Notes to the Financial Statements
4.3 Provisions
Consolidated
Company
2024 2023 $'000 $'000 $'000 $'000 2023 2024
Current and non current Make good provision Employee leave provisions Provision for restructuring Provision for onerous lease
5
145
— — — — 18 18
— — — —
5,353
5,306
— 2,323
— 19
29
Other provisions
31
28 28
5,377
7,834
Total
Movement of each class of provision during the financial year is set out below:
Consolidated
Employee leave provision 2
Make good provision 1
Provision for restructuring 3
Other provision 4
Provision for onerous lease
2024
Total
Balance at the beginning of the financial year (restated) Additional provisions raised Utilised during the period Balance at the end of the financial year 2023 Balance at the beginning of the financial year Impact of initial application of AASB 17 4 Balance at the beginning of the financial year (restated) Additional provisions raised (restated) Utilised during the period (restated) Balance at the end of the financial year (restated)
145
5,306 1,343 (1,296)
2,323
29
31
7,834 1,801
8
430
—
20
(148)
(2,753)
(29)
(32)
(4,258)
5
5,353
—
—
19
5,377
193
5,044
693
168
223
6,321
—
—
—
— (202)
(202)
193
5,044
693
168
21
6,119
25
1,181
2,073
—
19
3,298
(73)
(919)
(443)
(139)
(9)
(1,583)
145
5,306
2,323
29
31
7,834
Company
Other provision 2024
2023
Balance at the beginning of the financial year
28 20
19
Additional provisions raised Utilised during the period
20 (11)
(30)
18
28
Balance at the end of the financial year
1 The provision for make good represents the accrued liability for expected costs in relation to the restoration of leased premises on the termination of the lease. The provisions are expected to be settled on vacating the leased premises on expiration of the relevant lease. 2 The provision for employee leave represents annual leave and long service leave entitlements accrued by employees. The provisions are expected to be utilised in accordance with the pattern of consumption of employees utilising their leave entitlements. 3 The provision for restructuring relates to the expected costs in relation to the restructure announced in June 2023. 4 The opening balance of other provision at 1 July 2022 and its movement during FY23 have been restated as a result of the initial application of AASB 17 that impacts the provision for long outstanding reinsurance recovery receivables. See section 9.6 for detail.
119
ClearView Wealth Limited
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