13. Payables 2022 $’000 2021 $’000 Current Accounts payable 2,261 775 Sundry creditors 847 457 Employee salaries payable 17 10 Interest payable 87 104 Net GST payable 257 387 Income tax payable 87 1,922 Corporate purchasing card - 6 Total current payable 3,556 3,661 Trade and other payables Trade and other payables are recognised at the amounts payable when the Group becomes obliged to make future payments as a result of a purchase of assets or services. The carrying amount is equivalent to fair value, as they are generally settled within 30 days. Trade and other payables are unsecured. 14. Borrowings (Secured) 2022 $’000 2021 $’000 Non-current Term loan (net of associated costs) 83,538 83,538 Total non-current 83,538 83,538 Terms and conditions relating to the secured loan (a) The debt facility with the Commonwealth Bank Limited is $87.400 million and will expire on 1October 2022. The facility comprises a $84.8 million cash advance and construction facility which are interest bearing at a floating rate of interest linked to BBSY, an overdraft facility of $2 million, an asset finance facility of $0.5 million and a Corporate Card facility of $0.1 million. Facility term end date varied to 1 October 2025 on 30 June 2022. Interest rate risks are managed through interest rate swaps arrangements (as disclosed in Note 23). As at 30 June 2022, $83.538 million has been drawn. (b) Loans are secured by a first registered mortgage over all current and future real property at the Perth Markets site and a general security interest over the assets and undertakings of the company. The carrying amount of the investment property at 30 June 2022 is $250million (2021: $189 million). (c) Under the terms of the loan facility, there is a requirement to report financial undertaking to the Commonwealth Bank Limited on a 6-monthly basis. These undertakings include: a. The loan to value ratio (ratio of the total debt to the property value) is not greater than 55% on each calculation date, b. The interest cover ratio (ratio between EBITDA to interest expenses) is not less than 2.5 times on each calculation date occurring prior to and including 30 June 2022. All borrowings are initially recognised at cost, being the fair value of the net proceeds received. Subsequent measurement is at amortised cost using the EIRmethod. 36
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