Territory Stories

Annual Report 2021–2022, Power and Water Corporation



Annual Report 2021–2022, Power and Water Corporation

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Tabled Paper 708


Tabled Papers for 14th Assembly 2020 -; Tabled Papers; ParliamentNT




Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.




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Legislative Assembly of the Northern Territory

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Legislative Assembly of the Northern Territory



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92 Financial Statements for the year ended 30 June 2022 Page 41 of 60 Power and Water Corporation Notes to the financial statements for the year ended 30 June 2022 June 2022 June 2021 June 2022 June 2021 $'000 $'000 $'000 $'000 8 Trade and other receivables (Cont'd) Movement in the allowance for doubtful debts: Balance at beginning of year (9,965) (9,354) (9,965) (9,354) Impairment losses recognised on receivables 737 (4,765) 737 (4,765) Written off as uncollectible 616 4,238 616 4,238 Written off debts subsequently collected (50) (84) (50) (84) Balance at end of year (8,662) (9,965) (8,662) (9,965) Explanation of significant changes Risk profile of other receivables (b) Non Current Other receivables Other receivables 13,979 16,112 13,979 16,112 Prepayments 12,342 - 12,342 26,321 16,112 26,321 16,112 9 Inventories Materials and stores 24,505 24,861 25,042 25,397 Fuel stocks 10,443 4,632 855 315 Gas stocks 1,680 1,285 1,679 1,284 Tokens 107 63 106 63 36,735 30,841 27,682 27,059 10 Investments 3 3 3 3 The Corporation also holds 5 (2021: 5) ordinary shares of $1 each in NT Gas Pty Limited which remains dormant. The cost of inventories recognised as an expense during the year in respect of continuing operations for the Corporation and the consolidated entity respectively was $172.1 million and $199.7 million (2021: $194.4 million and $212.1 million respectively). The cost of inventories recognised as an expense for the Corporation and the consolidated entity includes $51.0 thousand (2021: $42.0 million) in respect of write-downs of inventory to net realisable value. Consolidated Corporation The following table shows the movement in lifetime expected credit losses that has been recognised for trade receivables in accordance with the simplified approach set out in AASB 9. The decrease in balances written off as uncollectible, resulted in a similar decrease in the estimated credit losses on the remaining receivables. The amount recognised in non-current other receivables represents the cost of gas that has been delivered to a third party customer. This transfer does not meet the revenue recognition criteria under AASB 15 Revenue from Contracts with Customers on the basis that the Pay Out Option has not yet been exercised and future returns cannot be reliably estimated as the amount would depend on the gas drawn down by the consolidated entity. Therefore the gas has been recognised as an asset until the exercise of the Pay Out Option or the contract expires in 2024, whichever is the earlier. The expected credit losses on the other trading receivables from controlled entities has been assessed at nil on the basis of historical default experience and the financial position of the controlled entity as at 30 June 2021. The balance was subsequently settled in July 2021. Refer Note 12 on write down of loans to same controlled entities. 2,500 $1 unlisted units, in Amadeus Gas Trust beneficially held by the Corporation The amount recognised in non-current prepayments represents costs paid in advance for periods beyond 12-months from the reporting date.

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