RAND WATER ANNUAL REPORT 2023
Consolidated Annual Financial Statements for the year ended 30 June 2023
Notes to the Consolidated Annual Financial Statements 41. Prior period errors (Continued)
Figures in Rand thousand
Group
Rand Water
2023
2022 Restated *
2023
2022 Restated *
• The review process resulted in a R54.1 million retrospective adjustments in the current annual financial statements. The impact has been detailed below: • Facilitiies usage Rand Water owns residential houses that are based within the water treatment facilitities, and are occupied by the employees who work within the Organisation. During the current year it was identified that part of the costs allocated to Cost of Sales relates to the facilities usage within the Rand Water’s residential accomodation, therefor misclassisfied within Cost of sales.
This correction has resulted in a reclassification of costs from cost of sales to other operating expenditure.
The correction of the error(s) resulted in adjustments as follows:
Profit or Loss Depreciation Amortisation
3 259
2 506
3 259
2 506
27
23
27
23
Labour
5 947
5 786
5 947
5 786
Other expenses Cost of sales
71 954
65 916
71 954
65 916
(81 187)
(73 697)
(81 187)
(73 697)
-
534
-
534
Reconciliation of the effects of the adjustments in the statement of financial position at 30 June 2022 Figures in Rand Thousand As previously reported 2021 Adjustments Net Profit adjustment
Restated as at 30 June 2022 12 855 861 (3 536 074) 2 964 892
Assets under construction Trade and other payables Trade and other receivables
12 910 522 (3 557 470) 2 964 807 (32 071 909)
(54 127)
(534)
21 396
- -
85
Retained income
32 646
534 (32 038 729)
Reconciliation of the effects of the adjustments in the statement of financial position at 30 June 2021 Figures in Rand Thousand As previously reported
Adjustment Restated as at 30 June 2021
Assets under construction Trade and other payables Trade and other receivables
14 268 768 (3 198 851) 2 394 971 (28 609 724)
(54 127)
14 214 641
21 396 (3 177 455)
85
2 395 056
Retained Income
32 645 (28 577 079)
297
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