CCMA ANNUAL REPORT

Commission for Conciliation, Mediation and Arbitration Annual Report 2022/23

Financial Statement for the year ended 31 March 2023

Notes to the Financial Statements

2022 Restated*

Figures in Rand

Note(s)

2023

9.

Finance lease obligation

Minimum lease payments due - within one year - in second to fifth year inclusive

427 112 59 750 486 862 (66 095) 420 767 393 761 27 006 420 767 27 006 393 761 420 767

815 384 390 142

1 205 526 (68 949) 1 136 577

less: future finance charges

Present value of minimum lease payments

Present value of minimum lease payments due - within one year

754 279 382 298

- in second to fifth year inclusive

1 136 577

Non-current liabilities

382 298 754 279

Current liabilities

1 136 577

It is the CCMA’s policy to lease certain motor vehicles and office equipment under finance leases. The average lease term is 2-3 years and the average effective borrowing rate was 9% (31 March 2022: 9%). The CCMA’s obligations under finance leases are secured by the lessor’s charge over the leased assets. Refer note 7 and 29.

10. Operating lease liability Current liabilities

3 557117 7 906 968 11 464 085

3 004 062 11 814 020 14 818 082

Non-current liabilities

Refer to Note 29 for additional information.

11. Payables from exchange transactions Trade payables

49 100 984 1 192 117 50 293 101

50 380 625 6 358 941 56 739 566

Payroll creditors

168