b"Accounting Policy These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. *Client funds held are included in Cash at bank and on deposit.NOTE 12: LEASE LIABILITIES20232022$000$000 CURRENT Lease liabilities - motor vehicles16,73110,89916,73110,899 Total Lease Liabilities16,73110,899Future lease payments in relation to lease liabilities as at period end are as follows: -Within one year19,62711,214 -Later than one year but not later than five years 19,62711,214Leasing arrangements and how these are accounted for: The company leases a significant number of motor vehicles under short-term leases with purchase options, from Toyota Finance Australia Limited. The agreement does not include any extension options. The company recognise these leases as a right-of-use asset and lease liability under AASB 16. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is estimated to discount future lease payments to measure the present value of the lease liability at the lease commencement date. Such a rate is based on what the Company estimates it would have to pay a third party to borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with similar terms, security and economic environment.Non-current assets pledged as security The leases are secured over the individual motor vehicles that the lease relates to.The carrying amount of the right of use assets - motor vehicles at reporting date were $17.425 million (2022: $11.529 million). Page | 35"