30  Annual Report 6   Administration costs 2009 2008 a  ctual a  ctual $ $ Audit fees for financial statement audit 22,584 22,360 Audit fees for NZ IFRS transition 0 7,500 Staff travel 33,793 23,375 Operating lease expense equipment 10,020 9,199 Operating lease expense premises 506,110 500,302 Website maintenance expenses 3,930 4,808 Other 273,150 329,355 Total administration costs 849,587 896,899 7   Cash and cash equivalents 2009 2008 a  ctual a  ctual $ $ Cash on hand and at bank 422,602 887,056 Cash equivalents- term deposit 400,395 0 Total cash and cash equivalents 822,997 887,056 For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash and be subject to an insignificant risk of changes in value. The carrying value of short-term deposits with maturity dates of three months or less approximates their fair value.