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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