Note 11: Creditors and other payables

Actual
2011
$000
Actual
2012
$000
1,932 Creditors 1,386
2,154 Income in advance 2,751
430 Accrued expenses 672
531 GST payable 633
5,047 Total creditors and other payables 5,442

Creditors and other 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.