Page 140 - TKZN Annual Report 2024

KWAZULU-NATAL TOURISM AUTHORITY
Trading as Tourism KwaZulu-Natal
Annual Financial Statements for the year ended 31 March 2024
Notes to the Annual Financial Statements
25. Prior period errors (continued)
Cash Flow Statement
Cash flow from operating activities
Receipts other income previously stated Receipts other income correction of the error
Payments to suppliers previously stated Payments to suppliers correction of the error
26. Risk management
Financial risk management
The entity’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk.
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed funds.
The entity’s risk to liquidity is a result of the funds available to cover future commitments. The entity manages liquidity risk through an ongoing review of future commitments.
Figures in Rand
2024 R ‘000
2023 R ‘000
-
4 493
-
(4 493)
-
-
-
(4 493)
-
4 493
-
-
Cash flow forecasts are prepared and monitored.
At 31 March 2024
Trade and other payables
At 31 March 2024
Trade and other payables
Credit risk
Less than 1 year
35 398
Less than 1 year
48 696
Between 1 and 2 years
-
Between 1 and 2 years
-
Between 2 and 5 years
Between 2 and 5 years
Over 5 years
--
Over 5 years
--
Credit risk consists mainly of cash deposits, cash equivalents, and trade debtors. The entity only deposits cash with major banks with high quality credit standing and limits exposure to any one counter-party.
Receivables comprise of a limited customer base.
Financial assets exposed to credit risk at year end were as follows:
Financial instrument
Cash and cash equivalents
Receivables from exchange transactions
2024
2023
65 815
74 155
1 020
697
138 TOURISM KWAZULU-NATAL ANNUAL REPORT 2023/2024