01 - Department of Education and Communities - NSW Government

13. RESTRICTED ASSETSDepartment of School EducationNOTES TO AND FORMING PART OF THE ACCOUNTSMonies held as investments in fixed interest deposits ( Note 10) areclassified as “restricted assets”. The funds have been bequeathed toindividual schools and are invested by the Department. The interest earnedis paid to schools nominated as beneficiaries to fund prizes awarded tostudents for special achievement.14. CURRENT LIABILITIES – ACCOUNTS PAYABLE1997 1996$’000 $’000Creditors 10,116 11,118Prepayments 2,060 2,147Payroll and Fringe Benefits Tax 15,290 17,421Salary Deductions Suspense Account 32,185 23,692Other 630 1,23660,281 55,61415. CURRENT/NON-CURRENT LIABILITIES – BORROWINGSNon CurrentLoans from Treasury 199 199Repayment of BorrowingsNot later than one year - -Between one and two years 52 52Between two and five years 147 147Later than five years - -Total borrowings at face value (excluding finance leases) 199 19916. CURRENT/NON-CURRENT LIABILITIES – EMPLOYEE ENTITLEMENTSCurrentRecreation leave 11,563 9,334Accrued salaries and wages 40,428 29,869Provision for payroll tax on recreation leave 640 640Provision for payroll tax on long service leave 3,066 -Provision for superannuation for School Furniture Complex (Note 1(f)(ii)) 3,760 3,76059,457 43,603Non CurrentProvision for payroll tax on long service leave 33,701 34,143Aggregate employee entitlements 93,158 77,746Long service leave liability is assumed by the Crown Transactions Entity.Superannuation payments are regularly made to Superannuation Administration Authority.128 DSE Annual Report 1997