HORSHAM RURAL CITY COUNCIL
NOTES TO THE FINANCIAL REPORT (Cont.) FOR THE YEAR ENDED 30th JUNE, 2012
36 FINANCIAL INSTRUMENTS (Cont.) (e) Risks and mitigation (cont.)
We may also be subject to credit risk for transactions which are not included in the balance sheet, such as when we provide a guarantee for another party. Details of our contingent liabilities are disclosed in note 35.
Movement in Provision for Doubtful Debts Balance at the beginning of the year New Provisions recognised during the year
Amounts provided for but recovered during the year Balance at end of year
2012 2011 $$
--------------- ----------------- 44,984 19,240 (935)
44,496 4,672
--------------- ----------------- 63,289
(4,184) 44,984
======== ==========
Aging of trade and other receivables At balance date debtors representing financial assets were past due but not impaired. These amounts relate to a number of independent customers for whom there is no recent history of default. The ageing of the Council's Trade & Other Receivables was:
2012
Current (not yet overdue) Past due by up to 30 days
Past due between 31 and 180 days Past due between 181 and 365 days Past due by more than 1 year
Total Receivables Non Current (not yet overdue) 2011 $$
--------------- ----------------- 1,372,920 2,536,937 1,262,783
88,670
206,618 113,460 279,868 379,123 19,517
33,252 --------------- -----------------
3,141,706 3,151,442 ======== ==========
120,649 106,315 ======== ==========
Aging of individually impaired trade and other receivables At balance date, other debtors representing financial assets with a nominal value of $31,789 (2011 $20,761) were impaired. The amount of the provision raised against these debtors was $31,789 (2011 $20,761). The individually impaired debtors relate to general and sundry debtors, and parking infringement debtors and have been impaired as a result of their doubtful collection. Many of the long outstanding past due amounts have been lodged with Council's debt collectors or are on payment arrangements.
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Horsham Annual Report 2011 - 2012
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