Notes 3 -5
Note 3: Creditors and other payables
| 2015/16 | 2016/17 | |
|---|---|---|
| Actual ($000) |
Actual ($000) |
|
| 14,270 | Payables and accurals | 18,155 |
| 2,660 | Import Entry - transaction Fees payable | 2,858 |
| 6 | Other creditors - Departmental | 11 |
| 16,936 | Total creditors and other payables | 21,024 |
Creditors and other payables are non-interest bearing and are normally settled on 30-day terms, therefore the carrying value of creditors and other payables approximates their fair value.
Note 4: Financial instruments
The carrying amounts of financial assets and financial liabilities in each of the PBE IPSAS 30.11 categories are as follows:
| 2015/16 | 2016/17 | |
|---|---|---|
| Actual ($000) |
Actual ($000) |
|
| Cash and receivables | ||
| 1,162,606 | Cash and cash equivalents | 953,423 |
| 966,190 | Debtors and other receivables | 1,086,172 |
| 2,128,796 | Total cash and receivables | 2,039,595 |
| Financial liabilities measured at amortised cost | ||
| 16,936 | Creditors and other payables | 21,024 |
| 16,936 | Total financial liabilities measured at amortised cost | 21,024 |
Credit risk
Credit risk is the risk that a third party will default on its obligation, causing a loss to be incurred.
In the normal course of its business, credit risk arises from debtors and deposits with banks.
Funds must be deposited with Westpac, a registered bank.
Maximum credit exposure for each class of financial instrument is represented by the total carrying amount of cash and cash equivalents, and net debtors. There is collateral held as security against some of these financial instruments in the form of bank guarantees and deposits held in trust.
Note 5: Major budget variations
Schedules and statements: non-departmental
Non-Departmental revenue
Crown Revenue changes are driven by economic conditions and changes in consumer behaviour.
Non-Departmental expenses
Expenses are less than budget due to effective debt management and some significant doubtful debts not needing to be written off.
Non-Departmental assets
Assets are less than budget due to the effective collection of debt and transfer of cash held at year-end.