Page 118 - KZN Film Annual Report 2023/2024

KWAZULU-NATAL FILM COMMISSION
(Registration number M3/15/32 (834/15))
Annual Financial Statements for the year ended 31 March 2024
Notes to the Financial Statements (continued)
41. Prior period errors
The prior period errors were only disclosure notes did not affect Statement of Financial Position, Statement of Financial Performance and Cash Flow Statement.
Financial instruments (Financial liabilities) was previously stated as R6 512 499 was reinstated to R5 609 593 as a result of leave provision that was removed of R902 906.
The prior period adjustment note for the financial liabilities previously stated as zero in 2023 figures in the maturity analysis of the entity’s cash flow, in the Financial risk management note under liquidity risk, subsequently included in 2023 current year comparative figures of R5 609 593.
The prior period adjustment note for the financial assets previously stated as zero in 2023 figures in the financial assets exposed to credit risk at year end in the financial risk management note under credit risk, subsequently included in 2023 current year comparative figures of R36 424 842.
The correction was effected on Note number 33 for Financial Instruments
42. Deviation from supply chain management regulations
National Treasury Instruction Note 3 of 2021/22 states that the Accounting Officer may dispense with the official procurement process in certain circumstances, provided that the reasons for any deviations are recorded and reported at the next meeting of the board of members and include a note to the annual financial statements.
Figures in Rand
2024
2023
ANNUAL REPORT 2023/2024 116