2012 wintec annual report

NOTES TO THE
FINANCIAL STATEMENTS
For the year ended 31 December 2012.
5 DEBTORS AND OTHER RECEIVABLES
CONSOLIDATED
PARENT
2012
$’000
2011
$’000
2012
$’000
2011
$’000
Student fees receivables 10,362 9,142 10,362 9,142
Related party receivables - 835 2,657 2,759
Other receivables 2,596 3,540 1,578 3,538
Less provision for impairment (710) (800) (710) (800)
Total 12,248 12,717 13,887 14,639
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 2012 and 2011 are detailed below:
2012 2011
Gross
$’000
Impairment
$’000
Net
$’000
Gross
$’000
Impairment
$’000
Net
$’000
Not past due 6,373 - 6,373 10,325 - 10,325
Past due 1-30 days 3,102 - 3,102 3,394 - 3,394
Past due 31-60 days 1,655 - 1,655 293 - 293
Past due 61-90 days 255 - 255 607 - 607
Past due over 90 days 3,212 710 2,502 820 800 20
Total 14,597 710 13,887 15,439 800 14,639
All receivables greater than 30 days in age are considered to be past due.
There are provisions for impairment on receivables with overdue amounts.
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.