Notes to the Financial Statements.
For the year ended 30 June 2008
| 2008 | 2007 | |
|---|---|---|
9. Trade And Other Payables |
$ | $ |
| CURRENT | ||
| Trade payables | 77,340 | 222,249 |
| Sundry payables and accruals | 173,421 | 104,621 |
| Research accruals | - | 22,918 |
| GST payable | 6,964 | - |
| Employee related payables | 80,835 | 97,856 |
| Accrued income | 176,000 | - |
| 514,560 | 447,644 | |
| NON-CURRENT | ||
| Rental bond guarantee - new premises | 198,000 | - |
| Total trade and other payables | 712,560 | 447,644 |
10. Borowings |
||
| CURRENT | ||
| Lease liabilities | 49,396 | 21,069 |
| NON-CURRENT | ||
| Lease liabilities | 35,714 | 86,173 |
| Total borrowings | 85,110 | 107,242 |
| Annual Leave | Leave Loading | Sick Leave | Long Service Leave |
Total | |
|---|---|---|---|---|---|
11. Provisions |
$ | $ | $ | $ | $ |
| Opening balance at 1 July 2007 | 107,091 | 17,245 | 99,941 | 83,429 | 307,706 |
| Additional provisions raised during year | 107,621 | 20,821 | 43,323 | 53,498 | 225,263 |
| Amounts used | (55,722) | (13,382) | (26,195) | - | (95,299) |
| Balance at 30 June 2008 | 158,990 | 24,684 | 117,069 | 136,927 | 437,670 |
| 2008 | 2007 | |
|---|---|---|
| Analysis of Total Provisions | $ | $ |
| Current | 246,086 | 183,945 |
| Non-current | 191,584 | 123,761 |
| 437,670 | 307,706 |
Provision for Employee Benefits
A provision has been recognised for employee entitlements relating to annual leave, sick leave, leave loading and long service leave for employees. In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based upon historical data. The measurement and recognition criteria for employee benefits have been included in Note 1(h) to this report.
