CGE ANNUAL REPORT

2022/23 ANNUAL REPORT

Financial Statements for the year ended 31 March 2023

Notes to the Financial Statements for the year ended 31 March 2023

Figures in Rand

2023

2022

8.

Finance lease obligation

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

104 159 17 536 121 695 (5 929) 115 766 98 890 16 876 115 766 16 876 98 890 115 766

334 543 70 268 404 811 (21 065) 383 746 315 520 68 226 383 746 68 226 315 520 383 746

less: future finance charges

Present value of minimum lease payments

Present value of minimum lease payments due - within one year

- in second to fifth year inclusive

Non-current liabilities

Current liabilities

These leases are imputed at relevant prime lending rate between 7.25% and 10%. The leases relates to cellphone and photocopiers contracts procured under National Treasury Transversal contracts for a period of two years and four years respectively. Depreciation on usage of the assets is allocated over 24 months lease period for cellphones and over 48 months period for photocopiers.

The obligations under finance leases are secured by the lessor’s charge over the leased assets.

9.

Payables from exchange transactions

Trade payables Leave Accrual

1 503 613 2 901 542

1 564 699 2 512 711

Annual Bonus- 13th Cheque

622 890

500 128

4 348 220

4 601 606

Accrued expenses Payroll creditors

60 156

78 683

9 436 421

9 257 827

195