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Note 18: Administered Financial Assets

  2013 2012
  $’m $’m
Note 18A. Cash and Cash Equivalents    
Cash on hand or on deposit 79 63
Total cash and cash equivalents 79 63
     
Note 18B. Receivables    
Pensions1 28 28
GST receivable from Australian Taxation Office2 15 11
Other receivables 47 33
Total receivables (gross) 90 72
Less Impairment allowance account    
Impairment allowance account - Pensions (3) (4)
Total impairment allowance account (3) (4)
Total receivables (net) 87 68
     
Receivables are expected to be recovered in:    
No more than 12 months 70 52
More than 12 months 17 16
Total receivables (net) 87 68
     
Receivables are aged as follows:    
Not overdue 83 59
Overdue by:    
0 to 30 days 2 7
31 to 60 days 2 1
61 to 90 days - -
More than 90 days 3 5
Total receivables (gross) 90 72
     
The impairment allowance account is aged as follows:    
Not overdue - -
Overdue by:    
0 to 30 days - -
31 to 60 days - -
61 to 90 days - -
More than 90 days (3) (4)
Total impairment allowance account (3) (4)

1DVA recovers overpayments of pensions in accordance with relevant legislative requirements.

2Includes amounts owing from June 2013 Business Activity Statement and GST amounts on accrued expenses as at 30 June 2013.

Notes to and forming part of the financial statements

Reconciliation of the Impairment Allowance Account:

Movements in relation to 2013

  Pensions Other receivables Total
  $’m $’m $’m
Opening balance 4 - 4
Amounts written off (1) - (1)
Increase recognised in net surplus - - -
Closing balance 3 - 3
Movements in relation to 2012      
  Pensions Other receivables Total
  $’m $’m $’m
Opening balance 5 - 5
Amounts written off (1) - (1)
Increase recognised in net surplus - - -
Closing balance 4 - 4
  2013 2012
  $’m $’m
Note 18C. Investments Accounted for Using the Equity Method    
Investment in Commonwealth authorities:    
Australian War Memorial1 1,230 1,226
Total investments accounted for using the equity method 1,230 1,226
Investments are expected to be recovered in:    
No more than 12 months - -
More than 12 months 1,230 1,226
Total investments accounted for using the equity method 1,230 1,226

1The value shown for the Australian War Memorial is at fair value and is based upon the audited net asset position as at 30 June 2013.

The Commonwealth owns 100% of the investment in the Australian War Memorial whose principal activity is to commemorate the sacrifice of those Australians who have died in war. It does this by assisting Australians to remember, interpret and understand the Australian experience of war and its enduring impact on Australian society.

Notes to and forming part of the financial statements

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