5.3 Payables 2017 2016 $’000 $’000 Contractual Case-related professional creditors 16,789 14,877 Sundry payables 6,045 4,267 Statutory GST Payable 4,663 3,933 Monies held in trust 1,718 1,821 Total payables 29,215 24,898 Represented by: Current payables 29,215 24,898 Non-current payables - - 29,215 24,898 The average credit period for creditors is 30 days. No interest is charged. Payables are recognised when Victoria Legal Aid becomes obliged to make future payments resulting from the purchase of goods and services. Case-related professional payments Legal creditors represent amounts owing to the panel members for legal work organisation’s undertaken on behalf of the organisation. The amount owing to legal creditors for work performed comprises two components: (i) amounts certified but not paid (ii) amounts incurred but not yet invoiced at balance date. Measurement of outstanding payments for case-related professional creditors is based on an assessment of outstanding claims. The assessment makes reference to historical data. An assessment was undertaken by Victoria Legal Aid to identify amounts owing to legal creditors for work performed prior to 30 June 2017 but not yet invoiced. The assessment is based on an analysis of all historical files. These were examined to determine an average cost per file, the average period for finalisation and typical payment profile. We have estimated the value of work in progress by comparing the payments made on each file at balance date with the expected average for the file, and made an adjustment to our legal creditors balance for the difference. No interest charge is applicable. Monies held in trust Victoria Legal Aid receives funding from the Department of Justice and Regulation to provide legal assistance for witnesses examined by the Independent Broad-based Anti-corruption (IBAC) Commission. The money is held in trust and drawn down when expenditure is incurred.
5.3 Payables 2017 $’000 2016 $’000 Contractual Case-related professional creditors 16,789 14,877 Sundry payables 6,045 4,267 Statutory GST Payable 4,663 3,933 Monies held in trust 1,718 1,821 Total payables 29,215 24,898 Represented by: Current payables 29,215 24,898 Non-current payables - - 29,215 24,898 The average credit period for creditors is 30 days. No interest is charged. Payables are recognised when Victoria Legal Aid becomes obliged to make future payments resulting from the purchase of goods and services. Case-related professional payments Legal creditors represent amounts owing to the organisation’s panel members for legal work undertaken on behalf of the organisation. The amount owing to legal creditors for work performed comprises two components: (i) amounts certified but not paid (ii) amounts incurred but not yet invoiced at balance date. Measurement of outstanding payments for case-related professional creditors is based on an assessment of outstanding claims. The assessment makes reference to historical data. An assessment was undertaken by Victoria Legal Aid to identify amounts owing to legal creditors for work performed prior to 30 June 2017 but not yet invoiced. The assessment is based on an analysis of all historical files. These were examined to determine an average cost per file, the average period for finalisation and typical payment profile. We have estimated the value of work in progress by comparing the payments made on each file at balance date with the expected average for the file, and made an adjustment to our legal creditors balance for the difference. No interest charge is applicable. Monies held in trust Victoria Legal Aid receives funding from the Department of Justice and Regulation to provide legal assistance for witnesses examined by the Independent Broad-based Anti-corruption (IBAC) Commission. The money is held in trust and drawn down when expenditure is incurred.