Page 38 - UKZN Foundation AR 2023

UNIVERSITY OF KWAZULU-NATAL FOUNDATION TRUST Trust Deed number: IT 589/2003
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023
1.13. Standards and interpretations in issue not yet adopted
At the date of authorisation of these financial statements, the following revised standards and interpretations were in issue, but not yet effective: Effective date for annual periods beginning on or after indicated below.
Amendments to iFRS 16 - Lease on sale and leaseback. These amendments include requirements for sale and leaseback transactions in IFRS 16 to explain how and entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely impacted. Effective date : 1 January 2024
Amendments to iAS 1 - Non-current liabilities with covenants.These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Effective date: 1 January 2024 Amendments to iAS 7 and iFRS - Supplier finance arrangements - The IASB has issued new disclosure requirements
about supplier financing arrangements. The objective of the new disclosure is to provide information about supplier finance arrangements that enables investors to assess the effects
The Trustees are of the opinion that the amendments to these standards will not have a material effect on the financial statements of the Foundation.
2 PROPERTY, PLANT AND EQUIPMENT
Reconciliation of property, plant and equipment - 31 December 2023
2023 2022 RR
Computer equipment
Furniture and equipment
Total
R
R
R
Cost
302 133
122 757
424 890
Accumulated depreciation
( 267 545)
( 86 111)
( 353 656)
Carrying value
34 588
36 646
71 234
Opening carrying value
46 116
7 456
53 572
Additions
16 584
37 524
54 108
Depreciation charge
(28 112)
(8 334)
(36 446)
Closing carrying value
34 588
36 646
71 234
Reconciliation of property, plant and equipment - 31 December 2022
Cost
285 549
85 233
370 782
Accumulated depreciation
(239 433)
(77 777)
(317 210)
Carrying value
46 116
7 456
53 572
Opening carrying value
42 469
13 906
56 375
Additions
33 139
33 139
Depreciation charge
(29 492)
( 6 450)
( 35 942)
Closing carrying value
46 116
7 456
53 572
3 INVESTMENTS
3.1 Financial assets at fair value through profit or loss
The Trust classifies the following financial assets at fair value through profit or loss (FVPL):
· debt investments that do not qualify for measurement at either amortised cost or FVOCI.
· equity investments that are held for trading, and
· equity investments for which the entity has not elected to recognise fair value gains and losses through OCI.
The total investments comprise the following category:
Equity Investments :
Ninety One Investment Fund 27four Balanced Prescient Fund
163 750 689
130 037 217 293 787 906
143 261 459 113 694 228
256 955 687
36 UKZN FOUNDATiON ANNUAL REPORT 2023