Notes to the Financial Statements
Note 9: Trade and Other Receivables
Consolidated | University | ||||
---|---|---|---|---|---|
This Year | Last Year | This Year | Last Year | ||
$000 | $000 | $000 | $000 | ||
Trade Receivables | 6,043 | 7,966 | 3,471 | 4,243 | |
Student Fee Receivables | 8,867 | 6,948 | 8,867 | 6,948 | |
Receivables from Subsidiaries | - | - | 208 | 135 | |
Receivables from Related Parties | - | - | 163 | 113 | |
Impairment of Debtors | (1,099) | (3,040) | (1,079) | (1,593) | |
13,811 | 11,874 | 11,630 | 9,847 |
Included in Student Fee Receivables is $8.2M (2009 : $6.2M) of 2011 fees which have been invoiced but are not due for for payment until 2011. Also refer note 18.
The carrying value of receivables approximates their fair value.
No interest is charged on trade receivables. An allowance has been made for estimated irrecoverable amounts from debtors, determined by reference to individual debtors, past default experience and the age of the debt. The movement for impairment is recognised in the Statement of Comprehensive Income for the current year (refer note 5).
The University of Waikato does not have any receivables that would otherwise be past due, but not impaired, whose terms have been renegotiated.
As at 31 December 2010 and 2009, all overdue receivables have been assessed for impairment and appropriate provisions applied, as detailed below:
University | |||||||
This Year | Last Year | ||||||
---|---|---|---|---|---|---|---|
Gross | Impairment | Net | Gross | Impairment | Net | ||
$000 | $000 | $000 | $000 | $000 | $000 | ||
Not past due | 8,952 | (321) | 8,631 | 4,836 | (321) | 4,515 | |
Past due 1-30 days | 2,319 | - | 2,319 | 2,992 | - | 2,992 | |
Past due 31-60 days | 331 | - | 331 | 2,263 | - | 2,263 | |
Past due 61+ days | 905 | (758) | 147 | 1,349 | (1,272) | 77 | |
Total | 12,507 | (1,079) | 11,428 | 11,440 | (1,593) | 9,847 | |
Consolidated | |||||||
This Year | Last Year | ||||||
Gross | Impairment | Net | Gross | Impairment | Net | ||
$000 | $000 | $000 | $000 | $000 | $000 | ||
Not past due | 10,240 | (321) | 9,919 | 6,125 | (321) | 5,804 | |
Past due 1-30 days | 2,321 | - | 2,321 | 3,003 | - | 3,003 | |
Past due 31-60 days | 331 | - | 331 | 2,264 | - | 2,264 | |
Past due 61+ days | 2,018 | (778) | 1,240 | 3,522 | (2,719) | 803 | |
Total | 14,910 | (1,099) | 13,811 | 14,914 | (3,040) | 11,874 |
Movements in the provision for impairment of receivables are as follows:
Consolidated | University | ||||
---|---|---|---|---|---|
This Year | Last Year | This Year | Last Year | ||
$000 | $000 | $000 | $000 | ||
At 1 January | 3,040 | 2,204 | 1,593 | 627 | |
Provisions made during the year | (802) | 1,045 | (375) | 1,175 | |
Receivables written off during the year | (1,139) | (209) | (139) | (209) | |
At 31 December | 1,099 | 3,040 | 1,079 | 1,593 |
The University holds no collateral as security or other credit enhancements over receivables that are either past due or impaired.
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