Notes to the Consolidated Financial Statements for the year ended 30 June 2023 13. Trade and other payables Trade and other payables represent liabilities for goods and services provided to the Group prior to the year end and which are unpaid. These amounts are unsecured and have 30 to 60-day payment terms. The Group’s trade and other payables are as follows: 2023 $’000 2022 $’000 Current liabilities Trade payables 135 62 Other payables 48 50 183 112 14. Provisions Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the reporting date. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as an expense. Liabilities accruing to employees expected to be settled within 12 months of the balance date are recognised as current liabilities in respect of employees’ services up to the balance date. They are measured at the amounts expected to be paid when the liabilities are settled. The Group’s provisions are as follows: 2023 $’000 2022 $’000 Current liabilities Provision for employee benefits 119 62 119 62 15. Issued capital Ordinary shares are classified as equity. Costs attributable to the issue of new shares or options are shown in equity as a deduction, net of tax. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company. Reconciliation of movements in issued capital is as follows: 2023 2022 Number $’000 Number $’000 Equity Opening balance at the beginning of the year 346,587,555 133,091 346,054,761 133,091 Performance rights redeemed as shares1 547,368 421 – – Performance rights redeemed as shares2 126,683 112 – – Issued of fully paid ordinary shares3 45,369,505 22,686 – – Performance rights redeemed as shares4 – – 532,794 – Share issue costs – (1,001) – – 392,631,111 155,309 346,587,555 133,091 Note 1: On 13 December 2022, Sheffield issued 547,368 fully paid ordinary shares for nil consideration to former employees of Sheffield. The former employees exercised the performance rights previously granted to them during their employment with the Company. The consideration has been transferred from Reserves. Note 2: On 20 January 2023, Sheffield issued 126,683 fully paid ordinary shares for nil consideration to former employees of Sheffield. The former employees exercised the performance rights previously granted to them during their employment with the Company. The consideration has been transferred from Reserves. Note 3: During March and April 2023, Sheffield issued 45,369,505 fully paid ordinary shares for $0.50 per share as part of a capital raising exercise to support growth options with Kimberley Mineral Sands, the South Atlantic Project opportunity and corporate activities. Note 4: Mr Bruce McFadzean stepped down from the Managing Director role on 1 July 2021 and subsequently retired from his position as Non-Executive Director on 6 September 2021. In addition to cash benefits made in favour of Mr McFadzean, the Board determined that Mr McFadzean could retain a portion of awards totalling 532,794 performance rights for nil consideration. Sheffield issued 532,794 fully paid ordinary shares to Mr McFadzean on 6 August 2021. 52 Sheffield Resources Limited Annual Report 2023
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