GCS ANNUAL REPORT 2014
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FOR THE FINANCIAL YEAR ENDED 30 JUNE <strong>2014</strong><br />
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br />
(CONTINUED)<br />
NOTE 15. OTHER FINANCIAL ASSETS<br />
Non-current<br />
<strong>2014</strong><br />
$’000<br />
2013<br />
$’000<br />
Deposits held in trust on property leases (carried at cost) 113 118<br />
NOTE 16. TRADE AND OTHER PAYABLES<br />
Current<br />
Trade payables (a) 11,964 16,249<br />
Other payables (b) 3,279 4,364<br />
15,243 20,613<br />
(a)<br />
Trade creditors are non-interest bearing and normally settled on terms ranging from 14 to 30 days.<br />
(b)<br />
Other payables include accruals for employee benefits of annual leave and sick leave. Annual leave and sick leave is measured and presented as current.<br />
The Group does not have an unconditional right to defer settlement, however based on past experience, the Group does not anticipate the full amount of<br />
the accrued annual leave to be taken within the next twelve months. Accrued sick leave will be settled within the current period in accordance with the<br />
Enterprise Bargaining Agreement applicable to those employees.<br />
The following amounts reflect the annual leave benefits evaluated not to be settled within the next twelve months. This Is the leave obligation payable today,<br />
the balance has not been discounted to the present value as the change has been considered to be immaterial after factoring in both pay increases and the<br />
time value of money.<br />
Annual leave obligations evaluated as likely to be settled after twelve months 208 662<br />
88 GLOBAL CONSTRUCTION SERVICES LIMITED <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>2014</strong>
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