Annual Report 2010–2011, Part 2: Financial (1.8 ... - Tourism Victoria

Note 7. Payables
Current
Contractual
2011 2010
$ $
Trade creditors and accruals (a, b, c) 6,590,169 5,989,931
Other creditors (d) 483,348 784,027
Total current payable 7,073,517 6,773,958
(a) The average credit period on trade creditors during the year is 30 days.
(b) All payables were paid out. There are no overdue amounts.
(c) Trade creditors and accruals represents accrued expenses only.
(d) Other creditors represents accrued employee expenses and prepaid revenue.
(e) Please refer to note 14(d) for the maturity analysis of contractual payables.
Note 8. Borrowings
Current borrowings
Secured
2011 2010
$ $
Finance lease liabilities (i) (note 11) 70,132 99,904
Total current borrowings 70,132 99,904
Non-current borrowings
Secured
Finance lease liabilities (i) (note 11) 45,160 89,814
Total non-current borrowings 45,160 89,814
Aggregate carrying amount of borrowings
Current 70,132 99,904
Non-current 45,160 89,814
Total 115,293 189,718
(i) Secured by the assets leased. Lease liabilities are effectively secured as the rights to the leased assets revert to the lessor in the event of default.
(a) Please refer to note 14(d) for the maturity analysis of borrowings.
(b) During the current and prior year there were no breaches or defaults on any of the borrowings.
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