Te pŪrongo 2012
Notes to the financial statements (continued)
9
Creditors and other payables
Group Group Parent Parent
2012 2011 2012 2011
$’000 $’000 $’000 $’000
Trade payables
4,003
3,326
3,541
2,437
Accrued expenses
2,695
3,814
2,463
3,554
Other government funding
544
636
544
636
Income in advance
56
-
-
-
Pay As You Earn Tax
1,701
1,581
1,538
1,494
Goods and Services Tax
1,563
1,575
1,289
1,406
10,562 10,932
9,375
9,527
Related party payable:
Subsidiary - Open Wānanga Limited
and Open English Limited
-
-
7,012
8,703
10,562
10,932
16,387
18,230
Creditors and other payables are non-interest bearing and are normally settled on terms varying between
7 days and 20th of the month following invoice date. Therefore, the carrying value of trade and other
payables approximates their fair value.
For terms and conditions relating to related parties payables, refer to note 18.
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