Page 123 - Sundance Resources Ltd Annual Report 2013

SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2013 121
NOTES TO THE
FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2013
Weighted
average
effective
interest rate
Less than 1
month
$
1 to 3 months
$
3 to 12 months
$
Total
$
2013
Financial assets
Variable interest rate 2.95% 7,629,458 - - 7,629,458
Fixed interest rate 3.22% 12,000,000 - - 12,000,000
19,629,458 - - 19,629,458
Financial liabilities
Trade Payables 0% 7,277,936 - - 7,277,936
Borrowings 0% - - 4,793,774 4,793,774
7,277,936 - 4,793,774 12,071,710
2012
Financial assets
Variable interest rate 3.79% 7,071,182 - - 7,071,182
Fixed interest rate 4.81% 10,999,617 32,500,000 8,500,000 51,999,617
18,070,799 32,500,000 8,500,000 59,070,799
Financial liabilities
Trade Payables 5,248,614 - - 5,248,614
5,248,614 - - 5,248,614
Fair values
The aggregate fair values of the Consolidated Entity’s financial assets and financial liabilities both recognised and
unrecognised are as follows:
2013 2012
Carrying
Amount
$
Fair Value
$
Carrying
Amount
$
Fair Value
$
Consolidated
Cash and cash equivalents 19,629,458 19,629,458 59,070,799 59,070,799
Receivables 989,758 989,758 1,209,018 1,209,018
Financial Liabilities 12,071,710 12,071,710 5,248,614 5,248,614
The following methods and assumptions are used to determine the fair value of financial assets and liabilities:
• Cash assets and financial assets are carried at amounts approximating fair value because of their short term
to maturity. Receivables and payables are carried at amounts approximating fair value.
• The fair values of other loans and amounts due are determined by discounting the cash flows, at market interest
rates of similar borrowings, to their present value. For other assets and other liabilities the fair value approximates
their carrying value.
No financial assets and financial liabilities are readily traded on organised markets in standardised form. Financial
assets where the carrying amount exceeds net fair values have not been written down as the Consolidated Entity
intends to hold these assets.
Note 28. FINANCIAL INSTRUMENTS (continued)