Employee benefit obligations Annual leave and long service leave The liability for annual and long service leave expected to be settled within 12 months after the reporting period is recognised and measured at the undiscounted amounts expected to be paid when the liabilities are settled. Any annual leave that is not expected to be settled wholly within 12 months after the end of the reporting period is considered to be ‘other long-term employee benefits’. Annual and long service leave expected to be settled more than 12 months after the reporting period is measured at the present value of amounts expected to be paid when the liabilities are settled. Leave liabilities are in respect of services provided by employees up to the end of the reporting period. When assessing expected future payments, consideration is given to expectations of future wage and salary levels including non-salary components such as employer superannuation contributions. In addition, the long service leave liability also considers the experience of employee departures and periods of service. The expected future payments are discounted using market yields at the end of the reporting period on national government bonds with terms to maturity that match, as closely as possible, the estimated future cash outflows. Annual leave and unconditional long service leave provisions are classified as current liabilities when the Group does not have an unconditional right to defer settlement of the liability for at least 12months after the reporting period. 16. Other Liabilities 2022 $’000 2021 $’000 Current Deposit – magnetic access cards 77 77 Income in advance 10 1 Total current 87 78 Non-current Security deposits (Tenant leases) 2,376 1,928 Deferred settlement consideration 8,666 8,342 Derivative financial liabilities – Cash flow hedges (312) 3,909 Total non-current 10,730 14,179 Deferred settlement consideration Deferred settlement consideration relates to $10 million payable to the Western Australian Government for the acquisition of Market City on 31March 2026. The liability was initially recognised at its fair value and subsequently measured at amortised cost using the effective interest method. The amount is classified as non-current at the reporting date as the Group has an unconditional right to defer settlement of the liability until 31March 2026. Derivatives The Group‘s accounting policy for its cash flow hedges is set out in note 2.3 (h). 38
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