Berry Street Web Docs Financial Report 2012 | Page 18

BERRY STREET VICTORIA INC.
ABN 24 719 196 762

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2012

2012

2011

$

$

NOTE 4: CASH AND CASH EQUIVALENTS
CURRENT
Cash at bank
Cash on hand

4,969,406
31,500

2,960,805
33,700

5,000,906

2,994,505

Cash at end of the financial year as shown in the Statement of Cashflows is reconciled in the Statement of
Financial Position as follows:
Cash and cash equivalents
Current financial assets

5,000,906
5,013,017

2,994,505
7,500,000

10,013,923

10,494,505

NOTE 5: TRADE AND OTHER RECEIVABLES
CURRENT
Trade receivables
Provision for impairment

1,035,926
(78,503)

819,997
(160,158)

Other receivables

957,423
1,358,646

659,839
738,427

Total current trade and other receivables

2,316,069

1,398,266

(a) Provision For Impairment of Receivables
Current trade and term receivables are generally on 30 day terms. These receivables are assessed for
recoverability and a provision for impairment is recognised when there is objective evidence that an
individual trade receivable is impaired. These amounts have been included in other expense items.
Movement in the provision for impairment of receivables is as follows:

2012

Opening
Balance
$
160,158

Charge for
The Year
$
(29,181)

Amounts
Written Off
$
(52,474)

Closing
Balance
$
78,503

2011

Opening
Balance
$
146,054

Charge for
The Year
$
14,104

Amounts
Written Off
$
-

Closing
Balance
$
160,158

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