000

$’000

$’000

Financial Assets

Note

Cash and Deposits

7

28,694

–

–

–

105

28,799

Receivables

9

–

–

–

–

17,943

17,943

Investment—Shares

10

–

–

–

–

8,590

8,590

Investment—Unit Trust/ Deposits

10

176

–

–

–

1,757

1,933

Unsecured Loan Advances

10

–

49

568

1

2,000

2,618

Investment—Managed Portfolio:

10

   Government Bonds

–

–

465

8,127

–

8,592

   Bank Bills/Corporate Bonds

–

–

85

644

–

729

   Money Market Account

16,248

–

380

2,592

–

19,220

   Convertible/Exchangeable Notes

11,032

–

5,572

–

–

16,604

   Shares/Units

–

–

–

–

301,138

301,138

27,280

–

6,502

11,363

301,138

346,283

Total Financial Assets

56,150

49

7,071

11,364

331,533

406,166

Weighted Average Interest Rate

4.52%

10.84%

6.91%

6.59%

Financial Liabilities

Trade and Other Creditors

15

–

–

–

–

2,922

2,922

Accrued Expenses

15

–

–

–

–

5,866

5,866

Borrowings

16/17

–

–

–

–

111

111

Funds Held Affiliated Activities

19

–

831

–

3,938

–

4,769

Total Financial Liabilities

–

831

–

3,938

8,899

13,668

Weighted Average Interest Rate

0.00%

6.20%

0.00%

2.50%

  Net Financial Assets

56,150

(782)

7,071

7,426

322,633

392,498

2000 Consolidated

Floating

Fixed Interest maturing/repricing in

Non-

Consolidated

Interest

Rate

1 year or less

over 1 year to 5 years

more than 5 years

interest bearing

2000
Total

$’000

$’000

$’000

$’000

$’000

$’000

Financial Assets

Note

Cash and Deposits

7

7,085

11,959

–

–

115

19,159

Receivables

9

–

–

–

–

18,673

18,673

Investment—Shares

10

–

–

–

–

7,096

7,096

Investment—Unit Trust/ Deposits

10

165

–

–

–

7,312

7,477

Unsecured Loan Advances

10

–

43

611

7

2,000

2,661

Investment—Managed Portfolios:

10

   Government Bonds

–

778

9,029

11,637

–

21,444

   Bank Bills/Corporate Bonds

–

–

686

623

–

1,309

   Money Market Account

23,824

3,971

536

2,538

–

30,869

   Convertible/Exchangeable Notes

11,320

–

5,268

–

–

16,588

   Shares/Units

2

–

–

–

277,309

277,311

35,146

4,749

15,519

14,798

277,309

347,521

Total Financial Assets

42,396

16,751

16,130

14,805

312,505

402,587

Weighted Average Interest Rate

6.27%

6.40%

6.39%

5.91%

Financial Liabilities

Trade and Other Creditors

15

–

–

–

–

1,910

1,910

Accrued Expenses

15

–

–

–

–

4,137

4,137

Borrowings

16/17

–

–

–

–

108

108

Funds Held Affiliated Activities

19

–

499

–

4,195

–

4,694

Total Financial Liabilities

–

499

–

4,195

6,155

10,849

Weighted Average Interest Rate

0.00%

5.03%

0.00%

6.70%

  Net Financial Assets

42,396

16,252

16,130

10,610

306,350

391,738

(c)

Net Fair Value of Financial Assets and Liabilities

The net fair value of financial assets and liabilities disclosed in the Statement of Financial Position are not materially different to the carrying value of the financial assets and liabilities.