CIPC Annual Report V1

Companies and Intellectual Property Commission Annual Financial Statements for the year ended 31 March 2021 Notes to the Annual Financial Statements

2021

2020

R '000

R '000

35. Gifts and donations

The acceptance or granting of a gift, donation or sponsorship is managed in terms of Section 76 of the Public Finance Management Act, 1999 (Act 1of 1999). Gifts and donations received by employees during the year under review were:

Smaller gifts received by various staff members

-

7

Granting of sponsorships and gifts by the CIPC:

Smaller gifts

-

16

36. Reconciliation between budget and cash flow statement

Reconciliation of budget surplus with the net cash generated from operating, investing and financing activities:

Operating activities Actual amount as presented in the budget statement

122 308 43 228

81 922

Basis differences

3 111

Net cash flows from operating activities

165 536

85 033

Investing activities Actual amount as presented in the budget statement

(24 218)

(5 470)

Basis differences

120

94

Net cash flows from investing activities

(24 098)

(5 376)

Financing activities Timing differences

(74 800)

(245 400)

Net cash generated from operating, investing and financing activities

66 638

(165 743)

37. Going concern

The annual financial statements have been prepared on the basis of accounting policies applicable to a going concern. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business.

40

COMPANIES AND INTELLECTUAL PROPERTY COMMISSION I Annual Report 2020/21

110