Annual Report 2008-09 - Legal Services Commissioner

Chapter EIGHT
Financial Statements
Notes to the financial statements for the financial year ended 30 June 2009
Note 10 – Provisions (continued)
2009 2008
$ $
(a) Employee benefits a and related on-costs
Current employee benefits
Annual leave entitlements 394,489 190,987
Unconditional long service leave entitlements 282,509 297,743
676,998 488,730
Non-current employee benefits
Conditional long service leave entitlements 81,359 47,882
81,359 47,882
Total employee benefits 758,357 536,612
Current on-costs 100,117 73,927
Non-current on-costs 12,271 7,341
Total on-costs 112,388 81,268
Total employee benefits and related on-costs 870,745 617,880
Employee Numbers No. No.
Average (FTE) number of employees during the financial year 58 59
As explained in note 1 j(i) the amount for long service leave is measured at the present
value. The following assumptions were adopted in measuring present values:
Weighted average rates of increase in annual employee
entitlements to settlement of the liabilities.
4.45% 4.75%
Weighted average discount rates. 5.48% 6.55%
Weighted average terms to settlement of the liabilities. 12 years 12 years
Notes:
(a)
(b)
(c)
Provision for employee benefits consist of amounts for annual leave and long service leave accrued by employees, not including on-costs.
the amounts disclosed are nominal amounts
the amounts disclosed are discounted to present value
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Legal Services COMMISSIONER 2009 Annual Report