Notes to and forming part of the accounts

continued...

12. Related parties

Directors Ms Deanne Barrett, Dr Angela Bridgland, Mr Kevin Dudeney, Ms Imogen Garner, Ms Moyra McAllister, Ms Vicki McDonald and Ms Christine Mackenzie, Ms Ann Ritchie and Professor Joyce Kirk.

Remuneration, retirement benefits and services agreements Directors receive no remuneration or retirement benefits for their services from the Association. The only transactions that the directors had with the Association were the normal transactions of members or customers of the Association, made on terms and conditions applicable to members and customers.

13. Segment information

The Australian Library and Information Association operates predominately in the library and information science industry and within the Australian region.

14. Additional financial instruments disclosures

1. Interest rate risk exposures The Association's exposure to interest-rate risk and the effective weighted average interest rate for each class of financial assets and financial liabilities is set out below. Exposures arise predominantly from assets and liabilities bearing variable interest rate as the Association intends to hold fixed-rate assets and liabilities to maturity.
   
   
2. Credit risk exposures The credit risk on financial assets of the entity which have been recognised on the statement of financial position is the carrying amount, net of any provisions for doubtful debts.
   
   
3. Interest rate risk The Association's exposure to interest rate risk, repricing maturities and the effective interest rates on financial instruments at balance date are:
   
   

   	notes	floating interest rate	fixed interest rate maturities			non-interest bearing	total
   			[1 year or less]	[1-5 years]	[over 5 years]
   		$	$	$	$	$	$
   31 December 2003
   Assets
   Cash	4	458074	-	-	-	-	458074
   Short-term deposits	11(i)	-	3050513	-	-	-	3050513
   Receivables	5	-	-	-	-	136331	136331
   Total financial assets		458074	3050513	-	-	136331	3644918
   Weighted average interest rate		5.1%	5.56%
   Liabilities
   Payables	8	-	-	-	-	594859	594859
   Redeemable vouchers		-	-	-	-	1980443	1980443
   Total financial liabilities		-	-	-	-	2575302	2575302
   Net financial assets (liabilities)		458074	3050513	-	-	(2438971)	1069616
   31 December 2002
   Assets
   Cash	4	455420	-	-	-	-	455420
   Short-term deposits	11(i)	-	3127603	-	-	-	3127603
   Receivables	5	-	-	-	-	106379	106379
   Total financial assets		455420	3127603	-	-	106379	3689402
   Weighted average interest rate		5%	4.85%
   Liabilities
   Trade accounts payable	8	-	-	-	-	558905	558905
   Redeemable vouchers		-	-	-	-	2084268	2084268
   Total financial liabilities		-	-	-	-	2643173	2643173
   Net financial assets (liabilities)		455420	3127603	-	-	(2536794)	1046229

   
   

   	notes	2003 $	2002 $
   Reconciliation of net financial assets to net assets
   Net financial assets as above		1069616	1046229
   Other assets	6	201807	136095
   Property, plant and equipment	7	3479459	2105372
   Employee provisions		(79768)	(87003)
   Other liabilities	9	(120542)	(204559)
   		4550572	2996134

   
   
4. Net fair value of financial assets and liabilities The net fair value of cash and cash equivalents and non-interest bearing monetary financial assets and financial liabilities approximates their carrying value. The net fair value of other monetary financial assets and financial liabilities is based upon market price where a market exists or by discounting the expected future cash flows by the current interest rate for assets and liabilities with similar risk profiles.