Page 367 - Department of Social Development Annual Report 2021

PART E: FINANCIAL INFORMATION

STATE PRESIDENT FUND

Notes To The Financial Statements Of The State President Fund For The Year Ended
31 March 2021.
8. Events after Balance Sheet Date

None identified to date.

9. Related party transactions

9.1 The Department of Social Development

The executive authority of the State President Fund is the Minister of the Department of Social Development (DSD).
Although a related party relationship exists between the DSD and the fund, there were no transactions with DSD.

9.2 Relief Fund Boards

A related party relationship exists between the State President Fund, the Disaster Relief Fund, the Refugee Relief
Fund and the Social Relief Fund. There were no transactions between the above-mentioned related parties.

9.3 National Development Agency (NDA)

A related party relationship exists between the State President Fund and the NDA. There were no transactions
between the parties.

9.4 South African Social Security Agency (SASSA)

A related party relationship exists between the State President Fund and SASSA. There were no transactions
between the parties.

10 Going Concern

The annual financial statements have been prepared on the basis of accounting policies applicable to a going
concern. This basis presumes that funds will be available to finance future operations and that the realisation of
assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of
business. The fund is in the process of being closed. This will be done upon the amendment of the Social Assistance
Act and the Fund raising Act, the processes of which commenced in the 2012/13 financial year.

367 DEPARTMENT OF SOCIAL DEVELOPMENT ANNUAL REPORT 2020/21