Page 179 - Adopt-a-School Foundation 2016-2017 Annual Report
P. 179
ADOPT-A-SCHOOL FOUNDATION NPC
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
for the year ended 30 June 2017
Figures in Rands 2017 2016
R R
6. trade and other payables
Accruals 53 149 5 896
Payroll Tax and other statutory liabilities 197 882 173 913
Other Payables 1 639 585 587 769
890 616 767 578
1 Other payables consist of the following:
Leave pay accrual 639 585 587 769
Trade payables are unsecured and are usually paid within 30 days of recognition.
The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature.
7. provisions
Bonus provision 2 039 793 2 357 485
Reconciliation of bonus provision:
At 1 July 2 357 485 -
Created during the year 2 039 793 2 357 485
Utilised during the year (2 357 485) -
Balance as at 30 June 2 039 793 2 357 485
8. deferred Revenue
Projects still in progress 8 691 651 20 459 082
Projects starting in next financial year 12 457 614 6 319 375
21 149 265 26 778 457
Reconciliation of deferred revenue:
At 1 July 26 778 457 29 328 142
Funds received 12 457 614 17 061 191
Funds utilised during the year (18 086 806) (19 610 876)
Balance as at 30 June 21 149 265 26 778 457
Deferred revenue consists of:
- Projects that are still currently in progress.
- Donations received for projects, commencing in 2017/2018 financial year.
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