NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 10. GRANTS AND OTHER RECEIVABLES (CONT’D) (i) Fee and other receivables As at 1 April 2022, fee and other receivables from contracts with customers amounted to $957,000 (net of loss allowance of $72,000). The average credit period of fee and other receivables is 30 days (2023 : 30 days). No interest is charged on the outstanding balance. Loss allowance for fee and other receivables has been measured at an amount equal to lifetime ECL. The ECL on fee and other receivables are estimated by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate. For the year ended 31 March 2024, the University has recognised a write back of loss allowance of $30,000 (2023 : loss allowance of $50,000). The University has assessed and noted immaterial loss allowance required for the remaining balances as historical experience has indicated that these receivables are generally recoverable. There has been no change in the estimation techniques or significant assumptions made during the current reporting period. The table below is an analysis of fee and other receivables as at 31 March: 2024 2023 $’000 $’000 Not past due and not impaired 350 760 Past due and not impaired 770 827 1,120 1,587 The movement in the credit loss allowance in respect of fee and other receivables is as follows: 2024 2023 $’000 $’000 Balance as at 1 April 122 72 Net remeasurement of loss allowance (30) 50 Balance as 31 March 92 122 (ii) Movement in operating grants received in advance 2024 2023 $’000 $’000 Balance as at 1 April (33,979) (36,730) Operating grants received during the year (96,584) (66,572) Transferred to deferred capital grants (Note 21) 330 456 Transferred to profit or loss (Note 7) 70,478 68,867 Balance as at 31 March (59,755) (33,979) 2024 2023 $’000 $’000 Comprising: Operating grants receivable (as above) 7,849 7,933 Other operating grants received in advance – Government (Note 16) (18,490) (18,021) Sinking funds received in advance (Note 16) (49,114) (23,891) (59,755) (33,979) p. 77 ANNUAL REPORT 2023/24
RkJQdWJsaXNoZXIy ODIwNTc=