Notes to the Financial Statements
3. Receivables, payables and investments
3.1 Receivables
Consolidated
Company
30 June 2024 30 June 2023 $'000 $'000 $'000 $'000 Restated 30 June 2023 30 June 2024
17,145 15,053
—
—
Other premium receivable 1 Investment income receivable
—
— 520
495
Prepayments
5,533
3,342
48
46
Receivables from controlled entities
—
— 3,840 8,669
Related party receivables
— 516
—
—
6,265 2,362
3,204
3,979
705
Loans receivable net of provision 2
Other debtors Total receivables
269
174
—
31,305 22,384
8,561
9,915
1 Other premium receivable includes rights to the realised tax benefit received by HUB24 Super Fund for the insurance premium deduction. This balance is not part of the insurance contract assets or liabilities and it is measured under AASB 9. 2 Loan receivable includes $1.4 million (30 June 2023: $1.4 million) loans to KMP (which are related to the ESP Plan), and $3.25 million (30 June 2023: nil) loan to EQT (refer to section 8.5 for detail). Receivables Receivables are measured at amortised cost, less any allowance for Expected Credit Losses ( ECL’s ), except for prepayments which are measured at historical cost. See section 3.3 for more detail. Receivables from insurance contracts are not required to be assessed for expected credit losses under AASB 9, however amounts are provided for where appropriate.
3.2 Payables
Consolidated
Company
30 June 2024 30 June 2023 $'000 $'000 $'000 $'000 Restated 30 June 2023 30 June 2024
Trade payables
2,526 6,669
5,138 7,311
352
441
Employee entitlements Advance from customers
18 — —
7
847 129
699 470
— —
Life investment premium deposits Payables to controlled entities Outstanding investment settlements
—
— 2,534
487
— 4,514
—
—
Other creditors Total payables
1,611
3,429
1,409 4,313
1,551
11,782 21,561
2,486
Payables
Payables are measured at the nominal amount payable. Given the short term nature of most payables, the nominal amount payable approximates fair value. Employee benefits A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and long service leave when it is probable that settlement will be required and they are capable of being measured reliably.
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ClearView Annual Report 2024
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