KU Financial Report
5. Trade and Other Receivables
Trade receivables
Government funding and amounts owed by non-controlled entities and
trade and other receivables
Allowance for doubtful debts
Other receivables
Other receivables and work based centres
Reconciliation of allowance for doubtful debts
Balance 1 January
Amounts written off (uncollectable)
Impairment loss
Balance 31 December
2013
$ 2012
$
2,720,688 3,117,822
(270,489)
2,450,199 (220,845)
2,896,977
1,782,325
4,233,524 1,145,492
4,042,469
220,845
(73,382)
123,026
270,489 251,115
(74,078)
43,808
220,845
Parent fees are paid either in advance or weekly. The average credit period on rendering of services is 8 days.
No interest is charged on the trade receivables. An allowance has been made for estimated irrecoverable trade
receivable amounts arising from the past rendering of services, determined by reference to past default experience.
The Company has provided fully for all such receivables outstanding at year end because historical experience is
that receivables past due beyond year end are generally not recoverable.
6. Other Financial Assets
Available-for-sale investments carried at fair value:
Investment in managed funds
-
7,601,233
The investment was redeemed in the current year. The Company received $8,007,734 resulting in a fair value gain
of $406,500 through the reserve. The realised gain on sale of investment was $1,495,630 and released into the
Statement of Profit and Loss and Other Comprehensive Income.
7. Other Assets
Prepayments
Finance lease asset
118th Annual Report 2013
511,409
26,174
537,583
340,896
-
340,896