Cash and cash equivalents and security deposit counterparties are limited to high credit quality banks and financial institutions.  For banks and financial institutions, only independently rated counterparties with a minimum rating of ‘AA-’ are accepted. Where  commercially practical, the Group seeks to limit the amount of credit exposure to any one bank or financial institution. Cash and  cash equivalents and security deposits are spread amongst a number of AA and AAA rated banks and financial institutions to  minimise the risk of default of counterparties. The maximum exposure to credit risk at the end of the financial year is the carrying amount of the financial assets as disclosed in  the consolidated statement of financial position and notes to the financial statements. As at 30 June 2011, there were $Nil (30 June 2010: $Nil) financial assets past due. (c) Liquidity Risk  Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities. At the end of the financial year, the Group held cash and cash equivalents at call of $81,899,897 (30 June 2010: $25,951,249) that  are expected to readily generate cash inflows for managing liquidity risk. The Group manages liquidity risk by ensuring that there are sufficient funds available to meet financial obligations on a day-to-day  basis and to meet unexpected liquidity needs in the normal course of business. Emphasis is placed on ensuring there is sufficient  funding in place to meet the ongoing requirements of the Group’s exploration and evaluation activities. The following mechanisms are utilised: • preparing and maintaining rolling forecast cash flows in relation to operational, investing and financing activities; • maintaining a reputable credit profile; • managing credit risk related to financial assets; • investing surplus cash only in high credit quality banks and financial institutions; and • comparing the maturity profile of financial liabilities with the realisation profile of financial assets. An analysis of the Group’s financial liability maturities at the end of the financial year is set out below:  Consolidated Less than  6-12  Between 1  Between 2  Over 6 Months  Months  and 2 Years  and 5 Years  5 Years  Total 2011  $  $  $  $  $  $ Financial liabilities Trade and other payables  3,809,100  -  -  -  -  3,809,100 Total financial liabilities  3,809,100  -  -  -  -  3,809,100 2010 $  $  $  $  $  $ Financial liabilities Trade and other payables  13,672,624  -  -  -  -  13,672,624 Total financial liabilities  13,672,624  -  -  -  -  13,672,624 (d) Fair Value Estimation For disclosure purposes only, the fair values of financial assets and financial liabilities as at 30 June 2011 are presented in the table  under Note 3(a)(ii) and can be compared to their carrying values as presented in the consolidated statement of financial position.  Fair values are those amounts at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties  in an arm’s length transaction. Fair values estimated for disclosure purposes are based on information that is subject to judgement,  where changes in assumptions may have a material impact on the amounts estimated. 53 Karoon Gas Australia Ltd  Annual Report 2011