Note 11: Payables

Actual
2014/15
$000
Actual
2013/14
$000
Payables under exchange transactions
Creditors 1,826 1,442
Income in advance 2,921 2,073
Accrued expenses 367 525
Total payables under exchange transactions 5,114 4,040
Payables under non-exchange transactions
GST payable 796 648
Total payables under non-exchange transactions 796 648
Total payables 5,910 4,688

Payables are non-interest-bearing, and are normally settled on 30-day terms. The carrying value of creditors and other payables therefore approximates their fair value.