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All receivables greater than 30 days in age are considered to be past due.There are provisions for impairment on receivables with overdue amounts. Due to the large number of student fee receivables, the impairmentassessment is performed on a collective basis, based on an analysis of past collection history and debt write-offs.Movements in the provision for impairment of receivables are as follows:At 1 January (669) (669) (215) (669) (669) (215)Provisions reversed during the year:Bad debts written off against provision 90 91 - 90 91 -Provision released/(additional provision made) 241 250 (454) 243 250 (454)At 31 December (338) (328) (669) (336) (328) (669)GROUPPARENT2012 Actual$0002012 Budget$0002011 Actual$0002012 Actual$0002012 Budget$0002011 Actual$00012 INVENTORYWork in progress - at cost - 75 290 - 75 290Finished goods - at cost 17 16 16 17 16 1617 91 306 17 91 30613 INVESTMENT IN SUBSIDIARYShares in WelTec Connect Limited (at cost) - - - 4,281 3,150 -4,281 3,150WelTec Connect Limited is a registered charity which undertakes specific learning delivery and applied research consultancy.During 2012 two separate conversions of payable balances to share capital were approved by the WelTec Council. Please refer to note 15.GROUP14 INVESTMENT IN ASSOCIATE AND JOINTLYCONTROLLED ENTITIES2012 Actual$0002012 Budget$0002011 Actual$000Investment in AssociateMotorTrain Limited is a shell company in which WelTecholds a 25% interest. No transactions were incurredduring the year.Investment in Jointly Controlled EntitiesLe Cordon Bleu New Zealand Institute LimitedPartnershipWelTec Connect Limited holds the Groups investmentin Le Cordon Bleu New Zealand Institute (LCBNZI),being a 43.15% investment in the Le Cordon Bleu NewZealand Institute Limited Partnership and a 33.3%shareholding in LCB Management NZ Limited, theGeneral Partner of the Limited Partnership.WelTec and LCBNZI jointly developed premises in theRegent Centre, lower Cuba Street in Wellington City.WelTec’s School of Hospitality and the LCBNZI CuisineSchool co-locate in this facility. Academic deliverycommenced in September 2012.Parent and GroupMotorTrain Limited - - -GroupInvestment in Le Cordon Bleu NewZealand Institute Limited PartnershipAssets1,792 1,923 2,700Current assets 59 386 2,336Non current assets 2,650 2,682 710Total assets 2,709 3,068 3,046LiabilitiesCurrent liabilities (824) (1,145) (346)Non current liabilities (93) - -Total liabilities (917) (1,145) (346)Income 164 626 120Expenses (1,072) (1,403) (432)Profit/(Loss) (908) (777) (312)Share of joint venture’s contingentliabilities- - -Share of joint venture’s commitments 2,558 2,558 -2012 ANNUAL REPORT | 69