2011 REPORT ANNUAL - Racing NSW

RACING NSW COUNTRY LTD
ACN 075 186 873
NOTES TO AND FORMING PART OF THE FINANCIAL
STATEMENTS FOR THE YEAR ENDED 30TH JUNE, 2011
NOTE 11: RECEIVABLES - NON CURRENT
2011
$
2010
$
Loans to race clubs 60,000 60,000
Total Receivables 60,000 60,000
a) Loans to race clubs
Both current and non-current loans comprise Country Racecourse Development Fund (CRDF)
and non-CRDF Loans. These are outlined below.
Country Racecourse Development Fund Loans Receivable
Goulburn & District Race Club 90,000 90,000
Total Racecourse Development Fund Loans Receivable 90,000 90,000
b) Fair Values
The fair values of non-current receivables of the company approximate their carrying values.
c) Interest Rate Risk
The receivables of the company are non-interest bearing. Therefore the company is not exposed to interest rate risk.
d) Credit Risk
Except for the concentration of credit risk to Racingcorp Pty Ltd the company does not have any material credit risk
exposure to any single group of receivables.
The following table details the company's receivables exposed to credit risk with ageing analysis and impairment
provided thereon. Amounts are considered as 'past due' when the debt has not been settled within the terms and
conditions agreed between the company and the counterparty to the transaction. Receivables that are past due are
assessed for impairment by ascertaining solvency of the debtors and are provided for where there are specific
circumstances indicating that the debt may not be fully repaid to the company.
The balances of receivables that remain within initial trade terms (as detailed in the table) are considered to be of high
credit quality.
2011
Gross amount
$
Past due and
impaired
$
Past due but not impaired
(days overdue)
90
$ $ $ $
Term receivables 851,200 - 253,167 - - 598,033
Other receivables 10,918,816 - - - - -
Total 11,770,016 - 253,167 - - 598,033
Within initial
trade terms
$
-
10,918,816
10,918,816
2010
Gross amount
$
Past due and
impaired
$
Past due but not impaired
(days overdue)
90
$ $ $ $
Within initial
trade terms
$
Term receivables 579,834 - 343,157 - - 236,677
Other receivables 9,053,367 - - - - -
Total 9,633,201 - 343,157 - - 236,677
-
9,053,367
9,053,367
32