Annual Report 2011 - Sturt Fleurieu

Notes to the Financial Statements continuedFor year ended 31 December 2011Note 6 - Trade and Other ReceivablesNote2011$2010$CURRENTTrade and receivables 14 27,375 -27,375 -(a) Credit Risk - Trade and Other ReceivablesThe entity has no significant concentration of credit risk with respect to any single counterparty or group of counterparties.The main source of credit risk to the entity is considered to relate to the class of assets described as trade and otherreceivables.The following table details the entity’s trade receivables exposed to credit risk with ageing analysis and impairment providedtheron. Amounts considered as ‘past due’ when the debt has not been settled within the terms and conditions agreedbetween the Association and the member or counterparty to the transaction. Receivables that are past due are assessed forimpairment by ascertaining their willingness to pay and are provided for where there are specific circumstances indicatingthat the debt may not be fully repaid to the entity.The balances of receivables that remain within initial terms (as detailed in the table) are considered to be of high creditquality.Grossamount$Pastdue andimpaired$31-60$61-90$>90$Withininitial tradeterms$2011Trade and term receivables 27,375 - - - - 27,375Total 27,375 - - - - 27,3752010Trade and term receivables - - - - - -Total - - - - - -(b) Collateral held as securityNo collateral is held as security for any of the trade and other receivable balances.(c) Financial assets classified as loans and receivablesNote 7 - Other AssetsCURRENT2011$2010$Prepayments 7,146 4,6397,146 4,63938Annual Report 2011