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Wool Stocktake : AWI Annual Report 2015-16
Notes to the financial statements 30 June 2016 (continued) NOTE 8: Current assets - Cash and cash equivalents Consolidated 2016 2015 $'000 $'000 Cash at bank and in hand 6,544 11,438 Further details of cash and cash equivalents are set out in note 9. NOTE 9: Current assets - Held-to-maturity investments Consolidated 2016 2015 $'000 $'000 Term deposits 74,017 65,877 Cash and cash equivalents (note 8) and held-to-maturity investments are represented as follows: Unrestricted 30,906 28,515 Restricted as security against guarantees issued by the company's bankers(a) 3,455 3,500 Forward contract commitments(b) 17,400 16,300 Emergency funds(c) 5,000 5,000 Operating funds(c) 23,800 24,000 80,561 77,315 (a) Bank guarantees have been issued to a number of parties in respect of the company's liabilities. The company has given its primary bankers security over term deposits in respect of those amounts, such deposits attracting commercial interest rates. (b) A reserve of $17.4 million has been created to cover contracted forward commitments. (c) The directors resolved in September 2007 to set aside $5 million as emergency funds to cover any contingent expenditure arising from the Wool industry's obligation under the Emergency Animal Disease Response Agreement. Operating funds represent nine months of AWI operating costs to cover unexpected cessation of levy and grant revenue. 76 FINANCIAL REPORT
AWI Annual Report 2014-15
AWI Annual Report 2016-17