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Wool Stocktake : AWI Annual Report 2009-10
Notes to the financial statements As at 30 June, Australian Wool Innovation Limited had the following categories of funds invested: 2009 2009 $'000 $'000 Deposits with Australian banks (rated A2 or better) 48,426 48,426 Deposits with overseas banks 4,816 120 53,242 48,546 The Group has policies in place to ensure that customers have an appropriate credit history. Derivative counterparties and cash transactions are limited to high credit quality financial institutions. The maximum exposure to credit risk at the reporting date is the carrying amount of the financial assets. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and having funding available. Head office finance aims at maintaining flexibility in funding by keeping funds on call and term deposits with regular rolling maturity dates. The Group manages liquidity risk by continually monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Given the cash reserves available borrowing facilities are not required. Financial liabilities of the Group relate to trade and other payables amounting to $8,134,000 (2009: $10,313,000) all of which are payable within one year (parent entity $3,968,000 (2009: $6,257,000)). The net fair value of cash and cash equivalents, other financial assets and financial liabilities approximate their carrying values. 2009 2009 $'000 $'000 Operating revenue Wool levy 34,307 34,307 Government contributions 11,395 11,395 Licence fees 9,134 - Sale of goods and services 1,531 505 Royalties 1,805 107 Other 277 45 58,449 46,359 Other revenue Rents and sub-lease rentals - - Interest 3,267 3,215 3,267 3,215 61,716 49,574 FINANCIAL REPORT
AWI Annual Report 2008-09
AWI Annual Report 2010-11