Page 169 - WCPP Annual Report 2021-22_Draft #7.6.2

Annual Report for the 2021/22 Financial Year
Vote 2: Western Cape Provincial Parliament
Part E: Financial Information for the year ended 31 March 2022

Notes to the Annual Financial Statements
Figures in Rand 2022 2021

2. New standards and interpretations

2.1 Standards and interpretations issued, but not yet effective

The legislature has not applied the following standards and interpretations, which have been published and are mandatory for
the legislature’s accounting periods beginning on or after 1 April 2022 or later periods:

Standard/ Interpretation: Effective date: Expected impact:
Years beginning on or
after

Ÿ GRAP 104 - Financial Instruments 1 April 2025 Unlikely there will be a
material impact
Ÿ GRAP 25 - Employee Benefits To be determined Unlikely there will be a
material impact

In the current year there were no new standards and interpretations effective and adopted that would have an impact on the
legislature.

There is currently no standards and interpretations not yet effective that will have an impact on the legislature.

3. Cash and cash equivalents

Cash and cash equivalents consist of:

Cash on hand 5,642 6,045
Current bank account 21,972,125 14,108,188
Legislative Sector Support(LSS) bank account - 4,832

21,977,767 14,119,065

Cash equivalents are placed with a reputed financial institution. The exposure to credit risk is the carrying amount of each class of

cash and cash equivalents.
Cash and cash equivalents pledged as collateral

No cash and cash equivalent balances are pledged as collateral.

The legislature had the following bank accounts

Account number / description Bank statement balances Cash book balances

31 March 2022 31 March 2021 31 March 2020 31 March 2022 31 March 2021 31 March 2020

Nedbank - Current 1452045283 22,476,167 14,321,541 13,846,365 21,972,125 14,108,188 13,836,281
LSS Account Nedbank - Current - 4,832 2,216,170 - 4,832 2,216,170

1452069212

Total 22,476,167 14,326,373 16,062,535 21,972,125 14,113,020 16,052,451

4. Inventories

Corporate store 1,465,936 1,499,456
Boutique 13,836 15,225

1,479,772 1,514,681

Inventories recognised as an expense during the year 319,241 191,510

Inventory pledged as security
No inventory was pledged as security.

Annual Report for 2021/22 Financial Year Page 154