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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