The University of Waikato - Te Whare Wananga o WaikatoThe University of Waikato - Te Whare Wananga o Waikato

2008 Annual Report

   
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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 13,144 11,745 9,888 8,921
Receivables from Subsidiaries - - 185 425
Receivables from Related Parties - 157 47 70
GST Receivable 52 - 52 -
Impairment of Debtors (2,204) (1,642) (627) (155)
10,992 10,260 9,545 9,261

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 Income Statement for the current year (refer Note 4).

The University of Waikato does not have any receivables that would other wise be past due, but not impaired, whose terms have been renegotiated.

As at 31 December 2008 and 2007, 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   5,508 - 5,508 989 - 989
Past due 1-30 days   2,834 - 2,834 6,000 - 6,000
Past due 31-60 days   821 - 821 1,522 - 1,522
Past due 61+   1,009 (627) 382 905 (155) 750
Total   10,172 (627) 9,545 9,416 (155) 9,261
 
 
Consolidated
    This Year Last Year
    Gross Impairment Net Gross Impairment Net
    $000 $000 $000 $000 $000 $000
Not past due   8,104 - 8,104 1,434 - 1,434
Past due 1-30 days   2,893 - 2,893 6,511 - 6,511
Past due 31-60 days   1,100 - 1,100 1,522 - 1,522
Past due 61+   1,099 (2,204) (1,105) 2,436 (1,642) 794
Total   13,196 (2,204) 10,992 11,903 (1,642) 10,261

Individually impaired receivables of $472k from two offshore debtors have been determined to be impaired because the collectibility of these debts is in question.

Movements in the provision for impairment of receivables are as follows:

Consolidated University
  2008 2007 2008 2007
$000 $000 $000 $000
At 1 January 1,642 286 155 286
Additional provisions made during the year 606 1,451 516 (36)
Receivables written off during the year (44) (95) (44) (95)
At 31 December 2,204 1,642 627 155


The University holds no collateral as security or other credit enhancements over receivables that are either past due or impaired.



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