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

10. Payables from exchange transactions

Trade payables

14 823

4 813 6 080 4 656

Accruals: Remuneration related

6 304 5 566

Accruals: Trade payables

26 693

15 549

11. Payables from customer deposits received

Heading Customer balances*

121 374

115 650

*Deposits are received from customers for future transactions. These are non-interest bearing and are recognised as revenue when the customer transacts with the CIPC. Deposits received that have not been utilised for a period of 3 years from receipt date, are recognised as other income.

12. Provisions

Reconciliation of provisions - 2021

Opening Balance

Additions

Utilised during the year

Utilised or forfeited during the year

Total

Leave pay benefits Performance bonuses

22 456 18 687

21 215 13 795

-

(12 956)

30 715 18 089

(14 393)

-

41 143

35 010

(14 393)

(12 956)

48 804

Reconciliation of provisions - 2020

Opening Balance

Additions

Utilised during the year

Utilised or forfeited during the year

Total

Leave pay benefits Performance bonuses

21 980 17 065

13 456 18 330

-

(12 980)

22 456 18 687

(16 708)

-

39 045

31 786

(16 708)

(12 980)

41 143

Leave pay benefits

In terms of the CIPC leave pay policy, employees are entitled to accumulated leave pay benefits not taken within a leave cycle, provided that any leave benefits, excluding capped leave amounting to R7,5 million (2020: R9.5 million) which accrued before 01 July 2000, not taken within a period of six months after the end of the leave cycle are forfeited.

Performance bonuses

Merit awards are based on the results of staff performance evaulations and may be adjusted based on the actual audited percentage of organisational performance against key performance indicators.

The actual expense paid during the 2020/2021 financial year relating to the 2020 provision amounted to R14,4 million. The difference was accepted as immaterial and therefore the comparatives were not restated.

23

COMPANIES AND INTELLECTUAL PROPERTY COMMISSION I Annual Report 2020/21

93