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UNIVERSITY OF KWAZULU-NATAL FOUNDATION TRUST
Trust Deed number: IT 589/2003
NOTES TO THE ANNUAL FINANCIAL STATEMENTS (continued) for the year ended 31 December 2023
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LEASES
In terms of IFRS 16, no leases were incurred that required the recording of a right of use asset and lease liability for the 2023 and 2022 financial year. Variable lease payments incurred for the period related to the use of office equipment resulting in fees charged for the number of pages printed.
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2023 2022 Leases with variable lease payments 30 998 20 388
GOiNG CONCERN
The Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt a going concern basis of accounting in preparing the financial statements presented.
Total leases which have not been capitalised:
16 SUBSEQUENT EVENTS
No event, which has a material effect on the financial affairs of the company, has occurred between the reporting date and the date of the approval of the annual financial statements.
UKZN FOUNDATiON ANNUAL REPORT 2023 43
