NOTES TO THE ANNUAL FINANCIAL STATEMENTS – NOTE 14

    2015
R’000		       2014
R’000		  
14. TRADE AND OTHER PAYABLES            
  Trade payables 2 671 779       2 702 789  
  Accruals 70 103       69 103  
  Employee benefits 61 740       32 269  
  Sundry creditors 20 974       14 299  
  Deferred revenue 1 221       16 343  
  Contingent consideration (refer to note 3) 123 902       22 607  
  VAT 16 675       5 850  
  Payables to related parties (refer to note 29) 7 828       5 816  
    2 974 222       2 869 076  
  Less: Amounts included in current portion of trade and other payables (2 831 000)       (2 818 898)  
    143 222       50 178  
 

Trade payables are discounted at a discount rate of 9.25% per annum (2014: 9% per annum) based on average creditors’ days outstanding. The effect of discounting of the trade receivables balance amounts to R18.513 million (2014: R22.172 million).

NOTES TO THE ANNUAL FINANCIAL STATEMENTS – NOTE 14