KU Annual Report 2013 | Page 36

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