32  Annual Report 7  Cash and cash equivalents 2008 2007 a  ctual a  ctual $ $ Cash on hand and at bank 887,056 100,699 Cash equivalents- term deposit 0 300,000 Total cash and cash equivalents 887,056 400,699 For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash and be subject to an insignificant risk of changes in value. The carrying value of short-term deposits with maturity dates of three months or less approximates their fair value. 8  Debtors and other receivables 2008 2007 a  ctual a  ctual $ $ Trade debtors 2,018 3,906 Less: provision for doubtful debts (490) (627) GST receivable 49,374 138,890 Other 2,022 46,842 Total debtors and other receivables 52,924 189,011 The carrying value of receivables approximates their fair value At 30 June 2008 and 2007, all overdue receivables have been assessed for impairments and if necessary, appropriate provisions applied. 9  Non-current assets held for sale Non-current assets held for sale consisted of a small art collection (2008: Sold during year; 2007: $11,900)