64 TE PŪRONGO 2013
10. Creditors and other payables
Group
Group Parent
Parent
2013
2012
2013 2012
$’000
$’000
$’000 $’000
Trade payables
3,201
4,003
2,639 3,541
Accrued expenses
2,031
2,695
1,936 2,463
Other government funding
247
544
247
544
Income in advance
59
56
59
-
PAYE payable
1,778
1,701
1,578 1,538
GST payable
1,360
1,563
1,190 1,289
8,676 10,562
7,649 9,375
Related party payable:
Subsidiary - Open Wānanga Limited and Aotearoa Scholarship Trust
-
-
2,110 7,012
Total creditors and other payables
8,676 10,562
9,759 16,387
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 19.
Group
Group Parent
Parent
2013
2012
2013 2012
$’000
$’000
$’000 $’000
Current portion
Term deposits with maturities of 4-12 months
38,699 39,791 36,000 36,000
Total current portion
38,699 39,791 36,000 36,000
Non-current portion
Term deposits with maturities >12 months
12,106 13,213 12,106 13,213
Total non-current portion
12,106 13,213 12,106 13,213
Total other financial assets
50,805 53,004 48,106 49,213
Fair Value
Term deposits
The carrying amount of term deposits approximates their fair value.
New Zealand Bond
The fair value of non-current bond is $5,012,352 (2012 - $5,078,828). Fair value has been determined by discounting future
interest cash flows using a discount rate based on the market interest rate on term deposits at balance date with principal
terms to maturity that match as closely as possible the cash flows of term deposits held.
The discount rate is 3.20% (2012 -2.53%).
Impairments
There were no impairment provisions for other financial assets. None of the assets are either past due or impaired.
9. Other financial assets
Notes to the financial statements (continued)
