Page 97 - 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 Annual Financial Statements 2. New standards and interpretations
2.1 Standards and interpretations issued, but not yet effective
The entity has not applied the following standards and interpretations, which have been published and are mandatory for the entity’s accounting periods beginning on or after 01 April 2024 or later periods:
Figures in Rand
2024
2023
Standard/ Interpretation:
• GRAP 107 Mergers
• GRAP 106 Transfer of Functions Between Entities
Not Under Common Control
• GRAP 2023 Improvements to the Standards of
GRAP 2023
• GRAP 1 (amended): Presentation of Financial
Statements (Going Concern)
• GRAP 104 (as revised): Financial Instruments
Effective date: Years beginning on or after 01 April 2024
01 April 2024
01 April 2024
01 April 2024
01 April 2025
Expected impact:
Impact is currently being assessed Unlikely there will be a material impact
Unlikely there will be amaterial impact Impact is currently being assessed Unlikely there will be a material impact
3. Receivables from exchange transactions
Customer Control Account Debtors with credit balances Sundry Debtors
Non-current assets Current assets
Customer control account
1 108 305 19 940 45 364 1 173 609 - 1 173 609 1 173 609
176 746 5 844 360 559 543 149 - 543 149 543 149
- The amount is made up of MICT Seta funding learnership programme receivable of R1 076 310, also rental income from KZN Film tenants of R31 995.
Sundry Debtors
The amount of R45 364 relates to the interest earned on the investment bank account for the period under review.
Trade and other receivables past due but not impaired
Trade and other receivables which are less than 3 months past due are not considered to be impaired. At 31 March 2024, there were zero (2023: 0) past due but not impaired.
The ageing of amounts past due but not impaired is as follows:
1 month past due 2 months past due 3 months past due 6 months past due
4. Receivables from non-exchange transactions
Pay-As-You-Earn (PAYE)
The amount of R136 relates to employee tax deduction where a credit is due to the organisation
768 671 - 293 440 49 368
136
120 600 774 - -
236
95 ANNUAL REPORT 2023/2024