NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

For the Year Ended 31 December 2022

7. TRADE AND OTHER PAYABLES

Recognition and measurement

These amounts represent liabilities for goods and services provided to the company prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition.

8. EMPLOYEE BENEFITS

The present value of employee benefits not expected to be settled within 12 months of reporting date have been calculated using the following weighted averages:

Significant judgements

Long service leave provision

The liability for long service leave is recognised and measured at the present value of the estimated future cash flows to be made in respect to all employees at the reporting date. In determining the present value of the liability, estimates of attrition rates and pay increases through promotion and inflation have been taken into account.