FASSET ANNUAL REPORT

2021

2020 Restated

R ‘000

R ‘000

27. Contingencies (continued)

As of 31 March 2021 the surplus for the year is as follows:

Cash and cash equivalents at the end of the year

851 432 21 038 (248 243) 624 227

787 582 27 485 (140 381) 674 686

Add: Receivables

Less: Current liabilities Accumulated surplus

Notwithstanding the accumulated surplus above, FASSET has at period end commitments in the form of contracts with various service providers as indicated in note 19, the below reflects the accumulated surplus after taking into account the impact of these commitments:

Committed Amount Amount per surplus calculation above

624 227 (31 421) (62 032) 530 774

674 686 (20 335) (347 307) 307 044

Admin commitments Projects commitments

Accumulated surplus net off committements

28. Operating lease The operating lease relate to the rental of office space in which the entity operates. FASSET entered into a lease agreement on 1 August 2018 until 31 July 2023. The monthly rental escalates annually by 7.5% on the anniversary of the start date.

Future minimum lease payments in relation to non-cancellable operating leases are payable as follows: Within on year

3 229 4 654 7 883

3 006 7 884

Later than one year not later than five years

10 890

FASSET Annual Integrated Report 2020/21

128