Notes to the Consolidated Financial Statements for the Year Ended 30 June 2014 and consulting services.  The Company has contracted for scientific work on the therapeutic programs, as described above, and payments due within the next twelve  months total approximately $2,092,500 (2013: $4,178,261) The Group’s capital management objectives are to ensure the Group has the ability to fund its activities, to continue as a going concern; and to  provide value to shareholders. The Group’s capital management plan targets appropriate cash levels to service expected future cash flow needs based on the forecasts for  current and future programs and business running costs. Management assesses the Group’s capital requirements in order to maintain an efficient  overall financing structure. The Group manages the capital structure and makes adjustments to it in the light of changes in access to funding,  business conditions and the risk characteristics of the business. In order to maintain appropriate funding the Group may issue new shares. The  amounts managed as capital by the Group for the reporting periods under review are as shown in the statement of financial position. Benitec announced an agreement to acquire the US-based RNA interference (RNAi) therapeutics company Tacere Therapeutics Inc. (‘Tacere’) on  11 October 2012. The acquisition was completed on 30 October 2012 when Benitec acquired 100% of the issued share capital and voting rights of  Tacere, a company based in the United States. Tacere was a privately held drug development company with a Phase I/II ready program in hepatitis  C (HCV) that uses Benitec’s novel gene silencing technology. Benitec acquired Tacere’s extensive HCV program data and materials, as well as an advanced preclinical program for the eye disease macular  degeneration, The Tacere acquisition provided Benitec with the opportunity to commence Phase I/II clinical trials in 2014. The consideration for the acquisition was an issue of shares in Benitec Biopharma Limited for USD $1,530,765 plus a potential cash royalty on  future licensing revenue. The shares issued as consideration represented 9.5% of the issued capital at the time of the acquisition.  Further, the agreements with the Tacere vendors provided for AUD $357,179 Benitec Biopharma Limited shares (included in the acquisition  consideration) be treated as reserve shares and not issued to the Tacere vendors for a period of 12 months from acquisition. The reserve shares  are accounted for as a creditor in 2013 (refer to note 6). The reserve shares were established by an agreement with the Tacere vendors for the  purposes of satisfying indemnities to Benitec, if required. The Tacere Vendors also provided a cash escrow of USD $360,000 to provide Benitec  with additional security should certain pre-acquisition liabilities emerge. Impairment costs, relating to the goodwill on the acquisition of Tacere of $1,503,296 were recognised in the 2013 financial year. The Tacere  acquisition goodwill is the excess of the consideration over the fair value of the identifiable assets acquired less liabilities assumed. The  immediate write off of the goodwill, following the impairment review, was considered to be the most appropriate accounting treatment as the  intellectual property is a preclinical trial and hence the future economic benefit is uncertain. NOTE 26: BUSINESS COMBINATION – TACERE THERAPEUTICS INC. ACQUISITION IN OCTOBER 2012 NOTE 25: RELATED PARTY TRANSACTIONS  NOTE 24: CAPITAL MANAGEMENT POLICIES AND PROCEDURES  Benitec Biopharma Ltd  Annual Report 2014 Page 39 2014 2013 $ $ Transactions with Directors and Director-related Entities:  Legal services paid / payable to Francis Abourizk Lightowlers, a law firm in which Mr Peter Francis is a partner and has a beneficial interest.  108,913  103,492 Consultancy fees for executive duties paid/payable to NewStar Ventures Ltd, a corporation in which Dr John Chiplin is a director and has a beneficial interest.  40,000  40,000 Transactions between related parties are on normal commercial terms and the conditions no more favourable than those available to other non-related parties. There are no outstanding balances as at 30 June 2014 (2013: nil).