Notes to the Financial Statements 30 June 2014 NOTE 21. CURRENT LIABILITIES - BORROWINGS NOTE 22. CURRENT LIABILITIES - FINANCIAL LIABILITIES AT FAIR VALUE THROUGH  PROFIT OR LOSS NOTE 23. CURRENT LIABILITIES - INCOME TAX Amounts not expected to be settled within the next 12 months For personal use only Consolidated 30 June 2014 $’000 30 June 2013 $’000 Bank loans 40,000  40,000  Lease liability 4,000  40,376  44,000  80,376  Refer to note 26 for further information on assets pledged as security and financing arrangements. Refer to note 34 for further information on financial instruments. Consolidated 30 June 2014 $’000 30 June 2013 $’000 Financial liabilities at fair value through profit or loss -  387  Refer to note 34 for further information on financial instruments. Refer to note 35 for further information on fair value measurement. The Consolidated Entity has entered into forward exchange contracts which are economic hedges but do not  satisfy the requirements for hedge accounting. These contracts are accounted for as held for trading. Changes in  the fair value of these contracts are recorded in the statement of profit or loss and other comprehensive income.  Fair value of shares in listed companies is determined by the closing price on the reporting date. Notes to the  Financial  Statements Consolidated 30 June 2014 $’000 30 June 2013 $’000 Income tax payable 63,277  6,635  Consolidated 30 June 2014 $’000 30 June 2013 $’000 Employee benefits 14,654  13,742  The current provision for employee benefits includes all unconditional entitlements where employees have  completed the required period of service and also those where employees are entitled to pro-rata payments in  certain circumstances. The entire amount is presented as current, since the Consolidated Entity does not have an  unconditional right to defer settlement. However, based on past experience, the Consolidated Entity does not expect  all employees to take the full amount of accrued long service leave or require payment within the next 12 months. NOTE 24. CURRENT LIABILITIES - EMPLOYEE BENEFITS Mineral Resources Limited Annual Report 2014  77