Page 80 - Playhouse Annual Report 2021:22

Annual Financial Statements for the year ended 31 March 2022 Notes to the Annual Financial Statements (continued)
22. RELATED PARTIES (CONTINUED)
22.7 Key personnel
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March
March
2022
2021
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Support Services Manager - Oscar Hlangu - retired 30 April 2020. In line with the company’s operational requirements the position was removed from the organogram in October 2020.
Facilities Manager - Selemani Bilimonga Refer note 20 - Compensation
IRREGULAR, FRUITLESS OR WASTEFUL EXPENDITURE
No material losses through criminal conduct, or irregular, fruitless or wasteful expenditure were incurred during the year.
SERVICES IN-KIND
The Company received services in-kind that were significant to the company’s operations and/or service delivery objectives. Services in- kind related to rates and taxes paid by the Department of Public Works KZN have been recognised in the annual financial statements.
Chief Executive and Artistic Director - Linda Bukhosini
Chief Financial Officer - Amar Mohanparasadh
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5 726 771
Rates and taxes paid by the Department of Public Works KZN
The following in-kind services have not been recognised in the annual financial statements.
COMMITMENTS
At the balance sheet date The Playhouse Company had the following outstanding capital/service commitments:
FOH Ablutions - tender awarded
FOH Ablutions - capital commitments outstanding at year-end
CONTINGENT LIABILITY
5 456 330
3 320 367 1 568 421
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National Treasury Instruction No. 12 of 2020-2021 on Retention of Surpluses states that public entities listed in Schedules 3A and 3C to the PFMA must, through their designated departments, surrender for re-depositing into the relevant Revenue Fund, all surpluses that were realised in a particular financial year:
(a) which were not approved for retention by the relevant Treasury in terms of section 53(3) of the PFMA; or
(b) where no application was made to the relevant Treasury to accumulate the surplus in terms of section 53(3) of the PFMA.
The Playhouse Company submitted the applications timeously in the prior years and National Treasury always granted approval to the entity to retain the surplus funds.
The COVID-19 pandemic has posed a great financial constraint to the fiscus and National Treasury may be more stringent in their treatment of applications to retain surplus funds in the current year. Whilst the possibility of an outflow of resources embodying economic benefits or service potential is remote, The Playhouse Company may be affected by the more stringent requirements imposed by National Treasury. However, The Playhouse Company is unable to make a reliable estimate of the possible contingent liability.
78 The Playhouse Company