THE NATIONAL TRUST OF WESTERN AUSTRALIA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018
Current Receivables 568 Allowance for impairment of receivables (33) Interest Receivable 7 Prepayments 48 Accrued revenue 1 GST receivable 2 Total Receivables 593 The Trust does not hold any collateral or other credit enhancements as security for receivables.
617 (32) 10 84 11 55 745
Receivables are recognised at original invoice amount less any allowances for uncollectable amounts (i.e. impairment). The carrying amount of net trade receivables is equivalent to fair value as it is due for settlement within 30 days. 6.1.1 Movement of the allowance for impairment of receivables: Reconciliation of changes in the allowance for impairment of receivables: Balance at start of period Doubtful debts expense Impairment losses reversed during the period Balance at end of period
32 1 33
4 28 32
The collectability of receivables is reviewed on an ongoing basis and any receivables identified as uncollectible are written-off against the allowance account. The allowance for uncollectible amounts (doubtful debts) is raised when there is objective evidence that the Trust will not be able to collect the debts.
6.2 Amounts receivable for services (Holding Account) Current Non current Balance at end of period
265 2,308 2,573
265 1,923 2,188
Amounts receivable for services represent the non-cash component of service appropriations. It is restricted in that it can only be used for asset replacement The Trust receives funding on an accrual basis. The appropriations are paid partly in cash and partly as an asset (holding account receivable). The accrued amount receivable is accessible on the emergence of the cash funding requirement to cover leave entitlements and asset replacement.
6.3 Payables Current Trade payables Other payables Accrued expenses
435 62 61
377 56 10