Wintec Annual Report 2009

FINANCIAL PERFORMANCE
NOTES TO THE FINANCIAL STATEMENTS (CONT)
FOR THE YEAR ENDED 31 DECEMBER 2009
6 STUDENT FEES AND OTHER RECEIVABLES CONSOLIDATED PARENT
2009 2008 2009 2008
$000 $000 $000 $000
Student fees receivables (303) (497) (303) (497)
Less provision for impairment (50) (50) (50) (50)
Net student fee receivables (353) (547) (353) (547)
Other receivables 1,968 5,115 1,943 5,110
1,615 4,568 1,590 4,563
Fair value
Student fees are due before a course commences or are due upon enrolment if the course has already
begun. Student fee receivables are non-interest bearing and are generally paid in full by course
commencement date. Therefore,their carrying value approximates their fair value.
Other receivables are non-interest bearing and are generally settled on 30-day terms.
Therefore, the carrying value of other receivables approximates their fair value.
The ageing profile of receivables as at 31 December 2009 and 2008 are detailed below.
CONSOLIDATED
PARENT
2009 2008 2009 2008
$000 $000 $000 $000
Not past due 1,131 4,299 1,131 4,298
Past due 1-60 days 236 154 236 149
Past due 61 – 120 days 82 132 82 132
Past due greater than 120 days 216 33 191 33
1,665 4,618 1,640 4,612
All receivables greater than 30 days in age are considered to be past due.
There are no provisions for impairment on other receivables and no amounts are overdue.
Due to the large number of student fee receivables, the impairment assessment is performed
on a collective basis, based on an analysis of past collection history and debt write-offs.
Wintec Annual Report 2009 _ 53