NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS (continued) for the year ended 31 December 2009
25
FINANCIAL INSTRUMENTS (continued)
25.3
Credit risk (continued)
2009 R’000
2009 R’000
2008 R’000
2008 R’000
2007 R’000
2007 R’000
Gross
Impairment
Gross
Impairment
Gross
Impairment
Impairment losses (continued) Trade and other receivables 2009 2008 2007 2006 and before Total trade and other receivables (note 6)
113 479 16 305 7 585 1 051
3 538 890 925
122 019 11 969 21 507
11 969 4 469
136 735 20 784
14 954
138 420
5 353
155 495
16 438
157 519
14 954
The movements in the allowances for impairment in respect of receivables during the year were as follows: Student loans University of KwaZulu-Natal loans Balance at 1 January
128 830
Impairment (gains) / losses recognised
( 12 940)
Balance at 31 December
128 830
92 613
-
36 217
115 890
128 830
128 830
75 740
69 574
76 973
7 635
6 166
( 7 399)
83 375
75 740
69 574
Balance at 1 January
76 235
76 235
91 634
Impairment losses/(gains) recognised
( 5 434)
Balance at 31 December
70 801
76 235
76 235
16 438
14 954
995
( 11 085)
1 484
13 959
5 353
16 438
14 954
NSFAS and external loans Balance at 1 January Impairment losses / (gains) recognised Balance at 31 December Student debtors for fees -
( 15 399)
Trade and other receivables Balance at 1 January Impairment (gains)/losses recognised Balance at 31 December The recognition of impairment losses and gains in respect of financial instruments is based on an assessment of past payment history for each of the respective categories of student loans, student debtors for fees, trade and other receivables. Total interest earned in 2009 amounted to R8.6 million (2008: R8.9million) on impaired student loans and R576 000 (2008: R1.36 million) on impaired student fees. Actual write-offs of student debtors during the 2009 year amounted to R5.16 million (2008: R5.55 million and 2007: R1.74 million)
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UNIVER S I T Y
O F
K WA Z U L U - N ATA L