2007 Annual report (PDF 8.1 Mb) - University of Melbourne

NOTES TO AND FORMING PART OF THE
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
NOTE 18: CASH AND CASH EQUIVALENTS
CONSOLIDATED
UNIVERSITY
2007 2006 2007 2006
$’000 $’000 $’000 $’000
Cash 94,263 50,496 83,442 36,320
Petty Cash Floats 279 201 238 174
Deposits at Call/Term Deposits 4,768 6,613 - -
Bank Bills (maturity < than 90 days) - 11,125 - -
Total Cash and Cash Equivalents 99,310 68,435 83,680 36,494
The above figures represent the cash at the end of the year
as shown in the Cash Flow Statement.
NOTE 19: RECEIVABLES
Current
Trade Receivables 51,706 40,105 44,553 35,211
Sundry Debtors 18,496 24,642 14,512 19,253
Less: Allowance for Doubtful Debts (1,082) (540) (632) (398)
69,120 64,207 58,433 54,066
Student Loans 1,834 1,735 1,834 1,735
Less: Allowance for Doubtful Debts (50) (50) (50) (50)
1,784 1,685 1,784 1,685
Deferred Government Contributions for Superannuation 8,130 7,855 8,130 6,922
Other 1,269 1,442 3 665
Less: Allowance for Doubtful Debts - - - -
Total Current Receivables 80,303 75,189 68,350 63,338
Non-Current
Student Loans - 1 - -
Deferred Government Contributions for Superannuation 88,981 97,601 88,981 83,801
State Government of Victoria (MTC Development) 51,000 51,000 51,000 51,000
Other - 2,282 - 2,282
Less: Allowance for Doubtful Debts - (2,258) - (2,258)
Total Non-Current Receivables 139,981 148,626 139,981 134,825
(a) Deferred Government Contributions to Superannuation
The University recognises a receivable for the amount expected to be received from the Australian Government in respect of unfunded
superannuation schemes operated by the State Government. The total consolidated amount owing in respect of these schemes at
30 June 2007 is recorded at $97.1 million (2006 $105.5 million). Refer Notes 1.19(iv), 29 and 36.
(b) Melbourne Theatre Company Development
The University has entered into an agreement with the State Government of Victoria for the development of a 500 seat theatre for the
Melbourne Theatre Company. The $51.0 million receivable represents the total value of the theatre to be received by the University on
completion.
(c) Effective Interest Rates and Credit Risk
Information concerning the credit risk of both current and non-current receivables is set out in Note 32.
(d) Ageing of Receivables
Included in the Group’s Receivables balance are $1.1 million of debtors which are considered to be impaired and for which a provision
has been provided (2006, $4.0 million). Of the Group’s impaired receivables in 2007, 44% were between three and six months past due
(2006, 11%) and 53% were more than six months overdue (2006, 89%). The 2006 balance included one $2.6 million debtor that was
overdue by more than six months, which was written off in 2007.
Also included in the Group’s Receivables balance are debtors that are past due at the reporting date which are not considered to be
impaired. Four percent of total receivables were past due but not impaired in 2007 (2006, 4%). The Group has not provided for these
receivables as it is considered that these amounts are still recoverable.