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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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