11. TRADE AND OTHER PAYABLES 2023 $’000 2022 $’000 Trade payables 675 258 Accruals 2,174 267 Employee benefits 569 453 3,418 978 Trade payables and accruals relate to operating expenses, primarily research and development expenses. Trade payables comprise amounts invoiced prior to the reporting date and accruals comprise the value of goods or services received but not invoiced at each reporting date. 12. DERIVATIVES 2023 $’000 2022 $’000 Current derivative liabilities Forward exchange contracts 2,226 700 13. SHARE CAPITAL 2023 Shares 2022 Shares 2023 $’000 2022 $’000 Issued Share Capital Ordinary shares on issue at beginning of year 128,965,676 128,965,676 167,740 167,578 Loan Funded Shares repaid and transferred to participant – – 1,524 – Shares issued on exercise of options 700,000 – 3,881 – Share issue expenses - issue costs – – (18) 162 129,665,676 128,965,676 173,127 167,740 At 31 December 2023 127,265,676 ordinary shares are quoted on the ASX, and 2,400,000 unquoted ordinary shares (31 December 2022: 3,000,000 ordinary shares) were held as treasury stock in respect of the Loan Funded Share Plan described below. Ordinary shares The ordinary shares have no par value and all ordinary shares are fully paid-up and rank equally as to dividends and liquidation, with one vote attached to each fully paid ordinary share. Share based payments During the year ended 31 December 2023 $2.9 million (31 December 2022: $2.0 million) was recognised in share- based payments expense. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED Neuren Pharmaceuticals Limited Annual Report 2023 44
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