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SA Pork Producers Organisation
Financial Statements for the year ended 31 December 2019

Notes to the Financial Statements
2019 2018
R R

4. Trade and other receivables

Trade receivables 10 043 274 5 885 673

5. Cash and cash equivalents

Cash and cash equivalents consist of:

Cash on hand 4 000 4 000

Cheque account 5 535 498 8 131 968

Fixed Deposit account 1 136 619 504 437
Call account 2 947 166 2 757 960

FNB credit cards (68 149) 151 147
9 555 134 11 549 512

6. Trade and other payables

Trade payables 1 642 480 1 133 589

Value Added Taxation 770 154 587 335

Other payables 37 005 27 787
Accrued leave pay 344 346 296 281
Ac crued expenses 167 245 273 341
2 961 230 2 318 333

7. Finance lease liabilities

Minimum lease payments which fall due

- within one year 699 023 551 220
- in second to fifth year inclusive 532 944 828 918

1 231 967 1 380 138
Less: future finance charges (118 327) (232 223)

Present value of minimum lease payments 1 113 640 1 147 915

Non-current liabilities 476 178 743 161
Current liabilities 637 462 404 754

1 113 640 1 147 915

It is company policy to lease certain motor vehicles and equipment under finance leases.

The average lease term is 3 years (2018:3 years) and the average effective borrowing rate is 11% (2018: 15%).

The company's obligations under finance leases are secured by the leased assets. Refer note 2.

8. Revenue

Levy income 37 283 046 33 561 962

9. Other income

Profit on sale of assets 9 422 879 126
Transfers Eastern Cape Pork Producers Organisation 57 620 34 012

Donation received - KZN for building - 200 000
67 042 1 113 138

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